EOption is undoubtedly one of the best trading platform all over the world. Even though eOption didn’t begin operations until 2007, Regal Securities (the company’s parent) has been in business since 1977. Regular and casual stock and options traders, especially those on a tight budget, are the broker’s ideal clientele.
However, before you jump on board for the steep discounts, you should know that eOption has a limited selection of offerings and needs more tools and resources than long-term investors and novices might want. eOption has expanded its educational offerings to cater to traders of varying skill levels. We will evaluate eOption so that you can determine if it is suitable for your trading needs.
Advantages of eOption
- The eOption Trader platform is straightforward and user-friendly. The layout is adaptable to your choices, and the order entry interfaces are user-friendly and intuitive.
- Options trades continue to incur a per-leg commission from eOption. However, the cost per contract is only $0.10. Therefore, if you trade five contracts or more per order, eOption’s fees will be lower than those of practically every other broker.
- You can approve eOption’s “Auto Trading” option to automatically execute trade alerts from your chosen newsletter. You select the maximum trade size based on a monetary amount, the number of contracts, or a percentage of your account’s worth.
Disadvantage of eOption
- eOption facilitates trading equities, ETFs, mutual funds, fixed income, and options (of course). You cannot trade commodities, futures, futures options, currency, cryptocurrencies, or fractional stock/ETF shares. This limited selection of products and services will be a deal-breaker for some investors and traders.
- If you live in the United States, you don’t need any specific amount of money to open an account with eOption. Otherwise, an overseas account requires a minimum of $25,000 in equity (in any mix of U.S. dollars and U.S./foreign exchange-traded securities).
- Most of eOption’s training courses are geared toward experienced options traders. While the company has suggested providing more beginner-friendly content, novice traders may have to search elsewhere for understandable, introductory material.
However, TradersUnion has written a detailed eOption reviews. Must check it out!
Trade Experience on eOption
You can enter orders in eOption Trader using the “Trade” and “Options Chains” sections. Your trading costs, such as exchange fees, are displayed on the deal verification screen, an excellent feature that provides complete cost transparency. There are streaming real-time quotations and news and a marquee at the top of the screen that displays your watchlist tickers or open position information. The platform supports chart trading, trailing stops, and conditional orders, including one-cancels-the-other (OCO) and one-triggers-the-other (OTO) orders. However, charges are not held for subsequent entry.
The company provides access to the Sterling Trader Pro, DAS|WEB, and DAS|Pro Direct Access Trading platforms in addition to eOption Trader. These are designed for high-frequency trading, and additional access fees may exist.
Mobile Trade Experience on eOption
The eOption mobile app allows you to close or roll an existing position with a few taps, and the order ticket will enable you to construct an options strategy. The application does not support trading on charts, trailing stops, or conditional orders. While the app is adequate for trade monitoring on the fly, most traders will prefer the browser-based interface for their regular trading sessions.
Variety of Services
You can trade in stocks, ETFs, options, mutual funds, and fixed income using eOption. Commodities, futures, futures options, FX, cryptocurrencies, overseas assets, and fractional stock shares are absent. eOption provides no Robo-advisory services. Here is a summary of the help you can trade on eOption:
- Long and short positions in equities (Though with a smaller easy-to-borrow list for short sales)
- Mutual funds
- Simple and complex alternatives
The eOption Trader platform is easy to use. The layout is customizable, and order entry interfaces are user-friendly and easily accessible. eOption still charges a per-leg commission on options trading. The contract costs only $0.10. If you trade five contracts or more per order, eOption’s fees are lower than most brokers.
eOption supports trading equities, ETFs, mutual funds, fixed income, and options (of course). Commodities, futures, futures options, currency, cryptocurrency, and fractional stock/ETF shares are banned. Fewer items and services will turn off some investors and traders.