Please note that OptionsXpress has been discontinued and is no longer available. You can read our old review of OptionsXpress below, or check out the rest of the US Online Stock Trading Websites we've reviewed.
Sometimes the "Express" is a slow freight train. 29 May 2013 Reviewer: Doji from Boise, ID
150 of 287 people found this review helpful
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I have been trying for several months to open an account with Options Express. This journey started with completing an online application. For identification I responded to all the out-of-the-picket questions. Then the clock started ticking.
A couple of weeks later I attempted to deposit funds into the new account. One problem, no account number. Status showed pending. Waiting a week I contacted Options Express and was advised account would be approved "shortly".
Several weeks later, still pending. Once again I contacted Options Express and was advised I would need to copy and fax my life to them. Advised them I currently had 3 other account with Schwab. Advised then would look into it.
Several more weeks pass and still in a pending status.
Deciding a direct approach was better; I stopped in my local Schwab branch and explained the situations. The desk jockey was perplexed and at a total loss as to what was required to fix the situation. It appears when Schwab acquired Options Express they failed to advise or train their local support staff.
An hour later, after showing no indication of leaving until resolved, progress was made. My ID's was faxed to the "proper" people and I was advised my account would be opened.
Was it? NO! I received an email after I had left saying the fax received from a Charles Schwab employee from a Charles Schwas fax machine could not be used. I would need to fax a copy myself. You have to love a challenge.
I will be closing my remaining accounts with Schwab and moving on.
In summary, I would not recommend OptionsXpress to a friend.