Optionsxpress

They've had issues providing real-time for several months in Streamline as well as lost the functionality with listing options for futures in particular with energies. Repeated inquiries to fix have fallen on deaf ears.

They won't even take the initiative to contact you back after you get dropped form their chat protocol. Things worked great at one time, now they simply suck and they don'y care.

Also, their commissions and fees are the highest out there which is an insult considering their platform DOES NOT WORK! They have the worst customer service of any entity I've ever come across in 28 years of trading.

i'm very happy with my switch to Fidelity.

Worst trading experience, they lie and steel from customers

Please consider using some other Broker! Please don't use OptionsXpress!

They offer new customers this and that promotion, but they will not honor it! Then when the time comes, you have to ask them many times the status and then they deny you the promotion. They don't care if they lose you as a customer! They penny pinch customers, yet they receive millions of dollars in grant money from Texas!

They will cheat you on trading fees! They only want people who will deposit six figures!

i tried to withdraw my money from account and received the follow email: "Your wire withdrawal request for today cannot be processed because your recent deposit is not yet eligible for withdrawal. For security reasons, any recently deposited funds must stay in your account for at least 10 business days before a withdrawal can be processed.

Of course, you are free to trade with the funds at this time, but will need to wait until May 19 in order to resubmit the request for withdrawal."

You put your money on the account but you can´t withdraw. This is a robbery!!!

I have an account with them. It seems everything is geared up to kill.

Account drops below 100k you can't trade. Then when you get a margin call you can only close your existing positions (usually selling things at a huge loss).

I ask how the money market and cash figure is calculated and they cannot or refuse to tell me. One operator told me it was a sum of all the activity which when I looked made my position look much stronger. They refuse to tell me how they work out the number they use.

It looks like I'm down loads.

I wish I had never heard of them they are really evil. Guess I should have figured Chicago and finance.....

OptionsXpress

Online Options, Stocks & Futures Brokers

311 W. Monroe Street, Suite 1000

Chicago, Il 60606

www.optionsxpress.com

I make use of a put credit spread strategy on the SPX or the S&P 500 index, and when the SPX drops down to the strike price of the short put I exit the spread.

On 1/22/08 I had a spread of 26 SPX Feb 1300 Short Puts x 26 SPX Feb 1275 Long Puts. I had a trigger point set to 1299 so that if the SPX or the S&P 500 drops below 1299 then immediately my spread should be sent to the floor as a Market Order to close.

However, when I examined the fill report, I found out to my amazement that OptionsXpress triggered my spread closing order not at 1299 as I specified when I setup the contingency order, but at 1275.62 or while the SPX lost another 1.8% of its value. The closing cost was $1,400 per spread put or $36,400 for 26 spread puts, and based on my experience (six years as an active trader of options, and almost exclusively trading options on the SPX) if it was done right I should not have paid more than 10.00 or $26,000 for 26 spread puts even under conditions of high volatility because the long leg counterbalances the short leg which is one of the advantages of trading credit spreads versus naked options.

I notified the OptionsXpress executives of this error, and told them that it is their responsibility to absorb the cost of this $10,400 contingent order late activation error or irregularity, and I was even assured by one of OptionsXpress' Executive Vice President, Phil Bennett, who happens to be the brother of OptionsXpress Current Vice Chairman and Prior CEO, Ned Bennett, 6 years ago when I considered the possibility of a contingent order not activating that OptionsXpress has business insurance for such an event, and I will be made whole in such a case.

To my utter disbelief and bewilderment I found them to turn options theory on its head, and make the outrageous false contention that I would have received the same fill price whether my closing spread Market Order was executed 1 point ITM or almost 25 points ITM on the SPX.

Bernard Laufer MCP, CPA

P.S. Those six letters after my name indicate that I am an Investigative System CPA by profession. It was my job to detect fraud, and catch *** artists as they were engaging in their criminal acts, but I was taken by the OptionsXpress Management Team of *** Artists before I even knew what hit me.

In any case, I suggest that if you have any dealings with this firm then head for the nearest exit metaphorically speaking. An ounce of prevention is better than a pound of cure. Financial *** artists are generally good at what they do, and some are so good at what they do that they up ripping off the public of millions and even of billions of dollars legally as we are well aware of.

As I write this complaint here I already filed a report with the Securities Exchange Committee, and requested that they start a criminal investigation into OptionsXpress' Executive Management fraud and embezzlement of my assets plus I have several other logs in the fire to teach the executive swindlers at OptionsXpress that crime really doesn't pay. I wonder how much this public dispute will end up costing them in lost business!

I received an email yesterday stating that if there was a necessary margin call I would be contacted by email. I immediately called optionsxpress to find out if I needed to send money or if I would be contacted as stated in the letter.

The representative told me to go by the letter and that if it said I would be contacted by email it would happen. To my dismay, an hour later optionsxpress liquidated my position. After the margin call occurred, I called optionsxpress and spoke to Peter Ramirez who told me the market was reacting to fast and they felt that liquidating my position was the best thing to do. So now I’m out a minimum of $25,000 dollars.

I trade for a living. Not only does this cripple my finances by it jeopardizes my employment. Optionsxpress made an illegal margin call and tried to justify it with fear and panic. According to a written letter from them entitled, “Notice of Change in Margin Requirements”, the letter states,” this change may result in a margin call, if so you will receive a separate e-mail notification”.

I have records the can be subpoenaed showing there was no email notification. I even contacted them prior to make sure I would be notified and not liquidated from my position. Hours later my position was liquidated. I can only base my trading on the accuracy of the information they provide.

If they are providing misleading and erroneous information then regulatory and legal action must be taken. Later that5 evening I got an email saying that I had 3 days to ad money to my account or they would liquidate my stock positions.

That was the email they told me aI would get before they sold off my stock.

Optionsxpress sent me an email and told me via phone not to take action on my account to avoid a margin call. They stated that they would tell me in a following email if there was going to be a margin call.

I called to confirm this information because I've been told the wrong thing several times by optionsxpress and been misled too many times to count. This time optionsxpress has cost me dearly. They told me there was no immediate need to add money to my account to avoid a margin call. About an hour after that conversation, they liquidated my stock when it was at its lowest point.

Optionsxpress defrauded me out of $35,000 in seconds. About 6 hours later during that same day, I received an email warning me that there would be a margin call on the stock if I didn't add $1,500 to my account within 3 days. The problem is they had already liquidated my stock positions. I've spoken with several representatives and managers and they agree that they made a mistake yet they do not wish to fix it.

They told me that they were even willing to put me back in the stock position I had with margin, and then said they couldn't because my account didn't have the same money in it. I wonder why. I invite anyone who has gone through the same thing to contact me. Any actions taken by optionsxpress that violate the laws of the federal government and/or state are illegal and unacceptable.

I hope this helps others to avoid doing business with this kind of company.