13 Best Options Trading Platforms & Brokers – Shortlisted & Reviewed

Reviews

best options trading platforms

Trading on options is a great way to maximize trading gains while managing and minimizing risks. However, options trading isn’t totally risk-free. It is, therefore, important to learn a great deal about options contracts and trading techniques. Besides, you also need a reliable options trading broker for a seamless trading experience. 

However, picking a quality options broker isn’t a straightforward decision. You have to weigh and analyze options brokers by keeping in mind several key aspects. Essentially, your options broker must ensure a robust and reliable trading platform. 

To help you find a top-notch options trading broker, we analyzed and reviewed various brokers to find some best options trading brokers. Thus, our list of the 13 best options trading brokers and their detailed reviews will make your search easy. 

13 best options trading brokers and their platforms

  1. E*TRADE
  2. Interactive Brokers
  3. TD Ameritrade 
  4. TradeStation
  5. Ally Invest
  6. Charles Schwab
  7. tastyworks
  8. Robinhood
  9. Webull
  10. Gatsby
  11. Merrill Edge
  12. ZacksTrade
  13. Fidelity Investments

1. E*TRADE

E*TRADE is one of the most popular options trading brokers. It is a platform for getting access to cutting-edge options trading platforms,  latest research, trading strategies, and much more. The broker’s innovative Power E*TRADE platform is packed with the latest tools for options trading. 

Main Features

  • Power E*TRADE is among the very best, efficient, and robust online options trading platforms. Because it brings various top-quality tools that help you in making the best trading decisions. 
  • The options broker also provides support from professional Options Specialists.
  • Additionally, independent analyst research, market news, quotes, and screeners also help you in taking control of your options trading.
  • E*TRADE also enables you to trade on a variety of options on stocks, indexes, and futures.

Account Minimum 

E*TRADE doesn’t require any account minimum. 

Pairs Offered 

E*TRADE offers options trading on stocks, indexes, and futures. 

Fees

E*TRADE charges $0.65 per option on stocks and indexes. However, the platform charges a fee of just $0.50 per contract when you place more than 30 trades. E*TRADE charges $1.50 per futures options contract. 

Best For

E*TRADE is best for the intuitive platform, robust trading tools, and low fees on options contracts. 

Regulation

E*TRADE is a highly regulated platform regulated by;

  • The Securities and Exchange Commission (SEC)
  • The Financial Industry Regulatory Authority (FINRA)

Funding Methods 

E*TRADE supports bank transfer, wire transfer, and check deposits. 

Pros

  • Intuitive but user-friendly platform
  • Extensive research access
  • Exceptional customer support services
  • Affordable options trading fees

Cons

  • Difficult to navigate website
  • Credit/debit cards are not acceptable

2. Interactive Brokers 

Interactive Brokers is another one of the best options brokers that can help you achieve huge success in your options trading. Essentially, the broker offers the Trader Workstation platform. It is among the most efficient and top-class options trading platforms. Additionally, Interactive Brokers offers a suite of amazing tools that make your options trading simple but tremendously profitable. 

Main Features

  • Trader Workstation with all its powerful but free options trading tools helps you in identifying profitable options trading opportunities. You can also analyze trading outputs and make informed trading decisions. 
  • The broker also provides market data and allows you to create and manage orders through the OptionTrader tool. 
  • Options Analytics tool empowers you to manipulate key options pricing criteria including time, price, and implied volatility. Additionally, you can visualize their impact on premiums.
  • Interactive Brokers also offers handy tools for options trading such as Options Portfolio and Write/Rollover Options Tool.

Account Minimum 

Interactive Brokers also doesn’t require any account minimum.

Pairs Offered 

Interactive Brokers offers options trading on 30+ global markets. 

Fees

Interactive Brokers has two different plans as far as options fees are concerned. Tiered plan charges low broker commissions that decrease as the trading volume increases. They also contain exchange, regulatory, and clearing fees, plus VAT where applicable. Fees fall between $0.15 to $0.65 per option contract. On the other hand, Fixed plan charges a single flat rate ($0.65) per contract.  It includes all commissions plus all exchange, regulatory and other third party fees.

Best For

Interactive Brokers is best for powerful and flexible options trading platforms, top-quality tools for options trading, and low commissions on options contracts. 

Regulation

Interactive Brokers is also a highly regulated platform regulated by;

  • The Securities Exchange Commission (SEC)
  • The Commodity Futures Trading Commission (CFTC)

Funding Methods 

Interactive Brokers supports numerous funding methods like wire transfer, checks, Automated Clearing House transfer, Canadian Electronic Funds Transfer, and BPAY for Australian dollars only.

Pros

  • Allows options trading on the market all across the globe 
  • Powerful options trading platform and research tools
  • Extremely helpful options trading tools
  • Low commission on options contracts

Cons

  • The website is not user-friendly  

3. TD Ameritrade 

Another options trading broker that ensures confident options trading is TD Ameritrade. The broker’s Thinkorswim desktop platform is a feature-rich options trading platform with some unique trading tools. Moreover, you can choose from the desktop, web, and mobile platforms for your trading.

Main Features

  • Platforms allow you access to some astonishing technical analysis tools. These tools make your options trading effortless by providing all the information you need. 
  • You can also stay updated with the latest market news from Yahoo Finance in the customizable Dock.
  • Thinkorswim platform also promises elite-level tools for options trading such as powerful market scanners and tools for monitoring risk/reward. 
  • Options Statistics, Options Probabilities, and Analyze Tab are among the features that make options trading extremely easy.

Account Minimum 

TD Ameritrade also has no account minimum requirements. 

Pairs Offered 

TD Ameritrade also offers an extensive variety of options contracts on many stocks, indexes, and futures.

Fees

TD Ameritrade also charges affordable commission. You will have to pay a $0.65 per options contract commission.

Best For

TD Ameritrade is best for a collection of powerful options trading platforms and exceptional tools.

Regulation 

TD Ameritrade is also a highly regulated options platform. It is regulated by;

  • Financial Conduct Authority (FCA)
  • Securities Futures Commission (SFC)
  • The Commodities Futures Trading Commission (CFTC)
  • The Monetary Authority of Singapore (MAS)
  • The Investment Industry Regulatory Organization of Canada (IIROC).

Funding Methods 

TD Ameritrade also supports numerous funding methods. You can use either the electronic bank transfer, wire transfer, checks, or account transfer from another firm as funding methods.

Pros

  • A collection of powerful trading platforms with some useful tools
  • Latest market news from Yahoo Finance 
  • Allows trading on a wide selection of options

Cons

  • Doesn’t allow credit/debit cards transfers

 4. TradeStation

TradeStation is another big player in the industry that makes options trading simple. The broker’s top-class options trading platforms and powerful tools are perfect for options traders. Most importantly, TradeStation’s award-winning trading platform named TradeStation Platform offers various features that make it one of the best options trading brokers in the market. 

Main Features

  • TradeStation offers web-based, desktop, and mobile versions of the platform that enables you to trade in the way you want.
  • The broker offers simple tools for relatively fresh options traders and sophisticated tools for experienced traders. 
  • OptionStation Pro is a platform that builds options chains, graphs, and also analyzes options strategies for you.
  • TradeStation also ensures stress-free order entry and position trading and also allows you to monitor your orders and position from the same screen.

Account Minimum 

TradeStation requires an account minimum of $500.

Pairs Offered 

TradeStation also offers numerous options on stocks and futures for trading. 

Fees

TradeStation charges a $0.50 per stock options contract and $0.60 per options contract on TS GO and TS SELECT respectively. 

Best For

TradeStation is best for OptionStation Pro options trading platform and competitive prices. 

Regulation 

TradeStation is another highly regulated platform regulated by;

  • The Securities and Exchange Commission (SEC)
  • The Financial Industry Regulatory Authority (FINRA)

Funding Methods

TradeStation also supports smart transfers, wire transfers, checks, and electronic transfers. 

Pros

  • A collection of trading platforms with powerful tools
  • User-friendly interface
  • Competitive fees on options contracts
  • Comprehensive research
  • Active trader community

Cons

  • Higher account minimum

5. Ally Invest 

Whether you want to handle your trading yourself or want expert guidance, Ally Invest is among the options trading brokers that offer you both. Ally Invest offers a web-based HTML 5 options trading platform with some valuable tools. Ally Invest doesn’t fall behind when it comes to features offered by the broker.

Main Features

  • The broker provides you with an exquisite options trading platform and multiple analysis tools to help you make informed trading decisions. 
  • The profit/loss graph tool empowers you to understand the potential of a trade before entering the trade.
  • A probability calculator is also a highly useful tool that uses implied volatility to help you analyze the chances of achieving your targets. 
  • Ally Invest also provides the latest market stats, news, and detailed metrics on companies of your choice. 

Account Minimum 

There is no account minimum requirement for opening a Self-directed Trading account. However, if you want a Robo Portfolio account, you can start trading with a $100 minimum deposit. 

Pairs Offered 

Ally Invest offers options on multiple securities including stocks of thousands of companies. 

Fees

Ally Invest charges a fee of $0.50 per options contract. 

Best For

Ally Invest is the best for low options trading fees, expert guidance on options trading, and a few useful options trading tools.

Regulation 

Ally Invest is also among the highly regulated platforms regulated by;

  • The Securities and Exchange Commission (SEC)
  • The Financial Industry Regulatory Authority (FINRA)

Funding Methods 

Ally Invest supports funding methods including debit cards, eChecks, wire transfers, and checks.

Pros

  • Powerful web-based HTML 5 platform
  • Device-optimized mobile applications
  • Automated trading
  • No account minimum requirements
  • Low fees per options contract

Cons

  • There are inconsistencies between web platform and mobile application

6. Charles Schwab 

Options trading at one of the best options trading brokers like Charles Schwab enables you to take your options trading to the next level. Essentially, the platform gives you a wonderful opportunity to trade options the way you want on the platform you want. Schwab.com and StreetSmart Edge are both feature-rich trading platforms with user-friendly interfaces. Additionally, the broker lets you get your hands on the following key features. 

Main Features

  • You can quickly narrow down your potential options by trading ideas through Idea Hub. It helps you find profitable trades by canvassing the market based on income-based strategies, earnings, and volatilities.
  • You can also analyze the profit potential of trades before entering them using Trade & Probability Calculator. 
  • The latest order entry tool helps you significantly save time and money.
  • Mobile trading platform, All-in-One Trade Ticket, excellent customer support services, and much more also make Charles Schwab one of the best options trading brokers.

Account Minimum 

Charles Schwab also doesn’t require any account minimum. 

Pairs Offered 

Charles Schwab offers options on numerous stocks, indices, and ETFs. 

Fees

Charles Schwab charges $0 to $0.65 fees per options contract.

Best For

Charles Schwab is best for its powerful trading platforms, intuitive tools, and extensive options contracts offerings for trading. 

Regulation 

Charles Schwab is also a highly regulated platform regulated by;

  • The Securities and Exchange Commission (SEC)
  • The Financial Industry Regulatory Authority (FINRA)
  • The Commodity Futures Trading Commission (CFTC)

Funding Methods 

Charles Schwab supports bank transfers, checks, and electronic wallets. 

Pros

  • Offers a wide variety of options contracts
  • Powerful platforms and trading tools
  • Offer expert guidance 
  • Responsive mobile application

Cons

  • Slightly expensive options contracts fees
  • Doesn’t support credit/debit cards

7. tastyworks

tastyworks is another one of the great options trading brokers. The broker offers a reliable, robust, and feature-rich trading platform. From fair pricing to technology as well as inspiration, everything is available on the platform. It offers numerous top-notch features for options trading. 

Main Features

  • The desktop version of the trading platform offers specialized alerts and notifications for active options traders.
  • You can make your options trading decisions based on all the information regarding probabilities, volatility, and liquidity. 
  • You can make your options trading seamless with the help of advanced features like Cure Analysis, Quick Roll, Limit Orders, and much more.

Account Minimum

There isn’t any account minimum requirement for opening accounts on tastyworks.

Pairs Offered

tastyworks offers options trading on stocks of US-listed companies, ETFs, futures, and Micro-futures. 

Fees

tastyworks charges commissions at $10 per leg for all listed equity options contracts. 

Best For 

tastyworks is the best for a user-friendly platform, the latest tools, and superior order execution. 

Regulation

tastyworks is also among the highly regulated options trading platforms regulated by;

  • The Securities and Exchange Commission (SEC)
  • The Financial Industry Regulatory Authority (FINRA)
  • The Australian Securities and Investments Commission (ASIC)

Funding Methods 

tastyworks supports funding methods like bank transfer, wire transfer, check deposits, and the Automated Customer Account Transfer (ACAT).

Pros

  • Offer all types of options for trading 
  • User-friendly desktop trading platform 
  • Fast and superior order execution
  • Powerful and fluid tools

Cons

  • Credit/debit cards aren’t acceptable
  • Lacks features like portfolio management 

8. Robinhood

Robinhood is among the options brokers that offer a mobile application with some top-notch trading tools. Additionally, Robinhood provides exceptional educational content. Moreover, if you want to stay updated on what is going on in the financial world, Robinhood Snacks gets you covered. Besides, Robinhood promises some great features that have attracted millions of options traders from across the world. 

Main Features

  • The platform offers a unique mobile trading application that also accompanies great trading tools. It allows you to learn about financial markets and manage your portfolio. 
  • You can execute advanced-level options trading strategies like strangles, iron condors, straddles, and more.
  • You can also set up customized news and alerts to make informed options trading decisions.

Account Minimum 

Robinhood also has no account minimum requirements. 

Pairs Offered 

Robinhood also offers a wide selection of options on stocks of companies of your choice. 

Fees

Robinhood is a commission-free options trading platform where you get unlimited options trades free of cost.

Best For

Robinhood is best for offering commission-free options trading and quality customer support services. 

Regulation 

Robinhood is also among the highly regulated options trading brokers regulated by;

  • The Securities and Exchange Commission (SEC)
  • The Financial Industry Regulatory Authority (FINRA)

Funding Methods 

Robinhood supports bank transfers and credit/debit cards as funding methods. 

Pros

  • User-friendly but powerful mobile application
  • Commission-free options trading 
  • Cash management feature

Cons

  • Mediocre advanced trading tools
  • Only suits beginners

9. Webull

Webull is an options trading platform that uses state-of-the-art technology to offer the most advanced trading solutions. It also offers stock trading apps for both Android and iOS operating systems. Besides, you can make your options trading effortless with multiple useful options trading tools.

Main Features

  • Webull offers real-time options data and free index data including VIX, SPX, XSP, and SPXW powered by CBOE.
  • The broker also provides extensive research and other learning content to make informed options trading decisions. 
  • You can also choose from 10 different order types including stop order, market order, and stop order.

Account Minimum 

There is no account minimum requirement for opening an account on Webull. 

Pairs Offered 

Webull also offers an extensive options contracts list to choose from. 

Fees

Webull charges are also among options brokers that charge $0 commission on options trading. 

Best For

Webull is best for feature-rich mobile apps, extensive product access, and commission-free stock trading. 

Regulation 

Webull is a member of the Securities Investor Protection Corporation (SIPC). It is also regulated by;

  • The Securities and Exchange Commission (SEC)
  • The Financial Industry Regulatory Authority (FINRA)

Funding Methods 

Webull supports electronic or smart transfers and wire transfers to deposit funds.

Pros

  • Powerful mobile application with exceptional features 
  • No account minimum
  • Reasonable customer support services

Cons

  • Mediocre market research
  • Lacks in providing advanced technical tools
  • Automated trading isn’t available 

10. Gatsby 

Gatsby is a mobile trading platform for options and stock traders. It is one of the very few brokers that offer commission-free options trading. Essentially, Gatsby mobile options trading platform is one of the most user-friendly platforms with a clean and easy-to-use interface. Additionally, traders can also get rewards on each eligible trade they execute on the platform. Subsequently, they can redeem their reward points for cash at the end of the month. That isn’t all about Gatsby. The app also offers numerous key features to make your options trading endeavor as much easier as you like.

Main Features

  • Gatsby’s mobile options trading platform is designed for a seamless trading experience. Moreover, the app is available for both Android and iOS users.
  • The app allows you to see what your friends are doing and copy their trading ideas if you like them.
  • Gatsby also provides a simple risk meter that enables traders to gauge the risk associated with trade and also measure the chance of profitability. 

Account Minimum 

Gatsby requires a minimum deposit of just $10 to start trading on the platform. 

Pairs Offered

Gatsby offers options trading only on the stocks and ETFs supported by the broker. 

Fees

Gatsby charges neither commission nor contract fees on options trading. 

Best For

Gatsby is among the best options brokers because of its free-of-cost options trading and social trading. 

Regulation

Gatsby is also among the regulated platforms regulated by;

  • The Securities Investor Protection Corporation (SIPC)
  • The Financial Industry Regulatory Authority (FINRA)

Funding Methods 

Gatsby supports bank transfers, wire transfers, checks, and account transfers from any other brokerage account. 

Pros 

  • Simple and clean interface 
  • Redeemable awards on eligible trades
  • Simple risk management tool
  • Contract and commission-free options trading

Cons

  • Limited options contracts for trading
  • Email is the only source to contact customer support

11. Merrill Edge 

Integration with the Bank of America makes Merrill Edge a unique options trading broker. The remarkable broker offers a highly customizable trading platform named Merrill Edge Market Pro for options traders. Merrill Edge is also a quality broker because it has plenty of useful tools to offer.

Main Features

  • Merrill Edge Market Pro allows you to save up to 25 layouts for your convenience. Additionally, the highly customizable platform provides you with 26 windows for customization. 
  • You can generate trading ideas for options as well as analyze your risk exposure using the OptionsPlay tool.
  • The tool also grants access to options analytics to see trends of your preferred options and execute strategies.
  • Furthermore, Dynamic Insights provides key updates and information about your options upfront. 

Account Minimum 

There isn’t any account minimum requirement for opening an account on Merrill Edge, too. 

Pairs Offered 

Merrill Edge offers numerous options contracts on equity, indexes, and long-term options (LEAPS).

Fees

Merrill Edge also charges $0 to $0.65 per options contract.

Best For

Merrill Edge is best for its powerful trading platform, options analytics, and for being integrated with the Bank of America. 

Regulation 

Merrill Edge is also among the highly regulated options trading platforms regulated by;

  • The Securities and Exchange Commission (SEC)
  • The Financial Industry Regulatory Authority (FINRA)

Funding Methods 

Merrill Edge supports bank transfer, wire transfer, and checks as funding methods. 

Pros

  • Integrated with the Bank of America
  • User-friendly but intuitive platform
  • Highly customizable platform
  • Good customer support services 

Cons

  • Doesn’t support credit/debit cards
  • Slightly higher fees per options contracts for some securities

12. ZacksTrade

ZacksTrade is also among the best options trading brokers. The broker offers the Zacks Trade Pro trading platform. Additionally, the ZacksTrade platform allows you access to a Client Portal. You can place and manage your trades, balances, and management of account settings. 

Main Features

  • ZacksTrade offers state-of-the-art Algos including Percentage of Volume Strategy, Arrival Price, and other useful information. 
  • Options Strategy Lab allows you to find potentially profitable trading strategies for options trading. 
  • You can use Market Scanners to find options for trading according to your specified parameters. 
  • Probability Lab enables you to analyze the profit potential of options based on your forecasts. 

Account Minimum 

ZacksTrade requires a minimum deposit of $2,500 to open an account on the platform. 

Pairs Offered 

ZacksTrade also offers numerous options contracts for options trading. 

Fees

ZacksTrade charges a $1 commission for the first contract reducing to $0.75 per contract fees on subsequent trades.

Best For

ZacksTrade is best for certain useful options trading platforms and powerful tools.

Regulation

ZacksTrade is also one of the highly regulated options trading brokers regulated by;

  • The Securities and Exchange Commission (SEC)
  • The Financial Industry Regulatory Authority (FINRA)

Funding Methods

ZacksTrade supports only bank and wire transfers.

Pros

  • Useful options trading tools
  • No deposit fees
  • Fast order execution 

Cons

  • Doesn’t accept credit/debit cards
  • Limited funding methods 

13. Fidelity Investments

Fidelity Investments is another one of the top options trading brokers that give you access to multiple enticing features. You can keep yourself updated on the latest market news and analysis provided by Dan Nathan. Moreover, an investment professional is available 24/7 if you need any kind of customer support. Truly, Fidelity Investments is among the very best options brokers because of some tremendous features. 

Main Features

  • Active Trader Pro and robust trading tools help you in your options trading endeavor. They give you an edge over the market through numerous researches and trading ideas.
  • Options Strategy Guide enables you to find a strategy of your choice by filtering through numerous strategies.
  • You can also use the OptionsPlay tool to find the best options investment opportunities. You can also get a 33% subscription discount upon subscription.
  • Essentially, you can build your options knowledge through numerous articles, videos, courses, coaching sessions, and webinars. 

Account Minimum 

Fidelity Investments also doesn’t require any minimum initial investment. 

Pairs Offered 

Fidelity Investments offers numerous options contracts on stocks and indices.

Fees

Fidelity Investments charges $0.65 per option contract. 

Best For

Fidelity Investments is best for offering the Active Trader Pro platform, unique features like Options Strategy Guide, and industry-leading research. 

Regulation

The Financial Conduct Authority (FCA) regulates Fidelity Investments.

Funding Methods 

Fidelity Investments supports electronic bank transfers, wire transfers, checks, and electronic wallets like PayPal. 

Pros

  • Robust trading platform with some exceptional tools
  • Guidance through options strategist Dan Nathan
  • Latest research and analysis access
  • Extensive library of educational content

Cons

  • High options trading fees
  • Credit/debit cards are not accepted
  • Difficult to navigate website 

Options Trading and Options Trading Platforms – FAQs

What are options contracts? 

Options contracts are trading instruments that allow traders to buy or sell underlying assets at a fixed price for a specified period of time. 

What is the advantage of options trading? 

Options trading enables traders to leverage assets and control some of the risks associated with financial markets. Thus, you can have options to protect profits, cut losses, and control huge chunks of securities with relatively small capital. 

Which is the best options trading broker with the best options trading platform? 

There are numerous options trading brokers that offer top-class options trading platforms with some top-notch tools. You may use this guide to find a broker that meets your requirements. 

What makes a good options trading broker?

A good and quality options trading broker is the one that;

  • Is a highly regulated
  • Offers a robust, reliable, and user-friendly options trading platform
  • Offers a wide selection of tradable options contracts 
  • Keep account opening process easy
  • Supports numerous funding methods
  • Charges reasonable trading fees
  • Offers great customer service

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