Options traders must typically be pickier when selecting the right fx options trading platform. It is because options trading is intrinsically more sophisticated than purchasing equities or funds. The following review will discuss what to look for and which options trading platforms we recommend.
The Top Options Trading Platforms
1. The TD Ameritrade Corporation
This Is Most Useful To Seasoned Options Traders Looking for Detailed Analysis
Options traders will find that TD Ameritrade, although not the cheapest platform, is one of the most feature-rich. Both simple and sophisticated options transactions may be executed on the fly using thinkorswim’s mobile and desktop platforms. Traders may also benefit from research conducted by Credit Suisse and Morningstar.
Recommended for: Serious Traders Seeking a Robust Trading Environment
E*TRADE doesn’t charge any commission on options transactions. However, there is a flat $0.65 cost for each contract. While this makes E*TRADE more expensive than other rivals, the brokerage does provide a discount to active clients who execute at least 30 options transactions every quarter, bringing the charge down to $0.50 per contract. Power E*TRADE, E*TRADE’s free trading platform, is a fan favorite among options traders for its robust set of trading tools.
This Is For The Most Cost-Effective Option Traders
Robinhood is unique because it does not charge a contract fee while trading options, unlike its rivals. Robinhood is the most cost-effective platform for trading options since it charges no commission. Robinhood is not the most feature-rich platform, but it does support mobile transactions, meaning options contracts may be bought and sold from any device.
4. Ally Investment
Options traders with little funds, this is your best bet.
Ally, like other brokers, does not tack on extra fees for options trading. While more expensive than other options, it’s $0.50 per contract charge is still competitive. Trading options on a budget will find Ally an excellent alternative due to the lack of minimum investment and maintenance costs.
This is for users who often trade and want a robust desktop platform.
For example, users of TradeStation’s TS Go service may trade options for as low as $0.50 per contract and no commission. With the TS Select plan, active traders may pay an extra $0.60 per contract and get access to TradeStation’s robust desktop interface.
It’s most suitable for Traders on the move who utilize mobile devices
If you’re an options trader on a tight budget, Webull is your platform. The company stands out from the competition since it does not charge per contract or commission. While Webull’s mobile app is excellent, the trading platform’s ease of use and robust features set it apart.
7. Financial Markets With Interactive Brokers
Highly recommended for high-volume, high-net-worth options traders who value a robust set of tools.
Trading options with Interactive Brokers incur a per-contract fee, which varies depending on the size of the deal. As a result, it’s a great option for wealthy investors who can negotiate better terms. Options traders will find a wealth of valuable tools on its WorkStation platform, which is a robust trading platform.
Perfect for options traders who don’t want to spend a fortune on cutting-edge tools
If you’re an options trader, you should know that tastyworks is one of the few brokerages that cater to you. It has one of the lowest options trading commissions in the business and charges only when a position is opened. The team behind it was a forerunner in retail options trading, so you know you’re getting cutting-edge technology when you trade with them.
Consider the following features when deciding on the most suitable options trading platform
Options trading without commissions: pricing isn’t everything, but it does affect your return on investment. When the sole probable winner is the brokerage business, it makes little sense to initiate a deal. While the industry has become more uniform and commissions have decreased significantly recently, the finest brokers for options trading still provide commission-free stock trading.
Although some top options trading platforms do not require traders to pay a commission to buy or sell options, they may impose a cost per contract.
As making a transaction via any brokerage is often a matter of a few clicks, choosing an options trading platform is frequently more a question of personal taste than anything else.