Best Options Trading Platforms for Active Traders in 2023

Options trading activity has exploded in recent years among self-directed investors. According to the Times, options contract volume is up 32% year-over-year with over 5 billion contracts traded.

With this rapid growth, having the right options trading platform is essential in 2023 for active options traders to operate efficiently and boost profitability. The tools, pricing, reliability and workflow of leading options platforms can vary widely.

This definitive guide compares 10 top options trading platforms based on pricing, features, tools and overall usability. We‘ll identify the best choices for both beginner and advanced options traders across key categories. Clear winner emerge depending on trading style and experience level.

What to Look for in Leading Options Trading Platforms

When conducting due diligence on options trading platforms, there are 7 key factors savvy investors evaluate:

• Pricing – Commission fees, contract charges, margin rates
• Tools – Analytics, idea generators, profit calculators
• Platforms – Desktop, web, mobile app availability
• Usability – Ease of use, workflow efficiency
• Education – Videos, guides, virtual workshops
• Research – Charts, screener, technical indicators
• Customer Service – Reliability, channels offered

Balancing these elements based on individual trader requirements helps determine the optimal platform for your objectives. We weigh them all in these reviews.

Best Options Trading Platform Reviews

Below we provide an in-depth assessment of 10 leading options trading platforms available in 2023.

Interactive Brokers

Overview: Interactive Brokers (IBKR) is a highly sophisticated platform offering traders access to over 135 global market centers. With their flagship Trader Workstation (TWS) and mobile app, clients can trade stocks, options, futures, currencies across numerous asset classes.

• Fees: Extremely competitive pricing – $0.15 to $0.65 per contract depending on volume
• Tools: Over 100 technical indicators plus analytics to identify opportunities
• Platforms: Trader Workstation, IBKR Mobile App, Web Portal
• Ease of Use: Steep learning curve but incredibly robust for advanced traders
• Education: Traders‘ Academy offers free courses and expert insights
• Research: Built-in market scanner with preloaded screens plus customizable criteria
• Customer Service: 24/7 chat, phone and email support

IBKR delivers an immense range of trading capabilities. For options traders specifically, they enable covered calls, protective puts, multi-leg strategies, portfolio margining and more. With discounted pricing for high volume traders, it‘s pricing is the best for active options traders. However, less sophisticated traders may find the platform overwhelming to start.

E*TRADE

Overview: A reputable investing and trading firm, ETRADE delivers a full-service brokerage platform alongside banking, advisor services and automated investing. Options traders can utilize their Power ETRADE platform or mobile apps.

• Fees: $0.50 – $0.65 per contract, with volume discounts
• Tools: Robust options analytics to identify and assess opportunities
• Platforms: Power E*TRADE, Mobile App, Web Platform
• Ease of Use: Very intuitive with good workflow for options trading
• Education: Options course, weekly webinars, virtual workshops
• Research: Watch lists, options screener, charts, thematic investing ideas
• Customer Service: 24/7 phone support, branches nationwide

E*TRADE has an easy-to-use options trading interface accessible across desktop, web and mobile. From covered calls to multi-leg strategies, investors appreciate their selection of tools and resources to enhance options trading. Discount pricing also applies to high-volume active traders.

Charles Schwab

Overview: A full-scale brokerage, Charles Schwab provides investors an extensive lineup of trading products including stocks, options, futures, currencies plus research, banking and advice services.

• Fees: $0.65 per contract electronic order fee
• Tools: OptionPlay tool, options screener, walk limit tool
• Platforms: StreetSmart Edge, mobile app, web trading
• Ease of Use: Clean customizable interface to options trade efficiently
• Education: Options trading workshops, webcasts, trading guides
• Research: OptionPlay generates ideas, technical event analytics
• Customer Service: 24/7 support via phone, chat, branch locations

Charles Schwab delivers a wide array of global trading products coupled with great market insights and investor education. Options traders can quickly scan for opportunities, analyze upside vs. downside pricing scenarios and place trades efficiently. While lacking some robust analytics that advanced traders may want, Schwab hits the mark for mainstream options traders.

thinkorswim by TD Ameritrade

Overview: thinkorswim by TD Ameritrade provides an incredibly advanced desktop platform alongside web and mobile access boasting powerful tools for active stock, options and futures traders.

• Fees: $0 per trade, $0.65 per contract – futures fees differ
• Tools: thinkBack historical testing, Strategy Roller, OnDemand video tutorials
• Platforms: thinkorswim desktop, TD Ameritrade Mobile, website access
• Ease of Use: Steep learning curve but feature-packed for serious traders
• Education: thinkorswim paperMoney, immersive webcasts, expert coaching
• Research: Charting with over 400 technical studies, screeners, analyst ratings
• Customer Service: 24/7 phone, email, chat support

With its vast array of tools, analytics and customizability aimed at futures and options traders, thinkorswim stands out as a top platform choice for advanced needs. From options profit calculators and probability analysis to backtesting capabilities, their platform enables seasoned traders to execute intricate options strategies across any market environment.

Tradier

Overview: Tradier delivers custom API solutions to developers plus brokerage services targeted to active and professional traders seeking programmatic access to trading.

• Fees: $10/month subscription or $0.35 per contract plus fees
• Tools: Automated trading, developer platform, notification alerts
• Platforms: Mobile app, web app, Chrome extension
• Ease of Use: Streamlined for those leveraging API capabilities
• Education: Knowledge base articles, how-to guides
• Research: Customizable charts, level 2 data, some technical indicators
• Customer Service: Phone, chat, email, social media support

As a next-gen platform catering to tech-savvy traders, Tradier empowers clients to customize and automate their trading strategy leveraging low-cost commissions pricing. With API connectivity, notification alerts and cloud widget extensions, the platform facilitates advanced programmatic options trading. Lacking some of the robust tools and analytics capabilities seen on mainstream brokerages, Tradier still fills a key niche.

Tastyworks

Overview: Geared wholly to options and futures traders, Tastyworks offers a specialized, high-volume trading platform with tools tailored specifically to contracts trading across a variety of asset classes.

• Fees: $1 per options contract capped at $10 per leg
• Tools: Visualized Profit & Loss modeling, trade queue automation
• Platforms: Desktop app, mobile app, web version (limited capabilities)
• Ease of Use: Intuitive workflow to quickly execute options trades
• Education: Options and futures video courses, webinars, docs
• Research: Watchlists, charts focused on short-term holding periods
• Customer Service: Phone, email support during market hours

Tastyworks stands out for its laser-focus on options and futures traders. From its odds-based modeling capabilities to one-click roll trading features, the platform offers a unique workflow catered to this audience. With $1/contract capped pricing also aimed at high volume traders, it deserves strong consideration among active options participants exclusively. Those seeking long-term investing or multi-asset trading may want to look to more mainstream brokerages, however.

Merrill Edge

Overview: Bank of America‘s Merrill Edge platform brings robust research, retirement planning, advisory services and discounted pricing for top-tier clients. Investors and traders also gain access to Merrill financial consultants.

• Fees: $0.65 per contract online stock/ETF options trades
• Tools: Customizable options screener, strategy evaluator
• Platforms: Website, Mobile App
• Ease of Use: Simple desktop and app workflow for basic options trading
• Education: Limited options material – more generalized investing education
• Research: Equity ratings, market data, thematic investing insights
• Customer Service: Vast network of financial specialists nationwide in branches

Merrill Edge offers a solid options trading interface for basic buy-writes, protective puts and multi-leg credit spreads across equities and ETFs. Traders benefit from $0.65 pricing alongside award-winning market insights from Merrill research analysts. While lacking some robust analytics capabilities, Merrill clients gain access to Bank of America financial consultant expertise which adds unique value.

Webull

Overview: Webull has captured younger investors with its modern, mobile-first interface offering commission-free stock and options trading alongside tools to analyze market data and connect with other traders on platforms like Reddit.

• Fees: Zero commission fees, no contract fees, no exercise/assignment fees
• Tools: Paper trading, options profit loss estimates, risk analysis
• Platforms: iOS, Android mobile app, web version
• Ease of Use: Intuitive app-driven workflow for basic stock and options trades
• Education: Instructional blogs and videos
• Research: Advanced charts & indicators, analyst ratings, screeners, Level 2 data
• Customer Service: Email support, extensive FAQ resources

As a newer, tech-centric trading solution, Webull wins points for its modern app interface and zero-fee pricing model appealing to younger traders. The experience revolves around mobile access with intuitive options order entry yet provides advanced market data and risk analytics for those analyzing potential positions. Limited customer assistance and minimal educational offerings signal its solutions may still be progressing to support more advanced traders, however.

TradeStation

Overview: For over 30 years, TradeStation has provided active stock, options and futures traders with advanced desktop trading capabilities and analysis tools covering equities, derivatives and crypto trading.

• Fees: $0.50 – $1.00 per contract depending on product type
• Tools: Options analysis toolkit, strategy testing, automated trading via EasyLanguage code
• Platforms: Downloadable desktop app, web version (TradeStation Web)
• Ease of Use: Advanced technology but steep learning curve to leverage full power
• Education: On-site events, webinars, video tutorials, online university certification
• Research: Robust charts with hundreds of technical indicators, analytics tools
• Customer Service: Phone, chat, email and social media support

TradeStation shines most for active options traders who leverage technical indicators and detailed visualizations when analyzing and executing trading strategies. Through EasyLanguage programming, the platform also enables traders to automate custom options spreads across equities, futures and other derivative products. With an immense suite of built-in tools plus customizable programming capabilities, TradeStation caters foremost to sophisticated options traders.

Robinhood

Overview: Having pioneered zero-fee stock trading and fractional share investing, Robinhood has captured younger audiences and options traders willing to forego tools for cost savings and dead-simple mobile access.

• Fees: $0 per contract, no exercise or assignment fees
• Tools: Minimal – View basic profit loss modeling for trades
• Platforms: Mobile app, web access
• Ease of Use: Extremely simple options order placement
• Education: Limited options material – blogs, videos
• Research: Minimal data or tools – barebones charting
• Customer Service: Email and chat support, limited hours

Robinhood excels at delivering basic stock and options trading functionality through mobile and web apps in an easy-to-use format. Traders seeking advanced analytics capabilities, programming tools or robust research will need to look to full-service firms, however. For those solely needing to place long calls, puts or basic covered call options orders on stocks, Robinhood offers a frictionless experience. But restraints around order types, limited tools, minimal educational offerings and customer support shortcomings signal Robinhood may not suffice for savvier traders.

Comparison Chart – Fees, Tools and Platform Access

Platform	Base Fee	Per Contract Fee	Tools Offered	Desktop App	Mobile App	Web Access
Interactive Brokers	$0	$0 – $0.65	Advanced	Yes	Yes	Yes
E*TRADE	$0	$0 – $0.65	Robust	Yes	Yes	Yes
Charles Schwab	$0	$0.65	Good	Yes	Yes	Yes
thinkorswim	$0	$0.65	Advanced	Yes	Yes	Yes
Tradier	$0	$0.35	Developer API	No	Yes	Yes
Tastyworks	$0	$1 max/leg	Specialized	Yes	Yes	Limited
Merrill Edge	$0	$0.65	OK	No	Yes	Yes
Webull	$0	$0	Basic	No	Yes	Yes
TradeStation	$0	$0.50 – $1	Advanced	Yes	No	Yes
Robinhood	$0	$0	Minimal	No	Yes	Yes

This comparison matrix profiles fees and accessibility factors across top options platforms. Consider tools offered, mobile availability and per-contract charges as key points during evaluation.

Ranking Top Options Platforms

Scoring highly for pricing, tools and usability – we recommend Interactive Brokers as the leading platform for most active options traders. For those seeking simplified access via mobile apps, both *ETRADE and Charles Schwab** offer complete solutions balancing great value and functionality.

Programmatic traders needing API capabilities should evaluate Tradier while derivatives specialists can benefit from TradeStation. Options newbies just testing waters may start at zero-fee Robinhood before migrating to more advanced solutions once strategy matures.

Each platform carries pros and cons based on individual requirements around fees, tools, breadth of markets and experience level. Take time to properly evaluate options trading platforms matching your unique needs and preferences as an investor.

Conclusion – Finding Your Best Platform Fit as an Options Trader

Options trading activity has seen immense growth recently as self-directed investors embrace derivatives to hedge risks, generate income and capitalize on both rising and falling markets. But having the best trading platform in place can determine profitability potential.

Between discounted pricing, advanced analytics, virtual trading capabilities, mobile accessibility, strategy backtesting and automated executions, leading options platforms open up immense possibilities for traders. Just be certain to match high-priority features to your investing approach, experience level, technical needs and budget when electing your platform of choice for options trading.