7 Best US Options Trading Platforms & Online Brokers for 2024 (2024)

TD Ameritrade sticks out among the crowd by combining a full set of investment products, expansive trading tools, and educational materials in various formats — allowing options traders with any level of knowledge to excel in their craft. The platform also appeals with its no-commission services for US stocks, along with intuitive web and mobile app design offering a rounded experience.

Contract fee for options is fairly competitive for a major trader, and options traders have various tools at their disposal, among which a multi-functional options screener is exceptional. The screener includes capabilities like an iron butterfly, double diagonals, and covered calls, and are highly customizable to cater to various needs.

Moreover, the service is fully regulated by SEC and FINRA and provides clients with the protection of securities of up to $149.5 million.

Webull is among the few platforms offering commission and contract-free trading for stock options. Its intuitive design allows options traders to switch between the markets for optimum strategy monitoring easily.

The broker supports various deployment options, including a mobile app, desktop workstation, and web services, but not all services are available on all platforms. It’s not possible to access training materials through the mobile app, for example, and it only allows single-leg options. Yet, the navigation is quite intuitive: traders can access stock-specific information, options, and appropriate chartings on the stocks page. That being said, Webull is far from a full-service broker; it doesn’t feature assets like mutual funds or fixed-income nor supports options screening tools. Options traders can use strategy-building tools to execute the most common strategies and make tweaks along the way.

The platform is regulated by SEC and FINRA and is insured by Apex Clearing. As a SIPC member, its clients are protected against fraud and hacking.

IBKR is among the few forex brokers that accept US clients and offers a breadth of assets, including options, mutual funds, bonds, and futures in 150 markets. As a global powerhouse, its reach to international markets besides the US is impeccable.

It features a rather complex and cluttered interface that may overwhelm a Options trader in their early stages. Rather, it is a platform geared more toward experienced traders with its vast array of tools. Options Traders can compare different strategies on a single template, get an output of different risk/reward ratios, receive tweaking suggestions along the way, and identify low-cost strategies through the Options Portfolio. Also you can find the best trading apps for you specific trading type.

IBKR is fully regulated in the US by SEC and CFTC and is a member of SIPC, meaning that the client funds are insured against hacking and other cyberattacks.

By combining an intuitive design for all deployment models, vast educational materials, advanced tools, and diversity in assets, E*Trade appeals to Options traders from all sorts of backgrounds. The broker allows trading options on stocks, indexes, and futures, and the contract fee goes down to $0.50 when you place more than 30 contracts per quarter.

The outstanding tools include pre-built portfolios, auto portfolio building, and a mobile application geared towards placing options trades called Power E*Trade. Options Traders can choose an options strategy categorized by risk tolerance and market factors, which comes specifically in handy for beginners. Its option screeners are highly customizable for varying needs and feature a Live Activity tool that helps identify unusual options and volatility in the market.

Tradestation offers a breadth of assets to trade, including stocks, bonds, mutual funds, exchange-traded funds, options, and futures, and features a rounded tool for each type of trading. Its options trading tool, OptionStation Pro, helps options traders build a myriad of strategies and provide a visual representation of its risk/reward probability, along with the ability to identify options opportunities. Its margin account comes with a competitive 3.5% interest rate for those who'd like to trade options with trades.

Regulated by FINRA, Tradestation offers a reliable service and set of products. You can access the platform via a mobile app, which also features an app store for related third-party applications, and web services, all of which have very little downtime.

Robinhood pioneered commission-free trading and arguably led trading appeal to a much larger audience over the years, with many platforms following suit. While no fee or minimum deposit structure breaks the entry barrier, its growing library of educational material makes it evermore suitable for traders with little experience.

Moreover, Robinhood supports an easy-to-navigate, straightforward mobile platform. Despite having a website alongside, its mobile version offers a better experience due to its mobile-first approach.

Its straightforward use is perhaps made possible by its limited offerings. It’s possible to trade stocks, cryptocurrency, options, and EFTs, but not futures, futures options, forex, mutual funds, or fixed-income securities.

Regulated by SEC, Robinhood also insures client funds for up to $1.5 million in cash and $10 million in securities.

Fidelity offers a rare combination of low-cost service and a myriad of assets to trade, including but not limited to stocks, options, penny stocks, corporate, treasury, and municipality bonds. Executing over 3 million trades daily, it’s among the most beloved trading platforms across the US.

Its options trading section features a rare found for non-automated traders, the ability to backtest options strategies on historical data. This way, you can see how your strategy would perform under past market conditions to assess its potential further. Its screener tool also offers over 200 criteria against which you can generate a list of high-reward potential trading options.

Founded in 1946, the broker’s parent company Fidelity Investments has unparalleled experience under its belt and offers high-level investor protection coverage.

Step 1 — Apply for an Options Trading Approval

Step 2 — Analyze the Options

Step 3 — Choose the Expiration Date and Strike, and Place the Trade.

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