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11 Best Options Trading Brokers and Platforms of April 2020

NerdWalletMarch 24, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Merrill Edge

on Merrill Edge's website

Merrill Edge

Merrill Edge

Fees

$0

per trade

Account Minimum

$0

Promotion

Up to $600

cash credit with qualifying deposit

on Merrill Edge's website


Promotion

Up to $600

cash credit with qualifying deposit

Why we like it

Merrill Edge offers high-quality customer service, robust research and low fees. Customers of parent company Bank of America will love the seamless, thoughtful integration, with a single login to access both accounts.

Pros

  • Robust third-party research.

  • Integrated with Bank of America.

Cons

  • Advanced traders may find fewer securities on offer.

Read Full Review
TD Ameritrade

on TD Ameritrade's website

TD Ameritrade

TD Ameritrade

Fees

$0

per trade

Account Minimum

$0

Promotion

Up to $600

cash credit with qualifying deposit

on TD Ameritrade's website


Promotion

Up to $600

cash credit with qualifying deposit

Why we like it

TD Ameritrade meets the needs of both active traders and beginner investors with quality trading platforms, $0 commissions on online stock, options and ETF trades and a large selection of mutual funds.

Pros

  • Commission-free stock, ETF and options trades.

  • Free research.

  • High-quality trading platforms.

  • No account minimum.

  • Good customer support.

  • Large investment selection.

Cons

  • Costly broker-assisted trades.

Read Full Review
Interactive Brokers IBKR Lite

on Interactive Brokers's website

Interactive Brokers IBKR Lite

Interactive Brokers IBKR Lite

Fees

$0

per trade

Account Minimum

$0

Promotion

None

No promotion available at this time

on Interactive Brokers's website


Promotion

None

No promotion available at this time

Why we like it

Interactive Brokers' IBKR Lite is a strong option for frequent traders: The broker offers international trade capabilities, no stock-trading commission and a quality trading platform.

Pros

  • Large investment selection.

  • Strong research and tools.

  • Over 4,300 no-transaction-fee mutual funds.

  • NerdWallet users who sign up for IBKR Pro get a 0.25 percentage point discount on margin rates.

Cons

  • Website is difficult to navigate.

  • Inactivity fees on IBKR Pro.

Read Full Review
Robinhood

on Robinhood's website

Robinhood

Robinhood

Fees

$0

per trade

Account Minimum

$0

Promotion

None

no promotion available at this time

on Robinhood's website


Promotion

None

no promotion available at this time

Why we like it

Robinhood is truly free: There are no hidden costs here. You’ll give up a few things in exchange for free trades — trading tools, research, education, investment options beyond stocks and ETFs — but if limiting costs is your No. 1 concern, Robinhood is a solid choice.

Pros

  • No account minimum.

  • Streamlined interface.

  • Cryptocurrency trading.

Cons

  • No retirement accounts.

  • No mutual funds or bonds.

  • Limited customer support.

Read Full Review
TradeStation

on TradeStation's website

TradeStation

TradeStation

Fees

$0

per trade

Account Minimum

$0

Promotion

Up to $2,500

cash credit with a qualifying deposit

on TradeStation's website


Promotion

Up to $2,500

cash credit with a qualifying deposit

Why we like it

TradeStation is a strong choice for active stock, options and futures investors who rely on the broker’s high-octane trading platform, reams of research and sophisticated analytical tools. Trades of up to 10,000 shares are commission-free.

Pros

  • High-quality trading platforms.

  • Comprehensive research.

  • Commission-free stock, ETF and options trades.

  • Advanced tools.

  • Active trader community.

Cons

  • Free trading on advanced platform requires TS Select.

  • No transaction-fee-free mutual funds.

  • Plans and pricing can be confusing.

Read Full Review

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

Summary of Best Options Trading Brokers and Platforms of April 2020

BrokerCommissionsPromotionAccount MinimumLearn More
Merrill Edge Logo

Merrill Edge

on Merrill Edge's website

$0

per trade

Up to $600

cash credit with qualifying deposit

$0

on Merrill Edge's website

TD Ameritrade Logo

TD Ameritrade

on TD Ameritrade's website

$0

per trade

Up to $600

cash credit with qualifying deposit

$0

on TD Ameritrade's website

Interactive Brokers IBKR Lite Logo

Interactive Brokers IBKR Lite

on Interactive Brokers's website

$0

per trade

None

No promotion available at this time

$0

on Interactive Brokers's website

Robinhood Logo

Robinhood

on Robinhood's website

$0

per trade

None

no promotion available at this time

$0

on Robinhood's website

TradeStation Logo

TradeStation

on TradeStation's website

$0

per trade

Up to $2,500

cash credit with a qualifying deposit

$0

on TradeStation's website

eOption Logo

eOption

$0

per trade

None

no promotion available at this time

$500

Read review
Ally Invest Logo

Ally Invest

$0

per trade

$50 - $3,500

in cash bonus with qualifying deposit.

$0

Read review
Firstrade Logo

Firstrade

$0

per trade

Up to $200

in Transfer Fee Rebates

$0

Read review
E*TRADE Logo

E*TRADE

$0

per trade

$100 to $2,500

cash credit with a qualifying deposit or transfer

$0

Read review
Charles Schwab Logo

Charles Schwab

$0

per trade

None

No promotion at this time

$0

Read review
Fidelity Logo

Fidelity

$0

per trade

None

No promotion available at this time

$0

Read review

Last updated on March 24, 2020

Methodology

NerdWallet's ratings for brokers and robo-advisors are weighted averages of several categories, including investment selection, customer support, account fees, account minimum, trading costs and more. Our survey of brokers and robo-advisors includes the largest U.S. providers by assets under management, plus notable and/or emerging players in the industry. Factors we consider, depending on the category, include advisory fees, branch access, user-facing technology, customer service and mobile features. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

To recap our selections...

NerdWallet's Best Options Trading Brokers and Platforms of April 2020