Trade options and hone your strategies with powerful research tools, but it might not be the best platform for beginners.
EOption is an options trading platform that also lets you trade commission-free stocks and ETFs. But because options trading can be particularly risky, it may not be the best choice for beginner investors.
Stock trade fee
Minimum deposit to open
|Stock trade fee||$0|
|Option trade fee||$1.99 + $0.10/contract|
|Asset types||Stocks, Options, Mutual funds, ETFs|
|Account types||Brokerage, Retirement|
|Mutual fund trade fee||$5|
|Minimum deposit to open||$0|
What's in this guide?
Who is EOption best for?
EOption is best for active options traders who want access to robust research and analytics tools.
- Options traders: EOption stands out from the competition by letting investors trade options for just 10 cents per contract and $1.99 per trade. Other brokerages charge much more per contract. The per-trade fee may be high, but the platform makes up for it by offering powerful research features.
- Experienced investors: EOption is geared toward options traders, who are usually sophisticated investors. It also offers a wealth of research tools, including OptionsPlay, which lets you search for technical buy and sell signals.
While useful, EOption’s research features may be a bit overwhelming for the novice investor.
What are the benefits of EOption?
EOption offers a variety of benefits for options traders and sophisticated investors. Here are some highlights:
- Low fees: EOption charges no commission fees on stock and ETF trades. Its options trading fees are extremely competitive.
- Research tools: EOption gives investors access to real-time quotes, charts, research and market news. Its free OptionsPlay tool provides investors with historical data on thousands of stocks. It also helps investors develop options trading strategies.
- Paper trading platform: EOption offers a free demo platform that lets you test strategies without spending a dime. You’ll have $100,000 of virtual money to practice with.
- Mobile trading: You can trade stocks, ETFs and options directly from an app that also offers market data and research.
What to watch out for
While EOption offers several notable benefits, it has its drawbacks.
- Fees can be high in some cases. While options trading is just 10 cents per contract, it also costs $1.99 per trade. That per-trade fee is considerably higher than it is for many other brokerages, so frequent options trades can add up. Other brokerages like Gatsby and Robinhood also offer commission-free options trading.
- Limited investments. You can’t trade cryptocurrency or commodities with an EOption account.
- High mutual fund fees: EOption charges $5 on all mutual fund trades. Other brokerages like Fidelity offer mutual funds with no transaction fees.
EOption reviews and complaints
There aren’t many EOption user reviews out there. The one we did find on Trustpilot was negative and highlighted a rejected application for the platform. However, many financial websites give EOption good reviews and highlight the benefits it can offer to active options traders.
How do I get started?
To open an EOption account, follow these steps.
- Visit the EOption website and choose Open an account.
- Provide your email address and create a password.
- Wait for your application confirmation, which takes up to 48 hours, and follow the next steps in the email.
- Citizenship requirements: US citizens can open an account online. International customers can download a paper application and view important information regarding the process.
- Net worth requirements: International customers need a minimum of $25,000 equity in US dollars, US exchange-traded securities or any combination of either.
- Residency requirements: US citizens living stateside can apply online. If you’re a permanent resident of the US with a Green Card, also known as a Permanent Resident Card, email customer support at email@example.com. US citizens living abroad should do the same.
- Minimum deposit: No minimum is required to open an account.
You will need to provide some personal information before opening an EOption account.
- Name, date of birth and address — PO boxes are not accepted.
- Social Security number or Individual Tax ID
- Your employer’s name, address and phone number
- Driver’s license or other identifying documents.
- Net worth, annual income and occupation
- Investment experience, objectives and risk tolerance
I’ve signed up with EOption and made my first trade. Now what?
After you’ve made your first trade with EOption, there are plenty of features you can explore.
- Check OptionsPlay to develop options trading strategies
- Customize the desktop interface to make the most of EOption’s research and trading tools
- Analyze stocks and ETFs to diversify your portfolio
EOption customer service
Here’s how to get in touch with EOption customer service.
- Live chat: visit EOption website, choose Open account and select the Chat tab
- Mailing address: 950 Milwaukee Ave., Ste. 102, Glenview, IL 60025
Compare other stock trading platforms
*Signup bonus information updated weekly.
With its low fees and comprehensive research tools, EOption can be a solid platform for the active options trader. But new investors or those looking to invest in cryptocurrency may want to look elsewhere. Be sure to compare investing platforms before signing up for one.