Best Options Trading Platforms

Options have become one of the hottest securities online. In part, this has to do with the rise of commission-free trading. Many services offer cheap trades on options contracts because, like equities, they make their money from other parts of the market. Beyond just cost, however, you will want to consider general usability and value-adding tools and resources when choosing an options trading platform.

A financial advisor can provide invaluable guidance on which trading platform best suits your goals, experience and planned level of engagement.

Data and Methodology

We identified the apps below through exhaustive research and analysis of the options trading platform market. They are listed in an order that’s in direct correlation with their individual composite score based on our methodology, which includes consumer ratings from multiple popular online app stores and the cost of options trading fees.

1. Moomoo

Moomoo has quickly become a strong contender in the trading app market, particularly for investors who value both cost-effectiveness and data-rich tools. Unlike some platforms that cater almost exclusively to beginners, Moomoo strikes a balance between accessibility and professional-grade analysis, making it a compelling choice for retail traders who want to deepen their market understanding without paying hefty commissions.

One of the platform’s strongest features is its comprehensive suite of research and analysis tools, which rivals what’s offered by some of the more established institutional platforms. Traders get access to Level II market data, advanced charting features and in-depth news feeds, all of which are rare in commission-free brokerages. For options traders, the platform provides multi-leg strategy support and visualization tools, allowing users to test out spreads, straddles and other more advanced positions with clarity.

Ultimately, Moomoo’s platform is best-suited for ambitious retail investors who are eager to graduate from basic trading into a more analytical, data-driven approach. Its low-cost structure, advanced research tools and global reach make it a compelling choice, but it is less forgiving for those who prefer simplicity above all else.

2. Firstrade

Firstrade has built its reputation on being one of the most cost-effective brokerages for retail investors, and this strength extends to its options trading platform. The company was one of the first in the industry to offer commission-free trading across all securities, including options contracts, and it continues to stand out in this respect. Unlike many competitors, which still charge per-contract fees on options trades, Firstrade completely eliminates them, making it an excellent choice for investors who trade frequently or want to experiment with complex strategies without worrying about costs eating into their returns.

Beyond its attractive pricing model, Firstrade offers a solid suite of tools for options traders. The platform includes a strategy builder that allows investors to visualize multi-leg options positions, such as spreads, straddles and condors. It also provides access to advanced charting, market data and screeners, helping investors quickly identify opportunities. Another noteworthy feature is Firstrade’s integration with OptionsPlay, a tool designed to simplify options trading by presenting strategies in an easy-to-understand, side-by-side format with explanations of risk and reward potential.

Firstrade does have limitations. While its pricing and basic tools are highly competitive, the platform does not offer the same depth of educational resources or research capabilities as some of its peers. Experienced traders may find its analysis tools somewhat limited compared to some other platforms, and beginners who want detailed step-by-step learning materials may find more support elsewhere.

3. Robinhood

Robinhood is perhaps the most recognizable name in the world of retail investing apps, having pioneered commission-free trading and helped democratize access to the stock and options markets. Its greatest strength lies in its simplicity: The app’s clean design and intuitive interface make it easy for first-time traders to open an account, place trades and explore options strategies with minimal friction. For investors who might otherwise find traditional brokerage platforms intimidating, Robinhood provides an accessible entry point into the market.

When it comes to options trading, Robinhood offers commission-free trades, with no per-contract fees on stock and ETF options. The app includes a streamlined options trading interface that allows users to build single- and multi-leg strategies, such as calls, puts and spreads, with just a few taps. For beginners, this simplicity is a major advantage. The platform focuses on making the process of selecting strike prices, expirations and trade types as straightforward as possible, which is one of the reasons it became so popular with new investors.

Ultimately, Robinhood is ideal for beginners who value simplicity and cost-effectiveness above all else. It removes friction from the trading process and makes options accessible to a wide audience.

4. Ally Invest

Ally’s platform offers a wide range of services, including the relatively rare feature of including both a robo-advisor and full-featured trading in the same platform. This alone makes it recommendable to novice traders, who can begin by having their money automatically managed and segue into a more hands-on approach as they learn the market.

However, what makes this service truly stand out is its range of explanatory tools and strategies. Ally could have been built specifically for beginners. Tools such as the profit/loss graph and the probability calculator help investors understand the positions they’re taking. Meanwhile, pre-built templates help new investors build options positions and understand how those strategies will affect their investment portfolio.

That said,Ally’s highly accessible model will likely get in the way of sophisticated traders, slowing them down because of the very same interface design that helps new traders understand the system.

5. Fidelity

Fidelity is widely regarded as one of the most comprehensive and reliable platforms in the brokerage industry, and this reputation extends to its options trading services. While many competitors focus on simplifying the trading process, Fidelity sets itself apart by offering professional-grade research, analytics and educational resources, all without compromising accessibility for everyday investors. Its breadth of tools makes it a strong choice for both novice traders looking to learn and experienced investors seeking advanced strategies.

One of Fidelity’s greatest strengths is its integration of research and education into the trading experience. Options traders can access resources from highly respected third parties. The platform provides profit-and-loss calculators, probability analytics and options screeners that allow investors to analyze potential positions in detail. These features not only help traders evaluate their strategies but also build a deeper understanding of the mechanics behind options contracts.

Overall, Fidelity is one of the best options trading platforms for investors who are serious about developing their trading skills and want access to professional-grade research and analytics. Beginners willing to invest the time to learn will find a wealth of educational resources, while experienced traders will appreciate the platform’s depth and sophistication.

6. E*TRADE

Until recently, options were a relative niche asset traded primarily by sophisticated traders. Many tools reflect this, providing an in-depth experience at the expense of accessibility. Now casual traders have begun integrating options into their portfolios, and that means a generalist platform is in order. E*TRADE accomplishes that goal well. Generalist investors will find this platform outstanding for building wealth overall. Meanwhile, the included tools for trading options are powerful and diverse, with excellent data sets.

E*TRADE’s trading platform is well-designed for retail investors, with plain-language explanations and clear design. This explanation-oriented design is particularly useful for ordinary investors. Tools like Snapshot Analysis focus on helping investors understand the position they’re taking and what their profit/loss potential looks like. For someone looking to round out their general portfolio with a new asset class, this is a terrific approach to trading.

E*TRADE isn’t the best platform for complex or high-volume traders, though. Sophisticated investors will find that the design errs on the side of handholding, which may drag down their trading in favor of explanatory content.

7. Webull

First off, Webull is one of the least expensive platforms you can find for options trading. The brokerage charges nothing, with only a minor regulatory fee attached (roughly $0.04 per contract).

Beyond its low costs, Webull is a well-designed trading platform built around mobile trading.

This is a space that has often been dumbed down, with many comparable products offering nothing more than line graphs and basic price histories. Webull provides sophisticated tool sets, with candlestick charts and substantial technical data. The result is a well-balanced platform that gives you casual access to mobile trading but also many of the serious tools available to sophisticated traders.

It’s important to understand, however, that this product cannot replace a full-feature platform built around a desktop or web-based interface. While Webull is well-designed for a mobile platform, sophisticated investors will quickly bump into the limits of Webull’s trading tools and data sets.

8. Interactive Brokers

A truly great low-price platform has to offer the best possible intersection of product and price—otherwise, you’re just using a product that’s likely to lose you money. Interactive Brokers sits in that sweet spot. The platform offers some of the most competitive prices for options trading on the market, going as low as $0.15 per contract, depending on your specific subscription plan. At the same time, it also offers a complex and sophisticated tool kit that allows you to invest with confidence.

Interactive Brokers is a terrific middle-of-the-road product at a great price. Inevitably, however, that means there’s something better out there for just about any profile of the trader.

9. TradeStation

TradeStation is a long-established brokerage that has earned a reputation among active and professional traders for its advanced tools, data-rich interface and powerful customization options. While some newer platforms emphasize simplicity and ease of use, TradeStation has historically focused on delivering institutional-grade functionality to retail investors, a strategy that makes it one of the best options trading platforms for those who want depth and precision.

One of TradeStation’s standout features is its robust options analysis and trading environment. The platform supports a wide range of options strategies, from simple calls and puts to advanced multi-leg spreads, iron condors and straddles. Its strategy builder and options chains allow investors to model different positions, while its built-in analytics include probability calculations, profit/loss simulations and volatility assessments.

TradeStation is best-suited for serious traders who value depth over simplicity. Its analytics, backtesting and customization capabilities make it a powerful platform for options trading, but beginners may struggle to adapt.

10. Merrill Edge

Merrill Edge, a platform backed by Bank of America, combines professional-grade trading tools with seamless integration into broader financial management services. This makes it an appealing choice for investors who not only want to trade options but also manage their banking, credit and investing under one roof. For customers of Bank of America, the ability to link accounts and benefit from the Preferred Rewards program adds even more value, offering perks like reduced fees, priority customer service and higher interest rates on deposits.

From an options trading perspective, Merrill Edge provides a balanced experience that caters to both beginners and intermediate traders. The platform offers an intuitive options chain interface, customizable screeners and strategy-building tools that allow investors to create single- and multi-leg positions with relative ease. Profit/loss graphs, risk analysis features and interactive educational resources help users understand the potential outcomes of their trades.

Ultimately, Merrill Edge is an excellent choice for Bank of America clients and investors who value convenience, research support and solid tools at a reasonable price. It is particularly well-suited to individuals who want to balance options trading with broader financial management, though it may not fully satisfy the demands of highly advanced traders.

Risk of Investing in Options

Options can pose a bigger investment risk compared to some other investments, and they may not be the right choice for new investors. Once you understand how they work though, they can be a good addition to your portfolio.

Options contracts are typically safer than some of their even more speculative counterparts. Unlike the futures market on which they’re based, options let you fix your potential losses in advance. You can only lose the money you’ve invested up front, whereas with assets like futures and shorts, your potential losses are unknown.

Bottom Line

Options trading has come into its own in recent years. Whether you are someone who is just learning the ropes or are looking to integrate options into your existing portfolio to maximize returns, you can find a platform out there that suits your needs. There is no clear one-size-fits-all to an options trading platform, and the right choice will depend on your personal preferences as well as what you’re trying to accomplish.

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