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Saturday, May 12, 2012

OptionsXpress Requires Initial Deposit $500 to Use Xtend

OptionsXpress Logo
OptionXpress is one of online reputable brokers in the world and the only one that accepts uncertain initial deposit whether $50 or even $10. Unlike other brokers that usually require initial deposit over $1000. And, that's why I chose this broker to invest my money in US stock market because I have very very tiny capital. However, it charges higher than other brokers. You can see their table fees here.

When I bought stocks  for the first time of my life, that was one share of Visa (ticker: V) for $119, they charged me $14,95. Pretty expensive, isn't it? My initial deposit was $150, and I could use their Xtend software but within one hour only, so at nearly time, I could not log in. I then contacted their support centre, they said that in case if I wanted to use Xtend I had to deposit at least $500. Huh! I thought it was nice strategy for their small costumer. They let us use it temporarily, when we found it great, they lock it. Then tells us to increase our capital.

Yes, I should admit that it's indeed great software. It's using Adobe Air that very very light to use. I can scan my desired stocks, read news, find options detail, and many more! Actually I want to increase my capital in the broker but considering my financial condition right now, I should postpone it that there are many things to do, yet my special internship next month.