BEST OF
These brokers charge low or no options contract fees and offer investors the tools and research necessary for options trading.
By Chris Davis and Andy Rosen
Edited byRobert Beaupre
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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 day trading platforms.
Unsure what you’re looking for? See our guide to options trading for more on what can make or break an options trading experience.
Why you can trust NerdWallet's picks: Our writers and editors together have more than 50 years of experience writing about finance, and follow strict guidelines to maintain editorial integrity. We do a deep, independent analysis of dozens of investment firms, sorting through the details to find and evaluate the information investors want when choosing an investing account. To see our full methodology and learn more about our process, read our criteria for evaluating online brokers.
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 day trading platforms.
Unsure what you’re looking for? See our guide to options trading for more on what can make or break an options trading experience.
Why you can trust NerdWallet's picks: Our writers and editors together have more than 50 years of experience writing about finance, and follow strict guidelines to maintain editorial integrity. We do a deep, independent analysis of dozens of investment firms, sorting through the details to find and evaluate the information investors want when choosing an investing account. To see our full methodology and learn more about our process, read our criteria for evaluating online brokers.
🤓Nerdy Tip
The stock market continues to hit record highs in 2024. As of Feb. 29, 2024, the S&P 500's 1-year total return is over 30%.
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
Fidelity Learn more on Fidelity's website | 5.0/5 | $0 per trade for online U.S. stocks and ETFs | $0 | None no promotion available at this time | Learn more on Fidelity's website |
J.P. Morgan Self-Directed Investing Learn more on J.P. Morgan's website | 4.1/5 | $0 per trade | $0 | Get up to $700 when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money. | Learn more on J.P. Morgan's website |
Interactive Brokers IBKR Lite Learn more on Interactive Brokers' website | 5.0/5 | $0 per trade | $0 | None no promotion available at this time | Learn more on Interactive Brokers' website |
Charles Schwab Learn more on Charles Schwab's website | 4.9/5 | $0 per online equity trade | $0 | None no promotion available at this time | Learn more on Charles Schwab's website |
Robinhood Learn more on Robinhood's website | 4.3/5 | $0 per trade | $0 | 1 Free Stock after linking your bank account (stock value range $5.00-$200) | Learn more on Robinhood's website |
NerdWallet rating
5.0/5on Fidelity's website
Fees
$0
per trade for online U.S. stocks and ETFs
Account minimum
$0
Promotion
None
no promotion available at this time
Pros
Commission-free stock, ETF and options trades.
Large selection of research providers.
Strong customer service.
Expense-ratio-free index funds.
Highly rated mobile app.
High interest rate on uninvested cash.
Cons
Relatively high broker-assisted trade fee.
Why We Like It
Fidelity doesn't charge a commission on options trades, but they still carry a contract charge, which is $0.65. Fidelity doesn’t offer volume discounts on options. More broadly, Fidelity has done away with nearly all account fees, including the transfer and account closure fees that are commonly charged by brokers. Fidelity earns strong marks for its educational tools and customer service options, including a network of more than 200 branches for in-person advice and educational options, and 24/7 phone, chat and email support.
NerdWallet rating
4.1/5on 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.
Pros
Easy-to-use platform.
$0 commissions.
App connects all Chase accounts.
No account minimum.
Cons
Limited tools and research.
Portfolio Builder tool requires $2,500 balance.
Low interest rate on uninvested cash.
Why We Like It
J.P. Morgan Self-Directed Investing’s options pricing doesn't include a per-trade commission. However, you will pay $0.65 per contract. The costs to withdraw from your account are about average: Regardless of whether you're performing a full account closure or just transferring a portion of the securities out of your account, you’ll pay a $75 account transfer fee. Self-Directed Investing doesn’t support investing in futures or forex, nor does it offer fractional shares. J.P. Morgan customer support is available Monday through Friday from 8 a.m. to 9 p.m. Eastern, and from 9 a.m. to 5 p.m. on Saturdays, and the company has physical branches open during business hours.
NerdWallet rating
5.0/5on Interactive Brokers' website
Fees
$0
per trade
Account minimum
$0
Promotion
None
no promotion available at this time
Pros
Large investment selection.
Strong research and tools.
Over 19,000 no-transaction-fee mutual funds.
High order execution quality.
Cons
High minimum to earn interest on uninvested cash.
Why We Like It
Options trading prices with Interactive Brokers are competitive, with a $.65 charge per contract and no base, plus discounts for larger volumes. The minimum options trade commission is $1 per order. Interactive Brokers charges no annual, account, transfer or closing fees, which is relatively rare among brokers reviewed by NerdWallet. The platform's selection ranges from standard offerings of stocks, options and ETFs to precious metals, forex, warrants and futures. Interactive Brokers also offers fractional shares of stock and 24-hour phone, email and chat support, six days a week.
NerdWallet rating
4.9/5on Charles Schwab's website
Fees
$0
per online equity trade
Account minimum
$0
Promotion
None
no promotion available at this time
Pros
Four trading platforms with no minimum or fees.
Above-average mobile app.
Extensive research.
Large fund selection.
Commission-free stock, options and ETF trades.
Cons
Low interest rate on uninvested cash.
Why We Like It
Schwab doesn’t charge any per-trade commissions for options, but it does charge $0.65 per contract. Overall, Schwab has some of the lowest account fees around. Schwab doesn’t have any annual or inactivity fee, and the fee to transfer assets out of the account is $25. If you do it all online, it’s only $15. Charles Schwab has a large selection of tradable securities, including mutual funds, ETFs, index funds, bonds, options and futures. It doesn't offer forex. Phone, email and online chat are all available 24/7. If you prefer to speak to someone in person, there are more than 400 Charles Schwab branches around the country, with some even open on Saturdays.
NerdWallet rating
4.3/5on 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)
Pros
No account minimum.
Streamlined interface.
Cryptocurrency trading.
IRA with 1% match.
High interest rate on uninvested cash.
Cons
No mutual funds or individual bonds.
Limited customer support.
Why We Like It
Robinhood’s commitment to low-cost trading is especially apparent in its options trading offering — Robinhood is among the handful of brokers that don’t charge a per-contract fee. One of the biggest fees Robinhood charges is the $75 fee for transferring your investments to another broker. There's no fee for selling your investments and having the money transferred via ACH to your bank. The securities available to trade at Robinhood are limited: The platform doesn't support mutual funds and bonds, which can help build a diversified portfolio. For customer support, Robinhood lets users request a representative to call them back 24/7 for anything they need.
NerdWallet rating
5.0/5on Webull's website
Fees
$0
per trade
Account minimum
$0
Promotion
Get up to 75 free fractional shares (valued up to $3,000)
when you open and fund an account with Webull.
Pros
Low costs.
Easy-to-use platform.
Advanced tools.
Access to cryptocurrency.
High interest rate on uninvested cash.
High order execution quality.
Cons
No mutual funds.
Thin educational support.
Why We Like It
Webull is among the few brokerages that offer free options trades. Customers aren’t charged a per-trade commission nor a per-contract fee. Other costs include Webull’s transfer fee. Whether you’re transferring all of your assets from Webull to another brokerage or just a few, you’ll be charged a $75 transfer fee. However, you won’t pay any annual or inactivity fee at Webull. Despite a robust offering for active traders, Webull lacks access to some common securities, such as mutual funds and bonds. Webull offers 24/7 customer support via phone and email.
NerdWallet rating
4.3/5Fees
$0
per trade
Account minimum
$0
Promotion
Up to $1,000
in free stock for users who sign up via mobile app
Pros
Commission-free stock, ETF and options trades.
Fractional shares available.
Free financial counseling.
IPO access.
No account minimum.
Cons
Low interest rate on uninvested cash.
Why We Like It
SoFi Active Investing's $0 trading commission, fractional shares and $1 account minimum are attractive to new investors. More advanced investors will appreciate the company's wide mutual fund selection and IPO access.
Want to compare more options? Here are our other top picks:
E*TRADE
Ally Invest
Firstrade
Merrill Edge® Self-Directed
Last updated on March 1, 2024
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.
To recap our selections...
NerdWallet's Best Options Trading Brokers and Platforms of March 2024
- Fidelity
- J.P. Morgan Self-Directed Investing
- Interactive Brokers IBKR Lite
- Charles Schwab
- Robinhood
- E*TRADE
- Webull
- SoFi Active Investing
- Ally Invest
- Firstrade
- Merrill Edge® Self-Directed
