I’ve been a bit distracted lately, and was a surprised when I got this e-mail this morning about my new OptionsHouse brokerage account:
Our new pricing structure is now active, so please log in and choose your new rate. If you have multiple accounts, you will need to select the rate for each account individually.
If you do not choose a new rate by 4:30 pm CT on December 15, 2009, your account will automatically default to the $8.50 +.15/contract rate.
$8.50 per trade? I didn’t just open an account with them for that! I went to quickly see what was happening. It turns out they are changing the pricing structure for their options trades. Stock trades are still $2.95. Here are the two options choices:
They used to offer options for $9.95 flat, up to 4,000 contracts in a single order. This must be a disappointment for high-volume options traders. As for me, I’m just there for the $2.95 stock trades. From their FAQ:
A general rule of thumb is that our “up to 5 for $5″ plan is most suitable for our customers who trade 10 or fewer contracts per trade while our “$8.50+” plan works better for customers who trade 10 or more contracts per trade. Both plans offer the same flat rate of $2.95 for stock trades. (plus $0.005 per share if the stock price is $2.00 or less and the stock is not options eligible).
By Jonathan Ping | Investing | 12/14/09, 11:59am