Among Benzinga readers, popular choices for best options trading platforms with strong mobile apps 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 Stock Market News: Benzinga Pro
- Best for Global Traders: Interactive Brokers
- Best for Mobile Users: Plus500
- Best for Traders of All Levels: moomoo
- Best for Trading Ideas: Public.com
- Best for Intermediate Investors: Webull
- Best for Beginners: Robinhood
1. Best for Stock Market News: Benzinga Pro
News is the most critical part of the stock market as news items come out all day, every day. When investors hear the news—or even get a glimpse of what’s to come—they act. These actions impact the markets, and there’s no better way to make wise investing decisions than to gain access to stock market news as soon as it happens.
Benzinga Pro provides you with the market news you need, the Audio Squawk broadcast each day, charts, insights, tips, indicators and much more. Signing up today allows you to start researching each new investment, ensuring that you will make the most of each options trade while having even more information for the next investment.
Pros
- Benzinga Pro offers news, analysis, and potential trade signals specifically focused on options trading. This can be helpful for identifying opportunities and understanding market sentiment.
- Stay up-to-date on options-related news and market movements with real-time data and customizable alerts.
- Track upcoming earnings reports that can significantly impact options prices.
- Connect with other options traders and discuss strategies in real-time (may require an additional subscription).
- Access to expert insights and analysis can be a learning resource for options traders of various experience levels.
Cons
- You'll need a separate brokerage account to execute trades based on their insights.
- The platform has a monthly subscription fee, which might be a burden for some options traders.
2. 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.
Pros
Robust platform with a wide range of options tools, including complex order types, greeks analysis, strategy builders, and advanced charting.
- Gain deep insights with real-time data, historical analysis, and customizable option chains.
- Trade options contracts on a vast array of underlying assets across numerous exchanges.
- Competitive margin rates for options trading, allowing for leveraged positions.
- Test and refine your options strategies before risking real capital.
Cons
- This can be overwhelming for beginners due to its extensive features and user interface.
- Focuses on tools over extensive instructional content.
- Commission fees apply, though generally lower for active traders. This can be a drawback for occasional options traders.
3. Best for Mobile Users: Plus500
Plus500 is a global multi-asset fintech group that operates trading platforms globally, offering a range of trading products including CFDs, Share dealing, and Futures trading (US).
Highlights of this platform include:
- Quick onboarding
- Simplified mobile trading
- Easy-to-use platform
- Offers 2800+ CFDs, 2700+ Shares, and a variety of Futures (Metals, Crypto, Agriculture, Forex, Interest rates, Energy, Equity Index)
- Free deposits and withdrawals
- $100 minimum
- 0.7% currency conversion fee per transaction, when the currency in your account is different from those traded
Because Plus500 doesn’t charge a commission and only profits on spreads, you save money and don’t have to worry about overpriced fees. If you’re a beginner, there are insights, the Trading Academy and webinars you can check out on YouTube. You can jump into Plus500, make the most of your expertise, build your portfolio and quickly turn a profit.
Pros
- Only charges spreads
- Low minimums
- Free deposits and withdrawals
Cons
- Remember that CFDs can be quite risky and you should manage your portfolio accordingly
4. 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
New features include:
- New User Deposit Bonus: Deposit $100 and receive 7 fractional shares of a star-stocked bundle ("Magnificent 7" at $5 each)
- New User Transfer Bonus: Get a 1.5% cashback on your initial transfer amount (up to $300)
- Referral Bonus: Invite a new user who deposits $100 or transfers in $1,000, and receive 7 fractional shares of a star-stocked bundle ("Magnificent 7" at $5 each)
Pros
- Options commissions/fees: $0 per contract
- Plus, $0 commission on U.S. stocks and ETFs
- Top-notch charting software for both its mobile and desktop platforms
- Level 2 data to help you make wiser investment decisions
- Powerful and customizable research tools
- Extended trading hours and syncing across all devices to fit into busy lifestyles
- 24/7 customer service available via live chat, and phone support during trading days
Cons
- Does not support fractional stocks and Crypto
5. 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.
Pros
- Public.com potentially allows fractional share trading for options contracts, making them more accessible to investors with limited capital.
- Public.com’s user-friendly design might be adapted to make basic options strategies easier to understand and execute.
Cons
- Does not offer the full range of options order types or advanced tools needed by experienced options traders.
- The platform's focus on simplicity might limit support for complex options strategies.
6. 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.
Pros
- Webull offers commission-free options trades, making it a cost-effective option for active traders.
- Webull boasts a user-friendly mobile app platform, simplifying options trading for beginners and experienced users alike.
- Despite its user-friendliness, Webull offers a decent selection of advanced options tools, including greeks analysis and strategy builders.
- Webull allows users to practice options trading strategies with a paper trading account before risking real capital.
- Qualified users can access margin for options trading, potentially amplifying returns (but also magnifying losses).
Cons
- Compared to some competitors, Webull's research and educational resources specifically for options trading might be lacking.
- There's an application process to unlock options trading on Webull, which assesses your investment experience and risk tolerance.
7. 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.
Pros
- Robinhood, like Webull, offers commission-free options trades, making it an attractive choice for cost-conscious options traders.
- It is known for its clean design and ease of use, potentially appealing to new options traders.
- Provides some essential options tools like basic order types and basic Greeks analysis.
- Robinhood allows investing in fractional shares, which can be helpful for options strategies involving spreads.
- Similar to Webull, qualified users can access margin for options trading, potentially magnifying returns (but also magnifying losses).
Cons
- Robinhood is known for its lack of robust research tools and educational resources, which can be critical for options traders.
- It offers a more basic selection of options tools compared to some competitors, lacking advanced strategy builders or complex order types.
- It primarily focuses on stocks and options, lacking features like advanced charting or complex order routing found on some platforms.
How to Choose
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.
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.
Frequently Asked Questions
Is option trading worth it?
Options trading offers potentially high returns but comes with high risk. It’s complex and not for beginners. Stick to stocks if you’re new, but options can be a powerful tool for experienced, risk-tolerant investors.
How can I practice trading options?
You can open an account and do paper trading at brokerage firms like TD Ameritrade or Webull.
What are the best options trading platforms for mobile traders?
You’ll find a list of Benzinga’s recommended options trading apps above.
About Sarah Horvath
Sarah Horvath is a seasoned financial writer with a specialization in investing content. With a keen eye for market trends and a deep understanding of investment strategies, Sarah delivers insightful and informative articles tailored to investors. Her dedication to providing valuable content empowers readers to make informed decisions in the dynamic world of finance. Sarah’s expertise extends across various investment vehicles, including stocks, bonds, cryptocurrencies, and real estate. Whether analyzing market movements, evaluating investment opportunities, or demystifying complex financial concepts, Sarah’s writing is characterized by clarity, accuracy, and actionable insights. Through her engaging content, Sarah strives to educate and guide investors on their journey towards financial success.