BEST OF

11 Best Options Trading Brokers and Platforms of October 2022

These brokers have the tools and research necessary for options trading, and offer low options contract fees.

Oct 3, 2022

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The best options brokers offer low options contract fees, 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 online trading platforms for day trading.

Unsure what you’re looking for? See our post on how to choose an options broker and our options 101 guide for more on what can make or break an options trading experience.

Best Options Trading Brokers and Platforms

NerdWallet rating 

5.0

/5
Fidelity
Learn more

on Fidelity's website

Fees

$0

per trade for online U.S. stocks and ETFs

Account minimum

$0

Promotion

Get $100

when you open a new, eligible Fidelity account with $50 or more. Use code FIDELITY100. Limited time offer. Terms apply.

NerdWallet rating 

5.0

/5
Interactive Brokers IBKR Lite
Learn more

on Interactive Brokers' website

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

4.5

/5
Merrill Edge
Learn more

on Merrill Edge's website

Fees

$0

per trade

Account minimum

$0

Promotion

Up to $600

when you invest in a new Merrill Edge® Self-Directed account.

NerdWallet rating 

4.0

/5
J.P. Morgan Self-Directed Investing
Learn more

on J.P. Morgan's website

Fees

$0

per trade

Account minimum

$0

Promotion

Get up to $625

when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money

NerdWallet rating 

4.5

/5
Webull
Learn more

on Webull's website

Fees

$0

per trade

Account minimum

$0

Promotion

Get up to 12 free stocks (valued up to $30,600)

when you open and fund an account with Webull. Promotion ends 10/31/2022.

NerdWallet rating 

4.5

/5
E*TRADE
Learn more

on E*TRADE's website

Fees

$0

per trade

Account minimum

$0

Promotion

Get up to $600 or more

when you open and fund an E*TRADE account

NerdWallet rating 

4.5

/5
Ally Invest
Learn more

on Ally Invest's website

Fees

$0

per trade (on eligible US securities)

Account minimum

$0

Promotion

$100-$3,000

in cash bonus with qualifying deposit.

NerdWallet rating 

4.0

/5
Robinhood
Learn more

on Robinhood's website

Fees

$0

per trade

Account minimum

$0

Promotion

1 Free Stock

after linking your bank account (stock value range $5.00-$200)

NerdWallet rating 

4.5

/5
TradeStation
Learn more

on TradeStation's website

Fees

$0

per trade

Account minimum

$500

Promotion

Get an extra $150

cash credit with a minimum deposit of $500. Offer Code: NERDAGCU.

Want to compare more options? Here are our other top picks:

Last updated on October 3, 2022

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People often identify opening a savings account as their next money move.

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

2.50%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.

at SoFi, Member FDIC

Marcus by Goldman Sachs Online Savings Account

4.5

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

2.15%

With $0 min. balance for APY

at Marcus by Goldman Sachs, Member FDIC

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

2.15%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

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). Ratings are rounded to the nearest half-star.

For more details about the categories considered when rating brokers and our process, read our full methodology.