BEST OF

11 Best Options Trading Brokers and Platforms of February 2023

These brokers charge low or no options contract fees and offer investors the tools and research necessary for options trading.

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The best options brokers offer low (or in some cases, no) options contract fees, no trading commissions, 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 guide to options trading for more on what can make or break an options trading experience.

Best Options Trading Brokers and Platforms

NerdWallet rating 

4.7

/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 

5.0

/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 

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 

4.7

/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 $700

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

NerdWallet rating 

4.9

/5
Webull
Learn more

on Webull's website

Fees

$0

per trade

Account minimum

$0

Promotion

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

when you open and fund an account with Webull. Promotion ends 1/31/2023.

NerdWallet rating 

5.0

/5
TD Ameritrade
Learn more

on TD Ameritrade's website

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

4.8

/5
Ally Invest

Fees

$0

per trade (on eligible US securities)

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

4.6

/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)

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

Last updated on January 3, 2023

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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

3.75%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

at SoFi, Member FDIC

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

3.30%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

LendingClub High-Yield Savings

4.5

NerdWallet rating 
LendingClub High-Yield Savings

APY

4.00%

With $0 min. balance for APY

at LendingClub 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).

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