OptionsHouse are owned and operated by Peak6 Investment, a company located at the very center of the options trading world. With their headquarters just a few miles from the OCC (Options Clearing Corporations) and on the very same floor that traders of the Chicago Board of Trade have used for over 80 years they have a very clear advantage over their competitors. The industry’s finest are drawn the area, meaning OptionsHouse don’t have to go far or pay over the top wages when recruiting new, high calibre staff.
OptionsHouse know how to look after their clients. They are available 12 hours a day by phone, email, fax, live chat and via a support ticketing system. Customer service really does not get much more comprehensive than this, unless you walk into the building itself and ask to speak to a member of staff – and judging by the levels of service we have received up until now, you probably wouldn’t be turned away. The support staff are friendly, well trained and don’t seem to mind going that extra mile to ensure your problems are resolved, which suggests that their targets aren’t pushing them to get you off the phone as soon as possible.
If you are a new trader then you may well find yourself looking elsewhere for educational content. While OptionsHouse is a great company to get on board with early due to their overwhelming dominance of the market and exceptional platforms you might feel a little out of your depth if you don’t really know what you are looking at. The company do offer a ‘play-money’ or demo account which is loaded with $5,000 for you to test their platform and get a better understanding of how the industry works but beyond that there is little here to guide the fresh trader in the right direction. Invest6, operators of OptionsHouse, do however operate WeSeed. WeSeed is perhaps one of the most comprehensive educational tools on the web, which will cover all your needs. We were just a little disappointed that it was left stand-alone and not integrated into the OptionsHouse site.
The Trading platform for any broker is their bread and butter, so it should come as no surprise that OptionsHouse have the most cutting edge technology on hand to ensure your life is made easier. The trading platform itself is relatively new, after an overhaul of the old system was undertaken to improve general user experience and we must say, it’s better than ever. All the features you would expect to find are here, such as your triggers, cancels and even the ability to trade spreads. What we found most impressive was the customization that is available to traders. Every window, table, graph or order ticket can be dragged and dropped to precisely where you want it to be. Don’t want something taking up space on your screen? Close it. The only way we can really describe this is to say it’s like trading on your desktop itself rather than in a web browser. Truly impressive stuff. You will have to try it yourself over an extended period of time to get an idea of just how helpful it can be.
Of course if you don’t want to trade on your desktop you could always try their mobile apps, which are available for iPhone, iPad and Android. Quality, flexibility and mobility? We have a winner.
Fees & Commisson
This is where OptionsHouse really comes into their own, offering fees and commissions that outstrip the rest of the industry by a country mile. You can make your fairly standard options order at a dollar a piece, purchased in ‘packs’ of 5. More complicated orders such as combos, straddles and spreads are also charged at a dollar but purchased in multiples of 10. Trading stocks will cost you $3.95 per trade. Obviously there is a lot of variables involved with the prices but as a general rule it’s kept as simple as possible and you are always fully aware of what you’re paying long before you make the trade itself.
OptionsHouse are one of the market leaders within the Options Trading industry. Their solid customer service, exceptional trading platforms and fees are matched individually by their competitors but none of them offer the complete package. A wise choice for any trader, whether they’re just starting out or a seasoned veteran.