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Educational Videos.

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Pricing & Commissions.

Margin Guidelines.

Minimum Option Requirement: $.375 multiplied by the option's multiplier which is generally $37.5 per contract (assuming standard 100 multiplier).

Bonds and Mutual Funds: Margin requirement based on Regulation T guidelines. 3 Examples were obtained on 8/1/2012 and are provided for illustrative purposes only. optionsXpress, Inc. makes no investment recommendations and does not provide financial, tax or legal advice. Examples show the possible margin relief under portfolio margining rules in comparison to standard margin requirements. Any stock, options, or futures symbols displayed are for illustrative purposes only and are not intended to portray a recommendation to buy or sell a particular investment. Portfolio margining involves risk and may not be suitable for all investors. Please read our margin disclosure statement and portfolio margin disclosure .

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Brokerage Products: Not FDIC Insured · No Bank Guarantee · May Lose Value.

© 2017 Charles Schwab & Co., Inc, All rights reserved. Member SIPC.

OptionsXpress Review.

While not the cheapest broker around for trading options, optionsXpress offers a well-rounded trade platform for both trading online and on the go.

By Blain Reinkensmeyer / February 21st, 2017 / Updated: September 12th, 2017.

Review Sections:

UPDATE February 16th, 2016 – For an updated review of optionsXpress (part of Charles Schwab), please see our Charles Schwab Review.

The content portion of this Review was completed on February 17th, 2015.

optionsXpress is an online broker that leads by example. The broker distinguishes itself from the competition with its variety of unique tools, as well as its ability to continuously innovate and focus on ease of use.

This successful formula has made it a popular spot not only for casual options traders but also for other investors, including regular equities and even futures traders. Because of this broker’s success, it was acquired by Charles Schwab (SCHW) in March 2011.

In 2013, it was revealed that eventually optionsXpress would be fully integrated into Charles Schwab and its doors would be closed thereafter. Charles Schwab is in a several-year process of porting over optionsXpress’s best features and functionality, while letting the company continue to operate as an independent broker and take care of its clients. As of January 2015, no exact timetable had been set as to when this process would be completed.

Commissions & Fees.

optionsXpress has its pros and cons as far as commissions go. Getting the negatives out of the way, its options structure is hardly ideal for casual investors. The broker charges $1.50 per contract if there are less than 35 options trades per quarter, with a $14.95 minimum. Otherwise, it is only $1.25 per contract with a $12.95 minimum.

This means that even if you only trade a single option, the commission would be at least $12.95. Comparatively speaking, one contract at TD Ameritrade would cost $10.74, ETRADE $10.74, Scottrade $8.25, and OptionsHouse $5.45. The site and tools are what you pay for in this case. Thus, it all depends on your specific needs as an investor.

Options aside, equity trades are on a $8.95 flat rate, which is also the rate charged by parent company Charles Schwab. Furthermore, 182 commission-free ETFs are made available (via commission rebate) thanks to Charles Schwab. optionsXpress also offers mutual funds, bonds, and futures trading. For a full breakdown of commissions and fees, follow the menu navigation button near the top of this page.

Ease of Use.

As far as ease-of-use is concerned, optionsXpress has clients covered. The broker's all-in-one trade ticket is the best available anywhere, the site design is clean, and optionsXpress is the only broker to organize all site tools by experience level and type on one page.

In 2014, the broker launched IRIS, a notifications assistant for all accounts. IRIS is an eye icon that rests in the upper right corner of the client’s website. It displays accounts alerts, trade notifications, and tools updates. Clicking the eye icon will take you to the IRIS Notification Center, where customizations can be made and notifications filtered.

Lastly, optionsXpress offers what they call "Walk Limit" order types for options. To prevent adjusting limit orders as they sit live, optionsXpress will "walk" your order to try to get the most favorable price within the National Best Bid or Offer (NBBO). We awarded the “Walk Limit” order type the Best New Tool in our 2013 Review. Today, the order type continues to thrive, as it is now customizable and available in mobile.

Platforms & Tools.

optionsXpress's flagship platform, Xtend, is offered in both desktop form and as individual tools on the website itself. Overall, the desktop version of Xtend is just okay. While it was very visually appealing, we found it to be sluggish speed-wise, and the charting was difficult to use, not to mention much weaker than charting available elsewhere.

Another aspect of the Xtend desktop platform we did not particularly care for was the layout, which forces preset sizes and limited numbers of windows. Tools can be popped out of the platform area, but in the end, it is a poor user experience. If there is one positive highlight, it is the trade ticket functionality, which we found to be a similar experience to the website.

Speaking of the website, the tools and functionality here were much smoother. By clicking the "Toolbox" link within the website’s main header, clients are taken to a page that lists all available tools, their skill level, and type. Some tools, such as the Chart Patterns tool, are basic iterations of licensed third-party services, while others, such as Idea Hub, are more innovative and interesting.

Idea Hub is a scanning tool that quickly breaks down potential trade ideas based on current market activity. All trade ideas can then be assessed with profit and loss charts alongside probability charts, then moved to a prefilled trade ticket for order entry. The tool can also be found in all mobile apps.

We also enjoyed the options analysis tools available. The Trade and Probability calculator whips up profit and loss charts alongside probability charts for any trades being considered. Similar to Idea Hub, the Strategy Scanner is another useful options tool that generates trade ideas based on market outlook, risk, and symbol.

Other Notes.

Although Charles Schwab owns and operates optionsXpress, the two brokers remain independent. As a Charles Schwab client, you can log in and then utilize the optionsXpress website; however, as an optionsXpress client, you cannot access the Charles Schwab website without a Schwab account.

As far as customer service is concerned, clients do not need to worry. After numerous support tests across phone, , and live chat, we found optionsXpress above the industry average for overall quality.

Mobile trading with optionsXpress is also a pleasant experience. The broker has apps for iPhone, Android, and iPad, as well as a mobile website. Besides ease of placing orders, charting was a big standout for us, as the broker supports 45 technical indicators/studies.

Closing Thoughts.

Investors willing to pay more per options trade will receive ample functionality to justify the cost. optionsXpress is a high-quality offering in nearly every area except its active trader platform Xtend. optionsXpress likes to innovate with its tools and is likely to continue thriving under the Charles Schwab corporate umbrella.

That said, clients should understand that in the next several years, optionsXpress will eventually be shut down. The best of what optionsXpress has to offer is being integrated into the Charles Schwab experience, and the final product will be better for it. Clients migrating to Charles Schwab can rest assured they will be in very good hands.

Reviewed by Blain Reinkensmeyer Blain heads research at StockBrokers and has been involved in the markets since placing his first stock trade back in 2001. He developed StockBrokers's annual review format seven years ago, a format broker executives consider the most thorough in the industry. Blain currently maintains funded accounts with more than a dozen different US-regulated online brokers and has executed thousands of trades throughout his career. He enjoys sharing his experiences through his personal blog, StockTrader.

optionsXpress Competitors.

Select one or more of these brokers to compare against optionsXpress.

Ratings Overall.

*optionsXpress did not participate in the 2017 Online Broker Review, as a result the following data may not be up to date.

Charles Schwab Review.

Iconic brand with extensive account protection, robust trading platform and abundant research.

Overall Rating.

Schwab Fast Facts.

The Charles Schwab Corp. is a financial services company founded in April 1971 that offers online brokerage, investing, and advisory and banking services. Some 10 million self-directed traders and investors use Schwab's web-based, pro-level, and mobile trading platforms to research, buy, and sell stocks, ETFs, options, mutual funds, bonds, and other securities, making it one of the largest brokerage firms in the U. S. For those wanting a little help with their investment decisions, Schwab offers advisory services, including personal planning, automated investing, and portfolio management.

Products & Fees.

Schwab customers have access to a wide array of investment products, including stocks, ETFs, options, bonds and other fixed-income securities, mutual funds, and preferred stocks. Missing from the lineup are forex and futures trading. Customers also have access to IRAs and various types of annuities, including variable annuities and single-premium immediate annuities. Stock/ETF commissions are a flat $4.95; options trades cost $4.95 plus $0.65 per contract. Phone and broker-supported trades cost an additional $5 and $25, respectively. ETF and mutual fund investors can trade free by choosing from Schwab's 200+ commission-free ETFs and 3,000+ no-load, no-transaction-fee mutual funds. If you're not happy with a commission or fee you've paid, you can request a refund for any reason.

*One Source ETFs and Mutual Funds are commission free for Schwab clients.

** Base annuity fee for the Schwab OneSource Choice Variable Annuity.

*** Available via optionsXpress.

Schwab has a solid reputation backed by numerous industry awards and accolades. The company is doing all the right things when it comes to protecting customer assets and information: It's a member of FINRA, FDIC, and SIPC; adheres to the SEC's Customer Protection Rule; and is a member of the National Business Coalition on E-Commerce and Privacy, a partnership of major financial services companies that works for "robust and consistent data security, security breach notice, privacy, and consumer protection regulation." The company is proactive about corporate social responsibility.

What you need to know.

As a member of FINRA, FDIC, and SIPC, Schwab offers customers multiple layers of protection if the firm goes under. In compliance with the SEC's Customer Protection Rule, all customer securities, including stocks and bonds that are fully paid for or excess margin securities, are segregated from Schwab's securities - which means that if Schwab became insolvent, your assets would be protected against creditors' claims. Additionally, the SchwabSafe security guarantee provides that "Schwab will cover 100% of any losses in any of your Schwab accounts due to unauthorized activity." The firm has a long history of corporate social responsibility, including financial education programs, employee volunteerism, and community involvement.

Special Features.

Schwab is a full-service broker that offers tools for self-directed investors and traders, plus services for those who want help making investing decisions. Schwab Intelligent Portfolios is a robo-advisor service that builds, monitors, and automatically rebalances a diversified portfolio of ETFs - starting with as little as $5,000. It's available to all customers and has no advisory fees, account service fees, or commissions. Customers also have access to dedicated financial advice and portfolio management services. The company has a solid record of providing fast execution at competitive prices. Schwab offers basic functionality, but you'll have to use StreetSmart Edge to access certain features such as fully customizable charting and advanced trading tools (including conditional orders).

What you need to know.

Schwab offers versatile tools and services to fit the needs of self-directed investors as well as those looking for varying degrees of help with their investment decisions. The trading platform at Schwab is ideal for casual investors and novice traders. Those looking for advanced charting and trading capabilities can use Schwab's StreetSmart Edge free, with no account or trade minimums. The firm offers a range of investment advice options, including automated investing (Schwab Intelligent Portfolio), dedicated financial advice (Schwab Private Client and Schwab Advisor Network), and a blend of personal planning and automated investing (Schwab Intelligent Advisory).

Desktop Experience.

Schwab customers have access to three platforms that automatically sync with one another to provide a seamless trading experience: web trading on Schwab; StreetSmart Edge (Schwab's flagship advanced trading platform); and Schwab Mobile, an app available for iOS and Android devices. This review focuses on the web trading platform, which is appropriate for casual investors and newer active traders who want basic functionality and a platform that is intuitive and easy to use. Users can create watchlists and alerts, and customize charts with basic indicators, studies, and drawing tools. Traders and investors interested in a more robust platform experience can use Schwab's StreetSmart Edge desktop-based platform, with no account or trade minimums.

- An intuitive interface that's ideal for casual investors and newer active traders.

- A range of research tools consolidated into one convenient place: Click the Summary tab for any symbol to view charts, news, ratings, earnings, statements, ratios, and more on one screen.

- Customizable watchlists and alerts to keep you up-to-date on changing market conditions.

- The ability to manage accounts, view balances, transfer funds, and make payments directly from the web trading platform.

- Charts must be refreshed to view current prices, which is inconvenient but not typically a problem for casual investors.

- Customization options are limited (for example, you can select an open-high/low-close or a candlestick chart, but you can't customize the colors or layout)

- Advanced order types aren't supported, though customers can access both more sophisticated charting and advanced orders by using StreetSmart Edge, which is free.

Mobile Experience.

Schwab Mobile is available for Android and iOS devices, including the Apple Watch. It syncs seamlessly with Schwab's other platforms, so any activity you perform on the app - whether it's placing trades or creating a new watchlist - automatically shows up in the desktop platform. The app is well designed, intuitive, and easy to use, and it offers nearly the same functionality you'll find when you log into your account on Schwab. In addition to accessing your brokerage account, you can use the app to manage your Schwab Bank, 401(k), and other accounts.

- The app is easy to navigate. Tabs on every screen offer quick access to your account summary, watchlists, research, and the trade order interface.

- Commercial-free live streaming news from CNBC TV is available 24 hours a day, every business day.

- Options traders will enjoy Idea Hub, a tool that lets you explore options trading ideas.

- The Trade Calculator shows the potential profit or loss for your options strategy.

- With Mobile Deposit, you can use your smartphone to quickly deposit checks anytime.

- Like Schwab's web trading platform, the mobile app offers limited customization options and does not support advanced order types. To access these features, you'll need to use the free StreetSmart Edge platform.

Customer Support.

Schwab has earned industry recognition for its customer service (it was rated No. 1 in customer service in Investor's Business Daily's Best Online Brokers survey for 2017). Live phone help is available around the clock, and you can get assistance via live chat, secure messaging, snail mail, fax, social media (Facebook Messenger), and in person at 330+ branch locations. Schwab also offers accessibility services, including telecommunications relay, statement alternatives (braille, audio, and large print), sign language interpreters, reader services, and website accessibility.

What you need to know.

Schwab has a well-deserved reputation for excellent customer service. Log into your account on Schwab and click the Contact Us button at the top of any page to view support options, which include around-the-clock live phone support, live chat, secure messaging, and addresses for snail mail (select your state for the fastest service). Note that you won't find an address (customers can use secure messaging), and there's no SMS support either, so ers and texters will have to connect with customer support using one of the other options.

Research & Insights.

Schwab scores high in research tools and insights, making it easy for customers to analyze potential investments. You'll have access to analyst ratings, market commentary, research reports, and buy/hold ratings. There are also screeners for stocks, ETFs, options, mutual funds, and fixed-income securities. Research and insights come from Schwab and third-party providers, including Credit Suisse, Ned Davis Research, Argus, and Morningstar. News feeds are updated throughout the trading session and are searchable by keyword, symbol or company, date, source, sector, and topic. The web-based platform provides in-depth fundamental analysis with charts, news, ratings, earnings, ratios, and more on a single screen, plus a variety of basic technical analysis tools. StreetSmart Edge offers more robust charting and technical tools.

Charles Schwab has excellent research tools. Schwab was rated a Best Online Broker for research tools by Investor's Business Daily in 2017 and has earned industry recognition as a leading research provider. Charles Schwab provides third-party analysis. Investors can count on quality commentary and analysis from Schwab's in-house research team and trusted third-party providers, including Credit Suisse, Morningstar, and Ned Davis Research. You'll find rich fundamental analysis with one click: Select the Summary tab for any symbol to view charts, news, ratings, earnings, ratios, and more on one screen. Stay up-to-date with news from the Associated Press, Reuters, Briefing, Market News International, and others (mobile app users get a live stream of CNBC TV).

Unlike many of its competitors, Schwab doesn't yet offer social sentiment or discussions.

Schwab has a great deal of educational content on its website to help investors learn about stocks, ETFs, options, bonds, and other fixed-income products. Its Learning Center provides FAQs, articles, and videos on beginner topics such as "Order Types: Getting to Know the Basics" and "Bond Ladders: A Useful Tool for Retirement Income." The Insights & Ideas section of the Schwab website (accessible before you log into your account) has a larger selection of educational content - including articles, videos, slide shows, podcasts, and infographics - covering market commentary, "Washington Watch" (write-ups about policies and regulations that may affect investors), personal finance and planning, and retirement. Schwab also offers in-person workshops on topics such as "7 Fundamentals You Need for Investing Success" and "Why Everyone Needs an Estate Plan." (You can sign up on the website.)

What you need to know.

While Schwab offers a wide selection of educational content - including articles, videos, and podcasts - you might have trouble finding what you're looking for because it is not organized in one place. Some content is filed in the Learning Center, while other materials are in the Insights & Ideas section of Schwab. On the plus side, Schwab offers in-person educational events at its branches - more than 330 in 46 states.

Schwab offers a variety of banking services, including checking accounts, savings accounts, college banking, credit cards, debit cards, and mortgage loans and home equity lines of credit (provided by Quicken Loans).

What you need to know.

Schwab makes banking easy. You can manage your accounts and access a variety of banking services in person (by visiting one of Schwab's branch locations), on Schwab, or by using Schwab Mobile for iOS and Android. Online bill pay is available free, and you can link your other bank accounts to your Schwab brokerage account to easily transfer funds. Select paperless statements and tax forms for convenience, security, and 24/7 access. Investor Advantage Pricing offers interest rate discounts up to 0.250% on eligible home loans offered by Schwab Bank's home loan provider, Quicken Loans.

Bottom Line.

Some 10 million self-directed investors and traders use Schwab's quality research, diverse trading tools, and intuitive trading platforms. Schwab customers have access to a variety of investment products, including stocks, ETFs, options, bonds and other fixed-income securities, mutual funds, and preferred stocks. Schwab recently lowered its stock/ETF commissions to a flat $4.95 (from $8.95), making it one of the least expensive online brokers in the U. S. Options trades cost $4.95 plus $0.65 per contract. ETF and mutual fund investors can trade free by choosing from Schwab's 200+ commission-free ETFs (from 16 leading providers) and 3,000+ no-load, no-transaction-fee mutual funds. While Schwab provides plenty of tools for self-directed investors, it also offers a range of investment advice options, including automated investing (Schwab Intelligent Portfolio), dedicated financial advice (Schwab Private Client and Schwab Advisor Network), and a blend of personal planning and automated investing (Schwab Intelligent Advisory). In addition, clients have access to banking services (including checking and savings accounts, mortgages, and home equity loans), as well as retirement products such as IRAs and annuities.

Jean Folger is co-founder of PowerZone Trading, a company that has developed high-performance software and tools for active traders and investors since 2004. She is a regular contributor to Investopedia, and writes about active trading, investing, real estate, retirement, travel and other personal finance topics.