11 Best Options Trading Brokers and Platforms of February 2023

Merrill Edge has no commissions on options trades, though you will still have to pay $0.65 per contract, a fairly typical charge among brokerages. Overall, Merrill Edge gets high marks when it comes to account fees: There are no transfer, annual, inactivity or closing fees for brokerage accounts. The platform ranks in the middle of the pack for its selection of investments. Merrill Edge has relatively strong customer support options, including 24/7 availability.

E*Trade's options trades are commission-free, but they still carry a contract charge, which is $0.65. E*TRADE offers a discounted fee of $0.50 for active traders (defined as those who trade 30 or more times per quarter). E*TRADE charges no annual or inactivity fee. There is a $75 full transfer out fee; partial transfers cost $25, though the company will waive that cost if you have a remaining account balance of more than $5,000. E*TRADE allows investors to trade stocks, bonds, mutual funds, ETFs, options and futures. Customer support is available 24/7 via phone, email and chat.

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.

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.

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.

In addition to not charging a base commission for options trades, Ally Invest's per-contract fee comes in lower than many other brokers at $0.50 per contract. Ally Invest charges $50 for a full or partial transfer of your securities out of your account. Two fairly common investment options are missing from Ally's otherwise strong list of tradable securities: futures and fractional shares. Ally offers customer support access 24/7 via phone, email and chat.

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.