OptionsHouse Scam? Miscellaneous Charges On Top of Base Charge

An article by admin    No Comments

OptionsHouse is the cheapest brokerage firm out there. It is running a special for free 100 trades with new accounts and 2.95$ per trade thereafter.

Do not trade Penny Stocks with OptionsHouse

However that pricing has some hidden fine print if you wanna put it that way. OptionsHouse flat rate pricing is not really flat rate. They have misc charges based on the type of equity. For example, if you are trading some Penny stock which is worth 0.005$ per share, and you want to buy 10,000 shares, OptionsHouse will charge you 2.95$ + 0.005 per share up charge. I was trying to buy 1000,000 shares for BIEL and I was stumped by ridiculous trade charge that showed up. I called up OptionsHouse and they explained to me that any stock below 1$ can carry such a charge. Well that sucks!

Several Stocks are not available on OptionsHouse

OptionsHouse does not let you trade all the securities. It does not have access to lot of below 1$ stocks. I could not figure out why it is that way but I ended up using my Zecco account instead of OptionsHouse every time I ran into that problem.

OptionsHouse is really cheap for mid to large cap stocks

I use my Zecco and OptionsHouse interchangeably. My first attempt is always on OptionsHouse though just because its cheap and stable. If that does not work, Zecco is always working.