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Best Options Trading Brokers in the US (October 2026): 10 Platforms Ranked by Per-Contract Fees
As of October 9, 2026, Robinhood, Webull and moomoo charge $0 per contract on stock and ETF options, and Public pays a rebate of about $0.06 to $0.18 a contract. tastytrade charges $1 to open and $0 to close, capped at $10 per leg, which makes it cheapest for large trades. Interactive Brokers runs from $0.65 down to $0.15 with volume. Schwab, Fidelity and E*TRADE charge $0.65 a contract each way. Cheapest isn't always best: Schwab's thinkorswim and tastytrade have the strongest tools, and the price you get filled at can matter more than the fee.
How options fees work
Nearly every US broker now charges $0 commission on options. What's left is the per-contract fee. One contract covers 100 shares.
Most brokers charge it twice: when you open the position and when you close it. So "$0.65 a contract" means $1.30 for a round trip.
New to options? Read stock options explained for beginners first.
The ranking
Fees were checked on October 9, 2026, from broker pages where available and published 2026 comparisons otherwise. Confirm before you trade.
| Rank | Broker | To open | To close | Index options | Notes |
|---|---|---|---|---|---|
| 1 | Public | Pays you about $0.06 to $0.18 | Pays you | $0.50 | Rebate model |
| 2 | Robinhood | $0 | $0 | $0.50, or $0.35 with Gold | Simplest app |
| 3 | Webull | $0 | $0 | $0.50 | Better charts |
| 4 | moomoo | $0 | $0 | $0.50 | Detailed tools |
| 5 | tastytrade | $1.00 | $0 | Not capped | Capped at $10 per leg |
| 6 | Interactive Brokers | $0.15 to $0.65 | $0.15 to $0.65 | Varies | $1 minimum per order |
| 7 | E*TRADE | $0.65, or $0.50 with 30+ trades a quarter | Same | Varies | Power E*TRADE platform |
| 8 | Charles Schwab | $0.65 | $0.65 | $0.65 plus exchange fees | thinkorswim |
| 9 | Fidelity | $0.65 | $0.65 | $0.65 plus exchange fees | No volume discount |
| 10 | Vanguard | About $1.00 | About $1.00 | Not built for options |
Small regulatory and clearing fees, a few cents a contract, apply everywhere.
What it really costs
A round trip means opening and closing the position.
| Broker | 1 contract | 10 contracts | 50 contracts |
|---|---|---|---|
| Robinhood, Webull, moomoo | $0 | $0 | $0 |
| tastytrade | $1.00 | $10.00 | $10.00 |
| Interactive Brokers, at $0.65 | $2.00 | $13.00 | $65.00 |
| E*TRADE, active rate | $1.00 | $10.00 | $50.00 |
| Schwab, Fidelity | $1.30 | $13.00 | $65.00 |
Interactive Brokers has a $1 minimum per order, which is why one contract costs $2.00 round trip.
Over a year
Say you trade 10 contracts, round trip, once a week. That's 52 trades.
| Broker | Yearly fees |
|---|---|
| Robinhood, Webull, moomoo | $0 |
| tastytrade | $520 |
| Schwab, Fidelity | $676 |
That's real money. It's also less important than the next section.
The cost that isn't on the fee page
Every option has two prices: the bid, what buyers will pay, and the ask, what sellers want. The gap is the spread.
Suppose an option is quoted at $2.00 bid and $2.10 ask.
- Buy at $2.10 and sell at $2.00, and you've lost $10 per contract without the stock moving.
- A fill just 2 cents better saves you $2 per contract.
That $2 is more than three times a $0.65 fee.
Brokers that charge $0 are paid by market makers to send them your orders. It's called payment for order flow. It's legal and disclosed, and it's why the trades are free. It can also mean you get a slightly worse price.
So a "free" broker with average fills can cost more than a $0.65 broker with good ones. Two ways to protect yourself at any broker:
- Always use limit orders on options. Never market orders.
- Stick to heavily traded options, where the spread is a penny or two.
The brokers, by what they're best at
Best for the lowest fees: Robinhood, Webull and moomoo
All three charge $0 per contract on stock and ETF options.
- Robinhood is the simplest. Good for buying a call or selling a covered call. Thin on analysis.
- Webull adds better charts and a paper-trading mode.
- moomoo has the most data of the three, including tools for same-day options.
Compare the first two in Robinhood vs Webull.
Best for getting paid: Public
Public shares part of its order-flow revenue with you, paying roughly $0.06 to $0.18 per contract traded. On 500 contracts a year that's $30 to $90 coming back to you.
Best for options specialists: tastytrade
tastytrade was built by options traders. Its pricing rewards a specific style:
- $1 to open, $0 to close. If you sell options and buy them back cheap, closing is free.
- $10 cap per leg. A 50-contract order costs $10, not $50.
The platform shows probability of profit and makes multi-leg trades fast.
Best for: people who sell premium regularly and trade spreads.
Best for high volume: Interactive Brokers
IBKR's fixed price is $0.65 a contract. Its tiered pricing falls with monthly volume, as low as $0.15. It also offers the best order routing and the lowest margin rates for large accounts.
Best for: experienced, high-volume traders.
Best tools and education: Charles Schwab
thinkorswim is the most complete free options platform: risk graphs, probability analysis, strategy scanners and paper trading, where you practise with pretend money.
It costs $0.65 a contract. For many traders, especially new ones, the tools and education are worth it.
Best for: learning, and for traders who want everything in one place.
Best for cautious beginners: Fidelity
Fidelity doesn't accept payment for order flow on stock trades and is known for good fill prices. Its options tools are solid, its service is excellent, and it's a natural choice if your retirement accounts are already there.
Best for: investors selling covered calls on shares they already hold at Fidelity.
Options approval levels
You can't trade any option you like on day one. When you apply, the broker assigns a level.
| Level | Typically allows |
|---|---|
| 1 | Covered calls, cash-secured puts |
| 2 | Buying calls and puts |
| 3 | Spreads |
| 4 | Selling uncovered options |
Names and numbering differ by broker. Higher levels need more experience, income and a margin account.
In an IRA, you can usually sell covered calls and buy options. Spreads are allowed at some brokers. Uncovered selling isn't.
A word on risk
Options are leveraged. Most options bought by individual investors expire worthless or are sold at a loss. Selling options earns steady small gains with the occasional large loss.
Low fees make it cheaper to trade. They don't make it wiser. If you're starting out, covered calls on shares you already own are the gentlest way in. If you only want the income, a covered call ETF does the work for a fee.
How to choose
- A few simple trades a year: Robinhood or Webull.
- You want to be paid a little per contract: Public.
- You sell premium and trade spreads: tastytrade.
- High volume: Interactive Brokers.
- You're learning and want the best tools: Schwab's thinkorswim.
- Covered calls in an account you already have: stay where you are. Schwab and Fidelity are fine.
Frequently asked questions
Which broker has the lowest options fees?
Robinhood, Webull and moomoo charge $0 per contract on stock and ETF options, and Public pays a small rebate per contract. Small regulatory fees still apply at every broker. Index options usually cost about $0.50 a contract at these firms.
How much do Schwab and Fidelity charge for options?
Both charge $0 commission plus $0.65 per contract, to open and to close. E*TRADE also charges $0.65, dropping to $0.50 for customers who make 30 or more trades in a quarter.
Is tastytrade cheaper than Robinhood for options?
Not on small trades. Robinhood charges $0 per contract. tastytrade charges $1 per contract to open and nothing to close, capped at $10 per leg. tastytrade becomes competitive on large orders because of the cap, and many traders choose it for its tools, not its price.
What is the best options broker for beginners?
Schwab and Fidelity are strong choices for beginners because of their education, customer service and practice tools, even at $0.65 a contract. Schwab's thinkorswim includes paper trading with pretend money. If cost is the priority, Robinhood and Webull are simpler and free per contract.
Do $0 options brokers have hidden costs?
They are paid by market makers for sending them your orders, called payment for order flow. That can mean a slightly worse fill price than you might get elsewhere. On options with a wide gap between the buy and sell price, a few cents per share can outweigh a $0.65 fee. Using limit orders helps.
What are options approval levels?
Brokers approve you for options in tiers based on your experience and finances. Lower levels allow covered calls and buying calls and puts. Higher levels allow spreads and, at the top, selling uncovered options. You apply when you enable options on your account.
Primary sources
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Oct 9, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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