Top Trading platforms for 2021

Etrade is good for those starting to do option trading. It is of the oldest online
brokerage firms and offers an excellent overall options trading experience. Active
traders enjoy a low 50-cent-per-contract price on stock or ETF options when they
make at least 30 trades per quarter, or 65 cents each, for less frequent trades.
Etrade doesn’t charge when you close an equity option priced at 10 cents or less.

The Power E*TRADE site and app can be set up to put the functions you use
most often front and center so you don’t have to dig around for them. With
dedicated options trader support, excellent tools, and competitive pricing for
active traders, Etrade is a strong choice for options traders.

The workflow is very smooth on the mobile apps. We also found that using
Power E*TRADE on a tablet is quite pleasant.

E-Trade brings research and solid trading platforms to the table, and has
discounted pricing, too. The broker’s Power E-Trade platform offers technical
studies and a snapshot analysis that lets you see the risk and reward on a
trade. You’ll get almost the same functionality on the Power E-Trade mobile
app, including the ability to trade those multi-leg orders. The broker chops its
per-contract, too, if you make more than 30 trades in a quarter, not a
particularly high hurdle.

Options commission: $0.65 per contract, or $0.50 for more than 30 trades

per quarter

The big draw at Etrade is its platform, which includes advanced analysis tools,
charting, risk analysis, and other features important to options traders. Etrade
supports advanced options strategies such as so-called butterflies, condors, iron
butterflies and iron condors, naked puts, and naked calls, though approval is
required to access these riskier strategies. With dedicated options trader support,
excellent tools, and competitive pricing for active traders, Etrade is a strong
choice for options traders.
  Trade costs: 65 cents per contract with less than 30 trades per month. 50
cents per contract with 30+ trades per month.
 Account minimum: None
 Recurring fees: None

1. Tastyworks is a high-tech brokerage that gives options traders access to

tools to quickly analyze and enter trades. It offers desktop, browser, and
mobile trading platforms with similar features no matter which one you use.
It also has unique tools that could help you make trading decisions on the
fly, including quick rolls for options positions and quick order adjustments.
The platform also gives you access to videos of tastyworks traders
executing options trades, discussing strategy, and sharing research.

Options on stocks and exchange-traded funds (ETFs) have no base commission

and require a $1 per contract fee when opening a trade ($10 maximum per trade
“leg,” which is a trade that takes place in an order with more than one
component). There is no commission to close an option position. Options on
futures cost $2.50 per contract to open, with no closing commission.1

 Trade costs: $1 per contract to open, no commission to close (stocks and

ETFs)
 Account minimum: None
 Recurring fees: None
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Charles schwab platform

Beginners will likely feel right at home learning how options trading works and
building their skills on Charles Schwab’s platform. The brokerage offers
extensive resources for learning the ins and outs of options trading. And, as you
become more experienced, Schwab’s tools grow with you. You have access to
advanced charting tools and trade calculators built into Schwab’s investment
platforms.

You can choose to trade online or use the advanced StreetSmart Central trading
platform, which has most features that expert options traders would want (think
quotes and trades, for example). The pending integration of former competitor
TD Ameritrade’s premier thinkorswim platform after its acquisition in October
2020 by Schwab positions this brokerage as a great choice for expert trading.
Trades are 65 cents per contract with no base commission.3

 Trade costs: 65 cents per contract

 Account minimum: None
 Recurring fees: None