I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.
Reading this article will give you clarity on the five best options trading platforms. Cash in on our many hours of research and decide which company suits you.
| Editors' Choice | Best for Beginners | Best for Crypto | Best Options Broker |
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| Primary Rating: 5.0 | Primary Rating: 5.0 | Primary Rating: 4.0 | Primary Rating: 4.0 |
| Benefits:
| Benefits:
| Benefits:
| Benefits:
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| Promotion: Get up to 4 free stocks | Promotion: Get up to 5 free stocks | Promotion: No current promotions | Promotion: No current promotions |
- Commission-free trades
- Easy-to-use mobile app
- 24/7 support
- No account minimum
- Commission-free trading
- Extended hours trading
- Free tools and resources
- Mobile app
- Commission-free trades
- Advanced trading tools
- Active trading community
- Discounts on futures trading
- Fractional shares
- No minimum balance
- Options-focused mobile app
- Award winning platform
Research shows that more than 70% of people aren’t on track for retirement. Are your investments on track for your retirement years?
Do you feel like you’ve wasted hours trying to find the best options trading platform for investing? As experts in this field, we’ve compiled a list of the top five options trading platforms that can help you achieve your investment goals.
Top 5 Best Platforms for Options Trading
- Robinhood – Editors’ choice
- Webull – Best for beginners
- TradeStation – Best for crypto
- Tastytrade – Best options broker
- E*TRADE – Best for active traders
Methodology
We considered several criteria, including fees, reputation, customer service, investment types, features, years in business and free tools and resources. Our top five option trading brokers in this review all have commission-free trading platforms.
Options Trading Broker Reviews
Here are the top five options trading platforms and interactive brokers for 2024.
Robinhood – Editors’ Choice
Baiju Bhatt and Vladimir Tenev founded Robinhood in 2013. Robinhood strives for a system that works for all its customers. The company wants investors to succeed and allows them to learn at their own pace.
Robinhood Highlights
- Location: Menlo Park, CA
- Accounts: Stock brokerage, options, crypto, retirement, cash card
- Investor type: All investors
- Fees: Commission-free trades
- Account minimum: $0
Why we chose Robinhood
- Robinhood offers commission-free trading for stocks, exchange-traded funds (ETFs), options and cryptocurrencies.
- Robinhood’s mobile app is well-designed, intuitive and user-friendly for interactive brokers.
- Robinhood meets your needs with various investment strategies.
Robinhood has commission-free investing, and tools to help shape your financial future. Sign up and get your first stock free.
Webull – Best for Beginners
Webull believes customers are the company’s heart and technology are its lifeblood. Webull aims to empower customers with information and services and lower costs.
Wang Anquan founded Webull in May 2017.
Webull Highlights
- Location: New York, NY
- Accounts: Stock brokerage, crypto, options
- Investor type: All investors
- Fees: No commission and contract fees
- Account minimum: $0
Why we chose Webull
- Webull offers commission-free trading for stocks, ETF trades and listed options.
- Unlike many other brokers, Webull does not charge a fee per options contract. This results in significant savings for traders who engage in frequent options trading.
- Webull’s trading platform is interactive and designed for advanced traders. It offers a range of tools and features, such as market data, charting, technical analysis tools and customizable indicators.
Invest in stocks, options, and ETFs, all commission-free, $0 minimum deposit. Sign up and open an account to get your first free stock!
TradeStation – Best for Crypto
Brothers William Cruz and Ralph Cruz founded TradeStation in 1982 as a software trading company. In 2001, it advanced to an online securities brokerage. TradeStation aims to empower its customers with a financial edge.
TradeStation is one of Forbes’ best online brokerages.
TradeStation Highlights
- Location: Plantation, FL
- Accounts: Stock brokerage, options, futures, mutual funds, bonds, cryptocurrencies
- Investor type: All investors
- Fees: $0.60 per contract fee
- Account minimum: $500
Why we chose TradeStation
- TradeStation’s trading platform has advanced trading tools, a customizable interface and real-time market data. It meets the needs of active traders who require advanced charting, technical analysis and more.
- TradeStation offers low commissions on trading options, equities and futures.
- TradeStation offers a range of tradable assets, including stocks, options, futures and cryptocurrencies.
TradeStation offers a full suite of advanced trading technology, online brokerage services, & education.
Tastytrade – Best Options Broker
Tastyworks, now Tastytrade, is a brokerage firm known for its options trading platform. Tom Sosnoff and Scott Sheridan founded the company in 2017. Tastytrade’ mission is to support you and give you the freedom to trade confidently.
Tastyworks (Tastytrade) Highlights
- Location: Chicago, IL
- Accounts: Stock brokerage, options, futures, crypto
- Investor type: All investors
- Fees: $1 per options contract
- Account minimum: $0
Why we chose Tastytrade
- Tastytrade offers low trading fees, with no commission on stocks and ETFs and a low $1 per contract (for opening trades only) fee on options.
- The platform is good for options trading, offering a range of advanced tools and features tailored to meet the unique needs of options traders.
- Tastytrade provides access to market analysis tools to help traders make informed investment decisions.
Tastytrade's powerful technology, low pricing, and commitment to world-class support empower you to do it yourself.
E*TRADE – Best for Active Traders
E*TRADE is a well-known brokerage firm that offers a variety of investment options, including options trading. William Porter founded E*TRADE in 1982. E*TRADE gives investors access to advanced trading tools and educational resources.
Its app helps you trade efficiently.
E*TRADE Highlights
- Location: Arlington, VA
- Accounts: Stock brokerage, options, retirement, mutual funds, bonds
- Investor type: All investors
- Fees: $0.65 per options contract
- Account minimum: $0
Why we chose E*TRADE
- The platform offers advanced trading tools including real-time market data, sophisticated charting and technical analysis. It has customizable indicators such as its snapshot analysis.
- E*TRADE has a wide range of tradable assets and a versatile platform that meets the needs of traders with different investment strategies and risk appetites.
- E*TRADE provides a range of educational resources to help you make informed decisions.
Options Trading Platforms Guide for Beginners
Here is an overview of the benefits and drawbacks of options trading. Other aspects to consider when choosing an options trading broker are also listed.
The five best options trading platforms in this review all have government approval to trade options.
Benefits of Options Trading Brokers
- No contribution limits: You may put in as much as you are willing to lose.
- Flexibility: You can profit no matter which way the stock moves.
- Withdraw money anytime: There are no restrictions on withdrawing your money.
- Borrow money: Buying in the money covered call options is like borrowing money, depending on the options strategy and methodology.
- FDIC insurance: Depositors of insured banks in the U.S. have protection against the loss of their deposits if the bank fails.
- Lots of investment options: You can start options trading with a low minimum.
- Promotions and savings: Look out for sign-up bonus offers when you are making your decision.
Drawbacks of Options Trading Brokers
- No tax advantages: Options are not guaranteed by the government.
- Capital gains taxes: Options trading will trigger short-term capital gains taxes; however, if you hold options for a year, you could qualify for long-term capital gains tax rates.
- Limited financial advice: It’s not easy to find reputable options trading brokers or specialists.
- Commissions and fees: Fees can add up quickly depending on your options strategy and methodology. Look for a broker offering free options trading.
How to Choose an Options Trading Broker
Consider these factors when choosing your options trading broker:
- Low commissions and fees: Be aware; these can add up quickly.
- Reputation: Does it get excellent reviews, or is it lacking in essential areas?
- Customer service: Is someone always available to help you?
- Investment options: Some options trading brokers have a greater variety of investment options than others.
- Free financial tools and education: This may be a deciding factor for you.
- Access to expert advice: Are experts available to answer your questions?
Which Options Trading Platform Should I Pick?
Consider all the benefits and drawbacks of options trading brokers before you pick an options trading platform that best aligns with your investment goals and trading style.
Options trading can be lucrative for traders willing to take on some risk. Doing comprehensive research on an options trading broker that meets your needs is essential.
Which of the platforms discussed above best meets your needs?
Options Trading Platform FAQs
What is an options trading broker?
It’s a financial institution that allows traders to buy and sell options contracts on various underlying assets.
How does an options trading broker work?
It provides a platform to buy and sell options contracts. The broker charges fees and may also offer other services such as financial advice or educational content.
Can you get rich from options trading?
Choose a platform that meets your needs and offers the tools and educational content you need to succeed.
What platforms do options day traders use?
Robinhood, Webull, TradeStation, Tastytrade, and E*TRADE are the top five options trading brokers.
Robinhood has commission-free investing, and tools to help shape your financial future. Sign up and get your first stock free.
I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.
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