You want a platform that has a good track record, a loyal customer base, and a positive reputation in the industry. Some of the ways to check the reputation of a stock options platform are:
- Reviews – These are the opinions and feedback of other options traders who have used the platform. You can find reviews on websites such as StockBrokers.com, NerdWallet, Moneyzine, The Balance, and Kiplinger12345. You can also find reviews on social media platforms, such as Twitter, Facebook, and Reddit.
- Ratings – These are the scores and rankings that the platform has received from independent and authoritative sources, such as the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), the Better Business Bureau (BBB), and Trustpilot. You can also find ratings on websites such as StockBrokers.com, NerdWallet, Moneyzine, The Balance, and Kiplinger12345.
- Awards – These are the accolades and recognition that the platform has received from prestigious and influential organizations, such as Barron’s, Investor’s Business Daily, Benzinga, and The Motley Fool. You can also find awards on websites such as StockBrokers.com, NerdWallet, Moneyzine, The Balance, and Kiplinger12345.
Some of the platforms that have a good reputation for options trading are:
- Tradestation – This platform is best for options traders who want to use margin trading, as it offers competitive margin rates, starting from 3.5% for options. It also offers Tradestation Desktop, a powerful and customizable platform that has options-specific tools, such as OptionStation Pro, Option Analysis, and Option Scanner. Tradestation has been rated as one of the best brokers for options trading by Barron’s, Investor’s Business Daily, and Benzinga .
- Merrill Edge – This platform is best for options traders who are beginners, as it offers a user-friendly and educational platform, with guided investing and robo-advisory options. It also offers Merrill Edge MarketPro, a more advanced platform that has options-specific tools, such as Option Finder, Option Strategy Builder, and Option Chain. Merrill Edge has been rated as one of the best brokers for beginners by NerdWallet, The Balance, and Kiplinger .
- Robinhood – This platform is best for options traders who want to trade commission-free, as it offers zero fees for options trading, with no minimum deposit or account balance. It also offers a simple and sleek mobile app, with easy-to-use options trading features, such as multi-leg orders, price alerts, and earnings calendars. Robinhood has been rated as one of the best brokers for commission-free trading by NerdWallet, The Balance, and Kiplinger .
Choosing the best stock options platform for your trading needs can be a challenging and rewarding task. You need to consider many factors, such as pricing, features, tools, research, customer service, and reputation. You also need to compare and contrast different platforms, based on your preferences, goals, and experience level.
