Best Brokers for Options Trading in 2023

Best Brokers for Options Trading in 2023 is important as trading has grown in popularity in recent years among active traders and investors. With the variety of brokers available today, it’s important to choose one that best fits your options trading needs.

Best Brokers for Options Trading in 2023
Best Brokers for Options Trading in 2023

The top brokers for options combine low commissions, robust trading platforms, and strong educational resources. Here are five of the best brokers for options trading as of October 2023.

Best Brokers for Options Trading in 2023

The best brokerage for options trading can vary depending on your specific needs and preferences, including factors like your level of experience, trading style, and the features you require. With that in mind below are the Best Brokers for Options Trading in October 2023:

Fidelity – Excellent for Active Options Traders

Fidelity is a full-service brokerage catering to active options traders. They offer a feature-packed online trading platform, $0 per trade commission, and competitive margin rates. Fidelity provides high-level options tools like options strategy builders, profit/loss modeling, and screenshots to evaluate positions. Active options traders will appreciate Fidelity’s resources, though some find the platforms dated looking.


  • $0 commission options trades
  • Margin rates from 5.75%
  • Advanced desktop & mobile trading platforms
  • Numerous screening tools for options ideas


  • Platform design less intuitive than some brokers
  • -Advanced tools can seem complex for new traders

Tastyworks – Best for Frequent Options Traders

Tastyworks focuses specifically on options and futures trading. They provide low commissions starting at just $1 per options contract. Tastyworks has a slick modern platform with video tutorials guiding options strategies. They’re designed for high-volume options traders who will benefit from steep commission discounts at higher tiers. Though lacking long-term investing tools.


  • Commissions from $1 per contract
  • Intuitive video-driven trading platform
  • Specializes specifically in options trading


  • Less research and fundamental data than full-service brokers
  • Less suitable for passive, buy-and-hold investing

Webull – Best for Mobile Options Trading

Webull offers free stock and ETF trades, plus low-cost options with no per-contract fees. Options trades are just $0 + $0.65 per contract. They have a well-designed mobile app tailored to active traders. Tools include an options profit calculator, probability analysis, and strategy order types. Ideal for newer options traders on a budget, though the desktop platform lacks features.


  • $0 + $0.65 per contract options trades
  • User-friendly mobile app for options
  • No account minimums or inactivity fees


  • Desktop platforms are not as robust as mobile
  • Less research and tools than some brokers

TD Ameritrade – Excellent Education for Beginners

TD Ameritrade has $0 base commissions on online options trades, plus $0.65 per contract. They offer an exceptional education for new options traders via videos, courses, tutorials, and paper trading. Experienced traders may find tools lacking compared to rivals, but beginners benefit from TD Ameritrade’s learning resources.


  • $0 + $0.65 tiered options pricing
  • Great options for education for beginners
  • Large selection of third-party research


  • Less advanced tools than some brokers
  • Higher margin rates than discount brokers

E*Trade – Strong Options Research and Screening

E*Trade charges $0.50 per contract for options trades, with lower tiers at 150+ contracts per quarter. They offer quality options tools, research, and screeners. OptionsPlay provides options trade ideas, while Power E*Trade has a robust options chain and spread analyzer. From researching trades to execution, E*Trade can fill the needs of active options traders.


  • $0.50 per contract options pricing
  • Multi-leg options trading tool
  • OptionsPlay for generating trade ideas


  • $25,000 minimum for Power E*Trade tools
  • Higher margin rates than discount brokers

Selecting the ideal options broker depends on your individual trading needs and strategies. Active day traders have different priorities than casual investors dabbling in options. Fortunately, quality options brokers exist to meet all types of traders’ requirements. Assess commissions, tools, education, margin rates, and ease of use to decide which fits your preferences best.


Options trading continues growing in popularity across diverse traders thanks to leverage and risk management potential. However, the benefits of options rely on choosing a broker matched to your needs. The best options brokers combine competitive pricing, robust trading platforms, and options education. Lower commissions benefit active traders, while beginners need knowledge-building resources.

Analyze pricing, tools, margin rates, and ease of use when selecting. Focus on brokers catering specifically to options traders versus stock trading. With the proper broker, options traders can implement strategies suited to their experience level and specific objectives.



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