Are you looking to invest in options trading but unsure where to start? Choosing the right broker is critical to your success. With so many options, finding the perfect fit for your needs can be overwhelming. Thus, in this article, we have compiled the lists of the best five brokers for options trading in 2023.
List of Contents
Tastytrade: Website

- Account Minimum: $0
- Fees: $0 for stock trades, $1 to open options trades (capped at $10 per leg), $0 to close
Overview
Tastytrade is the top-ranked platform and tool provider for options trading in 2023. This platform provides numerous features, such as a customizable trading dashboard, live financial news and data streaming, and options trading courses for novice and advanced traders. Tastytrade is recognized for its low commissions, with options trades costing $1 per contract. Overall, Tastytrade is an excellent option for those who take options trading seriously and desire access to advanced tools and features.
Pros & Cons
Pros
✔ J.D. Power customer satisfaction scores are the highest.
✔ Excellent average NCQA plan rating
✔ Members have access to complimentary mental health resources.
Cons
✘ Plans are marketed in eight states and the District of Columbia.
✘ Limited plan types
Why We Chose It
We chose Tastytrade as the best options trading platform because its trading commissions are meager, it has excellent trading tools, great education about options, and live video content.
TD Ameritrade: Website

- Account Minimum: $0.00
- Fees: $0.00 for equities/ETFs.$0.65 per contract for options.Futures $2.25 per contract
Overview
TD Ameritrade is a well-known broker that provides various investment opportunities, including options trading. The platform is renowned for its robust equity tools and research resources, which may assist options traders in making informed decisions. Options trading on TD Ameritrade costs $0.65 per contract, and the platform has many ways to learn, such as webinars and video lessons. Overall, TD Ameritrade is an excellent option for people searching for a broker with specific research tools.
Pros & Cons
Pros
- A wide range of product offers
- Great educational materials
- Good options analytics on thinkorswim®
- The powerful desktop and mobile platforms are nearly equivalent.
Cons
- There is no trading in fractional shares.
- There is no automatic sweep of uninvested funds.
- Bitcoin futures trading is the only cryptocurrency trading available.
Why We Select It
We selected TD Ameritrade as the winner of the Best Broker for Mobile Options Trader category based on its thinkorswim® mobile app’s exceptional options analytics, research amenities, and trading capabilities.
Interactive Brokers: Website

- Account Minimum: $0.00
- Fees: $0.00 commissions for equities/ETFs available on IBKR’s TWS Light or low costs scaled by volume for active traders that want access to advanced functionality such as order routing. $0.65 per contract for options on TWS Light; that is also the base rate for TWS Pro users, with scaled rates based on volume. $0.85 per contract for futures.
Overview
Interactive Brokers is a popular options trading broker that offers low-option contract fees and a range of trading tools. With a $0 minimum account balance and no fees for standard online stock and ETF trades, Interactive Brokers is an affordable option for options traders. The broker also offers a range of advanced trading tools, including customizable trading algorithms and a sophisticated trading platform, making it an excellent choice for advanced traders.
Pros & Cons
Pros
- Excellent choice screening tools and probability calculators
- Better order execution and routing management
- The most diverse collection of trading vehicles and marketplaces
- Low margin rates
- Paper trading is currently available.
Cons
- New users may be intimidated by advanced platform features.
- Order routing is not available to all customers.
- There will be no backtesting of proprietary algorithms.
Why We Chose It
Interactive Brokers (IBKR) is the best broker for advanced options traders due to its low options commissions, continual additions to its already excellent trading and analytical tools, and its longstanding commitment to rapid order execution.
E*TRADE: Website

- Account Minimum: $0
- Fees: No commission for stock/ETF trades. Depending on trading volume, options are $0.50-$0.65 per contract.
Overview
ETRADE is a well-known online broker that provides a vast array of trading instruments and affordable options contract fees. E*TRADE is an affordable choice for options traders, with a $0 minimum account balance and no commissions on regular online stock and ETF trades. In addition to educational tools and a user-friendly trading platform, a broker is a good option for newbies.
Pros & Cons
Pros
- Good educational material
- Platforms for PC and mobile that are both robust and simple to use
- Trading in papers
Cons
- Option trading commissions are higher.
- Fees are higher for less frequent traders.
- International trading, forex, or cryptocurrency are not supported.
Why We Chose It
We selected E*TRADE as the best options broker for novices due to its superior investor education features, highly intuitive platform design, and superior customer support.
Webull: Website

- Account Minimum: $0
- Fees: $0 commissions for stock, ETF, options, and cryptocurrency trading (small markup is priced in)
Overview
Webull is a discount broker in the United States that provides commission-free trading for US stocks, ETFs, and options. The prestigious US SEC, FINRA, and Hong Kong SFC govern the brokerage. The account opening procedure is streamlined, entirely digital, and expedient. The trading systems are well-organized, user-friendly, and offer a variety of order kinds.
Pros & Cons
Pros
- Stock, ETF, and options trading at no cost
- Desktop and mobile systems that are strong
- Before and after-hours trading
- Quotes, news, and fundamentals are available in realtime for free.
- Superior research abilities
Cons
- Trading is restricted to stocks, ETFs, options, and cryptocurrencies.
- Tools for options analysis are less robust than those used by larger companies.
- Portfolio analysis techniques are inadequate.
- Poor price execution may occur from payment for order flow (PFOF).
- There is no interest generated on uninvested cash.
Why We chose It
Webull is our pick for the best broker for low-cost options trading since it imposes no direct fees on its clients while offering competent trading and analysis tools.
Conclusion
Choosing the right options trading broker is crucial for your success as a trader. By comparing fees, account minimums, and platform user-friendliness, you can find the best platform for your needs. We recommend considering these top 5 for the best options trading brokers and platforms in 2023.
FAQs
Options are a form of derivative contract that gives the buyer of the contract or the option holder the right but not the obligation to buy or sell a security at a chosen price (the strike price) at some point in the future.
Options traders must trade near expiration, but stockholders can hold. Options enable investors to wager on asset prices without owning them. Companies own stocks. Options trading leverages cash, and is riskier but more profitable than investing.
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Source: Investopedia