Where to Trade Options Besides Robinhood

Robinhood is not the only app that lets you trade options. TD Ameritrade's thinkorswim, E*TRADE, Charles Schwab, Fidelity, Tastytrade, and Interactive Brokers all offer options trading on mobile or desktop. Each one has different minimums, fees, approval speeds, and tools. The right choice depends on whether you want research features, low costs, fast approval, or a specific type of options strategy.

Most of these platforms charge no commission to open or close an options contract, matching Robinhood's pricing model. The real differences are in account minimums, how quickly they approve you for options, what educational resources they provide, and whether they charge for advanced tools.

Key Takeaways

  • TD Ameritrade's thinkorswim, E*TRADE, Charles Schwab, Fidelity, Tastytrade, and Interactive Brokers all support options trading with no commission per trade.
  • Account minimums range from zero dollars (Fidelity, Charles Schwab) to $2,000 (many brokers for margin accounts), and some platforms require $25,000 for certain options strategies.
  • Options approval can take anywhere from same-day to several weeks depending on the broker and your account type.
  • Platforms differ in their tools: some focus on research and education, others on speed and low costs, and a few on advanced trading features.

TD Ameritrade and thinkorswim

TD Ameritrade owns thinkorswim, a desktop and mobile platform built for active traders. It has no commission on options trades and no account minimum to open a standard account. Options approval typically takes one to three business days, and you can trade most options strategies once approved.

The main draw of thinkorswim is its research and charting tools. You get real-time data, options chains with Greeks (delta, theta, gamma, vega), probability analysis, and backtesting. The platform is dense and takes time to learn, but it is built for people who want to understand what they are trading, not just place a quick bet.

TD Ameritrade also offers paper trading—a practice account with fake money—so you can test strategies without risking real cash. If you are new to options, this is valuable. The downside is that thinkorswim can feel overwhelming if you just want a straightforward interface.

E*TRADE

E*TRADE has no commission on options and no account minimum. Options approval usually takes one to five business days. The mobile app is straightforward, and the desktop platform (Power E*TRADE) offers more advanced charting and analysis tools if you want them.

E*TRADE is a middle ground: easier to use than thinkorswim, but with solid research features. You get access to options chains, Greeks, and educational content. The company also offers paper trading and a range of learning resources for people new to options.

One thing to note: E*TRADE requires a $2,000 minimum for margin accounts, which you may need if you want to sell covered calls or cash-secured puts. A standard cash account has no minimum.

Charles Schwab

Charles Schwab has no commission on options, no account minimum, and no minimum to trade options once you are approved. Approval typically takes one to three business days. The mobile app is clean and beginner-friendly, while the desktop platform (StreetSmart Edge) has more tools for active traders.

Schwab is known for customer service and educational content. They offer live webinars, video tutorials, and a large library of articles about options. If you want to learn as you go, Schwab is a solid choice. The platform also includes paper trading.

Schwab acquired TD Ameritrade in 2020, so there is some overlap in their offerings, but they remain separate platforms. Schwab's interface tends to be simpler and more approachable for beginners.

Fidelity

Fidelity has no commission on options, no account minimum, and no minimum to trade options. Approval can be same-day or take a few business days depending on your account type and experience. The mobile app is straightforward, and the desktop platform (Active Trader Pro) has charting, Greeks, and analysis tools.

Fidelity is one of the largest brokers in the United States and has extensive educational resources. They offer webinars, articles, and a learning center focused on options. If you want a large, stable broker with good customer service, Fidelity is a solid option.

One advantage: Fidelity will sometimes approve you for options trading on the same day you open an account, especially if you have prior brokerage experience. This makes it faster than some competitors if you are in a hurry.

Tastytrade

Tastytrade is built specifically for options traders and active traders. It has no commission on options, a $0 account minimum, and approval typically takes one to three business days. The platform is desktop-first (though there is a mobile app), and it is designed around options strategies like spreads, straddles, and iron condors.

Tastytrade's strength is its focus on options education and strategy. The company produces daily market shows, strategy guides, and educational content specifically about options. If you want to learn options in depth, Tastytrade's content is hard to beat. The platform also shows you the probability of profit for each trade, which is useful for risk management.

The downside: Tastytrade is more specialized. If you want to buy stocks or invest in mutual funds, other brokers are more convenient. Tastytrade is for people who are serious about options trading.

Interactive Brokers

Interactive Brokers has no commission on options and a $0 account minimum for U.S. residents. Approval typically takes one to five business days. The platform is powerful but steep: it is designed for professional traders and has a learning curve.

Interactive Brokers is known for low costs and access to global markets. If you want to trade options on international exchanges or use advanced strategies, Interactive Brokers can do it. The platform includes real-time data, Greeks, and backtesting tools.

The catch: the interface is complex, and customer support is more limited than at larger brokers like Fidelity or Schwab. This platform is best for experienced traders who know what they want and do not need hand-holding.

How to Compare These Platforms

When choosing a broker for options trading, think about what matters most to you. If you want the simplest interface, Robinhood and Fidelity are hard to beat. If you want research tools and education, thinkorswim, E*TRADE, or Tastytrade are stronger. If you want fast approval and good customer service, Charles Schwab and Fidelity are reliable.

Account minimums are usually not a barrier—most of these brokers have zero minimums. The real cost is in margin requirements. If you want to sell cash-secured puts or covered calls, you may need $2,000 to $25,000 in your account depending on the strategy and the broker. Check the broker's margin requirements before you open an account.

Approval speed matters if you want to start trading right away. Fidelity and Charles Schwab can approve you in one to three days. Tastytrade and Interactive Brokers may take longer. If speed is critical, ask the broker's support team for an estimate before you open an account.

Frequently Asked Questions

Do all these brokers charge commission on options trades?

No. All of them—TD Ameritrade, E*TRADE, Charles Schwab, Fidelity, Tastytrade, and Interactive Brokers—charge zero commission per options contract. You pay the bid-ask spread (the difference between the buy and sell price), but not a per-trade fee.

Which broker approves options trading the fastest?

Fidelity and Charles Schwab typically approve options in one to three business days. Fidelity sometimes approves on the same day. Interactive Brokers and Tastytrade may take longer. Call the broker's support team if you need approval urgently—they can sometimes expedite the process.

Can I trade options on all these platforms with no money down?

You can open an account with zero dollars at most of these brokers, but you cannot trade options without cash or buying power in your account. You need at least enough to cover the margin requirement for the strategy you want to use. A covered call might require $1,000 to $2,000; a cash-secured put might require $5,000 or more.

Is thinkorswim better than the other platforms?

Thinkorswim is the most powerful for research and analysis, but it is also the hardest to learn. If you want straightforward and fast, Fidelity or Charles Schwab are better. If you want options-specific education, Tastytrade is stronger. The best platform depends on your skill level and what you want to do.

Can I switch brokers if I change my mind?

Yes. You can open an account at a new broker and start trading there. If you have open positions at your old broker, you can close them before you move, or you can transfer them to the new broker (called an ACAT transfer). There is usually no fee to transfer, but it takes a few business days.