Great rates but a terrible trading platform
eOption offers great rates on option trades but the website is so bad it's going to cost you money. I tried them because I do options trades with sometimes 100s of contracts. Their rates saved me up to $200 per trade vs ThinkorSwim or OptionsXpress.
Among the many problems I've had with the eOption site are:
- They supposedly offer a "Live Help" service. I tried it several times over a week and it would never connect.
- The balance of your account is only updated over night, so if you're making intraday trading decisions, you never know exactly where you stand.
- If you're doing more complex option strategies where you leg into something like Iron Condors or Butterflies, the site has no ability for you to link the trades to show how the complete strategy is working.
- worst of all, since the site isn't smart enough to link legged into iron condors, the margin calculations don't calculate properly. An Iron Condor on eOption is going to cost you twice as much margin as on most other brokerage sites.
I've spoken with several of their management people trying to find someone who cared about their customer experience. It was a waste of my time and I'm closing this account.
I've tried several other online brokerages and all were MUCH better than eOption. Supposedly eOption is updating their website in the summer of 2010. Until that is done, I would stay away.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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