Best Brokers for Options Traders
Updated 12 July 2026 · by Theo Chen
There is no single best broker — only the best one for how you trade. Here is how an active options trader weighs the main choices for running covered calls, cash-secured puts and the wheel.
Disclosure: some links on this page may be affiliate or referral links. If you open an account or buy through one, The Options Bench may earn a commission at no extra cost to you. We only mention brokers and tools we consider genuinely worth a look, and nothing here is financial advice.
How to choose a broker for options
Four things matter more than the rest. Commissions: per-contract fees look tiny but compound across a year of rolling and adjusting. Assignment handling: every income strategy ends in possible assignment, so the broker's exercise process and fees should be clean. Platform: you want to read a position and place a multi-leg order without fighting the interface. And fit: account minimums, approval levels and — easy to forget — whether the broker is even available in your country.
Brokers at a glance
| Broker | Best for | Options pricing | Region |
|---|---|---|---|
| tastytrade | Built around options trading | Per-contract to open, no commission to close, capped per leg. | Mainly US, some international |
| Interactive Brokers | Widest global reach, low cost | Low tiered or fixed per-contract pricing. | The widest of any major broker |
| Webull | Commission-free, modern app | Commission-free equity options; small regulatory and exchange fees still apply. | Primarily US |
| Moomoo | Commission-free, data-rich app | Commission-free equity options; small regulatory and exchange fees still apply. | Primarily US |
| Tradier | Commission-free options, API-backed platform | $0 per contract to open and to close. Small regulatory and exchange fees still apply. | US and many international markets (not Canada, UK, Australia) |
Pricing and features change - verify current terms on each broker's site.
The brokers, compared
tastytrade
Built around options trading
Designed by and for derivatives traders. The platform, research and order tickets all assume options are your main game, which makes it a natural home for covered calls, cash-secured puts and the wheel.
Options pricing: Per-contract to open, no commission to close, capped per leg.
Pricing verified 22 May 2026
Visit tastytrade →Interactive Brokers
Widest global reach, low cost
The strongest choice for traders outside the US and for anyone who wants serious, professional-grade tooling. A steeper learning curve than the app-first brokers, but hard to beat on cost and breadth.
Options pricing: Low tiered or fixed per-contract pricing.
Pricing verified 22 May 2026
Visit Interactive Brokers →Webull
Commission-free, modern app
A clean, mobile-first platform that suits newer or cost-focused traders. Multi-leg options strategies are supported once you hold the right approval level.
Options pricing: Commission-free equity options; small regulatory and exchange fees still apply.
Pricing verified 22 May 2026
Visit Webull →Moomoo
Commission-free, data-rich app
Similar in spirit to Webull - commission-free and app-first - with a heavier emphasis on market data and analytics. Also supports multi-leg strategies at the right approval level.
Options pricing: Commission-free equity options; small regulatory and exchange fees still apply.
Pricing verified 22 May 2026
Visit Moomoo →Tradier
Commission-free options, API-backed platform
Tradier offers commission-free options trading with no per-contract fee in either direction. The platform is built on the same API infrastructure that hundreds of fintech apps use, giving it a clean and reliable foundation. A natural fit for the income-focused trader who wants the full savings of zero commissions without paying for features they will never use.
Options pricing: $0 per contract to open and to close. Small regulatory and exchange fees still apply.
Pricing verified 5 June 2026
Visit Tradier →Match the broker to how you actually trade
The list above only helps once you are honest about which trader you are. Three profiles cover most income sellers, and each has a trap worth naming.
- Placing your first covered call. A clean, commission-free app - Webull or Moomoo - is plenty. The trap is buying platform you cannot use yet: pro-grade tooling is wasted while you are still learning the order ticket.
- Running the wheel on a handful of names. Cost and a readable chain matter most, and the app-first brokers do the job. The trap is ignoring assignment handling - you will get assigned eventually, so check the exercise process and fees before you need them, not after.
- Selling premium at volume, or trading from outside the US. This is where a specialist earns its keep: tastytrade for fast rolling and capped fees, Interactive Brokers for low-cost global reach. The trap is clinging to "free" past the point it costs you - a skipped roll or a bad multi-leg fill is dearer than any commission.
What to avoid
Be wary of CFD platforms that market themselves to "options" traders. Contracts for difference are not exchange-listed options — they behave differently, carry different risks, and are barred for US persons. The calculators on this site model real listed options, so trade them with a broker that offers the genuine article.
Frequently asked questions
What should an options trader look for in a broker?
Low per-contract commissions, sensible assignment and exercise handling, the option strategies and approval level you actually need, a platform you can read quickly, and account terms that fit your size and country.
Are commission-free options brokers actually free?
There is usually no broker per-contract fee, but small regulatory and exchange fees still apply, and commission-free platforms earn money in other ways such as order flow, margin and cash. Compare the total cost, not just the headline.
Does the broker matter for the wheel or covered calls?
Yes. Per-contract commissions add up across many cycles, and assignment handling differs between brokers. For frequent income trading, a low-cost, options-focused broker usually comes out ahead.
Can I use these brokers outside the US?
Availability varies. Interactive Brokers has the widest international reach; tastytrade, Webull and Moomoo are primarily US-focused with some international entities. Check eligibility for your country before applying.
Run the numbers first
Before you open an account, model the trade. Start with the Covered Call Calculator or the Cash-Secured Put Calculator, and read the guides for the strategy behind each tool. Need a head-to-head? See tastytrade vs Interactive Brokers, Webull vs Moomoo, or tastytrade vs Webull. Want a deep-dive on one broker? Read the Tradier review. Not sure what to look for? How to choose an options broker walks through the full criteria checklist.
Educational information only — not financial advice, and not a recommendation to open any particular account. Broker terms, pricing and availability change; confirm current details on each broker's own site before you act.