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Options trading is becoming increasingly popular these days and consequently, several brokers have sprouted up into this flourishing industry. Each of these best options broker have different strengths. Also, while many brokerage accounts have reduced commissions for stocks and ETFs, many of them charge a hefty per-contract fee for options. Therefore, it has become incredibly difficult for investors to choose one options broker who is good and can fulfill all their requirements.
To be on the safe side, anyone searching for an options trading broker should take into account someone who has a significant stake in this expanding industry. In this article, we’ve examined a few of the best options brokers and options trading platforms available in the market.
Best Options Broker and Trading Platforms in 2023
Top 5 Best Options Broker and Trading Platforms in 2023
Fidelity Investments is one of the best and cheapest brokers for options trading for newbies who have just ventured into trading options. It has the best features both concerning research and education. This brokerage firm is committed to providing excellent client experience and its Active Trader Pro platform is one of the best ones can find in the market. The platform also offers excellent tools to enhance the overall options trading experience of its clients and some of its tools like Option Builder and options scanner are a massive hit in the options trading community.
Notably, Fidelity Investment charges $0 commission in respect of online US stock, ETF, and options trades with margin rates as low as 5.5% and unlike many other brokers, does not ding the traders for every little thing. Also, after opting for its services other than getting regular trading insights the options traders will get to experience detailed Webinars on different options strategies and technical analysis; get coaches to build more knowledge on topics such as technical analysis, options, and Active Trader Pro; listen to different podcasts, and also get active investor insights.
TradeStation is among the top options trading platforms since it offers some of the greatest technologies available. Through its web-based platform, it facilitates casual trading and often serves higher-volume trades as well.
Notably, TradeStation delivers excellent trading capabilities through a platform suite that comprises desktop, web-based, and mobile varieties and has one of the most reliable desktop systems in the market. Also, all three of the aforementioned platforms are excellent, and its two most popular pricing tiers, TS Select and TS Go give $0 trades together with free market data and no recurring platform fees. But depending on the kind of account a person chooses, pricing plans do differ.
TradeStation lacks one important feature, though. Although access to the broker’s Options Station Pro, a tool that evaluates and places trades, is permitted, the company won’t let its clients conduct fundamental research on companies, a feature that many casual traders often require. Additionally, the educational tools offered here aren’t all that excellent, making it merely a passable option for novice investors.
The TD Ameritrade platform is one of the topmost trading platforms in today’s times and is especially great for options trading. This platform was acquired by fellow broker Charles Schwab in October 2020 and the integration of the two might take up to 36 months.
The best features of the TD Ameritrade platform include offering a fantastic trading experience, having excellent market research features, offering industry-leading education to beginner-level traders, and lastly offering reliable customer service. This outstanding all-around experience makes it one of the perfect choices for every kind of trader.
TD Ameritrade has an easy-to-use website and a separate mobile app that everyday traders can use easily and its top-ranked thinkorswim trading platform that comes in desktop, browser, and mobile flavors depicts excellence. Besides, being a technology and artificial intelligence (AI) leader, this platform’s customers can get to access their accounts everywhere, including ones like Twitter, Alexa, Facebook, and Apple Messages. However, on an undesirable note TD Ameritrade customers can only trade U.S. and Canadian-listed securities.
Interactive Brokers is also one of the best options trading platforms. For long, It has been regarded as a place for professionals owing to the institutional-grade desktop trading platform it offers as well as the rock-bottom margin rates.
Again, this platform can also appeal to active traders and casual investors because of the no base charge policy and per contract rate of just $0.7 along with the user-friendly web platform interface. Frequent trading can moreover, lead to additional savings. So, the ones trading here can capitalize on industry-leading commissions and the lowest margin rates across all balance tiers.
Remarkably, the interactive brokers’ platform is known for offering traders access to global markets that include some 135 market centers in 33 countries. Further, it also comes with robust fundamental research and education facilities. However, despite all these, it might not suit the requirements of novice traders.
Robinhood can be an excellent option for you if you are just beginning your trading journey and affordable pricing is your top priority. This well-known broker is quite famous for providing $0 stock commissions and offers the same rate in respect of options trades as well. Additionally, in contrast to using their usual Desktop based platform, traders can also conduct seamless trades using their mobile app that has the same user-friendly design.
However, Robinhood does not offer the same amount of research and tools as the aforementioned sites, but one can always upgrade their accounts to Robinhood Gold for getting access to more reports.
Deciding which broker to employ is one of the most important decisions one must make to become an accomplished trader. Each of the aforementioned brokers is well-known in the industry and is unique in its own way so choosing one or more of them won’t be a bad choice. Additionally, if you reside outside of the US and the above-mentioned brokers aren’t available in your location, you can check out these 5 platforms for non-US traders to sell options. If you are looking for education on how to learn options you can review options trading books, options trading courses, or an options alert service.
However, one must be clear on their trading priorities before selecting a broker, and they should only work with a broker if it is the ideal match for their needs. It is usually advised to do one’s own research before selecting a broker.
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