Best Brokers for Options Trading of November 2024
These brokers charge low or no options contract fees and offer investors the tools and research necessary for options trading.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
Why trust NerdWallet
Get matched with a trusted financial advisor for free with NerdWallet Advisors Match
The best options platforms come from brokers that offer low (or in some cases, no) options contract fees, no trading commissions, quality trading tools, an abundance of high-quality research and the customer service necessary to support everyone from beginner investors to advanced traders.
While most of the brokers on our list of best brokers for stock trading would be a good pick for options as well, this list highlights brokers that excel in areas that matter most to options traders. Many of the below brokers also appear on our list of best day trading platforms.
Why trust NerdWallet
Get matched with a trusted financial advisor for free with NerdWallet Advisors Match
The best options platforms come from brokers that offer low (or in some cases, no) options contract fees, no trading commissions, quality trading tools, an abundance of high-quality research and the customer service necessary to support everyone from beginner investors to advanced traders.
While most of the brokers on our list of best brokers for stock trading would be a good pick for options as well, this list highlights brokers that excel in areas that matter most to options traders. Many of the below brokers also appear on our list of best day trading platforms.
Best Brokers for Options Trading
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
 Robinhood Learn more on Robinhood's website | $0 per trade | $0 | 1 Free Stock after linking your bank account (stock value range $5.00-$200) | Learn more on Robinhood's website | |
 Webull Learn more on Webull's website | $0 per trade | $0 | Get up to 40 free fractional shares ( each valued up to $3,000) when you open and fund an account with Webull. | Learn more on Webull's website | |
 Charles Schwab Learn more on Charles Schwab's website | $0 per online equity trade | $0 | None no promotion available at this time | Learn more on Charles Schwab's website | |
 Interactive Brokers IBKR Lite Learn more on Interactive Brokers' website | $0 per trade | $0 | None no promotion available at this time | Learn more on Interactive Brokers' website | |
 J.P. Morgan Self-Directed Investing Learn more on J.P. Morgan's website | $0 per trade | $0 | Get up to $700 when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money. | Learn more on J.P. Morgan's website |
$0
per trade
$0
1 Free Stock
after linking your bank account (stock value range $5.00-$200)
Pros
Commission-free stock, options and ETF trades.
Streamlined interface.
Cryptocurrency trading.
IRA with 1% match (3% for Gold members).
High interest rate on uninvested cash.
Cons
No mutual funds.
Little third-party research.
Why We Like It
Robinhood’s commitment to low-cost trading is especially apparent in its options trading offering — Robinhood is among the handful of brokers that don’t charge a per-contract fee. One of the biggest fees Robinhood charges is the $75 fee for transferring your investments to another broker. There's no fee for selling your investments and having the money transferred via ACH to your bank. The securities available to trade at Robinhood are limited: The platform doesn't support mutual funds and bonds, which can help build a diversified portfolio. For customer support, Robinhood lets users request a representative to call them back 24/7 for anything they need.
$0
per trade
$0
Get up to 40 free fractional shares ( each valued up to $3,000)
when you open and fund an account with Webull.
Pros
Commission-free stock, options and ETF trades.
Easy-to-use platform.
Advanced tools.
High interest rate on uninvested cash.
High order execution quality.
Cons
No mutual funds.
Separate app required to trade crypto.
Why We Like It
Webull is among the few brokerages that offer free options trades. Customers aren’t charged a per-trade commission nor a per-contract fee. Other costs include Webull’s transfer fee. Whether you’re transferring all of your assets from Webull to another brokerage or just a few, you’ll be charged a $75 transfer fee. However, you won’t pay any annual or inactivity fee at Webull. Despite a robust offering for active traders, Webull lacks access to some common securities, such as mutual funds and bonds. Webull offers 24/7 customer support via phone and email.
$0
per online equity trade
$0
None
no promotion available at this time
Pros
Commission-free stock, options and ETF trades.
Five trading platforms with no minimums or fees.
Access to thinkorswim platforms.
Extensive research offerings.
Large fund selection.
Cons
Low interest rate on uninvested cash.
Why We Like It
Schwab doesn’t charge any per-trade commissions for options, but it does charge $0.65 per contract. Overall, Schwab has some of the lowest account fees around. Schwab doesn’t have any annual or inactivity fee, and the fee to transfer assets out of the account is $25. If you do it all online, it’s only $15. Charles Schwab has a large selection of tradable securities, including mutual funds, ETFs, index funds, bonds, options and futures. It doesn't offer forex. Phone, email and online chat are all available 24/7. If you prefer to speak to someone in person, there are more than 400 Charles Schwab branches around the country, with some even open on Saturdays.
Best Online Broker for Advanced Traders 2024
$0
per trade
$0
None
no promotion available at this time
Pros
Commission-free stock, options and ETF trades.
Large investment selection.
Strong research and tools.
Huge selection of no-transaction-fee mutual funds.
High order execution quality.
Cons
High minimum to earn interest on uninvested cash.
Website can be difficult to navigate.
Why We Like It
Options trading prices with Interactive Brokers are competitive, with a $.65 charge per contract and no base, plus discounts for larger volumes. The minimum options trade commission is $1 per order. Interactive Brokers charges no annual, account, transfer or closing fees, which is relatively rare among brokers reviewed by NerdWallet. The platform's selection ranges from standard offerings of stocks, options and ETFs to precious metals, forex, warrants and futures. Interactive Brokers also offers fractional shares of stock and 24-hour phone, email and chat support, six days a week.
$0
per trade
$0
Get up to $700
when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money.
Pros
Commission-free stock, options and ETF trades.
Easy-to-use platform.
App connects all Chase accounts.
In-person customer support at Chase branches.
Cons
Bare-bones trading platform isn't for advanced traders.
Low interest rate on uninvested cash.
Why We Like It
J.P. Morgan Self-Directed Investing is a clear-cut investment platform that is great for beginners looking to learn how to buy and sell investments. More advanced investors, however, may find it lacking in terms of available assets, tools and research. The options pricing is fairly standard: There is no per-trade commission, but you will have to pay $0.65 per contract.
$0
$0
Earn up to $10,000
when you transfer your investment portfolio to Public.
Pros
Commission-free stock, options and ETF trades.
Rebates for trading options.
Impressive selection of alternative assets.
Easy-to-use signup and trading interface.
High interest rate on uninvested cash.
Cons
No mutual funds.
Lack of tools (e.g. customizable investment screeners).
No IRA accounts.
Why We Like It
While some brokers charge no fees on options trades, Public goes further — it pays you a rebate for each trade. The amount of that rebate depends on your account type and can be increased by referring new users to Public.
$0
per trade
$0
Get up to $1,000
in stock when you fund a new account.
Pros
No commissions on stock, options and ETF trades
Complimentary access to financial planners.
IPO access.
IRA match.
Cons
Low interest rate on uninvested cash.
Why We Like It
SoFi Active Investing's $0 trading commission, complimentary access to financial advisors, fractional shares and $1 account minimum are attractive to new investors. More advanced investors will appreciate the company's wide mutual fund selection and IPO access.
Best Broker for Beginning Investors 2024
$0
per trade for online U.S. stocks and ETFs
$0
None
no promotion available at this time
Pros
Commission-free stock, options and ETF trades.
Large selection of research providers.
Strong customer service.
Expense-ratio-free index funds.
Highly rated mobile app.
High interest rate on uninvested cash.
Cons
Relatively high broker-assisted trade fee.
Why We Like It
Fidelity doesn't charge a commission on options trades, but they still carry a contract charge, which is $0.65. Fidelity doesn’t offer volume discounts on options. More broadly, Fidelity has done away with nearly all account fees, including the transfer and account closure fees that are commonly charged by brokers. Fidelity earns strong marks for its educational tools and customer service options, including a network of more than 200 branches for in-person advice and educational options, and 24/7 phone, chat and email support.
Want to compare more options? Here are our other top picks:
Last updated on November 4, 2024
Methodology
How do we review brokers?
NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers by assets under management, along with emerging industry players. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
For more details about the categories considered when rating brokers and our process, read our full methodology.
To recap our selections...
