EOption

Worst Customer Ever

They were yelling at me over the phone and close out all my positions at bid price just because I had withdraw all the fund and still have some position in my account.

Stay away from Eoption

Menrichky

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Commissions are very good, but trading platform is umm..bad.

Let me start off with the good things about EOption. The commission structure is probably one of the lowest you can find anywhere. I trade options, and for 3 dollars plus ten cents per contract, i save alot on commissions. If you are auto-trading (like me), execution on trades isn't really an issue in my opinion. Haven't had any problems so far.

However, the bad thing about EOption is their online trading platform. Very basic with no complex functionality to manage/analyze your trades. Trade history is just a basic list with the dates, prices, and quantities. But even that list looks sloppily created. Not only that, even some of the functionality of their trading platform is broken. I currently have issues where I cannot manage or record my trades appropriately because the order is being shown as 'sold to close' when it should have been 'sold to open'. Or a trade being shown as 'sold to close' which should have been 'sold to open'. If you are an options trader, you know that these things have very different meanings! That's quite bad.

Another issue is if you want to see executions being shown in real time. Usually there is a tremendous lag time when accessing your account, and it is impossible to see your account values and position values in real time. Even after the market closes, you might see a position that is still shown in your account but which is actually closed behind the scenes. This worries me sometimes because i have to constantly check whether positions were opened or closed properly.

So i'm actually thinking of moving to another broker, like thinkorswim. The commissions are higher but i've heard the trading platform is good.

Autotrader387

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Cheapest Options Broker out there.

Eoption is really not as bad as many of the reviews that I have read here and elsewhere would lead one to believe. I would suggest trading with them for your larger option orders. I use a TOS papermoney account to mirror my Eoption account, and to manage my greeks etc.. I primarily use Eoption for my monthly income trades and have had no issues with execution. The ACH setup, and money clearance into the account did take a little to long, but I had no issues with withdrawls getting my money back via ACH within a day. I had no issues with customer service as others have, with several emails and one phone call answered without issue. You can't beat their rates especially when trading fairly large lot sizes, and multi leg orders. Their interface is outdated, but usable and it does not take one too long to get used to it.

Bottom line use them as a secondary broker to execute your larger trades saving some money, while using another brokerage to find your trades and manage the portfolio. If you want all of the modern features and a lot of hand holding of the more expensive firms than maybe you should look elsewhere.

Sailtrade

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Rate 3 out of 5 @ Barrons, but some features don't work

What a load of BS. I opened the account about a month ago, and some features of the site are not working. Chatted twice, when I was asked to call. The first time I called and transferred to tech support, I disconnected after about 5 minutes. The second time I was transferred (it took 4 minutes for someone to pick up phone), after an additional 11 minute wait time it gave me a voice mail. I then sent an email, then a second email a day later. I was typing an email asking if I can close/transfer the account without incurring fees while calling them and this time I got through to tech support.

Just a joke. The guy said "yeh we know about your email" and this button is just this and just that without concrete answers. Had a second guy on the line "this is the main guy working on these features" and he didn't have a clue what these buttons were but the first guy said "it is ok he is new here and trying to figure things out." Then he refers me to sections of the site that does not have the answers I was seeking.

I don't like contacting customer service. I want a broker where I rarely if ever have to call. Not only do you have to call, but you also wont get answers.

MR007

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Good

No setup fees or maintenance fees for IRAs, although it does have a termination fee. Also has direct access platforms.

DannyCaliOc

Offers Nothing

Their prices are great but they offer no service at all. They are not option trader friendly. No charts. Option chains are not user friendly and often wrong. I never used their option chain. Nothing is good about them except the price.

Expiencetrades

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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.

DEKE

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