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OptionsXpress.com (was xpresstrade.com) Review Visit site

Updated: Nov 24, 2016
2.931 · 13 REVIEWS
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OptionsXpress.com (was xpresstrade.com)

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2.931 · 13 REVIEWS
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Louisiana, USA,
Nov 23, 2016,
Guest

STAY AWAY

Terrible, terrible service. They used to be cheap but provide good service, now they're just cheap all around. Been with them for 15 years so Ive seen the place fall apart over time. These guys are the pits. Today I initiated what I thought would be a quick and painless funds transfer request chat .WRONG. Chat guy, nice guy, knew nothing . So I called 5 times, twice put on hold forever, last time rep assuring me client services would call me back they never did. I even sent them an email with the info they requested. Some character from cashier services,a Karl Feret replied back with some rude email ; anyhow I still havent been able to get my funds out of there.

PS. They were running some scam where if I requested a transfer of funds from my personal account to my business entity account(both accounts at optionxpress) they would hold the funds for like 3 weeks. Al Capone might say why didn't I think of that

Anyhow with as many online brokerage houses out there today STAY AWAY, all caps. Like I said they used to be cheap but provide good service. Now they're just cheap all around and their rates are no longer low

Miami, USA,
Jul 27, 2016,
Guest

Charles Schwab now owns optionxpress and the customer service went downhill during the transition but now ok. It seem they are using very young adults with very little knowledge of their purpose, however they are smart enough to connect you with knowledgeable individuals. Platform crashing occurs, especially after any upgrade. Charts are basic professional but doesn't lock your maps in place. A reset is required at each start up. Stop orders on most occasions suffer slippage in the brokers favor. No money issues in 8 years. They are gradually improving in both customer service and platform stability. Other than my stated experience, I'm keeping my account with Charles Schwab ox.
Barcelona,
Jul 19, 2009,
Guest

I have been using xpresstrade for 1 month and moved to another broker, they weren
New York,
May 13, 2008,
Guest

I would select SCAM but I cannot prove it. Duyring fast markets the screen locked, usually when posititions were losing money. I manage to fight their brokers for about a years but then I gave up. These people have you under control. If you make money they assign you to a desk. Their objective is no different from a any other FX broker: to empty your account. But they achieve that with various unfair means.

I basically spent the money to understand what they do. You, as the trader, have no control over quotes, frozen screens, spreads, etc. You are at thier mercy.

It's a suckers game.

Bill
Indonesia,
Oct 21, 2007,
Guest

I use XpressTrade some years ago, when I began trading forex. Don't have a helluva lot of account, just USD 300, lost 200 in a flash, added 100, lost it again. I don't blame them for those losses, I was newbie and ignorance of the real world of trading. But all the things those anti-X says (screen frozen etc.), I experienced them too. And for the final part: they froze my account when I got my second margin call. I couldn't access my own account. I live-chat them and they claimed there's nothing wrong with their server.
To this date, they still hold around USD 90 of my money. I considered them tuition fee for my forex education. But if you ask me: Stay away from this broker. If they willing enough to take such small amount, do any of you need to ask other opinion about their conduct for hundreds fold of that amount?
North Carolina,
Sep 4, 2007,
Guest

I wish I found this site before opening account with Xpresstrade. After reviewing many online futures brokers I decided on Xpresstrade because of the quality they purport and tops in industry and how quickly they replied to my many questions prior to me wiring funds to open an account.. Understand I have traded futures contracts since late 1980's so have some idea about markets, securities laws, affects and such to markets including research & analysis. I also currently manage a private stock portfolio of my own and do well executing those trades through another online firm.

However, many of the negative points I read on here I have to support myself sadly. For the time I have been with Xpresstrade, I have noticed what seemed like "reasons to cause me losses or them commissions" and kept it in back of my head a while now. NO more.

In the few months I have tried them opening an account with $10K of my funds, I have repeatedly found glitches occuring with their web base system that they blame on everything but themselves. One day I was literally frozen and could do nothing with their system and lost $thousands on a move. They blamed our phone/DSL system so we had Embarq here to check everything and found no problems, but told us it was the web based platform we were using for our business with Xpresstrade. Another situation has seen very, very bad fills from seemingly stable and quiet markets and as if we were set back a point of so to their benefit and not the trader's? There was situations when we had trailing stops in place and their system showed movement and the stops ratcheting, etc. Then about 15 minutes later their system showed all different numbers and prices which made no sense and my trail stop not activating for about 18cents out of favor in a corn market?? Contacting them, they blamed it on a bad tick from the floor broker and said they had to reset their systems and took my profits away from that trade (which we ran copies of the screen, etc off to have).

Other instances the screen would seemingly flash before your eyes and cause you to sign off and re-sign on again which causes delays and losses, and contacting Xpresstrade, they told me they had to reboot their systems and I question why not after hours? Many times we have witnessed screens freezing, news stories very late and useless to utilize too. Many times the supposed instant quote screen lags and delays up to 30 minutes we have experienced also which does nobody any good basing trade decisions. I utilized trading as I used to do through my previous broker directly, versus using this web based platform, but I tell you, I am not happy with how Xpresstrade has performed as it seems almost "weighted" in their favor for commisssions, but of course, that would be very illegal if found to be true. It almost seems when you really need to rely on their platform to perform, it simply does not or lags or slows down and you get screwed.

It took me 15 minutes to get a market order fill today in a simple grain market that was doing nothing out of the ordinary. I have also found troubles with limit orders on some options we tried to get, and are forced to take them at market to get the option, but prices costly.
USA,
Aug 22, 2007,
Guest

Have used them for over a year. I have had a very good time. They are getting better with their execution. I will continue to use them.
Memphis, TN,
Aug 14, 2007,
Guest

I have used XpressTrade for about 4 years. They have always been very keen on client service, answering questions that I have very quickly. I used their futures trading platform for several years, then I switched to Forex. They have always been very good.

The only problem that I have with XpressTrade is the charting software. I am used to using Metatrader 4, and I like MT4 a lot. XpressTrade has a cumbersome charting package that is difficult to set up as you want to. Also, it doesn't have as many options as MT4. I would stay with XpressTrade if they used MT4.
Saskatoon, Canada,
Mar 23, 2007,
Guest

XPRESSTRADE IS A SCAM!!! they are fxcm. if you are profitable, you will be put on dealer intervention. they do not honor their quotes despite bold guarantees in their advertising. when asked why they would not honor their quoted prices, they responded that my requests were repeatedly coming in 'off market'. i'm still baffled as to how requests from their own platform can come in 'off market'. how is that the fault of their client? here is an excerpt from a chat with the good folks at XPRESSTRADE (hilarious):

XPRESSTRADE: We are not new at this, and we know what you are doing.
Chris: you are offering rates with no intention of honoring them
XPRESSTRADE: We do honor them, and you are trying intentionally to take advantage of a bad Internet connection.
Chris: i have excellent internet connection
Chris: and my trades are not being honored
Chris: i am amazed that i am being painted as the 'bad guy'
XPRESSTRADE: I do not believe that you are amazed.
Chris: ?
XPRESSTRADE: YOU are well aware of what you were getting away with.
XPRESSTRADE: This will no longer be the case.
Chris: getting away with?
Chris: what exactly does 'guaranteed executable prices' mean
XPRESSTRADE: When you try and cheat us, the deal is off.
Chris: how is it possible for anyone to 'cheat' you?
Chris: and this is offensive
XPRESSTRADE: I've explained this already above, and you are well aware.
Chris: 'We still guarantee fills at the exact specified rate, except during excessively volatile market conditions. Our size enables us to quote aggressive fixed spreads at all times.'
XPRESSTRADE: we are offended as well, that you would try and take advantage of the system.
XPRESSTRADE: Yes, until you use a slow Internet connection to watch for a change then take advantage of it on our site.
Chris: i have broadband hispeed dsl
XPRESSTRADE: This is a moot point.
XPRESSTRADE: I'm sure you do, and you have a slow dial up as well.
XPRESSTRADE: That is how you tell the difference.
Chris: i do not have dialup
Chris: this is amazing
XPRESSTRADE: Well, someone does that is helping you.
XPRESSTRADE: This is enough.
Chris: there is noone helping me
XPRESSTRADE: We know what is happening.
XPRESSTRADE: We will not let it happen anymore.

any positive review for this company should simply be ignored.
Iowa,
Jan 18, 2007,
Guest

I have been using them for day trading for about two months doing 2-3 trades/day and so far, so good. I only do market orders to enter and exit and am happy with the fills. On a few occasions, I leave the order window up with quantities entered so I can click sell and have recently had a message saying that the price had moved?? Not sure what that meant on a market order but simply reclicked sell and lost only a fraction of a second. As did the other trader, I notice that the charts lag the dealing prices sometimes and sometimes it appears the dealing rates are slower than the charts (I notice when not in my favor).. not problematic so far though. I was trading the GBP/USD today and tried to tighten a stop after the mkt moved in my favor and for the first time the application locked up for 2-3 minutes till I could sign back in- kind of a bad feeling! If this becomes problematic I will sign in and pass the word but so far they really seem ok.