OptionsHouse Review

Company Overview

OptionsHouse is one of the biggest options brokers in the United States and was founded in 2005. The primary focus of this online broker is options trading but there are also stocks and mutual fund investments available. Barron’s gave OptionsHouse 4.5 stars in the Best for Options Traders category for its wealth of proprietary investment tools. Headquartered in Chicago, Illinois, OptionsHouse provides clients with low cost trading and investment options along with powerful analysis tools that will help even the newest investors successfully create a diverse investment portfolio.

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Account Options

 

 Minimum ContributionMaximum Contribution

Roth IRA

No Minimum

$5,500/year

Traditional IRA

No Minimum

$5,500/year

SEP IRA

No Minimum

25% of compensation
(up to $52,000)

SIMPLE IRA

-

-

Self-Directed IRA

-

-

Rollover IRA

$25,000

No Limit

Inherited IRA

-

-

 

The IRA account options at OptionsHouse are similar to what is offered at other online brokerage firms. There are no ‘catch-up’ contributions but OptionsHouse does offer Educational IRAs for children younger than 18 years of age.

Investment Options

Associated IRA Investment Fees

Stocks

$4.75 (flat rate)

Mutual Funds

$9.95

Options

$8.50 (plus $0.15/contract)

Exchange-Traded Funds

-

Annuities

-

 

The investment options at OptionsHouse include standard options like stocks, options and mutual funds. However, this broker does not offer ETFs, annuities or bonds. OptionsHouse makes up for this by offering lower commissions and no account fees.

Fees and Commissions

Account Related Fees for Roth IRA

Minimum Account Balance Required

None

Account Maintenance Fee

None

Termination Fee

$20.00

Transfer Fee

$50.00

 

OptionsHouse does not have a minimum balance requirement or an account maintenance fee for IRA accounts. This reduces the cost that investors incur when opening an IRA account with this broker. In addition to little or no fees, OptionsHouse also has low commission for trades along with robust investment technology, tools and resources.

Retirement Planning

OptionsHouse only offers trading tools, there are no retirement tools or IRA calculators available. However, the available tools do provide investors with valuable insight into their investments and the market. Investors can access the risk viewer to analyze the risk in their portfolio, calculate probabilities, calculate loss and profits, view streaming charts and use the proprietary Trade Generator to search the market for new investment opportunities.

Account Features

A Roth IRA can be opened by anyone who has made taxable income within the last year. This is similar to a traditional IRA but there is no age restriction of 70 ½. In order to open an IRA, investors need to provide their SSN and some additional personal and financial information. The IRS has also created eligibility requirements for IRAs so investors will need to verify their eligibility based on these requirements as well.

Accessibility

Multi-Device Functionality
Mobile Sitecheck
iOS Accessiblecheck
Android Accessiblecheck

 

Investors can access their OptionsHouse investment accounts on their iPhone, Android, iPad, Kindle Fire or other mobile device. Mobile users can sync their investment activity with their desktop trading systems so they can view their positions, update their positions and manage their positions when they are on the go.

Safety and Security

OptionsHouse is dedicated to protecting all sensitive information provided by clients. This broker uses a number of security protocols like encryption, regular security testing and border protections to prevent unauthorized access to clients’ accounts. In addition, SIPC offers a maximum insurance on securities in accounts of $500,000.

Customer Support

Customer support is available Monday through Friday 7AM to 7PM Central US Time. Clients can contact customer support via email, live chat or telephone. When using telephone or live chat during open hours, investors will receive an immediate response while it may take up to 24 hours to receive a response via email. Overall, customer support is responsive, helpful and knowledgeable.

Bottom Line

OptionsHouse does not have the retirement or IRA planning tools available at other brokers but they do offer an innovative investment platform. This platform comes complete with excellent tools that investors can use to enhance all of their retirement investments.

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