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Become a Money Crasher! Join our community. Share this Article. In the meantime, open an account with one of the online brokerages on this list and familiarize yourself with the ins and outs of its trading process, research capabilities, and account management tools For best results, complement your brokerage account with a subscription to a premium options research platform — we recommend Motley Fool Options — to get acquainted with the options market. Best Stock Brokers for Options Trading These are among the best online stock brokers for low-cost options trading.

TradeStation Powerful Trading Tools; Very Low Contract Pricing TradeStation has a powerful options trading setup built for active, experienced investors seeking the flexibility to trade on the go. Stocks and ETFs trade commission-free.

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Learn More 2. Check back for the latest offers. Learn More 3. You Invest Portfolios charges a 0. Learn More 4. Otherwise, the advisory fee is 0. Self-directed portfolios have no minimum opening deposit or balance requirements. Learn More 5. InteractiveBrokers Global Options Trading at Reasonable Cost InteractiveBrokers is the best choice on this list for high-volume options traders seeking customized per-contract pricing on their preferred instruments and access to options markets outside North America.

Plans and Pricing : Choose from tiered or fixed pricing based on your trading patterns and strategy.

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Learn More 6. Account Opening Bonus : None. Learn More 7. Gatsby Earn Rewards Points on Every Trade Gatsby is a commission- and contract-fee-free options trading platform with a twist: a potentially generous rewards program that pays out on every trade. Fees for options trades are generally higher and more complex than that of stock trades. Not only this, but Ally Invests options tools are pretty on point.

Some of them include:. The broker offers customized market stats, news and comprehensive metrics on the companies you have your eye on. Are you new to options trading? With amazing tools and educational content, traders also have access to live coaching for options as well. If you are an advanced trader, the thinkorswim platform offers a lot of new tools and research options for options traders. You can select from hundreds of different options and look at risk management tools. You can also build your own studies with over signals on the downloadable platform or the mobile app. Options traders use the thinkorswim platform to study options strategies, set up rolling spreads to future expiration dates, and assess risk.

For inexperienced traders, you can use the site to access education tools for understanding more complex spreads. If you check what you want to learn, TD Ameritrade will customize an education menu for you. However, expert-level traders can use its OptionsHouse platform to find more data and research on the latest spreads. Now, this platform offers access to streaming strategy options chains, which is pretty different from many other platforms. The abundant amount of education content that helps you grow into more advanced spreads and strategies.

For example, you can set up an iron condor strategy and define the strike width of your option spread. Only the data relevant to your options spread will stream for you.

You can use six different risk ranges to stress test your portfolio. Technical Insights is another analysis feature that gives you access to spectral analysis charts and shows you how your spread might perform in the future.

2. Interactive Brokers

For an all-around professional options trading platform, Charles Schwab offers great tools with full-service options. You can open a new account and get commission-free options trading in the US. Charles Schwab offers tools like StreetSmart Edge, which you can access via your browser or download to your computer.

This platform is based on optionsXpress, which Schwab took over in In addition, the All-in-One Trade Ticket gives you access to spread tools that let you select the type of trades you want from a drop-down menu. From there, you can select the legs through the options chain display. If you are familiar with options, this makes it very easy to set up your trades. The Idea Hub also lets you look at all of the options contracts available sorted by their market activities or projections for profit in four categories specific to options.

These include covered calls, premium harvesting, big movers, and earnings. The fees are pretty low, but for more savvy options traders, the tool helps you spot transactions that will negatively affect your margin balance. Launched in , Tastyworks is a run by Tastytrade and offers an online financial network. Tastyworks is suited for active options traders who want more advanced options for specialized trades. There are three ways to access and use Tastyworks including the website, mobile apps, and a downloadable application.

The downloadable version has the most bells and whistles for active options traders. All of the tools help traders with probability, volatility, and liquidity. Though beginners might be uncomfortable at first, those who enjoy options and understand the basics can use the niche features and content to their advantage. TradeStation started as an advanced software just for traders. Now it has more options and a mobile app to help those expert traders who love stocks, options, and futures. TradeStation really shines for options traders because it does not charge any commissions.

Options traders also can use the OptionStation Pro platform, which has a preview mode on the mobile app. You can also create custom watch lists, view charts, and review trends in real-time. For research, TradeStation also earns high marks with more than indicators to include in your test strategies. The platform includes over 90 years of stock trading data and also has over 40 years of intraday data. While you will love access to a plethora of options research tools, there are some drawbacks to this platform.

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Have you thought about what type of trader you want to be? If you already trade-in options, you probably have a strategy to mitigate risk and reap the awards. However, some platforms have different tools and offer more complex spreads. Options can be complex, and while all of the brokers above offer different options tools, some are built for more complicated positions.

You may be able to take only one position per order, which means that you will need to place several individual orders at one time to create your position. If you are a beginner to options, you may have studied how options control a fixed amount of a security. Typically this means you can buy one option that controls shares of stock. Options are also broken down into calls and puts. Options decrease in value as their expiration dates draw closer. While most stock trades are straightforward, there is a learning curve with options trading.