OptionsHouse // Big let down

Discussion in 'Retail Brokers' started by lucascole, Mar 11, 2010.

  1. lucascole


    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.
  2. lucascole


    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
  3. wawawa64


    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.