Best Options Trading Platforms

Among Benzinga readers, popular choices for best options trading platforms include Webull and Interactive Brokers.

As options trading gains traction, brokers are increasingly offering mobile app access. While mobile options trading presents its complexities compared to desktops, the right platform and practice can empower you to trade on the go. If mobile options trading is a priority, consider opening an account with one of these top-rated platforms.

Quick Look at the Best Options Trading Platforms:

• Best for Global Traders: Interactive Brokers
• Best for Traders of All Levels: moomoo
• Best for Trading Ideas: Public.com
• Best for Intermediate Investors: Webull
• Best for Beginners: Robinhood

5 Best Options Trading Platforms

When considering the best options trading platforms, it's essential to evaluate their features, usability and the tools they provide to optimize your trading experience.

1. Best for Global Traders: Interactive Brokers

WIth IBKR, options commissions range from USD 0.15 to USD 0.65 per US options contract.

They have a powerful, award-winning trading platform and tools available on desktop, mobile and web. You can view market data, positions and trade multiple asset classes and products side-by-side on a single screen.

You can stay on top of your portfolio and the markets wherever you are. The IBKR Mobile app includes everything you need to trade and manage your options on-the-go.

The OptionTrader displays market data for the underlying, allows you to create and manage options orders including combination orders, and provides the most complete view of available option chains, all in a single screen.

Why We Picked It: IBKR offers a obust platform with a wide range of options tools, including complex order types, greeks analysis, strategy builders and advanced charting.

2. Best for Traders of All Levels: moomoo

Moomoo is an award-winning platform for options traders. Its user-friendly design makes it easy to navigate, while providing powerful and extensive analysis capabilities. Stock options trading on moomoo is commission-free with no contract fees, along with free features like the options calculator, unusual activity log, options rankings andmore.

Other unique features of moomoo include:

• Real-time Level 2 stock and options market data
• Advanced technical indicators and charting 
• Smart orders
• Full extended trading hours from 4 AM to 8 PM EST
• Multi-market quotes
• Low fees including $0 commission on U.S. Stocks and options and $0 options contract fees
• Cash sweep program with 5.1% APY along with a 3.0% boost for qualified users

Why We Picked It: moomoo offers top-notch charting software that caters to both mobile and desktop platforms, providing users with a comprehensive trading experience.

3. Best for Trading Ideas: Public.com

Public.com makes it possible for you to diversify your investments to a great extent, including stocks, ETFs, crypto and alternative assets, and it does all that from a very convenient mobile app. Users on the app get:

• Earn $0.18 per options contract traded
• A potential 50% rebate on all options transactions (meaning you get to earn 50% of the revenue that Public.com makes)
• The “education mode” that allows beginners to learn safely
• An educational section that will teach you all about options, alternative assets and more, including video content for visual learners

Moreover, Public.com onboards you properly so that you get the correct level of options access when you are onboarded, meaning that you can start on your level and grow organically. Look at the Options Hub at Public.com to learn more.

Why We Picked It: Public.com potentially allows fractional share trading for options contracts, making them more accessible to investors with limited capital.

4. Best for Intermediate Investors: Webull

With over 11 million users worldwide, Webull has quickly grown into one of the market’s largest stock and options trading platforms. Unlike most brokers, Webull doesn’t charge any commission on its trading — including options trading.

Webull’s mobile app is comprehensive, allowing you to place options trades, track your portfolio over time, practice with a paper trading account and much more. Its mobile app also offers a number of unique features that set it apart from other brokers, including:

• Mobile voice commands: Place orders and perform research using voice commands like buy, sell and search without lifting a finger.
• Advanced order options: Webull has recently introduced more advanced order types, including stop-loss orders and one-cancels-the-other (OCO) orders to its mobile platform.
• Advanced market data: With a Webull subscription, you can access Level 1 and Level 2 market data — no matter where you are.

The Webull app is available as a free download for Apple and Android users. Windows desktop users may also enjoy the Webull desktop app, which makes it easier to execute trades quickly. In the future, Webull is working to continue expanding options order types and pursue Level 3 options choices. Options trading is available through Webull from 9:30 a.m. to 4 p.m. EST every trading day. 

Why We Picked It: Webull offers commission-free options trades, making it a cost-effective option for active traders. Webull also allows users to practice options trading strategies with a paper trading account before risking real capital.

5. Best for Beginners: Robinhood

If you’re a new investor, it’s easy to become overwhelmed by the sheer number of trading and charting options you’ll see with most brokerages. Investors looking for a simpler way to begin trading options may enjoy Robinhood’s no-frills mobile platform. It's one of the best options trading platforms for beginners.

Like stock and ETF trading, buying and selling options is incredibly simple when you use Robinhood’s platform. Simple browse currently available options and click on a potential order to see what exactly you’re buying and how much it will cost you. Level 2 self-directed options strategies and Level 3 options orders (like credit spreads) are currently available on both desktop and mobile formats.  

Like Webull, Robinhood has ditched option fees in favor of commission-free trading. Robinhood has no commissions on options purchases or sales, no per-contract fees and no assignment fees. Though you’ll need a Robinhood Gold account to access more in-depth market research (a subscription costs $5 per month) you don’t need to be a Robinhood Gold member to access options trading.

Robinhood’s mobile app is available as a free download for both Apple and Android devices. 

Why We Picked It: Robinhood allows investing in fractional shares, which can be helpful for options strategies involving spreads.

How to Choose the Best Platform

When it comes to selecting the best options trading platform, it’s essential to consider various factors that can significantly impact your trading experience and success.

• Mobile App Usability: Pick a platform with a user-friendly and well-reviewed mobile app for options trading features.
• Experience Level: Beginner platforms prioritize ease of use and education, while advanced platforms offer powerful tools and in-depth analysis.
• Trading Needs: Consider features like order types, option strategies supported, and research tools relevant to your approach.
• Fees & Commissions: Options trading often incurs fees, so compare commission structures, and margin rates between platforms and find one that fits your budget.

Best Options Strategy

The best options trading strategy for you will vary depending on your personal risk tolerance, your trading style and the individual options you want to trade. Let’s take a look at 2 of the most commonly used options trading strategies for beginners to help you get started when using one of the best options trading apps.

• Covered call: A covered call is a common trading order used by investors who already own a select number of stocks and who believe that prices will remain stagnant or go down. When you sell a covered call, you collect a premium on stocks you own while waiting for the next increase in price. Selling covered calls can be risky if the asset you hold increases in value.
• Long call: A long call is one of the most basic types of options orders. If you believe that a stock is going to increase in price over time, you can “lock in” the price of the stock now by purchasing a call option. If the stock does increase in price, you can execute your option and immediately sell the order, taking a profit based on the differences in price. If the price of the stock decreases, you can choose not to execute the option.

Benzinga Options Newsletter 

Researching the best options trading platforms is only a piece of the overall “puzzle” that is the options market. A comprehensive options trading strategy and a reliable research method are both absolutely crucial if you want to become a profitable options trader. However, with so much information available, how can you possibly separate investing fact from fiction?

Enter Benzinga Stocks To Watch, your daily source for hand-selected options and stock opportunities delivered straight to your inbox before the market opens. Benzinga Stocks To Watch is written by the internet’s top investing researchers, news correspondents and analysts — so you can rest with the peace of mind knowing you’ll always have access to reliable, professional investing advice.

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Entering the Options Market

After you’ve found the best options trading apps for you, you’ll want to take some more time researching the options market before you place your first call or put order. Subscribe to an options newsletter, familiarize yourself with some of the most common options trading terms and practice using a demo account before you begin investing. Just a few days of research can potentially compound your profits when you enter the market.  

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