By Vodin Krkovic
Vodin Krkovic
Contributor
Vodin is a writer and an active investor. His career focus is managing and creating content for websites in the finance and DeFi space. Vodin holds a degree in Japanology with a major in Japanese economy during the first Lost Decade.
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There are 3 criteria that all of the best brokers for options trading have:
- Low fees (and spreads!)
- Fast executions
- Ease-of-use
If you’re using a broker without these 3, you’re immediately placing yourself behind the 8 ball. And in one of the most (if not the most) competitive industries in the world, you can’t afford to put yourself at a disadvantage.
Based on the criteria above and several other factors, here is my list of the 9 best options trading platforms, brokers, and apps in 2024:
The Best Options Trading Platforms
- eToro– The Best Option Trading Platform for U.S. Investors
- moomoo – The Best Option Trading Platform for Growing Traders
- TD Ameritrade– The Best Option Trading Platform for Active Traders
- TradeStation– The Best Options Trading Platform for Advanced Traders
- Fidelity– The Best Full-Service Broker Overall
- Interactive Brokers– The Best Broker for Advanced Options Traders
- Webull– The Best App for Options Trading
- E*TRADE– The Best Options Trading Platform for Spreads
- tastyworks– Best Options Broker for Specialized Options Trading
- Robinhood– The Best Options Trading Platform for Beginners
1. eToro – The Best Option Trading Platform for U.S. Investors
Overall rating:⭐️⭐️⭐️⭐️⭐️
- Options commissions/fees: $0 per contract
- Account minimum: $50
eTorooffers thousands of stocks and ETFs for options trading, a user-friendly platform, and commission-free trading for stocks, ETFs, and options.
Notably, eToro’s CopyTraderallows you to follow and copy the trades of experienced traders, perfect for new investors who are still learning and want to see how others trade. Each trader has a profile with a rating, performance history, risk profile, and more so you can easily compare top traders and find the ones best suited for your goals.
eToro’s main drawback is its lack of advanced research tools—all the basic charting features are there, but some traders might prefer a more feature-rich platform.
In summary, eTorois an excellent choice for beginner and intermediate options traders looking for an accessible platform with copy trading, but professionals who need all the latest analysis tools and gadgets may want to look for what they need elsewhere.
Get started on eToro
eToro securities trading is offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. https://www.wallstreetzen.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
Your capital is at risk. Other fees apply. For more information, visit www.etoro.com/trading/fees.
2. moomoo – The Best Options Trading Platform for Growing Traders
Overall rating:⭐️⭐️⭐️⭐️⭐️
- Options commissions/fees: $0.65 per contract
- Account minimum: $0
There’s a reason why moomoo has gained so many followers in just a few years.
Actually, there are several reasons — top-notch charting software for both its mobile and desktop platforms, free Level 2 data, access to a proprietary earnings hub, and easy-to-use stock screeners are just a few of its key selling points.
As noted in our moomoo trading review, the platform is best for entry- and intermediate-level day traders. It’s easy to use but has surprisingly advanced features — so it’s a platform that you can get started with but also stick with as you become more established in your trading career.
3. TradeStation – The Best Options Trading Platform for Advanced Traders
Overall rating:⭐️⭐️⭐️⭐️⭐️
- Options commissions/fees: $0.60 per contract
- Account minimum: $0
Unlike the first 2 choices on this list, TradeStationwas built specifically for active trading.
You can chart, analyze, and backtest strategies and enjoy rapid order executions.
Moreover, TradeStationis the boss when it comes to advanced automation capabilities. The platform allows traders to automate their trading strategies using its scripting language, EasyLanguage.
However, it’s important to note that TradeStation has more features and complexity compared to most brokers. The learning curve is steeper, so beginners may benefit more from a simpler platform (like Robinhood, mentioned below).
TradeStationis best for active options day traders looking for a comprehensive and cost-effective platform with cutting-edge options trading tools and automation features.
Check out TradeStation
4. TD Ameritrade – The Best Option Trading Platform for Active Traders
Overall rating:⭐️⭐️⭐️⭐️⭐️
- Options commissions/fees: $0.65 per contract
- Account minimum: $0
TD Ameritradeis one of the most popular choices among active options traders. It has a massive suite of features and, for traders, a one-of-a-kind trading platform (thinkorswim).
You can chart, research, analyze, and place trades directly within thinkorswim, making it easy to quickly identify and execute trades.
TD Ameritrade has one of the largest libraries of educational content including a plethora of options-specific content. It was where I first learned about options.
TD Ameritrade is a top choice for active options day traders looking for a comprehensive and cost-effective platform with advanced options trading tools and features.
5. Fidelity – The Best Full-Service Broker Overall
Overall rating:⭐️⭐️⭐️⭐️⭐️
- Options commissions/fees: $0.65 per contract
- Account minimum: $0
Fidelityis the best overall broker. It is strong in long-term investing and short-term trading and allows you to invest in stocks, ETFs, options, crypto, and fixed income. Plus, it’s very intuitive and easy to use.
Fidelity’s platform offers trading ideas, fundamental data, news feed for all markets you can get into. This information paired with the intuitive and feature-rich platform is one of the best choices for traders who really want to dig deep before making any trades.
Plus, its real-time streaming data and market news allows you to easily keep an eye on the markets.
If I could only use one broker for the rest of my life it would be Fidelity.
6. Interactive Brokers – The Best Broker for Advanced Options Traders
Overall rating:⭐️⭐️⭐️⭐️⭐️
- Options commissions/fees: $0.25 – $0.65 per contract
- Account minimum: $0
Interactive Brokers(IBKR) is a popular choice for pro options traders. The Interactive Brokers Trader Workstation has all the latest trading tools and features, including advanced charting, technical analysis, and real-time market data – plus IBKR offers access to all the major foreign stock markets.
Another benefit of Interactive Brokersis its advanced automation capabilities, allowing traders to fully automate their options strategies. Additionally, the platform works with third-party tools, such as trading bots and algorithms.
Interactive Brokers is geared for experienced traders and should not be used by beginners.
Interactive Brokersis a strong choice for experienced options traders looking for a highly-advanced platform with low fees and access to foreign stocks. The Interactive Brokers Trader Workstation, educational resources, and automation capabilities make it a standout choice for advanced traders.
Check out Interactive Brokers
7. Webull – The Best App for Options Trading
Overall rating:⭐️⭐️⭐️⭐️
- Options commissions/fees: $0 per contract
- Account minimum: $0
For mobile-first, active options traders, Webullis the top choice. On Webull’s mobile app, users can quickly execute trades and manage their portfolio with ease. Plus, trading options is 100%free.
Webullhas the most user-friendly app for performing technical analysis on a phone. Webull is both feature-rich and simple, and its clean layout makes it easy to find entry/exit points.
The app offers a wide range of options trading tools, including real-time market data, advanced charting, and technical analysis, making it easy for traders to stay informed and prepared.
Webullis a strong choice for traders who want a powerful phone trading app with real-time market data and a powerful trading toolkit, all with commission free option trading. It’s the best app for trading options.
Plus, you can get free shares for signing upwith any of our links.
Get free stocks on Webull
8. E*TRADE – The Best Options Trading Platform for Spreads
Overall rating:⭐️⭐️⭐️⭐️
- Options commissions/fees: $0.50– $0.65 per contract
- Account minimum: $0
E*TRADEis a solid online broker with one key differentiator: Power E*TRADE.
Power E*TRADE (formerly OptionsHouse) offers access to streaming strategy options chains, making it easy to create and manage complex spreads and customized strategies.
Additionally, the performance risk tool will show the risk on any specific position and your portfolio as a whole.
If you’re primarily an options spread trader, E*TRADEis worth considering.
9. tastyworks – Best Options Broker for Specialized Options Trading
Overall rating:⭐️⭐️⭐️⭐️
- Options commissions/fees: $1.00 per contract (opening trades only)
- Account minimum: $0
tastyworkswas built to make you a better options trader.
Most brokers have free lessons and courses to help traders reach the next level but tastyworksis on a different planet when it comes to content. It has an 8-hour daily live stream where its in-house experts trade options and share their research, strategies, and new info about the markets.
Beyond its content, tastyworks is packed with powerful research tools and is highly customizable. The trading software is loaded with advanced features like customizable charts, technical analysis tools, real-time market data, and an advanced order management system that make complex trades a breeze.
tastyworksis great for options traders who want a powerful, customizable platform and appreciate being part of a community that shares trading ideas and techniques.
10. Robinhood – The Best Options Trading Platform for Beginners
Overall rating:⭐️⭐️⭐️⭐️
- Options commissions/fees: $0 per contract
- Account minimum: $0
Robinhoodis the simplest way to start investing in stocks, ETFs, crypto, and/or options in 2024.
Even if you’ve never placed a trade, Robinhoodmakes the entire investing process very intuitive (unlike other platforms).
Plus, for options traders, the layout of options chains on Robinhoodis better than any other brokerage.
It is by far the most user-friendly, accessible, well-designed brokerage. And you get commission free option trading, which makes it the best app for trading options for beginners.
Plus, get a free share when signing upwith any of the links in our article.
Get a free share on Robinhood
Final Word: The Best Options Trading Platform
All of the aforementioned brokerages are top-class — it’s all about what you’re looking for.
Beginners may favor user-friendly platforms with commission-free option trading like Robinhoodor moomoo.
More established in your options trading career? A platform like TradeStation may be more appropriate for active options traders.
FAQs:
Which platform is best for options trading?
TD Ameritrade, TradeStation, and Interactive Brokers are often considered some of the best platforms for option trading. Namely, TD Ameritrade is known for its excellent trading tools and research capabilities, TradeStation has a very powerful and feature-rich platform, and Interactive Brokers offers access to international markets and has very low fees.
Can you get rich from options trading?
Even the most optimistic studies say that about 30% of options traders generally make a profit, while 70% either break even or lose. As such, making immense returns is possible but requires a very risky trading strategy.
Which option trading is best for beginners?
The covered call is a strategy often recommended to beginners because it balances risk and reward. With limited loss and the potential for modest gains, new traders don’t stand to lose much even if their bet fails.
What is the most profitable options trade?
Some of the most statistically probable trading strategies include using covered calls and implementing protective puts. These strategies can help traders take advantage of market movements while minimizing risk.
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About the author
Vodin Krkovic
Contributor
Vodin is a writer and an active investor. His career focus is managing and creating content for websites in the finance and DeFi space. Vodin holds a degree in Japanology with a major in Japanese economy during the first Lost Decade.
