Stock Options Trading Platforms

Options trading platforms are software platforms that enable investors to control their own trades. With so many of the options stock trading platforms available, determining which you should chose is a big choice.

There are a lot of options trading platforms that manage stock option trading. Each one has its own strengths and weaknesses, and that’s why we review them for you here.

TradeStation

TradeStation’s Options Station tool makes analyzing potential trades a breeze, and even goes as far as including 3D P&L charts. Investors note, however: Popcorn and 3D glasses are not required, and while visually appealing, we did not see any distinct advantage over a traditional 2D P&L chart. 3D charts aside, no question, TradeStation earns its spot as one of the best platforms for options trading in 2021.

E*TRADE

E*TRADE offers all the tools an options trader could want, and displays them in magnificent form. Attention to detail, such as automatic spread groupings, effortless scanning through StrategySEEK, and easy-to-understand risk/reward data through tradeLAB, make Power E*TRADE a truly unique experience.

Interactive Brokers

Interactive Brokers takes the crown as the best options platform. At Interactive Brokers, there is no base charge, and the per-contract rate is just $.70. Additional savings are also realized through more frequent trading. That said, Interactive Brokers requires a $110,000 minimum deposit for margin accounts. Lastly, its trading platform, Trader Workstation, is the most challenging platform to learn out of all the brokers we tested for our 2021 review.

SwitchMarkets.com

With Switch Markets you can trade Forex, CFDs, Crypto, Commodities and more on either a live trading account or a demo account.

This regulated broker offers ideal trading conditions no matter what your style of trading.

You have the choice of a zero commission account or a zero spreads account, and you can deposit as little as $50 to start trading.

There’s even leverage up to 1:500 available if you want it.

Unlike most brokers that offer a VPS, Switch Markets will give you a high-spec VPS completely free with your trading account – this is well worth it if you are an EA trader.

Read its reviews and you will see that its customer support is exceptional and available around the clock – something often overlooked when choosing a broker.

Withdrawals and deposits are fast too.

This is an ideal broker for those looking to improve their trading skills.

There are cashback promotions, free trader tools and EAs (such as Risk Manager) when you open a demo or live account.

This is an ideal broker for those looking to improve their trading skills.

It has partnered with some of the best trading education providers to give you free membership to a world-class education – fantastic for beginner traders.

A broker to check out!

Visit SwitchMarkets.com

Risk warning: Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.

Fidelity Investments

Easy-to-Use Platform; Competitive Margin Rates

Founded in 1946, Fidelity Investments is one of the oldest companies on this list with a long history of doing right by those that choose to invest and trade with them. With competitive margin rates and an easy-to-use platform, the company has become a force to be reckoned with.

Minimums: There is no minimum deposit or account balance required to use the trading platform. However, if you want to take advantage of personalized planning services or wealth management services, you’ll have to maintain a minimum account balance of at least $25,000. For margin accounts, you’ll be required to maintain a minimum balance of $2,000.
Tools: The platform comes with all of the tools you’ll need to be successful, from customizable charts to indicators, and even back-testing and modeling.
Assets Available to Trade: The Fidelity platform supports stocks, options, futures, and forex trading. You’ll also have access to ETFs and mutual funds.
Cost. Fidelity is known for some of the lowest-cost financial products available. The company doesn’t charge any trade commissions, and contract fees are minimal. Moreover, its margin rates are competitive, regardless of the size of your account.
Customer Support: Fidelity offers world-class customer support, including round-the-clock support through a chatbot. If you’d rather speak to a live person, you’ll also have access to human support at all hours.
Simulated Trading: At the moment, the platform doesn’t offer a paper trading account. However, the company does allow you to “test drive” its platform for a short period of time, giving you access to all features of the Active Trader Pro platform for a limited time for free.
Margin Trading: Not only does the platform offer margin trading, it does so at competitive rates ranging from 4% to 8.325%.
Available Order Types: The platform offers access to all of the standard order types you would expect to see. It also offers a wide range of advanced order types, giving you more control over what happens during the trading session.

Fidelity isn’t just a leader in the investing and trading space, it’s a pioneer, offering access to a wide range of financial products at fees that are hard to compete with. This, combined with the company’s intuitive tools and advanced order types, makes the platform a great pick for any trader.

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CMC Markets

CMC Markets offers low forex trading fees but high CFD fees, giving it a very limited portfolio. There is no minimum deposit for opening an account.

The desktop platform is poorly designed, but the web and mobile versions have contemporary designs and are user-friendly with customizations available.

Research-wise, there are detailed interactive charts and data available for asset fundamentals.

Equally, the educational tools are excellent, and customer service is fairly responsive through phone, email and live chat.

CMC Markets is listed on the stock exchange and has negative balance protection. It does not hold a banking licence.

Overall, its many research tools make it an ideal platform for advanced crypto traders. Its longstanding time on the stock market makes it both safe to use and a reliable broker.

Visit CMC Markets

66% of Retail CFD or Spread Betting Accounts Lose Money.

Axos Self-Directed Trading

Available via desktop, Apple iOS and Android App on Google Play
Best For: Self-directed investors currently banking with Axos
Sign up here

Axos Self-Directed Trading (SDT) offers no commission trading on US-listed equities—providing you with an easy-to-use platform and the tools you need to succeed.

Axos SDT also works to save you time with an intuitive interface and mobile access so you can trade anytime or anywhere.

So, just how will Axos help your self-directed investing experience?

For starters, Axos SDT offers commission-free equity and exchange-traded funds as well as access to 10,000+ mutual funds.

Where Axos SDT differs from its competitors is its unified financial dashboard with its other Axos Banking products, allowing you to sync all of your accounts in one convenient place.

If you’d like to upgrade to a higher level of service, you might consider Axos Elite. This service provides:

Instant fund access
Lower fees
Increased buying power with leverage
Enhanced market knowledge through real-time market data expert insights and premium TipRanks market research

You can open individual taxable accounts, joint accounts and IRAs.Axos Self-Directed Trading (SDT)

Axos SDT offers no commission trading on US-listed equities—providing you with an easy-to-use platform and the tools you need to succeed.
Axos SDT also works to save you time with an intuitive interface and mobile access so you can trade anytime or anywhere.
Serious investors can upgrade to a higher level of service with Axos Elite, providing instant fund access, lower fees, premium market research from TipRanks and added leverage.

City Index

City Index offers low forex and stock index CFD trading. There is no minimum deposit for opening an account, but there are non-trading fees that can be quite pricey.

There is good customisability across all platforms with good-quality news flow and diverse research tools, though it lacks fundamental data.

There are excellent educational tools, including a demo account, and customer service is available via live chat and phone 24/5.

City Index is listed on the stock exchange.

Overall, while its portfolio is limited, City Index is regulated by the UK’s FCA and offers low fees and excellent research, making it a great forex broker.

Visit City Index

Robinhood

Access to Fractional Shares; $0 Commissions

Founded in 2013, Robinhood is a relatively young trading platform, but it has quickly garnered the attention of the masses by offering zero commissions, fractional shares, and easy access to the market for all. Here are the key stats:

Minimums: There are no minimum balances or deposits required to use Robinhood. However, the company gives new members free stock with a deposit of at least $10.
Tools: The platform offers a basic trading chart and some data, like the price-to-earnings ratio for the stocks you’re interested in. However, if you’re looking to do detailed technical analysis, you’ll have to use other charting software. Ultimately, the platform was designed for the new-to-the-market investor. As a result, it’s lacking some tools that expert investors would want to have access to.
Assets Available to Trade: The platform supports trading in stocks, options, and cryptocurrencies.
Pricing: Robinhood is a commission-free broker. Options contract fees are also pretty minimal. What’s most impressive is that the interest rate on margins is just 2.5%, easily among the lowest in the industry.
Customer Support: Unfortunately, this is another area where the platform falls short. Although you can contact customer support by email at any time, finding a phone number is nearly impossible. The company offers an online help center and a form that dials down your support topic pretty quickly, but most people want a person to talk to when it comes to questions about their money.
Simulated Trading: The platform does not offer a trading simulator.
Margin Trading: As mentioned above, not only does the platform offer margin trading, it does so at some of the lowest rates across the industry, making margins accessible to more traders and allowing them to retain more of their profits.
Available Order Types: The platform supports five types of orders: market, limit, stop, stop limit, and trailing stop orders.

In the end, the platform is a great option for beginners to the stock market, those looking for industry-low margin rates, or people who want to take a simplified approach to trading. However, if you’re looking to trade assets like futures, cryptocurrencies, and mutual funds, or you want access to in-depth technical analysis tools, you’ll need to look elsewhere.