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EOption

TOP 50
www.eoption.com/inde..
Category: Brokers
eOption was created with the goal of giving strategy traders the edge. Complex order entry is made simple by combining strategy-centric trading capabilities and one-click closeout of multi-leg orders. Our web-based platform allows you to trade...
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Fantastically low commissions and fees.
Yes, their platform is very basic, but their low commissions and fees are great, and I can live with it as I have 4 accounts with TDAmeritrade for long and swing trades, and for analysis.

I opened eOption account to trade options about 2 weeks ago. It's been great with low commissions and fees, until today.

Today, I was trying to take profit but for some reason my Sell to Close order got rejected, and missed the opportunity to bank $1300 and had to settle for couple of hundred at next opportunity. I sent emails but was taking too long for a response, so called in. Their support guy said there were some internal reset going on causing the rejection of the order. He also said to use different brokerage firm to daytrade. Basically saying "move on buddy".

I'm keeping screenshots of the logs on rejected orders. Today, I got lucky and didn't take a loss. But if this happens again, I'll keep taking screenshots for record, close my account, and possibly take a legal action.

I would of gave 1 star due to the bug and response by their support, but the 2nd star is for their low commissions and fees.

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Crazy Eoption. Do not use
Of course, NO GOOD!!!.

Eoption is crazy and cheap site so it is slower than other site.

Account is suddenly blocked and can not trade without any problem.

In additional, support services are very sucks!!!.

NO ANSWER OTHERWISE LATE RESPONSE.

I do not recommand Eoption!!! like other people.

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So far so good - looks like they've listened to complaints
I've been looking for a second broker for trading 101 for the past two years. $3 trade, $0.10 per option contract, and $500 to open an account hard to pass up. Read all the sucky reviews here and on other boards and review services. Decided to give it a try and figured if it didn't work, I would just close down the account and move to the next service. These guys get some points for still being around, not being subject to any finra issues, and not raising their commission structure while I've been making a decision.

Opening an account online wasn't hard, and the couple of times I used customer service there weren't any issues. Yes, i did have to fill out a separate form for ACH transfers, and it took three days before I could make a transfer, which was recognized within 24 hours. Placed first trade, albeit small, which was executed within one second. Yes, it's web-based browser, but it did the trick. You can set the login to trade screen and do your thing. I typically open the trade window over my existing platform when I'm ready to pull the trigger.

Would not recommend this platform as a primary stock platform for active traders, but as an inexpensive tool to keep cost drag at a minimum while you're building your trading skills (and hopefully your account), it works just fine. My primary broker charges $8/trade, which can quickly add up if you're growing a trading account from a small base. Saving several hundred dollars a year on commissions welcome. Bottom tier margin rate of 5% also welcome.

I opened the account with $500 to test the waters and haven't encountered any issues with customer service, and I've interacted with several departments. Would say that if you're used to trading on margin, then you probably want to fund with $2K so you can avoid the "good faith violation" issues that pop up if you want to sell your securities before settlement date.

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Not great
Don't want to write too much. Here a few points.

I've been with them for 9 months and my bank account still does not show up online. I can not transfer any money myself. It's a "glitch". Nobody is fixing it, apparently. I always have to call to transfer money.

The interface is pretty bad. Very bad design. Yes, they are cheap, but a better design and a couple of more tools won't cost them anything.

Customer service is ok. They are nice when I call, but when I email them, I often get no response and nothing gets done. Like, when you email them the form to add a new account. When I called in the bank account still was not set up after one week. Needs to be more responsive. I don't always want to call.

I was not aware of any fee they want for closing the account. It does say, though, they charge 60 bucks for closing an IRA. Their fees are high. Returned check fees etc. Never happened to me, but I did look at their fee schedule.

You can not trade OTC or pink sheet with them.

Eoption is really ONLY good for placing trades. Nothing else. I like to use it when I place small orders for like 300 bucks or something. That's 6 bucks buy/sell versus 14 for Scottrade or 10 tradeking.

If you place a lot of orders, it just adds up. I use yahoo finance and other websites for info. Don't really need them to provide me any tools.

3 bucks for simply placing an order is probably still too high, especially when you get nothing else. If you are new to stocks and want to experiment, I would recommend them. Great for placing small orders, which is what you should start with anyway.

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Ido
New Stock ALert: $IDO ,Security, Inc., is going to be big , stay tuned with it.

https://www.google.com/finance?cid=702906

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Missed new york, NY

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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

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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.

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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.

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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.

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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.

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DannyCaliOc Sushi, CA

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