Finding the Top Options Trading Platforms. Your first question might be: What is options trading? The investment industry can toss around confusing lingo at times, and options trading is no different. Chances are, however, that you heard about options trading and want to give it a spin. And above everything else, you want to know which is the best options trading platform on the market today. The good news is that we did the legwork for you. We compiled a list of options trading platforms, along with key features and functionality.
All you have to do is read through the list below and decide which one is the best options broker for you. Top 6 Best Options Trading Platforms. Read below on the methodology we used to select the best options brokers for Then read about the best options trading platform offered by each broker and how they might get you started as an options trader today.
Below, please find the detailed review of each firm on our list of best options traders. We have highlighted some of the factors that allowed these options traders to score so high in our selection ranking.
Firstrade is an online investment firm that offers one of the best options trading platforms in the business. The firm was founded in as First Flushing Services. It became one of the first firms to venture into online trading when it launched in as First Flushing Securities.
One year later, the firm rebranded to Firstrade and has been a mainstay of online investing ever since. Competitive Costs per Order: You may further compare Firstrade to competitors on its Broker Comparison page. One of the unique benefits to trading options with Firstrade is its Extended Hours Trading capability.
This feature lets you get a jump on trading that may be affected by recent developments that occur in the hours immediately preceding and following standard market trading. Did you read something in the morning news that makes you want to place a pre-market trade? With Firstrade, you may do so between 8: Have you done more research into an option and want to engage in aftermarket trading?
Firstrade does that, too, letting you place orders from 4: Your all-in-one dashboard is available with these apps as well. You also retain full functionality to execute trades just as you would from your PC.
No or Low Minimums Required: When you log into your Firstrade account, you have access to a customizable all-in-one dashboard. This dashboard shows you a panorama of your account, including history, gains, losses, research, and executing trades. Not only that, but the Options Wizard streamlines the bulk of your research and work.
It analyzes your data along with market goings-on to provide up-to-date information that you can act upon. Some ways that Options Wizard assists your trading include, but are not limited to, the following: Some of the topics and tools available within the guide are: The firm has been involved in options trading for nearly 40 years.
IB has grown to include nearly 1, employees across several continents. This averages out to be higher than industry standards. Also, based on which country you live in, IB may offer either Fixed or Tiered commission plans. The details of both plans are laid out below. Three State-of-the-Art Trading Interfaces: You can trade over global markets; stream quotes, up-to-the-minute news, and research; perform risk analysis; and much, much more.
The Trader Workstation is the perfect solution for experienced traders and investors who have more complex accounts. WebTrader is a simplified web-based portal with an intuitive interface. WebTrader packs the same punch found in Trader Workstation. Your functionality is just as fully realized and extensive. Expert Assistance on Large Orders: In the event you run into a problem or have a question while executing a large trade, the professionals at IB can help. Their Stocks and Options Trade Desk is staffed with expert brokers who average more than 15 years of trading experience.
A wealth of resources is available to help you shore up your trading knowledge, not to mention make your time learning IB options trading platforms more efficient. Not only that, but IB also hosts an abundance of documentation aimed at speeding up your learning curve. This includes cheat sheets, user manuals, FAQs, and quickstart guides, to name a few.
Widgets can be downloaded to your preferred work device to help you calculate simple tasks. These widgets include the following: Aside from its online options trading platform, IB, as a firm, has won several awards through the years. For a complete listing of awards won by IB from through today, visit the awards page on its website.
A sampling has been reproduced below: Lightspeed Trading is an online broker in business since To these investors, Lightspeed markets its array of proprietary options trading platforms and third-party trading software. Range of Options Trading Platforms: Lightspeed has a broad range of options trading platforms suited to your needs, comfort, and level of expertise. The options trading platforms available to you include: The minimum amount required to open a Lightspeed options trading account depends on three variables: Using the Web Trader options trading platform?
Commissions vary based on volume and are broken down as follows: Once qualified, the above amounts are applied to all shares traded, not just those shares above the monthly threshold.
Additionally, Lightspeed applies the following base rates per order based on your preferred options trading platform: OptionsHouse is a financial services company founded in When you work with OptionsHouse, you save money from the start. OptionsHouse has been recognized by leading industry publications for its innovation and customer service. The following represent a sample of the many awards that OptionsHouse has achieved: This could be an issue for certain investors who want a tool prepackaged with bells and whistles inside a complex interface.
While this works well for some investors and top options brokers, OptionsHouse takes a different tack. Instead, it favors a streamlined options trading platform that focuses on process. In this respect, OptionsHouse breaks the mold. Its options trading platform enables you to execute trades from start to finish within a proven process called tradeCYCLE. You only need a desire to learn and a willingness to be taught.
In this way, OptionsHouse proves itself to be one of the best brokers for options trading. The app is suited for Blackberrys and most other mobile phones. OptionsHouse is a best options trading platform due in no small part because of its generous educational and informational resources. OptionsHouse has written several in-depth guides to guide you as you first get to know the software. Each step is broken down even further and explained in clear, practical terms that help you master the overall process.
In addition to the above tools, OptionsHouse holds regular webinars for continuing education. It also archives past webinars for your convenience. TradeKing is an online broker founded in It is part of TradeKing Group, Inc. TradeKing is headquartered in Ft. Some of these include: This is rivaled only by OptionsHouse in offering the lowest base rate for the cost-conscious options trader.
These overall cost-savings benefits make TradeKing a standout among our choices for best options broker. All-in-One Options Trading Platform: A few of the key features include: TradeKing hosts a page within its Education Center that specializes in options trading.
Free Money Management Software. TradeStation Group is located in Plantation, Florida. It is a subsidiary of Monex Group, Inc. The firm is considered a best broker for options trading due to its flexible pricing structure and OptionStation Pro trading platform.
TradeStation options trading platform has been recognized throughout the industry as one of the best for buying and selling options. Some of the awards and honors that the software has received include the following:More...