Friday, October 21, 2011

Optionshouse: The Cheapest Way to Invest

I have mentioned Optionshouse in my previous post but I hadn't signed up for an account at the time.  There are lots of good reasons to go to Optionshouse over other brokers.  Of course, first you have to be convinced in the value of holding stocks over cash and bonds so please go read those previous posts before this one.  I also made a recommendation for Tradeking a while back after discussing the actual method of putting money in stocks.  While I still recommend Tradeking, I believe Optionshouse offers better value, even if the commission is only $1 less for trades.

To be honest, there isn't too much different from Optionshouse and Tradeking.  The platform for Optionshouse is very straightforward and looks more like a professional trading platform than a commercial one.  The main benefit is the cheaper cost.  It costs $3.95 to trade stock which is one of the cheapest commissions available, beating even Tradeking's already low $4.95.

Some of the drawbacks to Optionshouse is a limited research database but you can easily research stocks on Google or use other platforms.  This inconvenience may set some investors off but it isn't a big deal for me.  They also have great promotions for people who open an account.  I got on with 100 free trades (they expire after 3 months) but it is a way to buy stocks in smaller increments over a period of time and average the price.  For the person looking for simply the lowest price available, Optionshouse is definitely the top choice.

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