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1 Minute Review
eOption is a stock, fund and option trading platform that focuses on low-cost options trading. Its options trading is very affordable at just $0.10 per contract and $1.99 per transaction. The broker also offers a comprehensive options trading course that’s free and educational for both novice investors and advanced traders alike. eOption’s platform is less usable than its competitors, especially for new traders.
Futures and forex trades aren’t currently available, daily market updates are full of jargon and the platform includes very few intuitive features and explainers. Customer service options are also lackluster, and mutual fund transactions are expensive. While eOption might be a great choice for options traders, we recommend other platforms for beginner traders primarily interested in stock and ETF investing.
- Options traders looking for low-cost options contracts
- Beginner and advanced traders looking for options education
- Advanced traders who don’t need a lot of platform guidance
- Unbeatable options contracts pricing
- Mobile app that mirrors capabilities of desktop app
- Free and comprehensive options education
- Confusing platform has limited assistance tools
- Expensive mutual funds and bond trading
- Limited stock and general investing education
- Lackluster customer service options
Why eOption Over Others?
Should you trade with eOption? Let’s take a look at the 3 biggest benefits offered by eOption.
- Most affordable options trading: eOption has the most affordable options trading on the market at just $0.10 per contract and $1.99 per transaction. If you purchase more than 4 contracts in a single transaction, eOption helps you save money.
- Comprehensive options education: If you’re interested in learning more about options trading, it’s worth the time to check out eOption’s free options trading course. Covering everything from the absolute basics of options trading to advanced trading strategies and indicators, everyone can learn something.
- $0 account minimums: eOption has eliminated its minimum account requirement, which means that you can start investing with as little as $1.
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Brokerage Quick Summary
|Tradable assets||Stocks, options, ETFs, mutual funds, bonds|
|Platform||Functional, with a number of indicators and screening tools|
|Mobile app||Fully operational, mirrors desktop web-trading platform|
|Available account types||Taxable, IRAs|
eOption Fees, Commissions, Margin Rates and Account Minimums
Like most modern brokerages, eOption now offers $0 commissions on stock and ETF trades. As the name suggests, eOption’s claim to fame is its low-cost options purchases — you’ll pay just $0.10 per contract plus a base rate of $1.99 per trade. This is significantly lower than most competing brokerages, which charge upwards of $.65 per contract.
Unfortunately, eOption’s other commissions are disappointing. Commissions on foreign stocks are very high, and the company charges a flat rate of $5 per mutual fund purchase. Let’s take a closer look at what you might expect to pay when you trade with eOption.
|Stocks and ETFs||$0 commission on domestic stocks and ETFs; $39 per foreign stock|
|Options||$0.10 per contract plus $1.99 per trade|
|Mutual funds||Access to 500 mutual funds; $5 per mutual fund trade|
|Bonds||$5 per bond on first 25 bond purchases, $3 per bond after the first 25|
eOption also offers margin trading, and its margin rates are about on par with other brokerages like Fidelity. You’ll pay between 7.75% and 4.75% APR on any money you borrow on the margin, with the lowest rates being extended to traders who use $250,000 worth of margin. You cannot use margin funds to purchase stocks valued at $3 or less and you must have at least $2,000 and tradable securities before you can qualify for margin trading.
eOption’s platform is of average functionality, offering a few choice indicators and screening tools. The broker primarily gears its services toward more experienced traders, so few instructional tools are offered. However, eOption does offer a series of video tutorials you can use to learn more about how to place trades on the platform.
Instructional videos are available for single-leg options trades, multi-leg options trades, basic buy and sell orders, and basic charting features. There’s also a video tutorial available that introduces you to the absolute basics of how to navigate the platform and its tabs. Beyond that, you’ll need to explore the platform on your own time. This can quickly become frustrating and overwhelming for new traders or those who aren’t familiar with the standard set of tools offered by most brokerage accounts.
eOption’s platform instruction leaves much to be desired, offering traders little more than a basic series of webinars to help learn how to navigate the broker’s tools.
One unique eOption feature is the broker’s automated newsletter recommendation trading. Here’s how it works — first, you’ll enroll in one of 60 participating newsletters. After authorization, eOption executes buy and sell orders recommended by your newsletter of choice. You can customize your auto-trading preferences after authorization, instructing eOption to only buy or sell a set maximum of shares, percentage of your cash on-hand or maximum number of contracts.
You’ll want to use this automated trading feature with caution — as soon as eOption’s system receives the buy or sell recommendation from your newsletter, the platform will execute the trade. This means that you likely won’t have time to review trades before they go live. If you read and follow a popular newsletter’s recommendations carefully, this feature can be a valuable time-saving asset.
eOption’s educational offerings leave much to be desired, especially for new traders. Though the broker offers a variety of strategy educational explainers and corporate earnings reports, these tools are not very useful for new traders who are just getting started into the world of investing.
Let’s take a look at 3 features eOption offers traders who want to learn more about trading strategy and using the platform.
- Options strategy and education: One area where eOption shines for beginners is its complete options training and education course. eOption offers a massive range of options strategy articles and videos that are equally useful to the absolute options beginner as they are to the seasoned veteran trader.
If you’re new to options trading, you’ll enjoy the “Getting Started” section, which covers topics like the basics of how options work, what leverage is and how it functions in options trading and long-term options trading. Advanced traders will enjoy eOption’s host of strategy explainers, which includes information on understanding and executing everything from short puts to naked calls. No matter how much experience you have trading options, you’re likely to learn something new from eOption’s options strategy center.
- Webinars: Prefer to do your learning live? eOption offers live webinars on a variety of options topics. Past webinar subjects include the basics of options trading, using options to generate positive cash flow and managing risks with options trading. If you can’t make the webinar live, you can tune in later through eOption’s YouTube channel, which archives and catalogs previous webinars.
- Daily commentary: eOption offers daily market updates that include information on some of the most volatile stocks, recommendations for daily trades, economic statistics and a general overview of the market. In many cases, market updates are offered multiple times a day with updated information. Though informative, these reports are generally geared toward more advanced traders — novice investors may have trouble understanding the reports offered, which are rife with technical jargon and unexplained market terms.
Though a bit lackluster when compared to other trading platforms and brokerages, eOption’s education offerings are available completely free. You don’t need to be logged into your account to start using them or learning, which means that you can benefit from them even if you use another brokerage to trade.
eOption’s Customer Support
eOption offers 2 methods you can use to contact its customer service team:
- By phone: To get in contact with eOption by phone, call 888-793-5333. Representatives are available Monday through Friday from 8 a.m. to 6:30 p.m. EST. Phones are closed on all major market holidays.
- By email: To contact eOption’s customer service team by email, fill out a contact request form here.
Currently, no specific customer service options are available for people with hearing limitations.
eOptions allows traders to buy and sell options contracts, stocks, ETFs, mutual funds and bonds. The broker specializes in low-cost options trading.
Let’s take a closer look at the assets offered by eOption and what you can expect to add to your portfolio through this platform.
eOption’s Stocks, ETFs and Mutual Funds
eOption offers full access to the U.S. stock market, with over 10,000 stocks and ETFs available to trade with $0 commissions. Unlike some other brokers, all of eOption’s ETFs are available completely commission-free.
eOption also offers access to over 500 mutual funds. You’ll pay $5 per mutual fund transaction. It also offers bond trading for $5 per bond for the first 25 bonds you buy or sell. After this point, bond trades are charged at a flat rate of $3 per bond.
eOption specializes in affordable options trading. You’ll pay just $0.10 per options contract, plus a flat-rate fee of $1.99 per transaction. This is considerably more affordable than competing brokerages, which regularly charges $.65 per contract.
eOption’s Mobile App
eOption’s mobile app is comprehensive, mirroring full capabilities of the desktop platform. Though the app is well-integrated from the web-based platform, eOption Mobile still suffers from the lack of technical explainers or education tools. If you’re overwhelmed by the desktop offering, you’ll likely also struggle to use eOption’s app. However, if you’ve started on the web-based platform and have gotten the general hang of how things work, you’ll see a smooth transition from desktop to mobile.
Let’s take a closer look at some of eOption Mobile’s key features:
- Easy integrated trading: You can place stock, ETF and options trades on eOption Mobile using basically the same system as eOption’s desktop platform. You can even place advanced options trades (including multi-leg options trades) with just a few taps.
- Fast and responsive interface: eOption’s mobile app updates in real time, giving you second-by-second updates on price changes. You can view current price, percentage change, total overall loss or gain, bid/ask volume and much more.
- Live market news streaming: View live market news streams from numerous sources from your mobile phone.
eOption’s mobile app is available for iOS and Android platforms. The app is free to download on both.
How Does eOption Compare?
eOption is a low-cost platform primarily aimed at options traders. If you’re interested in entering the options market or you’re an experienced options trader looking for the most affordable way to trade options, you’ll love eOption. At just $0.10 per contract, there’s no way to deny that eOption offers the most affordable options trading on the market right now. Most competing brokers charge around $.65 per contract for options trading. Even considering the $1.99 flat-rate fee, if you purchase more than 4 options contracts in a single trade, you’ll save money.
Both new and advanced traders will also benefit from eOption’s options strategy course, which covers everything from the absolute basics of what an options contract is to multi-leg trading strategies.
Unfortunately, eOption offers little else — especially for new traders. Its platform can quickly become overwhelming and confusing, with few instructional tools available. Mutual fund and bonds are expensive at $5 per trade, and its customer service options are nothing special.
Forex and futures trading aren’t currently supported, and beyond options trading, educational offerings aren’t impressive. While eOption might be the right platform for options traders, it isn’t recommended for most new traders or passive retirement investors.
Low cost, no-frills platform for frequent options traders
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- Account Minimum: $0
- Fees: $0 per stock/ETF trade, $1.99 base per leg plus $0.10 per contract for options trades
eOption is very clear on who it wants as a customer and how it intends to meet their needs. This online brokerage wants options traders who already know what they are doing to come over to their platform and enjoy a significant cost savings on options trades. This deep discount approach won’t appeal to long-term investors or beginners, but it does provide active options traders with low commissions and speedy executions. We’ll look at eOption’s range of offerings to help you decide whether it is a fit for your trading needs.
- Rated one of our best brokers for low cost options trading.
- The browser-based platform is a customized ETNA white label program with additional options-oriented tools. There are no additional charges for data or streaming news.
- You can use a demo account to test eOption out for up to 60 days without funding an account.
- To address a recent uptick in online account funding fraud, eOption added Plaid to handle funding in a more secure manner.
Who eOption Is For
eOption targets options and equities traders who engage in the markets relatively frequently and who are comfortable with executing their own options strategies. The firm’s relatively low options fees are a draw for high volume options traders. Put simply, eOption doesn’t offer many bells and whistles, but it will help you trade a lot of options at a low price.
Offers great value for frequent options traders
The browser-based eOption Trader platform is easy to use
Newsletter subscribers can auto-trade their alerts
Limited education offerings
News feeds are limited
Any OTCBB (penny stock) trades must be made with a live broker
- Though eOption is one of the few brokers left that charges a per-leg commission for options trades, their per-contract fee is just $0.10. If you trade five or more contracts per order, eOption’s fees will end up being lower than almost all other brokers.
- The browser-based platform is a customized version of the ETNA trading platform, and is very easy to use. The customizations are focused solely on options functionality.
- eOption offers an investment system called Auto Trading for executing trade alerts generated by third party newsletters chosen by the investor. Auto Trading executes your newsletter subscription trade alerts and enacts those trades based on parameters you’ve provided. It is worth noting that commissions are higher for Auto Trades.
- eOption is designed to appeal to sophomore-level options traders, so there isn’t much available to help new options traders grow.
- Market news is light; you’ll probably need additional subscriptions to keep up on what’s happening.
- All penny stock/OTCBB transactions must be made with a live broker and there are no international offerings, forex, or cryptocurrency trading capabilities.
eOption has licensed the ETNA trading platform and customized it for their clients. ETNA is a white label software solution, meaning it is developed by a software company and licensed to online brokerages. The brokerages can customize the package and skin it to fit their brand, but the platform is managed by the developer in a software-as-a-service model. In practice, this means eOption Trader has the look and feel of a downloadable direct-access platform, but it runs in a browser.
eOption’s tab layout makes the available tools easy to find. Click on the Custom tab and you can drag and drop widgets to set a page up the way you want. You can add an options strategy to a watchlist and OptionsPlay is integrated into the platform, which are good features for the advanced options trader. You also can position an order entry widget wherever you want it on the screen.
Unfortunately, the eOption mobile app isn’t quite as friendly as the desktop HTML5 platform, but the look and feel are similar. While watchlists are shared between platforms, they are very hard to find on mobile. Moreover, the data on the mobile app does not stream. Research is quite constrained on the mobile app as well; almost all of the research sources are on the browser platform but not on mobile. That said, you can ask Alexa on your Amazon device for stock quotes if your hands are full, but that probably won’t satisfy traders looking for a fully mobile experience.
eOption’s primary platform is the browser-based eOption Trader, but clients can connect to the trading engine (and associated commissions) using the downloadable DAS Trader or Sterling Trader Pro. The latter two platforms incur additional subscription fees.
In eOption trader, you can enter orders from the Trade tab or the Options Chains tab. All the costs of placing a trade, including exchange fees, are shown on the trade verification screen. This is an excellent feature because it gives you full cost transparency—more brokers should do this. You can enter conditional orders (one triggers another, one cancels another) on the browser platform but not on mobile app. Quotes stream on eOption’s browser platform, and there is a customizable ticker that runs across the top of the screen. You cannot stage orders for later entry.
Mobile Trade Experience
The eOption mobile app lets you close or roll an existing position with a couple of taps. You cannot put in a stop and a limit order at the same time on mobile, but you can build an options strategy in the order ticket. The eOption mobile app is sufficient for position maintenance while you’re on the go, but you’ll want the browser-based app on a computer for your actual trading session.
Range of Offerings
The main reason to become an eOption customer is to trade options strategies in large quantities, but clients of eOption can trade U.S. equities, options, mutual funds and fixed income. There are no futures, futures options, international assets or currencies, or cryptocurrency. Beyond that, investors can trade:
- Stocks long and short (approximately 1,500 on the easy-to-borrow list for short sales—a smaller than average inventory)
- OTCBB (penny stocks) only with broker assistance
- Mutual funds (
500 no-load, no transaction fee.
8,900 total available)
On the eOption browser-based app, you can enter a variety of order types including conditional orders, trailing stops, and trailing stop limits. The order types are more restricted on the mobile app. You cannot select a tax lot when closing a position and the default is first-in-first-out.
eOption’s order router prioritizes price improvement. The router sends equity orders to multiple venues simultaneously and manages to attain $0.01–$0.02 per share in price improvement. eOption does not accept payment for order flow on equity orders. For options, the order router works its way sequentially through the exchanges and attains on average $0.11 per contract in price improvement while making $0.43 per contract in payment for order flow.
You can automate trading signals from a newsletter at eOption but can’t backtest strategies on the platform.
eOption joined the race to zero fees for equity trading in Oct. 2020, but still charges a per-leg fee for options trades. That said, the per-contract fee is very low and heavy options traders will pay less overall with eOption than at its competitors. Clearing and exchange fees, typically a fraction of a penny per share, are spelled out on the order confirmation screen and are passed through to customers.
- No commission to trade equities or ETFs.
- OTCBB/penny stock trades must be placed with a live broker for $6.
- Options base commission is $1.99 per leg.
- Options per contract fee is $0.10.
- Fee for 50 or contracts (single leg) is $6.99.
- Fee for a 4-leg order of 10 contracts per leg is $11.96.
- Covered call trade of 500 shares plus 5 contracts is $2.49.
- Mutual fund commission for funds outside the No Transaction Fee program is $5.00.
- Margin interest ranges from 7.75% for $10,000 balance to 5.75% for over $100,000 as of January 2020. This is lower than average.
- Inactivity fee is $50/year. Clients with household balances of $10,000 or more and/or more than 2 trades in a calendar year are not charged the fee.
- Account closure fee is $0.
- Account transfer fee is $60 for a full transfer, $50 for partial.
- Voluntary reorganization is $50. Exercise and assignment fee is $9.
- Fee to send a wire is $30.
- No fee to send a paper check.
- Paper confirmations are $1 each. No fee for paper statements.
- Live broker fee is $6 per transaction.
How This Broker Makes Money From You and for You
The pressure of zero fees has changed the business model for most online brokers. In lieu of fees, the way brokers make money from you is less obvious—as are some of the subtle ways they make money for you.
- Interest on cash: eOption clients can enroll in cash sweep programs that pay a much higher interest rate than the regular interest offered for uninvested cash. The firm makes money from the difference between what you are paid on your idle cash and what they can earn on customer cash balances. The standard interest rate is more than most other brokers pay. The money market fund available pays a higher rate of interest but there are other brokers with fund that have higher returns.
- Stock loan program: eOption does not earn revenue loaning stocks in your account for short sales so there is no revenue to be shared with you.
- Payment for order flow: eOption doesn’t engage in payment for order flow (PFOF) for equity trades. This is the practice where a broker accepts payment from a market maker for letting that market maker execute the order.
- Price improvement: eOption’s order router prioritizes price improvement and the firm reports $0.01–$0.02 per share for equity trades.
- Portfolio margining: eOption clients cannot apply for portfolio margining, which can lower the amount of margin needed based on the overall risk calculated. Typically, portfolio margining works best for customers who trade derivatives that offset the risk inherent in their equity positions, and since this is an options-focused broker, it’s surprising that it’s not available.
- eOption does not offer portfolio margining.
- Clients cannot enroll in a stock loan program.
- The standard interest rate paid on cash balances is reasonable, and clients can enroll in a cash sweep program that moves idle cash into money market funds that pay more.
- Dividend reinvestment is not automatic. Clients can call the service desk to enroll in the DRIP program after purchasing a dividend-paying stock.
eOption offers clients several research amenities, free of charge, but here again it really only provides necessities. This spartan approach will work for the options traders, but other investors will not be impressed. There is no ETF-specific screener, but ETFs can show up in the stock screener results. There is no mutual fund or fixed income screener, no additional calculators or trading idea generators outside the screeners.
There is a Screener tab that includes 16 pre-set screens, and lets you set up customizable screens. You can’t save custom scans. You can sort the columns that result from any screen and sort them, but you can’t yet save the screen to use again.
eOption includes screeners from OptionsPlay, which allow you to look at their ideas or scan on your own idea. One nice touch is the ability to accept an OptionsPlay trading idea and put it directly into an eOption order ticket. At that point, you can hit Preview to edit the order ticket generated.
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There are quite a few news feeds on the platform, though some link to premium sources that require an additional subscription. The browser platform scrapes numerous news sites—the list includes ApolloNews, Quote Media, PR Newswire, Canada Newswire, Business Wire, Market wired, GlobeNewswire, UPI, Market News Publishing, and Fly on the Wall. You tag the news sorter by topic, ticker symbol, industry, or person to bring in news about companies that you care about. If you click on an article, a new tab opens in your browser with the complete article.
There are links to Hammerstone research reports, but that is the extent of the third-party research.
eOption charts are powered by ChartIQ, Quote Media, OptionsPlay, and ETNA. You can link chart displays to watchlists so the ticker symbol changes when you click on a particular stock. There are about 30 technical studies available.
Positions and performance are displayed as a heat map, giving you a quick visual of your portfolio. You cannot consolidate holdings held outside eOption for a complete picture of your assets. Margin, buying power, and gains and losses are displayed in real-time; dividends and interest are updated overnight. Any advanced analysis will have to be done by downloading the data to Excel or by using another tool.
The education available from eOption all focuses on options trading. There are webinars hosted by the Options Industry Council and traders from OptionsPlay available. There are articles from Hammerstone Research that discuss the options trading outlook. You won’t find life stage planning tools or other long-term calculators. As mentioned, if you want to check the platform out before opening an account, you can use their Paper Trading tool set for 60 days at no charge. Customers with funded accounts have unlimited use of the paper trading feature.
- Phone line available Monday-Friday, 8 a.m.–8 p.m. Eastern time. Phones are answered very quickly.
- Online chat for current and prospective clients.
- Live broker available while phone lines are open .
- Residents of Austria, Australia, China, Germany, Ireland, Luxembourg, Mexico, Netherlands, New Zealand, Singapore, South Africa, Switzerland and the United Kingdom can open eOption accounts. Accounts can be opened with a minimum of $25,000.00 in any combination of US Dollars and/or US/foreign exchange traded securities. Some foreign securities may be ineligible.
eOption’s security is up to industry standards:
- You can opt into two-factor authentication using a soft token for logging into the browser platform.
- The mobile app requires a user ID and password. The app was upgraded recently to allow fingerprint scanning or face recognition.
- Excess Securities Investor Protection Corporation (SIPC) insurance provided by Lloyd’s of London. There is an aggregate loss limit of $150,000,000.
- No significant breaches were reported during 2020 by the Identity Theft Research Center.
Unlike many of its larger competitors, eOption is not trying to be everything to every investor in the financial world. eOption offers great value for options traders who are comfortable selecting their own trading strategies and that is the niche it intends to serve. Frequent options traders who trade large numbers of contracts per transaction will find low costs combined with useful strategy scanning tools. If you want to invest passively, trade forex or need hand-holding or a robo-advisor, this isn’t the broker for you.
It is actually quite refreshing to see such a focused approach when most other online brokers are going for the widest possible market. Though competitors like Robinhood offer free options transactions, there are more useful tools at eOption to help you succeed and no unnecessary features that get in your way. Active option traders will definitely want to take a long look at eOption, especially if they are trading a lot of contracts. If this doesn’t describe you, then there are many other online brokerages actively looking for your business.
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In addition, every broker we surveyed was required to fill out an extensive survey about all aspects of its platform that we used in our testing. Many of the online brokers we evaluated provided us with in-person demonstrations of its platforms at our offices.
Our team of industry experts, led by Theresa W. Carey, conducted our reviews and developed this best-in-industry methodology for ranking online investing platforms for users at all levels. Click here to read our full methodology.
eOption Review – A Discount Brokerage with Competitive Rates
Posted by Dave | Aug 14, 2020 | Broker Reviews | 0
- Tools and Features
Online discount trading brokerage, eOption, has the trading world talking. Offering a variety of tools and a focus in options trading, eOption contains some interesting features. Is eOption all they really say, though? Before you make the switch, read our in-depth review of eOption.
eOption.com is a discount online trading brokerage that provides stock, bonds and options trading services. As the name indicates, this brokerage specializes in options trading and provides many unique trading tools like OptionsPlay to help optimize strategy analysis and execution.
Launched in 2007, as a division of Regal Securities, Inc., eOption has perpetually refined the trading platform to accommodate the full spectrum of options trades from simple directional long call/puts to more sophisticated quad-legged iron condors. eOption is also one of the oldest firms that has been providing auto-trading services for client accounts subscribed to various affiliated newsletters and trade signal providers through their specialized auto trade desk. New U.S. accounts have a $500 minimum while international accounts require $25,000. All new accounts must be funded within 30-days of creation.
eOption Commissions and Fees
The eOption platform has flat commissions for stocks, ETFs, bond and options trades along with various regulatory fees. This is not to be confused with the direct access trading platform.
The eOption flat-rate commission schedule is exclusive of the various exchange and regulatory fees that are tacked on to transactions.
Stocks and ETFs can be traded commission-free.
Options are $1.99 per-trade plus $0.10-per contract. Broker assisted trades are an extra $6-per trade. Options assignment and exercise is $9.00-per trade.
Bonds are $5-per bond for the first 25 and $3-per each additional bond with a minimum commission of $39.
Mutual funds are $5-per trade.
Auto-trade commissions are $1-per trade for stocks and 15-per trade plus $0.10-per contract for options.
Minimum equity requirements for margin is $2,000 for all instruments. Naked options require a minimum of $25,000 for puts, $100,000 for calls and $500,000 for indexes.
eOption doesn’t allow short-sales on stocks under $3-per share nor allows margin on those stocks.
Direction Access Trading Fees
eOption offers direct access trading through Sterling Trader Pro ($230-per month) and Das Trader Pros ($150-per month) and browser-based Das Active Webtrader ($30-per month) with mobile access for an additional $40-per month. Active traders will also need to pay for exchange data feeds and ECN routing fees.
eOption Platform Features and Tools
These features apply to the eOption trading platform. DAS Trader and Sterling Pro have their own features.
eOption provides various charts from candlesticks, line, bar, area and open-high-low-close (OLHC) in multiple time frames ranging from minutes to monthly periods. alerts/alarms set at key trigger levels. There’s a useful compare function that enables multiple stocks to overlay onto a single chart to compare price action.
Basic momentum, price and volatility technical indicators are available. These range from Bollinger bands, moving averages to stochastic and MACD. Users can also draw trend lines directly on the charts. The indicators can be configured easily with the various tabs. This platform reminds me of Think or Swim in terms of navigation and flow.
Options Play is a great analysis tool that enables users to define risk and reward outcomes ahead of time. It enables users to scan, create and implement simple or complex options strategies ranging from directional longs to sophisticated multi-leg spreads and derivatives strategies. It comes complete with strategy analysis tools to visualize potential outcomes before putting on the trade and explains in detail the underlying mechanics of the potential trades. For every options trade, it will also supply a strategy checklist so that users are completely aware of factors like Probability of Worthless, Annualized Return, Earnings Date and Spread Liquidity.
Technical Strength Analysis
I also like how OptionsPlay will rate the technical strength of the underlying stock complete with notable price level indications that include support/resistance levels. Of course, these are price levels a seasoned trader should know ahead of time, but it’s just another value-added feature proves useful more often than not.
The customer support is excellent with direct phone access open Monday through Friday 8 AM EST to 8 PM EST. E-mail support is available as well. I like being able to talk to a live person. Broker-assisted trades are an additional $6-per trade.
Extended Hours Trading
eOption allows pre and post-market trading for listed and NASDAQ stocks through ECN limit orders. However, it’s crucial to be aware of the limited after-hours trading times. Pre-market hours are from 8:00 AM EST to 9:28 AM EST, while post-market is from 4:00 AM EST to 6:00 PM EST. Be careful not to get stuck holding a trading position you were planning to scalp out of in post-market because you weren’t aware of the 6 PM EST cut-off.
Basic Order Entry
eOption order entry is done through an order entry window with level 1 quotes. There are button tabs to buy or sell, but orders need to be configured before placing. Orders are routed internally through eOption. Direct access routing and level 2 are accessible through the DAS Trader and Sterling Trader Pro platforms.
Complex Multi-Legged Order Entry
eOption really shines here for options traders seeking to put on multi-legged strategies from simple spreads and straddles to more complex iron condors, butterflies and calendar spreads. Users can pull up the option chains and easily click each leg as the platform constructs the trade for you. This simple intuitive design streamlines the process beautifully.
The eOption mobile app is available for customers through Android and iOS. Users have access to real-time account information, news and trade management functions. However, it doesn’t allow for extended hours stock trading.
Direct Access Trading
For active stock traders seeking direct access routing, eOption provides direct access trading through Sterling Trader Pro and Das Trader platforms. Users will have to sign additional agreements and expect to pay software, ECN pass-thru and data feed fees.
What Type of Trader Is eOption Best For?
eOption is best suited for seasoned and beginner options traders thanks to the ease-of-use and instructive nature of OptionsPlay. The ability to have ideas presented and analyzed for you takes a lot of legwork out of the process and saves time. For those looking to up their options game with income generation multi-leg strategies, this is the ideal platform.
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