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The 8 Best Options Trading Platforms of 2020

From beginner solutions to expert portfolios

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Options trading is a somewhat high-risk area of the investment world where you can pay for the option to buy or sell a specific security at a set price on a future date. Based on fluctuations in market prices for those securities, the value of options rises and falls until their maturity date.

If you want to trade options, you’ll need an account with a brokerage that supports options. Each platform is unique and has its own pros and cons, so it is best to understand what you want in an options account and platform before you get started. Follow along to learn more about the best options trading platforms and which may be best suited for your options trading needs.

Best Overall: TD Ameritrade

TD Ameritrade takes the top spot in this ranking thanks to a combination of reasonable pricing, excellent beginner resources, and a top-of-the-line trading platform that works well for experts and professional traders. No matter where you are in your options trading journey, TD Ameritrade has something for everyone.

Trades at TD Ameritrade cost $6.95 per trade plus $0.75 cents per contract. There is no account minimum. The site offers a current promotion where you get 60 days of commission-free equity, ETF, and options trades with a deposit of $3,000 or more. You get additional bonuses with larger opening deposits.

Beginners have a wide range of resources that are great for options and other investing and trading strategies. For expert traders, the Think or Swim platform gives you Wall Street quality at a Main Street price.

Best for No Commission: Robinhood

You can’t get cheaper than free. While some professional traders are not happy with how trades are handled and processed at Robinhood, it is an excellent platform for beginners to get started with less risk. With no trading fee, you can buy and sell options without risking anything more than your initial investment.

Robinhood is a web-first platform and it doesn’t offer much when it comes to education and research tools. But if you read a book on options and want to try your hand as a hobbyist, Robinhood can certainly handle your needs.

Robinhood also offers commission-free stock trades, ETFs, a limited number of cryptocurrencies, and a limited number of ADRs (American Depository Receipts — a type of stock listing in the US for a foreign company). Because it is mobile first, it offers great real-time notifications for investments and trades on the platform.

Best for Experts: TradeStation

TradeStation started as a software company for traders, and even though it has grown over time, it has held true to its initial trading principles. If you want professional data and high-speed trade execution on an expert-level platform, TradeStation is a great choice.

TradeStation charges $5 per trade plus $0.50 cents per contract. However, it also offers unbundled and per-contract pricing. Professional and high-volume traders may do better with the flat rate cost of $1 per contract instead of the base + per contract fee most brokerages charge.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Broker 2020!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

While it doesn’t offer as much for beginner traders and new traders, you could host a family office or business portfolio on TradeStation with no problems. In fact, its tools are so good it sells many of them for a fee to professional investors with accounts at other brokers. With an active account at TradeStation, you get those tools for free. Just beware the minimum $2,000 balance or five trades per year to avoid a $95 annual account fee.

Best for New Traders: Charles Schwab

Charles Schwab delivers an all around great experience with excellent customer service. Once you open a new account, trades are $.95 each plus $0.65 cents per contract. First-time clients get 500 commission-free trades for two years when you deposit $100,000 or more in a new account.

Schwab offers above-average research and education offerings. It also gives you a very good platform for trading on desktop, web, and mobile. Even outside of options, it is one of the best overall brokerages for a wide range of investing and trading needs.

With the large library of educational and research content, you can enter the high-speed options trading world with your eyes wide open to the risks and opportunities. That said, the competitive costs and quality trading platforms make it a worthy consideration for even the most experienced traders. Accounts require a $1,000 minimum to access options trading.

Best for Low Costs and No Minimums: Ally Invest

Ally Invest is another low-cost brokerage best known for its cousin Ally Bank. Like the bank, Ally Invest offers an easy-to-understand and low-fee brokerage lineup. Trades are $4.95 each plus $0.65 cents per contract. There is no account minimum. With a current promotion, you can get up to $3,500 bonus cash depending on the size of your deposit.

You can start with a low investment to learn more about Ally without worrying about big minimum balances or fees. But even some more experienced traders will be happy with the low costs and a wide range of services geared toward option traders.

Highlights include a powerful trading platform and valuable charts, data, and analytics to help you build your options trading strategy. In the world of discount brokerages, you can’t always take the value of a broker from its trading fees. At Ally, that’s certainly the case.

Best Per-Trade Fees: Interactive Brokers

If you are an active trader who prefers making frequent, small trades, Interactive Brokers may be the best fit. There is no pre-trade fee and options commissions are $0.70 cents per contract. High volume traders can qualify for lower pricing down to $0.15 cents per contract with 100,000+ contracts per month. This brokerage also offers pricing that is attractive to active stock and ETF traders. Different pricing applies to non-US options.

This brokerage is not good for passive investors with few trades per year or a large balance. The account requires a hefty $100,000 minimum balance or $10 in commissions per month to avoid an activity fee. The activity fee is the difference between your trading commissions and $10 per month to total a $10 minimum monthly charge. The account charges a higher $20 minimum if you don’t keep at least $2,000 in equities in the account.

If you do have the appetite for at least $10 in trades per month and/or can satisfy that $100,000 minimum, Interactive Brokers has excellent trading platforms. These tools include a natural language bot that will place orders based on your instructions and a professional-grade desktop platform.

Best Tiered Pricing: Lightspeed

Lightspeed is a brokerage with a focus on active and experienced traders. Lightspeed charges $0 per trade and $0.60 cents per contract with a $1 minimum per trade. Tiered pricing starts at 500+ contracts per month. Depending on your volume, discounted rates range from $0.20 cents at 100,000+ contracts per month to $0.50 cents at 500 to 2,000 contracts per month.

Lightspeed offers professional-grade trading platforms. The options platform is known as Livevol X and offers integrated order execution, analysis, customized layouts, historical data analytics, and other useful features. Like competing platforms, you can manage most common account needs right in the desktop, web, or mobile-based platform.

This brokerage is not as beginner friendly as others on our list, so you should look elsewhere if you are brand-new to options trading. But if you are experienced and want expert tools, you can find everything to whet your appetite at Lightspeed. With low pricing for high-volume options traders, you might find it the right home for your options brokerage needs.

Trade360 Reviews

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It’s been three months that they…

It’s been three months that they scammed me of my $40000 investment. They even told me to deposit more $10000 to boost my chances of withdrawal and exit the withdraw limit. They leveraged on the fact that I was novice trader and I didn’t pay attention to the former reviews. I kept believing I would get my money back till they wiped my account out. Even though, I eventually got my money back through a chargeback filed by: [email protected],com I will still advise traders to run away from them. It is better to search for reputable firms on Google and YouTube.

More than 60% of these trading…

More than 60% of these trading companies are scam.Hardly can you come across one that is not. I invested most of my life savings about $86,000, I was told to wait for a while before I start making profit , I waited for months , I realized I had gotten no notification from the company , this went on until I was referred to Mr Richard , he helped me access all my funds back including the profit I made that was not accounted for . You can reach out to Mr Richard for assistance via Richardlofton114 @ gmail dot com

I have been a victim of fraudulent…

I have been a victim of fraudulent online forex brokers . It was the worst period of my life, investing huge sum of money hoping for trading bonus and profit on my investment . I almost took legal action until i stumbled upon a top financial recovery company ( peep my location) who recovered my funds for me . I will always be suspicious of online forex brokers

I tried to make good profits to fulfill…

I tried to make good profits to fulfill my dream come true but unfortunately to me I lost my hard earned money to scam brokers and I lost everything and my family been torn apart until a Gods sent Mrs Elizabeth helped me place a successful winning trade and has also helped me recover all my lost funds. Feel free to click on my profile to get her email address and her WhatsApp number

Worst website to trade they have a…

Worst website to trade they have a problem with their website does not close position properly when you want so you may be in great loss. Avoid this trader.

This is amazing

I have only recently entered the business and investment field. Initially, I only focused on online business, but I realized that they did not generate enough income to lead the life I so longed for. So I decided to try investments in the stock market, and I was really surprised; I tried different brokers, but many of them did not meet what I was looking for until I finally found Trade360. Trde360 is a great broker, I appreciate having found it since on the contrary perhaps it would not have continued on the path of trading, the interface that you can find is quite efficient, it shows you everything you need in detail. You can trade with currencies, raw materials and indices; And the most incredible thing is that it gives you good leverage, especially for me who am from Spain, where most brokers do not offer the necessary leverage. Flange clear charts and certain data like opening quotes and daily margins. In addition to this, if you do not have enough knowledge to invest in the stock market you can create a completely free demo account without having to pay later as it is up to indefinite time, and the best thing is that it even gives you a little help by showing you the operations that They make other traders who use this broker, so you can know where to buy and where to sell. Last but not least, the minimum deposit you can make is only € 25, meaning that with this figure you can generate reliable income without fear of scams.

Beware of These Scams Targeting IQ Option Traders

Where there’s money to be made, be sure that there’s a bunch of fraudsters waiting to cash in. The internet has made it easy to make money legitimately such as by trading through the IQ Option platform. It’s also given rise to a new breed of fraudsters who use this technology to rob unsuspecting traders.

IQ Option has done a great job to ensure that their platform is secure. It’s virtually impossible for hackers to access their servers and steal from traders.

However, it’s your job to make sure that your account and money aren’t accessed by scammers posing as fellow traders or even IQ Option employees.

This article will look at the common ways scammers use to defraud unsuspecting traders. If you’re able to spot such scams, you’ll be in a better position to protect yourself against financial loss.

Social media scams

Social media platforms have made it easy to create small groups of like minded people. They’re also increasingly being used to defraud traders.

This scam goes this way.

A scammer creates a special group that’s dedicated to IQ Option traders only. The group rapidly grows with supposedly pro traders joining in. This scammer might even use social media ads to attract your attention. Once you join the group, that’s where the action starts.

The supposed trading pro will regularly post snapshots of winning trades many of which make thousands of dollars per day. Not to mention the selfies of the scammer traveling to exotic places and hanging out with famous people.

The goal of all this is to create a mental picture of where every trader wants to be. Next, the scammer ordains himself as the only person that can make you wealthy as a trader.

There are two main ways the scammer might get your money.

Firstly, he could ask you to “invest” in his trading fund. here, you’ll send him money and you get to reap profits once he trades with your investment.

Second, the scammer could propose that he becomes your account manager. But to do this, you’ll pay an upfront fee.

The problem with social media is that anyone can create an account and claim that they’re some millionaire trader. Photo editing software can be used to create a successful lifestyle.

The only way to avoid this type of scam is not to give your money away to a stranger claiming he can trade with it and make you millions. There are good social media groups you can join.

These can be used to learn more about trading from fellow traders. But once someone asks for your money, this should be a red flag.

I’m affiliated to IQ Option

This scam starts with a phone call or even an email. The caller purports to be an employee of IQ Option or even work with a company that’s affiliated to the platform.

The offer is to help you make more money trading on the platform. The scammer will very likely claim to know how to game the platform ensuring that you consistently make profits.

Alternatively, they may claim that their company is one of the most profitable on the IQ Option platform. They will also go to the extent of providing proof (Photoshoped images to show their earnings).

All you need to do is invest your money with them.

The thing is, IQ Option employees will not call you directly to discuss your account let alone finances. The only time IQ Option employees will contact you is if you initiate the conversation. For example, sending a query to their support team.

Also, if someone call yo claiming to be affiliated to IQ Option, it’s advisable to first look at the official IQ Option contacts on their website.

IQ Option website impersonators

This type of IQ Option scam uses a domain name extension. But rather than finding the official IQ Option website on this domain, you’ll find that the site sells trading signals.

Simply put, you’ll be expected to pay some money to access “hot” signals that will give you an upper hand when trading on the IQ Option platform.

Others are designed to resemble the IQ Option platform. All that the scammer needs is for you to enter your login details. These are phished allowing the scammer to gain access to your account – and drain it.

This is not to say that all websites that have IQ Option in their domain is a scam. Many are actually good sites that offer trading tips and advice (such as this one).

Trading bots that are actually malware

Trading bots are usually marketed as the holy grail of trading. You simply install a bot to your favorite platform or browser, click a few buttons and the software is supposed to make you money on autopilot.

This sounds like a great offer especially if the bot comes with a free month’s trial.

But how can software that’s supposed to turn you into a millionaire while you sleep be free? And, why do the software creators sell it for a few bucks?

The answer to these two questions is simple – the software doesn’t make you money. It only makes money for its creator.

These trading bots are designed to collect your account login details and send them to their creators. Once this data is captured, they will simply log in to your trading account and drain it.

Never try trading bots unless you’ve created them yourself. It’s better to learn how to trade and make money the hard way (actual trading) than give someone else access to your trading account while looking for a quick way to make money.

The best trading strategy for sale

There are many different trading strategies. As I’ve stated before, no strategy is superior to another. It’s how and when you use a particular strategy that matters.

Self proclaimed trading gurus will claim to have specific strategies that have made them millions. But in order to gain “limited” access to this strategy, you have to join their groups for a fee.

Many of these secret strategies are actually freely available online. But, you’ll only discover this once you’ve paid their access fee.

One thing most traders know is that anyone with a new strategy that makes millions will guard it with his life. Many of the successful traders seldom reveal their trading strategies.

So why would a millionaire trading guru go against this norm?

Tips for securing your IQ Option trading account

When opening an IQ Option account, use your official email address. Avoid using social media accounts. This not only makes your account more secure, it makes password recovery easier.

Ensure that you use two layer authentication for your trading account. This protects it from unauthorized access especially if someone illegally obtains your login details.

Two layer authentication requires you enter a code sent to your phone number to log in to your account.

Make sure that the browser you use to access your trading account is always updated. Your computer should also have antivirus software installed. If you’re using the IQ Option apps, you should ensure that they’re the latest versions.

Make sure that your trading account is fully verified especially after migrating to the real money account. Account verification ensures that no one can withdraw your funds to their account. IQ Option requires that withdrawals be made to the account used for deposits.

Never share your account log in details with anyone.

Finally, if you suspect that your account has been compromised or are contacted by someone you believe is a scammer, contact IQ Option support and report this.

Know of other tactics scammers use to defraud traders? We’d love to hear about them in the comments section below.

Good luck!

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Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Broker 2020!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

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