Optionshouse amazing flat rate

[Mvic]

Not a customer yet or in any way affiliated but I was blown away by their pricing so wanted to let people know. They have a flat rate for option trades, up to 3000 contracts per leg for flat rate of $9.95. At IB and iron condor with 12K total contracts costs $8400 if you execute vis smart and $15K if you direct the orders. At this firm the whole position costs $39.80 to put on.

Sounds too good to be true but have confirmed with them.

 

[Wayne Gibbous]

3000 contracts????

12,000 SPX spreads????

Yiikes! Way outta my league.

I get nervous doing 10!

 

[loufah]

I've read that it's $9.95 per fill. If you have an order for 10 contracts and it takes 3 fills, that's almost $30. How many fills do you think it would take for 12000 contracts?

 

[GTC]

It is per day--not $9.95 per every partial fill on a given day.

 

[Mvic]

Quote from GTC:

It is per day--not $9.95 per every partial fill on a given day.

Correct, as long as the leg is filled that day it is $9.95. Really an amazing deal for those who do large volume spreads.

 

[DataCruncher]

Is there anyone who has tried them that can discuss their experience?
such as quotefeed, platform reliability, etc.

 

[RedEyeFly]

Has anybody read anything about their execution? Who do they clear through and are their accounts insured and to what extent?

 

[blackjack007]

Quote from RedEyeFly:

Has anybody read anything about their execution? Who do they clear through and are their accounts insured and to what extent?

they clear through penson

 

[thegazelle]

The platform is web based, which leaves something to be desired in my opinion.

 

[RedEyeFly]

Oh, I totally agree, considering that I'm on ThinkorSwim as of now.