Forums > Direct-Access Brokers > Retail Firms > OptionsHouse // Big let down

Old Mar 11th, 2010, 10:22 PM   #1
Join Date: Mar 2010
Posts: 2
I have been with OptionsXpress for a few years now and looks like I am going to switch back.

The OptionsHouse layout impressed me, I liked how the options pricing guide was laid out with both calls/puts and for every month on one single screen, also you can trade directly from that screen. Very nice.

Now for my experience with OptionsHouse..

I opened a margin account with them 1 month ago with $3,000 to get a feel for the trading platform. On the application to open the account, it specifically asks what you
are going to trade, I put spreads/credit spreads, however when I got my account
cleared and funded I went to make my first trade and a error box came up and said my
account is not allowed to trade at that trading level. Keep in mind I have been trading options, spreads, credit spreads for years with OX. I then presented my case to their team for account approval and they said they would NOT upgrade my account trading level to trade a credit spread and that I could re-apply in 90 days. So now at this point, I was getting a little anxious and I sent a message to their customer service team and said basically this is what happened, I am very disappointed and this is what I want Ect…if I cannot get access to trade a protected spread with limited risk I need to cancel my account. I waited a few days for them to respond back to me and they never did, I just checked my bank account and they direct deposited all my money back to my bank account and that was it…there was no, we are sorry blah blah blah, nothing! I guess they do not like business and making money, now I understand $3k is not a whole lot of money however there would have been a lot more in there within the year. I would not recommend OptionsHouse to anyone due to their customer service.

If someone has some insight about my experience and has an explanation why I was treated the way I was, that would be great. My OptionsXpress account allows me to trade credit spreads, iron condors, Ect… I guess I will put some money back with them…however I wish their rates would go down.
Old Mar 17th, 2010, 11:00 AM   #2
Join Date: Mar 2010
Posts: 2
I wanted to do a quick follow up on the comment I previously left above. The CEO of OptionsHouse George Ruhana got in contact with me about my concern and reopened my account with credit spread trading access.

As I mentioned before, the OptionsHouse platform is going to work very well, along with the great commission stucture, now with the customer support I think this brokerage is a very good option for investors.

Again, Thank you Mr. Ruhana for your time and attention.

Luke Cole
Old Apr 8th, 2010, 08:45 PM   #3
Join Date: Dec 2009
Posts: 2
good to know that your problem is solved.

My experience with Optionshouse customer service were generally good.

I have both IRA and roth IRA account with them and I tried to increase my trading level so that I can trade credit spread, and they approved both times without much difficulty.
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