TD Ameritrade’s mobile app, available for iOS and Android devices, allows users to trade stocks, ETFs, options, futures, and forex from anywhere. The app also provides access to advanced options trading tools, such as the Trade Finder, the Strategy Roller, the Profit and Loss Calculator, and the Options Statistics. These tools help users find, execute, manage, and analyze options trades, as well as view real-time data and market news.
TD Ameritrade also offers a desktop platform, called thinkorswim, which is one of the most popular and comprehensive options trading platforms in the industry. Thinkorswim provides users with a variety of options trading features, such as the Strategy Scanner, the Probability Analysis, the Volatility Charts, and the Market Monitor. It also offers a rich selection of research and education resources, such as the Learning Center, the Trader TV, the Chat Rooms, and the Paper Money.
TD Ameritrade is suitable for both beginners and advanced options traders, as it offers a high level of customization and functionality. However, it also has some drawbacks, such as a steep learning curve, a complex interface, and a high minimum deposit of $2,000 for margin accounts.
Interactive Brokers: Best for Advanced Options Traders
Interactive Brokers is our top pick for the best options trading platform for advanced traders, as it offers a professional and sophisticated platform that caters to the needs of experienced and high-volume options traders.
Interactive Brokers charges $0 per trade for stocks and ETFs, and $0.65 per contract for options, with a minimum of $1 per order. It also offers a tiered pricing structure that reduces the per-contract fee based on monthly volume, starting from $0.25 per contract for over 100,000 contracts per month. Interactive Brokers also offers a wide range of investment products, such as mutual funds, bonds, forex, futures, options on futures, and cryptocurrencies.
Interactive Brokers’ platform, called Trader Workstation (TWS), is a powerful and advanced platform that offers a variety of options trading features, such as the OptionTrader, the Strategy Builder, the Volatility Lab, and the Risk Navigator. These features allow users to create, execute, manage, and optimize options trades, as well as view real-time quotes, charts, and analytics.
