Whether you’re an experienced trader or just starting, the right options trading platform can significantly impact your trading success.
The best options trading platforms offer powerful tools, competitive fees and a user-friendly interface to help you navigate the complexities of options trading.
Here’s a look at some of the top platforms for options trading in 2024.
15+ online brokers reviewed and rated by our team of experts
Evaluated under our unbiased rating system covering eight categories
20+ years of combined experience covering financial topics
We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.
Robinhood provides a user-friendly platform for commission-free and no-per-contract-fee options trading, including multi-leg strategies with up to Level 3 trading permissions. The platform includes features like a strategy builder, options rolling and a watchlist to track hypothetical returns.
Additionally, Robinhood offers low margin rates at 5.75% as of December 2024, high interest on uninvested cash and allows for trading in an IRA. Get up to 3% in matching IRA contributions when you subscribe to Robinhood Gold, or 1% without Gold.
Best for: Commission-free trading; user experience; mobile options trading; IRA match; high interest rates on uninvested cash.
Minimum deposit
$0
Signup bonus
Get a free stock
Robinhood provides a user-friendly platform for commission-free and no-per-contract-fee options trading, including multi-leg strategies with up to Level 3 trading permissions. The platform includes features like a strategy builder, options rolling and a watchlist to track hypothetical returns.
Additionally, Robinhood offers low margin rates at 5.75% as of December 2024, high interest on uninvested cash and allows for trading in an IRA. Get up to 3% in matching IRA contributions when you subscribe to Robinhood Gold, or 1% without Gold.
Best for: Commission-free trading; user experience; mobile options trading; IRA match; high interest rates on uninvested cash.
Pros
Commission-free options, with no per-contract fees
Designed primarily for derivatives trading, Tastytrade boasts competitive pricing on options with $1 per contract to open and no closing commissions. It offers powerful tools like profit and loss visualizations, a quick roll feature, curve analysis and historical options data.
Additionally, Tastytrade provides a robust learning center with videos and live demos, making it an excellent resource for those looking to enhance their trading skills.
Best for: Advanced options trading; educational content, live programming and webinars.
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Get $50-$5,000
Designed primarily for derivatives trading, Tastytrade boasts competitive pricing on options with $1 per contract to open and no closing commissions. It offers powerful tools like profit and loss visualizations, a quick roll feature, curve analysis and historical options data.
Additionally, Tastytrade provides a robust learning center with videos and live demos, making it an excellent resource for those looking to enhance their trading skills.
Best for: Advanced options trading; educational content, live programming and webinars.
Pros
Trade equity, index, futures and micro-futures options
SoFi Invest is a straightforward and accessible platform for options trading with zero commissions and no per-contract fees.
The platform's intuitive interface is particularly welcoming for newer traders, supported by comprehensive educational resources to help build trading knowledge. While it may lack advanced research and trading tools, SoFi Invest compensates with its user-friendly experience, making it a solid option for those prioritizing simplicity and low costs.
Best for: Commission-free options trading; beginning options trading; educational content.
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Get up to $1,000 in stock
SoFi Invest is a straightforward and accessible platform for options trading with zero commissions and no per-contract fees.
The platform's intuitive interface is particularly welcoming for newer traders, supported by comprehensive educational resources to help build trading knowledge. While it may lack advanced research and trading tools, SoFi Invest compensates with its user-friendly experience, making it a solid option for those prioritizing simplicity and low costs.
Best for: Commission-free options trading; beginning options trading; educational content.
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.
Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).
There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.
Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options
Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser.
Utilizing a margin loan is generally considered more appropriate for experienced investors as there are additional costs and risks associated. It is possible to lose more than your initial investment when using margin. Please see https://www.sofi.com/wealth/assets/documents/brokerage-margin-disclosure-statement.pdf for detailed disclosure information
Probability of Member receiving $1,000 is a probability of 0.028%
Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.
Interactive Brokers's versatile trading platform offers commission-free options trading in over 30 market centers worldwide and up to Level 4 trading permissions.
Trade options on the beginner-friendly IBKR GlobalTrader and IBKR Mobile app or leverage the advanced tools and options-specific features available with IBKR Desktop and Trader Workstation — things like a strategy builder, options analytics, Probability Lab and Volatility Lab.
Best for: Global market access; robust trading platforms; advanced options trading; IRA options trading
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
N/A
Interactive Brokers's versatile trading platform offers commission-free options trading in over 30 market centers worldwide and up to Level 4 trading permissions.
Trade options on the beginner-friendly IBKR GlobalTrader and IBKR Mobile app or leverage the advanced tools and options-specific features available with IBKR Desktop and Trader Workstation — things like a strategy builder, options analytics, Probability Lab and Volatility Lab.
Best for: Global market access; robust trading platforms; advanced options trading; IRA options trading
eToro's user-friendly platform offers commission-free options trading, with no per-contract fees and the ability to earn up to 4.9% interest on your options account balance. Execute multi-leg strategies with up to Level 3 trading permissions using eToro's web-based and mobile platforms.
The platform also includes advanced trading tools like TipRanks-powered analyst ratings, price targets, insights into hedge fund activity and insider transactions, comprehensive charts and simulated trading, all within an intuitive interface.
Best for: Commission-free options trading; social trading and investing; high interest on uninvested cash; simulated trading.
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
FINDER EXCLUSIVE: Get a guaranteed $15 bonus and $10 in free crypto
eToro's user-friendly platform offers commission-free options trading, with no per-contract fees and the ability to earn up to 4.9% interest on your options account balance. Execute multi-leg strategies with up to Level 3 trading permissions using eToro's web-based and mobile platforms.
The platform also includes advanced trading tools like TipRanks-powered analyst ratings, price targets, insights into hedge fund activity and insider transactions, comprehensive charts and simulated trading, all within an intuitive interface.
Best for: Commission-free options trading; social trading and investing; high interest on uninvested cash; simulated trading.
Pros
$0 commission options
No per-contract fees
Multi-leg strategies
Top-tier research and analysis tools
Cons
Unavailable in HI, MN, NV and NY
Limited account types, with no IRAs
No margin trading
No desktop platform
Available asset types
Stocks, Options, ETFs, Cryptocurrency
Account types
Brokerage, IRA
Annual fee
$0 per month
Minimum deposit
$0
Signup bonus
FINDER EXCLUSIVE: Get a guaranteed $15 bonus and $10 in free crypto
Cash sweep APY
4.9%
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
FINDER EXCLUSIVE: Get a guaranteed $15 bonus and $10 in free crypto
Earn up to 40 fractional shares and an extra 2% APY for 30 days when you open an account and make an initial deposit of the qualified amount. T&C apply.
Webull offers commission-free options trading with no per-contract fees on equity options, making it a cost-effective choice for traders. The platform supports both equity and index options and allows for multi-leg strategies with up to Level 4 trading permissions.
Webull provides a comprehensive set of tools, including an options strategy builder, detailed options chain, options scanner and probability analysis tools. Additionally, Webull offers paper trading and a robust learning center along with a high-yield cash account.
Best for: Commission-free trading; advanced options trading; mobile options trading; high interest on uninvested cash; IRA options trading; research and analysis; simulated trading
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Earn up to 40 fractional shares and an extra 2% APY for 30 days
Webull offers commission-free options trading with no per-contract fees on equity options, making it a cost-effective choice for traders. The platform supports both equity and index options and allows for multi-leg strategies with up to Level 4 trading permissions.
Webull provides a comprehensive set of tools, including an options strategy builder, detailed options chain, options scanner and probability analysis tools. Additionally, Webull offers paper trading and a robust learning center along with a high-yield cash account.
Best for: Commission-free trading; advanced options trading; mobile options trading; high interest on uninvested cash; IRA options trading; research and analysis; simulated trading
Pros
Commission-free options with no per-contract fees
Multi-leg strategies
Trade equity and index options
Mobile, web-based and desktop trading platforms
High-yield cash account
Options trading in a Webull IRA
Cons
$2.99 per month for Level 2 data access
Available asset types
Stocks, Options, ETFs, Cryptocurrency
Account types
Brokerage, IRA
Annual fee
$0 per month
Minimum deposit
$0
Signup bonus
Earn up to 40 fractional shares and an extra 2% APY for 30 days
Cash sweep APY
4.25%
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Earn up to 40 fractional shares and an extra 2% APY for 30 days
E*TRADE offers $0 commission online equity options trades and reduced per-contract fees for high trading volumes. Trade complex strategies with up to Level 4 options trading permissions and dedicated options trading support.
The Power E*TRADE platform offers advanced trading tools like strategy builders, risk/reward analysis, an Earnings Move Analyzer and a Spectral Analysis feature to see 'what if' scenarios for an options strategy.
Best for: Advanced options trading; robust trading platforms; research and analysis.
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Get up to $1,000 terms apply
E*TRADE offers $0 commission online equity options trades and reduced per-contract fees for high trading volumes. Trade complex strategies with up to Level 4 options trading permissions and dedicated options trading support.
The Power E*TRADE platform offers advanced trading tools like strategy builders, risk/reward analysis, an Earnings Move Analyzer and a Spectral Analysis feature to see 'what if' scenarios for an options strategy.
Best for: Advanced options trading; robust trading platforms; research and analysis.
Get 8.1% APY for 3 months on idle cash and up to 15 free stocks with qualified deposits. T&Cs apply.
Moomoo is another cost-efficient platform for options trading, offering commission-free trades with no per-contract fees and competitive margin rates starting at 6.8% as of August 2024. The platform includes advanced customizable charting, real-time Level 2 market data and tools like analyst ratings and short sale analysis.
Moomoo supports multi-leg options strategies with up to Level 4 trading permissions and offers a high-yield cash sweep program, along with paper trading capabilities.
Best for: Commission-free options trading; simulated trading; research and analysis; high interest on uninvested cash.
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Get up to 15 free stocks
Moomoo is another cost-efficient platform for options trading, offering commission-free trades with no per-contract fees and competitive margin rates starting at 6.8% as of August 2024. The platform includes advanced customizable charting, real-time Level 2 market data and tools like analyst ratings and short sale analysis.
Moomoo supports multi-leg options strategies with up to Level 4 trading permissions and offers a high-yield cash sweep program, along with paper trading capabilities.
Best for: Commission-free options trading; simulated trading; research and analysis; high interest on uninvested cash.
Charles Schwab offers commission-free options trading, with up to Level 3 trading permissions, allowing traders to execute both simple and complex strategies on Schwab.com, Schwab Mobile and the advanced thinkorswim platform. The thinkorswim platform includes advanced tools like Options Statistics, Options Probabilities and risk/reward graphs to help you analyze data and identify trading opportunities.
In addition to these features, Schwab provides simulated trading, comprehensive options education, daily webcasts and specialist support to help traders refine and implement their options strategies.
Best for: Advanced options trading; robust trading platforms; IRA options trading; research and analysis; simulated trading.
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Get a $101 bonus
Charles Schwab offers commission-free options trading, with up to Level 3 trading permissions, allowing traders to execute both simple and complex strategies on Schwab.com, Schwab Mobile and the advanced thinkorswim platform. The thinkorswim platform includes advanced tools like Options Statistics, Options Probabilities and risk/reward graphs to help you analyze data and identify trading opportunities.
In addition to these features, Schwab provides simulated trading, comprehensive options education, daily webcasts and specialist support to help traders refine and implement their options strategies.
Best for: Advanced options trading; robust trading platforms; IRA options trading; research and analysis; simulated trading.
Fidelity provides a cost-effective options trading experience with $0 commissions on online trades and virtually no account fees.
The Active Trader Pro platform offers advanced tools such as a strategy builder, profit/loss calculator and strategy evaluator, supported by robust research, educational content and a competitive interest rate on uninvested cash.
Best for: Range of investment options and account types; low costs; research and planning tools; crypto access; automated investing.
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
N/A
Fidelity provides a cost-effective options trading experience with $0 commissions on online trades and virtually no account fees.
The Active Trader Pro platform offers advanced tools such as a strategy builder, profit/loss calculator and strategy evaluator, supported by robust research, educational content and a competitive interest rate on uninvested cash.
Best for: Range of investment options and account types; low costs; research and planning tools; crypto access; automated investing.
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Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
Methodology: How we choose the best brokerage accounts
Finder’s investments experts reviewed 19 brokers available on the market to narrow down the best brokerage accounts for trading options.
We analyzed each platform based on 147 key metrics we collected directly from brokers and assessed each provider’s performance based on eight different categories, weighing each metric based on the expertise and insights of Finder’s investment experts. We then scored and ranked each provider to determine the best options trading platforms.
We update our best picks as products change, disappear or emerge in the market. We also regularly review and revise our selections to ensure our best provider lists reflect the most competitive available.
How we weigh the overall rating
Category
Weighting
Investment options
15%
Trading platforms and technology
20%
Trading costs
30%
Account fees
5%
Account types and minimums
5%
Customer support
10%
Mobile app
5%
Features and amenities
10%
What to look for when choosing an options trading platform
Finder’s picks for the best brokerage accounts for options trading are meant to provide a starting point for finding the right broker for your investing style and goals.
Consider the following factors when comparing your options:
Fees. From trading fees to miscellaneous fees, it’s important to understand the cost of trading and investing. Consider which investment products you plan to trade and the fees that apply, but also be mindful of any back-end fees such as inactivity or transfer fees that can also eat into your profit.
Tradable assets. Not every broker offers the same investment options. Stocks, options and exchange-traded funds (ETFs) are standard, but some brokers will offer mutual funds, bonds, futures, forex, crypto and more.
Account types. What other account types, in addition to a brokerage account, does the broker offer? If you’re interested in saving for retirement, compare brokers that offer IRAs. Consider your other investment needs and how important it is to maintain all your accounts under one roof.
Research and data tools. In-house research and tools simplify investing, as you don’t have to venture elsewhere to make an informed decision about an investment. extensive research and analysis toolsIf you’re a passive index investor, may not matter that much. Active stock pickers may feel otherwise.
Mobile app reviews. Mobile trading is more popular than ever, allowing you to trade and invest from anywhere. Check out what current or previous customers say about the platform’s functionality.
Signup bonus. While it may not make sense to choose a broker solely based on whether it offers a signup bonus, a new customer incentive such as a free stock may be enough to help you choose one over another if all else is equal.
Options trading levels
Options trading is categorized into beginner, intermediate and advanced strategies. Think of them as different levels, each allowing for progressively more complex strategies and transactions.
Options trading levels, also known as permissions, can vary by broker, but here’s an overview of what those levels might involve in terms of complexity:
Level 1. The most basic level, allowing traders to buy and sell covered calls and protective puts. Covered calls are where you sell call options on stocks you own. Protective puts involve buying put options on an asset you own. This level is generally for beginners with limited trading experience, as it involves relatively low risk because the options are backed by owned shares.
Level 2. Includes all Level 1 strategies, plus the ability to purchase options contracts, such as calls and puts. Risk is limited to the price paid for the contract.
Level 3. Includes all Level 1 and 2 strategies, plus more complex strategies like straddles and debit spreads, which involve multiple options contracts. This level requires more capital and the use of a margin account.
Level 4. Includes Level 1, 2 and 3 strategies, plus naked options trading, where the seller does not own the underlying asset. This level carries the potential for unlimited losses if the market moves against the seller, but it also offers the possibility of higher returns, as traders can sell options without hedging.
Level 5. The most advanced and riskiest level, Level 5 permits uncovered writing of index options and straddles.(1)
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Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions.
Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University. See full bio
Matt's expertise
Matt has written 208 Finder guides across topics including:
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Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
