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Comparing Options Trading Brokers: Which One is Right for You?

The cost for placing options orders is dropping everywhere. Be sure to contact your top choices directly to confirm their commissions, minimum deposit amounts, and customer support capabilities.

Ask them what sets them apart from their competition. You can also ask if they have any special deals – they are eager for your business!

The brokers we see mentioned most often by experienced Investing Daily members are TD Ameritrade’s thinkorswim, Fidelity, E*TRADE’s optionshouse, and Interactive Brokers. Lately members are mentioning Tastyworks, Ally Invest, and Charles Schwab, too. 

If you live outside of the United States and want to trade U.S. options, Interactive Brokers, TD Ameritrade, OptionsXpress, and TradeStation would like to hear from you. Questrade is a Canadian brokerage who can help you with U.S. options. Likewise, CommSec is an Australian brokerage, but we hear they have high commission fees.

We at Investing Daily receive no compensation for recommending any of these brokers and simply offer this as a tool to help our new members get started. We cannot vouch for the impartiality of any of the reviews below, but hope that you’ll be able to gather enough honest information that your final choice is a great fit.

Start by reviewing the Financial Industry Regulatory Authority’s advice.

Then scan Barron’s Target Customer column to find a few options brokers most likely to have what you need. Barron’s 2017 Best Online Broker Ranking

Once you have a few candidates in mind, feel free to browse the internet for more pros and cons. Here are a few reviews that we found:

Best Options Brokers for 2017, by The Simple Dollar

  • Best for Beginners: TD Ameritrade  
  • Lowest Fees for Experienced Traders: optionshouse (from E*TRADE) 
  • Best Tools for Active Traders: OptionsXpress (October 2017 update: OptionsXpress has merged into Charles Schwab)

Best Options Trading Brokers and Platforms, by nerdwallet

Best Online Stock Trading Sites, by Reviews.com

Options Trading Brokers 2017, by Stockbrokers.com