Where to trade options if you're leaving Robinhood or looking for alternatives

Several brokerages let you trade options on their mobile apps, each with different account minimums, approval processes, and fee structures. The main platforms are TD Ameritrade (now part of Charles Schwab), E*TRADE, Fidelity, Interactive Brokers, Tastytrade, and Webull. Some charge per-contract fees; others charge nothing. Some require you to hold a minimum account balance; others don't. Your choice depends on what you're trading, how often, and whether you want research tools, educational content, or a straightforward interface.

Before you move, understand that options trading requires approval from your broker. You'll answer questions about your income, net worth, and trading experience. Different brokers have different approval levels — some let beginners trade covered calls and cash-secured puts when ready, while others require you to prove experience before approving spreads or naked calls. The approval process usually takes one to three business days.

Key Takeaways

  • TD Ameritrade, E*TRADE, Fidelity, and Interactive Brokers all offer options trading on mobile apps with no per-contract fees, though account minimums and approval timelines vary.
  • Tastytrade charges no account minimum and specializes in options education, but has stricter approval requirements for advanced strategies than some competitors.
  • Webull offers commission-free options trading but has a $2,000 minimum account balance and may have longer approval waits during high-volume periods.
  • You must be approved for options trading before you can place your first trade, and approval levels determine which strategies you can use.
  • Moving your account involves transferring existing positions or liquidating and redepositing cash, both of which take time and may trigger tax events.

TD Ameritrade and Charles Schwab: Merged platform with full options access

TD Ameritrade merged with Charles Schwab in 2020, and Schwab is consolidating the platforms. If you open a new account, you'll use the Schwab platform; existing TD Ameritrade accounts are being migrated. Both offer options trading on mobile and desktop with no per-contract fees. Schwab has no account minimum for options trading, though you do need to be approved.

Approval for options trading at Schwab typically takes one to three business days. You can start with Level 1 (covered calls and cash-secured puts), Level 2 (spreads and collars), or higher levels depending on your answers about experience and net worth. The mobile app is straightforward but less specialized than Tastytrade if you're focused purely on options.

Schwab's main advantage is breadth: stocks, options, futures, forex, and mutual funds all in one place. If you already have a Schwab brokerage account or a Schwab bank account, transfers are when ready. If you're coming from another broker, a full account transfer (called an ACAT) takes three to five business days.

E*TRADE: No per-contract fees and strong mobile tools

E*TRADE charges no per-contract fees for options and has no account minimum. Approval for options trading usually takes one to three business days, and you can request approval for multiple levels at once. The mobile app includes real-time quotes, Greeks (delta, gamma, theta, vega), and the ability to place multi-leg spreads directly from your phone.

E*TRADE's research tools are robust — you get access to third-party analysis, earnings calendars, and volatility data without paying extra. If you want to learn while you trade, the platform includes educational content on options strategies. The trade-off is that the interface can feel crowded compared to Robinhood's simplicity.

E*TRADE is owned by Morgan Stanley, so if you have a Morgan Stanley wealth management account, transfers between them are seamless. Account transfers from other brokers take three to five business days.

Fidelity: Low barriers and integrated research

Fidelity has no account minimum and no per-contract fees for options. Approval for options trading takes one to three business days. The mobile app is functional but not as options-focused as Tastytrade; Fidelity is designed to serve all account types, not just active traders.

Fidelity's strength is integration. If you have a Fidelity 401(k), IRA, or brokerage account, you can see everything in one login. The research library is extensive and free. Customer service is available by phone 24 hours a day, which matters if you're trading during extended hours and something goes wrong.

Fidelity also offers fractional shares and a large selection of mutual funds, so it works well if you're not trading options full-time. Account transfers from other brokers take three to five business days.

Interactive Brokers: Lowest fees and most advanced tools

Interactive Brokers charges no per-contract fees and has a $0 account minimum, though you need at least $2,000 to trade on margin. The platform is built for active traders and professionals — the interface is dense, and the learning curve is steeper than Robinhood or E*TRADE. If you're comfortable with complexity, you get access to advanced order types, real-time Greeks, and volatility analysis that other brokers don't offer.

Approval for options trading at Interactive Brokers can take longer than at other brokers — sometimes five to ten business days — because they review accounts more carefully. Once approved, you can trade multiple legs and use advanced strategies. The mobile app (called IBKR Mobile) is functional but designed as a secondary tool; most serious traders use the desktop platform.

Interactive Brokers also offers access to international markets and futures, which other brokers on this list don't. If you're planning to expand beyond US options, this is the only platform that makes sense long-term.

Tastytrade: Specialized for options traders with education included

Tastytrade has no account minimum and no per-contract fees. The platform is built specifically for options traders, so the interface shows Greeks by default, volatility rankings, and probability of profit for every trade. The mobile app is clean and focused on options.

Tastytrade also produces daily educational content — live shows about options strategies, earnings trades, and market analysis. If you're learning options, this content is valuable. Approval for options trading usually takes one to three business days, but Tastytrade is stricter about approval levels than some competitors; you may need to prove more experience before they approve spreads or other multi-leg strategies.

The trade-off is that Tastytrade is options-only. You can't trade stocks, mutual funds, or bonds on the platform. If you want to hold a diversified portfolio, you'd need a second account elsewhere. Account transfers take three to five business days.

Webull: Commission-free options with a lower barrier to entry

Webull charges no per-contract fees and has a $2,000 minimum account balance (lower than some competitors). Approval for options trading usually takes one to three business days, though during high-volume periods it can stretch to a week. The mobile app is clean and designed for newer traders, similar to Robinhood in simplicity.

Webull offers stocks, options, and fractional shares. The platform includes some research tools and market data, though not as comprehensive as Fidelity or E*TRADE. Customer service is available during market hours by phone or chat.

Webull is owned by a Chinese company (Futu Holdings), which some traders avoid for regulatory reasons. If that's not a concern for you, it's a straightforward alternative to Robinhood with slightly more features and a similar learning curve.

How to move your account and what to expect

If you decide to switch brokers, you have two options: transfer your existing positions or liquidate and move cash. A full account transfer (ACAT) moves your stocks and options positions as-is and usually takes three to five business days. During the transfer, you can't trade, and some brokers charge a transfer fee ($0 to $75 depending on the broker).

Liquidating and moving cash is faster — usually one to two business days — but you'll owe taxes on any gains you realize by selling. If you have losing positions, you might want to hold them to harvest the loss. If you have winning positions, selling triggers a taxable event in the current year.

Before you transfer, check whether your new broker will reimburse the transfer fee. Many do if your account is above a certain size (usually $10,000 or more). Also confirm that your options approval level will transfer; some brokers honor your previous approval, while others require a new process.

Frequently Asked Questions

Do I need a minimum account balance to trade options?

Most brokers have no minimum to open an account or trade options, but some have minimums to trade on margin or to access certain features. Webull requires $2,000 minimum; Interactive Brokers requires $2,000 to trade on margin but $0 to trade with cash. Check your broker's requirements before you open an account.

How long does options approval take?

Most brokers approve options trading in one to three business days. Interactive Brokers and Tastytrade can take longer — up to five to ten days — because they review accounts more carefully. During high-volume periods (earnings season, market crashes), all brokers slow down.

Can I trade the same options strategies on every app?

No. Your broker assigns you an approval level, and your level determines which strategies you can use. Level 1 allows covered calls and cash-secured puts. Level 2 adds spreads and collars. Levels 3 and 4 add naked calls and other advanced strategies. You can request a higher level, but the broker may deny it based on your experience and net worth.

Will my options positions transfer if I switch brokers?

Yes, if you do a full account transfer (ACAT). Your open options positions move to the new broker as-is, and you keep the same entry price and cost basis. The transfer takes three to five business days, during which you can't trade. If you liquidate instead, you'll owe taxes on any gains.

Which app is most similar to Robinhood?

Webull and E*TRADE's mobile apps are the closest in simplicity and design. Webull is the most similar — clean interface, straightforward navigation, no clutter. E*TRADE's mobile app is slightly more complex but still straightforward. If you want the simplest experience, Webull is your best match.