Online broker OptionsXpress is offering new customers a $100 bonus if they open an account with at least $500 and make 3 trades. You can also transfer in at least $500 of securities from another broker.
Stock trades cost $14.95 if you makes less than 8 trades/quarter, and options cost $15 for 10 contracts. There are no extra fees for broker-assisted trades, as well as no minimum account balances, no account maintenance fees, and no inactivity fees. It’s not that great if you just want the bonus, but a nice incentive if you want to try them out. The strong points of OptionsXpress are their options and futures trading tools, usability, and customer service.
Selected fine print:
Offer is valid for one new Individual or Joint optionsXpress account opened and funded with at least $500 by US residents on or before December 31, 2011 at 11:59 CST, and having executed 3 trades within twelve months of account opening. To receive $100 bonus, account must be funded with at least $500 cash or securities transferred from a brokerage firm other than optionsXpress. The $100 bonus will be deposited into the new optionsXpress account within one month after meeting the terms and conditions of this offer. optionsXpress may charge the account for the cost of the $100 bonus should account fail to remain open with minimum funding (excluding trading losses) 6 months from the account open date. IRAs, other tax-exempt, linked, or shared accounts are not eligible to receive the $100 bonus offer.
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There is a better bonus if you already have an account and have a spouse or friend that you can refer. It requires only one trade (not three). You EACH get $100 bonus, referer and referree. The trade does cost $15, but if you’re doing it with a spouse, you net $185. If you’re referring a friend, you can always split the cost of the trade.
“To qualify for the $100 bonus, the referred account must maintain a per account average balance of $500 for 6 months, and the account must trade at least once. The $100 bonus will be deposited into the referrer and referred accounts within 45 days after the referred friend meets the terms and conditions of the offer. To qualify, the referrer must enter the referred friend’s email address through this page, and the referred friend must enter the promo code “FRIEND” through the new account application form when opening the new account. A referred customer can only qualify for the $100 bonus a total of one time. A customer can only qualify for a total of $500 from any combination of optionsXpress cash promotions per calendar year. Deposits of new funds or securities from existing optionsXpress accounts are not eligible for this offer. Qualified (IRA), linked and shared accounts are not eligible for this offer.”