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Best Options Trading Platform

Of all the asset classes typically supported by online brokers, options are the easiest to differentiate because, unlike stocks or ETFs, many options trading platforms still charge options trading fees. The growing interest in options as a way to use investment funds has led to an increase in the number of brokers specializing in this area. This overcrowding has resulted in more competition and better options for traders than ever before. Our best options trading platform has a wealth of tools to help you measure and manage risk while determining which trades to trade. They also offer solid educational content designed to help you become a successful options trader.

1. Tastyworks: Best Options Trading Platform

When we focus on options trading - a niche (albeit rapidly growing) within the traditional definition of trading - we suddenly see online brokers eclipsed by big players in other categories. These include players like eOption and Webull; however, deliciousworks is the broker that shines the most. While we put a lot of emphasis on contract pricing in our 50-contract trading scenario, the best overall options trading platform needs to provide the tools along with that price. Tastyworks is in the best position to compete with powerhouses like E*TRADE with its options-specific tools, and its pricing makes it more attractive. Depending on how many contracts you trade at once, there are cheaper options brokers out there, but deliciousworks has a better overall platform. The final factor that has propelled TastyWorks to the top is the excellent educational content it produces for clients that keep them updated and informed when they're not glued to their charts.

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2. E*TRADE: Best for beginner options traders

While we would like to see low costs across all options categories (especially for beginners), E*TRADE offers beginner options traders the best broker, though not the cheapest: it offers per contract $0.65 or $0.50 option if you earn more than 30 trades per quarter. 1 Despite the price disadvantage, E*TRADE stands out because it has an innovative platform, extensive tools and excellent educational resources to help new options traders develop their trading skills. Option Order Tickets now have built-in options trading strategies, so you can easily choose the one that suits your risk tolerance and sentiment. Choosing one of these will also give you a preview of how the proposed deal will affect your purchasing power. Built-in support like this combined with an extensive library of educational resources makes E*TRADE the best broker of choice for novice options traders.

3. Webull: Best for trading low-cost options

As we said in our full Webull review, it's essentially a free broker, not a low-cost one. Webull's main pricing advantage is that it offers U.S.-listed options in addition to stocks and ETFs. The most surprising thing about Webull is that its options tools and charting capabilities are very powerful for a broker with almost zero transaction costs. Options tools help you set up and customize common strategies using spreads between different order types and strike prices in multi-leg strategies. If you want to trade options at the lowest possible price, Webull is the broker for you.

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final judgment

There has never been a better time to be an options trader. The number of niche brokers in options trading has increased with the number of brokers offering commission-free trading. Depending on your specific preferences, you can find a range of robust options trading platforms with built-in tools and features to significantly speed up your trading. Tastyworks stands out again because of their focus on providing the best options trading experience. However, WeBull is sure to catch the attention of cost-conscious traders due to its good toolset and free approach. Finally, we have E*TRADE, which is a good starting point for traders in options trading, with plenty of room to develop the advanced features of the Power E*TRADE platform. Options traders have been waiting for such a self-help option when choosing a trading platform.

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What are options?

Option contracts give the holder the right - but not the obligation - to buy or sell the underlying asset at a specified price on or before a specified date. There are two main types of options: call options give you the right to buy a stock, and put options give you the right to sell the stock. The strike price (also called the strike price) is the price at which you buy or sell the stock when you decide to exercise the option. The expiration date is the time when an option contract expires and becomes worthless. Since options derive their value from the underlying asset, they belong to a group of securities called derivatives.

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How do you start trading options?

Investors use options to hedge or speculate on risk. To get started, you need a brokerage account approved for options trading. If you already have a brokerage account with a broker that supports options, you can fill out an application to activate options. After providing details of your investment objectives, trading experience and financial situation (such as annual income, employment information, net worth and total assets), the broker will review your application and approve or deny it. If you are approved, the broker will tell you which option level you are eligible for. If your current broker does not support options (or you want to try another broker), you can apply for options trading after your standard brokerage account is approved. Depending on your brokerage and options strategy, you may also need to approve margin privileges.

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