E*TRADE is ideal for beginner and intermediate options traders, as it offers a user-friendly and easy-to-use platform. However, it also has some drawbacks, such as a lack of customization and functionality, and a high minimum deposit of $2,000 for margin accounts.
Robinhood: Best for Low-Cost Options Trading
Robinhood is our top pick for the best options trading platform for low-cost traders, as it offers commission-free options trading, along with commission-free stock and ETF trading.
Robinhood charges $0 per trade for stocks, ETFs, and options, and also offers a wide range of investment products, such as cryptocurrencies, fractional shares, and cash management.
Robinhood’s platform is a mobile app, available for iOS and Android devices, that allows users to trade stocks, ETFs, options, and cryptocurrencies from anywhere. The app also provides access to basic options trading tools, such as the Options Chain, the Options Calculator, and the Options Strategies. These tools help users view, analyze, and execute options trades, as well as see the potential profit and loss of each trade.
Robinhood also offers a web-based platform, which provides access to some of the options trading tools and features available on the app. It also offers a wealth of research and education resources, such as the Robinhood Learn, the Robinhood Snacks, the Robinhood Newsfeed, and the Robinhood Podcast. These resources help users learn the basics and advanced concepts of options trading, access market data and news, and get the latest insights and tips on the options market.
Robinhood is suitable for casual and low-cost options traders, as it offers commission-free options trading and a simple and easy-to-use platform. However, it also has some limitations, such as a lack of advanced options trading features, a limited investment selection, and a poor customer service.
How to Compare and Choose the Easiest Platform to Trade Options
Now that you have learned about some of the best options trading platforms of 2024, you might be wondering how to compare and choose the easiest one for your needs. Here are some tips on how to do that:
- Compare the fees and commissions: The fees and commissions charged by different platforms can have a significant impact on your profitability and return on investment. Therefore, you should compare the fees and commissions of different platforms, and choose the one that offers the lowest and most transparent pricing structure for your trading volume and frequency.
- Compare the options products and markets: The options products and markets offered by different platforms can affect your trading opportunities and diversification. Therefore, you should compare the options products and markets of different platforms, and choose the one that offers the most relevant and diverse options products and markets for your trading goals and style.
- Compare the options trading tools and features: The options trading tools and features provided by different platforms can affect your trading performance and efficiency. Therefore, you should compare the options trading tools and features of different platforms, and choose the one that offers the most powerful and user-friendly options trading tools and features for your trading level and strategy.
- Compare the research and education resources: The research and education resources offered by different platforms can affect your trading knowledge and skills. Therefore, you should compare the research and education resources of different platforms, and choose the one that offers the most comprehensive and helpful research and education resources for your trading needs and interests.
- Compare the customer service and support: The customer service and support provided by different platforms can affect your trading experience and satisfaction. Therefore, you should compare the customer service and support of different platforms, and choose the one that offers the most responsive and reliable customer service and support for your trading queries and issues.
Conclusion
Options trading can be a rewarding and profitable way to invest, but it also requires a reliable and easy-to-use platform. In this article, we have reviewed some of the best options trading platforms of 2024, and provided some tips on how to choose the easiest one for your needs.
