eOption Review: Is it Best for Options Trading?
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Are you an advanced trader looking for a platform to trade online? eOption is the best service for you because you will trade conveniently on this website.
It is a very flexible site to trade, and the online brokers do not charge any money, which means that you can trade in less than 10 seconds per contract. It is important to note that this platform is not providing service to every type of investor out there.
In this article, we will review the online trading platform of eOption and provide you with comprehensive information about it. We will also discuss its features and pricing plan and the advantages and disadvantages. So keep on trying to find out more information below about options. The effective trading costs and stock and ETF trades make this trading platform a great option. Let’s discuss the eOption review in detail!
eOption Review: What Is eOption?
eOption is one of the best low-cost options available for traders out there. This platform was launched back in 2007. If you plan to trade by using this platform, you must know that it has had a parent company available since 1976. The name of the parent company is Regal securities.
It is the perfect platform for you if you are an occasional trader or an equities trader. If you are looking for a budget-friendly platform for trading, then it will be the right option for you in this regard.
If you are planning to trade with this platform, you should know that it will not provide you with a ton of features compared to the other options available in the market online.
But there are still many things that you can expect from this platform because it will provide you with some decent features that you will love. This platform is not targeted towards beginners, and that is why it will be a good option for you to use if you are a long-term investor. It’s fully regulated by the securities investor protection corporation foreign stocks and trade stocks with multiple options trades features.
They are also increasing their educational outreach to serve two different types of traders. It might not be a beginner-friendly platform, but it is cost-effective for sure, and that is why it is perfect for the brokers who are looking for a low-cost reading. This brokerage firm offers effective trading fees for active trading.
The options fees are only 10 cents, and you will not have to pay any money for stock trading. Many option-oriented tools and resources are available, and you can benefit from them. The best part is that you can stream actual data and news along with customizable charts if you decide to use this platform.
An option to use a demo account is also available if you are not showing and just want to try out the platform. This demo account will be available for you for up to 60 days, and you will not have to pay any money for these 60 days. After that, you will need a live account if you want access to the original features of this platform.
How does eOption work?
eOption is a great online platform, and all information about it is easy to find on their website. It works so that you will not have to work very hard, and the platform automatically does a lot of things for you. If you need any information, you can go on their website right now and get it, or you can give them a call, and they will answer all your questions.
If you want to check their rates and feed, you can also do that by clicking on the rates and fee tab available on their website. They have also displayed all the misc fees you might have to pay, and they keep things transparent with their audience on their website.
The pricing plan is complicated, and you can quickly grasp it and understand it. They have a lot of large competitors available online, but it is still doing pretty great and giving great competition to the other platforms available out there.
But it is important to note that this platform is not for every investor out there, and you need to keep that in mind before you enter this platform for trading online. It might not work out for you because they have a specific targeted audience that you need to research before entering the market.
Another great thing about this platform is that it is an active and flexible platform that gives you much flexibility. However, you can work comfortably, choose your trading strategies, and work. There will not be any restriction on you, and they also have some tremendous third-party tools and instruments that will give you a lot of flexibility to work and trade online.
What are the Features of eOption platform?
eOption is a great platform that is available for online reading users. If you are looking forward to trade, you can use this platform. But it is important to note that this platform does not allow you to trade cryptocurrency or Forex. It still has many great features that you can benefit from if you get the hang of using this platform, and we will discuss them. So let’s have a look at the popular features of eOption below.
Great Usability
The eOption is a very easy-to-use platform, and a benefit of using this platform is that the website is straightforward. It is easy to navigate, and you can scroll down and open the web page you like. Another great thing about the usability of this platform is that you can easily open an account whenever you want.
You will have to follow no complicated procedure to open an account or sign up on the platform and start reading online. All you have to do is click a green button that says open an account, and you are good to go. It will automatically redirect you to the page where you need to go, and you do not need to do any manual work by yourself to open an account. When you open an account, you will get two options.
Paper trading account
The first option is a paper trading account, and the second option is a live trading account. You can choose the option according to your needs, but it is important to note that it has to do with what you can and have learned. A frequently asked questions section is also available on their website, and you can take advantage of it if you ever feel like you are stuck somewhere and need some help. A live chat option is also available from your phone if you seek help.
When you first open the website, you will get the Vibe of a downloadable Direct Access platform that is very easy to navigate. You can also choose the basic layout if the other is too much for your eyes or a beginner. However, the mobile app is not as user-friendly as you would expect it to be, and that is why we would recommend you stick to the browser option!
Trading Experience
eOption provides a great trading experience when entering orders from the trade and option chain tab. It is straightforward to use because your trading cost will be displayed on the trade verification screen along with the exchange fee. It is a fantastic feature to have when using an online trading platform because it gives transparency to the audience.
Many platforms do not have this option, so it is a breath of fresh air to experience this feature when using this platform for online trading. This platform also supports chart trading and conditional orders, which is excellent for beginners. However, it is essential to note that you will not be able to stage orders in the case of later entry.
Security
eOption is a safe and secure platform, and it is up to the mark according to the standards set by the industry. The best part is that two-factor authentication is available on both virgins, including mobile and web-based browsers. The two-factor authentication is an impressive feature that they have added for additional security of their audience.
However, if you are a mobile application using this platform, you can log in by using biometric recognition. It is a great feature to use your face or fingerprint to access your account, making it a very secure platform.
You can trust this platform because they are currently maintaining a $3000000 cybersecurity insurance policy, which will be a breath of fresh air for you if you have never used the trading platform online before.
Customer Service
eOption has an incredible customer support and service experience available for their audience. They have a phone line that is available Monday to Friday. And the timing for it is 8 a.m. to 28 p.m. in the eastern time.
If you call them, they will answer your phone immediately and answer all your questions. They also have a live chat option available, but only for the desktop version, not the mobile application version. Overall it is an excellent platform with excellent customer support service.
eOption Pricing and Plan?
eOption is a popular online trading platform and has a $0 equity trading. They introduced this feature back in October of 2019. But they are still charging a per leg fee for options trading. However, the good news for you is that this fee is not a lot, and it is just going to be 10 cents which everyone can quickly pay online.
If you are a high-volume options trader, you will not have to pay a lot of money when using this platform. But if you are a high-volume options trader on any other platform available online, then you will have to pay a lot of money for that.
The best part about this platform is that it does not have a lot of exchange fees that you have to pay. Let’s look at the pricing plan and price of the platform below.
You have to pay 1.99 dollars for options base Commission. Per contract fee for options trading is only 10 cents. Also, you have to pay 6.99 dollars for a fee on single-leg orders for 50 different contracts.
If you are interested in a mutual Fund commission, you will have to pay $5 outside the no-transaction-fee program.
This platform has an inactivity fee of $50 per year. However, it is also considered an account in action if you have placed less than two trades in less than one year. Otherwise, you will not fall under the category of being inactive, and that is why you will not have to pay an inactivity fee in that case.
Who is eOption Best For?
eOption has a broad audience worldwide, especially targeting customers looking forward to trade options, and equity is in the market. If you are among these people, then it will be the ideal platform for you that you can find on the Internet because there is no other platform like this available online right now.
The best part is that it is the platform for the people who are looking for a budget-friendly way to trade online and do not have a lot of money to spend at the start. If you are a beginner, you can use that platform because it is not complicated to use.
Their website is straightforward to use, and you can easily navigate through it without becoming too confused if you are a beginner in the industry. They also have a mobile application that is not that user-friendly, and that is why we would recommend you to stick to the web browser version if you are a beginner and if you are new in the industry.
It provides excellent value for money for frequent options traders, and it also has a user-friendly web-based platform online. This platform is not perfect for long-term investors that much. However, it is the ideal platform that you can get your hands on if you are caused focused trader because you can do that in just less than 10 cents which is an excellent experience for you.
eOption Pros and Cons
Pros
- Easy to use
- Browser-based platform
- Reliable
- Auto trading from the newsletter
Cons
- Limited range of offerings
- High account minimums
eOption User Experience
eOption provides a great user experience because it has a very user-friendly website available. It is straightforward to navigate through their website online, and you do not have to learn any other additional skills for that.
The best part is that it is perfect for those looking forward to trading in options. They currently do not have a stock loan program to generate side income for their users. Live stage planning tools and resources are not available. And if you are a long-term investor, then you will not get to see a calculator, but this makes a lot of sense because they are not the target audience of this platform.
However, on the other hand, the good thing about this platform is that you will get access to different third-party tools and resources, which can prove to be great for you to learn. This content will also include different types of research content and share that is.
You will also get access to analyst content and ratios, which will prove to be very beneficial for you if you are a beginner in the field and looking forward to working with a lot of passion. They have a trading Idea generator which is an excellent platform for you.
If you are an automated user, this will bring out your creative side and give you a lot of different strategies and ideas to take your trading to the next level and one step forward. It is available for all the users without any additional cost, and that is why it has a great User experience overall. You will enjoy using this platform a lot if you have adequate knowledge of trading options online.
On the other hand, using this online reading platform will be a comfortable option if you are an active trader. The best part about using it is that you can quickly come up with your trading strategies, and it will be an effortless way for you to trade online.
Moreover, if you are a frequent options trader, you can use these Strategies and develop different scanning tools. It is important to note that all of this will be at a low cost, and you will not have to pay a lot of money or any additional fee.
eOption vs Competitors
1. eOption vs Tradier
Tradier is a popular platform, and the Saas system supports it. On the other hand, the Eoption is supported by more platforms, including iPhone, iPad, and Android.
This means that it will be a better option for you if you plan to perform your trading activities by using a smartphone or Tablet. On the other hand, this trading platform is for brokers, and brokers are the targeted audiences for the platform.
Tradier has a targeted audience of business and individual developers. It is the perfect option for those looking forward to building their brokerage applications in the future. On the other hand, this platform is available online during different business hours.
Both of the platforms are great and have their advantages and disadvantages. Both of the platforms are providing documentation training for their audience.
2. eOption vs Robinhood
eOption was established back in 2008, and it has been in business for more than 14 years now. It has a headquarter in the United States, but a live chat option is unavailable for its customers. However, the good thing about this platform is that it has good reviews online, which is why it is a reliable platform that you can trust online for trading.
You have to make a minimum deposit of at least $500 if you decide to work on this platform, and it has a good reputation. It is also a regulated platform which means that it will not be a significant risk for you if you want to be a long-term investor on this platform.
On the other hand, Robin Hood is also a great platform established in 2013. It means that it has been in business for more than nine years now, with its headquarters in the United States of America. The great thing about this platform is that a live chat option can segregate the client’s funds. The best thing about this platform is that you will not have to make any minimum deposit at all, and you are good to go!
3. eOption vs Sofi
eOption was established back in 2008, and it has been in business for more than 14 years now. It has a headquarter in the United States, but a live chat option is unavailable for its customers. However, the good thing about this platform is that it has good reviews online, which is why it is a reliable platform that you can trust online for trading.
You have to make a minimum deposit of at least $500 if you decide to work on this platform, and it has a good reputation. It is also a regulated platform which means that it will not be a significant risk for you if you want to be a long-term investor on this platform.
On the other hand, Robin Hood is also a great platform established in 2013. It means that it has been in business for more than nine years now, with its headquarters in the United States of America. The great thing about this platform is that a live chat option can segregate the client’s funds. The best thing about this platform is that you will not have to make any minimum deposit at all, and you are good to go!
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Conclusion: Is eOption really the Best for Options Trading?
This platform has a lot of competitors available online. It is not offering features to all different types of investors, and you need to keep that in your mind when you are starting to use it for a trading purpose online. There are many different types of financial investors, and if you are not one of them, you should not use this platform. This platform only targets the options traders, and if you are one of them, it will be the perfect option for you to trade online.
However, if you choose to trade more than four different options contracts simultaneously, there will be a small price of only 10 cents. It is a fantastic price Spectre that money trading options online cannot complete. It is the perfect option for active options traders. However, if you are looking for a Forex trading platform online, then this is not the best option for you at all. You should look for another platform if you want an online trading platform for Forex trading for cryptocurrency trading.
If you are an active options trader, we would suggest you have a close look at this platform and give it a thought because this might be the perfect thing you have been waiting for a long time. Other than that, if you are planning to trade at least five different contracts simultaneously, you should look into things and give it a chance.
We have provided you with unbiased information and a comprehensive review of the online broker eOption. You can check out the advantages and disadvantages mentioned above to determine whether it will be the right platform for you!
eOption FAQs
Is eOption Safe and Legit?
Yes. eOption is a safe and reliable platform for looking for a long-term trading platform online. The best part about this platform is that it is perfect for active traders and those looking for a low-cost reading.
You can read by using this platform by just paying a fee of 10 cents, and it will not disappoint you if you want to invest your money in the long run.
Does eOption offer fractional shares?
No. eOption is an online trading platform that provides you with an option of mutual funds and fixed income. However, you cannot trade using commodities and futures options.
Trading cryptocurrency is not possible. And no, you cannot trade fractional shares by using this platform.
Is eOption available in Canada?
Yes. This online trading platform is also available in Canada.
