Active traders Beginners looking to start trading Low fees Penny stocks.
It takes a lot of hard work to consistently turn a profit trading options, and every cent spent on commissions and fees weighs on overall returns. When it comes to minimizing option trading costs, Ally Invest is the best platform available.
Best For Beginners-TD Ameritrade.
For more advanced traders, the thinkorswim platform provides professional-grade advances option trading features, such as Options Statistics for identifying trading opportunities and the Sizzle Index for identifying the hottest contracts.
TD Ameritrade recently completed an acquisition of Scottrade, which will provide option traders with another level of flexibility as well.
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The Interactive Brokers Trader Workstation provides a comprehensive list of options trading features and has been compared to the look and feel of a commercial airline cockpit. The workstation includes integrated tools such as IB Risk Navigator, Options Analytics and Model Navigator. It has a configurable format, quick-click order entry capabilities, and is extremely customizable. The OptionTrader Combo tab allows traders to monitor price variations, view all available chains or filter for specific contracts and configure columns to view calculated model prices, implied volatilities open interest and Greeks.
According to a customer service rep, the long-term plan is to have the OptionsHouse platform replace E-Trade Pro as the premium service, but for now, it is free for all E-Trade users.
The app live streams CNBC TV, provides access to third-party research and delivers breaking news alerts. For advanced traders, the OptionsHouse app has a wide range of professional-grade trading tools which make complex options trading a breeze, including customizable options chains and 4-legged spreads.
Fidelity also offers free webinars and online classes through its online learning center for traders that prefer a more structured educational environment. For a more personal touch, customers can attend seminars in person at more than 180 branch locations explaining how to navigate the platform.