Best of
11 Best Options Trading Brokers and Platforms of October 2020
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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.
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.
Summary of Best Options Trading Brokers and Platforms of October 2020
| Broker | NerdWallet Rating | Commissions | Promotion | Account Minimum | Learn More |
|---|---|---|---|---|---|
$0 per trade | Up to $600 cash credit with qualifying deposit | $0 | on Merrill Edge's website | ||
$0 per trade | None no promotion available at this time | $0 | on E*TRADE's website | ||
$0 per trade | None no promotion available at this time | $0 | on TD Ameritrade's website | ||
$0 per trade | None no promotion available at this time | $0 | on Interactive Brokers's website | ||
$0 per trade | None no promotion available at this time | $0 | on Robinhood's website |
on Merrill Edge's website
Merrill Edge
Fees
per trade
Account Minimum
Promotion
cash credit with qualifying deposit
on Merrill Edge's website
on E*TRADE's website
E*TRADE
Fees
per trade
Account Minimum
Promotion
no promotion available at this time
on E*TRADE's website
on TD Ameritrade's website
TD Ameritrade
Fees
per trade
Account Minimum
Promotion
no promotion available at this time
on TD Ameritrade's website
on Interactive Brokers's website
Interactive Brokers IBKR Lite
Fees
per trade
Account Minimum
Promotion
no promotion available at this time
on Interactive Brokers's website
on Robinhood's website
Robinhood
Fees
per trade
Account Minimum
Promotion
no promotion available at this time
on Robinhood's website
on TradeStation's website
TradeStation
Fees
per trade
Account Minimum
Promotion
cash credit with a qualifying deposit
on TradeStation's website
Want to compare more options? Here are our other top picks:
Last updated on October 17, 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...
