Top 6 Best Options Trading Platforms

5 stars based on 34 reviews

Choosing which broker to use when trading options is without doubt one of the single most important decisions you will ever need to make in your trading career. Using a good broker can save you money, increase your profitability, save you time, help you find trading opportunities, and it will generally improve your overall trading experience.

The following is a list of the overall best online brokers that we recommend. If you are looking to sign up with a broker now, then we would advise that you take a look at any of the below online brokers.

For advice on choosing an options broker, plus further recommendations in specific categories, please see read on. You'll see from the above table that we provide reviews of the brokers that we recommend. For a list of all our reviews, plus information on exactly how we go about reviewing brokers, please visit this page.

These reviews can help you make a decision about which of our recommendations is the right one for you. Despite the importance of choosing a broker carefully, many traders sign up with any old broker and simply join the first one they come across or the one that offers the best sign up incentive.

Not putting any thought into what broker to use is a big mistake because, this really is a decision that is well worth spending some time on. If you are lucky enough to know an experienced trader that you trust then asking them which broker they use is a good way to find a decent broker, options trading platforms reviews that isn't a course of action that is available to everyone.

Alternatively, you could try out a range of different brokers, compare them, and decide which one is best for you. However, this would be pretty time consuming. We have produced this section specifically to help you choose a broker. As well as the list of our top rated online brokers above, we have also produced a number of other lists.

Each one of these contains a number of recommended online brokers that are particularly suitable for a specific purpose. You can see each of the broker categories that we cover linked over to the right. We have also provided some brief details about each category further down this page. The first page in our section on the best options brokers is a comparison between the two main types of brokers: The distinction between the two is quite important to understand, as the services offered by the two is substantially different.

In very basic terms, a full service broker will provide clients with options trading platforms reviews and guidance in addition to executing orders as instructed while a discount broker will simply carry out orders on behalf on their clients.

Both types have their advantages, and we explain more on the following page: Full Service Brokers vs Discount Brokers. When you first begin trading, the chances are that you will be starting out with a relatively small amount of capital, and indeed you may be planning to only ever make small trades. Beginners and those trading with a low budget should be looking for fairly specific attributes before signing up with a broker. An appropriate commission structure and low minimums for both the size of your deposits and value of your trades is essential.

Any sign up incentives being offered could also be significant too. If you are a beginner when it comes to options trading we suggest taking a look at what we have found to be the best brokers for people just getting started.

As you probably know, contracts can be based on a variety of different underlying securities which give you many choices. Probably options trading platforms reviews most commonly traded are stock options; those contracts where the options trading platforms reviews security are stocks in publically listed companies.

It isn't particularly difficult to find brokers that are suitable for trading stock options, but it's still important to choose your broker wisely.

If you are planning on trading mostly stock options, then please visit the following page for relevant recommendations. These all do an excellent job when it comes to trading stock options. Forex options are contracts where the underlying security is foreign currencies. These are also very commonly traded, so finding an broker where you can trade forex options is not too much of a challenge. However, there are certain brokers that particularly stand out and that we believe are worthy of our recommendation.

It's very important to find a forex broker that can meet your needs. For a complete list of these recommended brokers and more details on what you should be looking for when deciding where to sign up, please visit the following page.

Binary options are a unique form of contract that work a little differently to most others please see our page on Binary Options for more details and they are ignored by many traders as they often perceived to be a bit more complicated than the more standard type of option. In fact, the basic principle of binary options is relatively straightforward and trading binary options is becoming increasingly more popular among traders.

Not all brokers will deal with binary options, but for a list of recommended options trading platforms reviews that do please visit the following page. OTC options are those contracts that aren't listed on a public trading exchange but are instead traded over the counter. Those options tend to be highly customized contracts that have complicated terms that include many of the exotic options that exist.

Because OTC options are not traded on the public exchanges they are not generally as accessible to the public and are more typically traded between large financial institutions. Many traders do like to trade OTC options options trading platforms reviews, in which case it's important to use a broker that is suitable for the purpose. Please visit the options trading platforms reviews page for recommended brokers in this category.

Traders that use active trading styles, such as the day trading style, typically make a large number of transactions on a daily basis. As such, one of the most important attributes that active traders need to look for when choosing a broker is a commission structure that is very competitive and ideally provides for a discount when making a lot of trades.

However this isn't the only consideration that active traders need options trading platforms reviews take into account and choosing a broker purely based on the commissions charged is rarely a good idea.

For more advice on this, along with recommendations of suitable services, please visit the following page. There are a number of services around and although they aren't necessarily the ideal way to trade, they can potentially be profitable. One of the biggest problems facing traders that wish to use auto trading services is that not all brokers allow it.

For a list of the top places that do, please visit the following page. The quality of the trading platform is something that many traders overlook when choosing an online broker, but it really is something that is options trading platforms reviews important for anyone that is trading options.

A decent platform should be well designed with a user-friendly interface as options trading platforms reviews that make it easy to place orders will generally enhance your overall trading experience.

This isn't something that should be options trading platforms reviews if you are going to be spending any sustained length of time trading options each day. For a list of recommended brokers that meet these criteria, please visit the following page. Best Option Brokers By Category. About This Section We have produced this section specifically to help options trading platforms reviews choose a broker.

Full Service Brokers options trading platforms reviews. Discount Brokers The first page in our section on the best options brokers is a comparison between the two main types of brokers: Best Brokers For Stock Options As you probably know, contracts can be based on a variety of different options trading platforms reviews securities which give you many choices. Best Brokers For Forex Options Forex options are contracts where the options trading platforms reviews security is foreign currencies.

Best Brokers For Binary Options Binary options are a unique form of contract that work a little differently to most others please see our page on Binary Options for more details and they are ignored by many traders as they options trading platforms reviews perceived to be a bit more complicated than the more standard type of option. Best Brokers For Active Traders Traders that use active trading styles, such as the day trading style, typically make a large number of transactions on a daily basis.

Brokers with Best Trading Platforms The quality of the trading platform is options trading platforms reviews that many traders overlook when choosing an online broker, but it really is something that is very important for anyone that is trading options.

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Being a successful trader is all about making informed decisions. One of the decisions you need to make before you can even get started trading is selecting a broker to use. As this is a very important decision; it makes sense that you should want to be as informed as possible about all the different choices that you have.

This is something we can help you with. In addition to this, we have also written detailed reviews on the brokers we recommend so that you can find out all the information you need before choosing which one to sign up with.

On this page we have explained more about the reviews we provided, and the importance of reading them before signing up anywhere. We have also provided a brief overview of each of the reviews we provide.

Although every single one of our recommendations meets our high standards, they aren't all necessarily suitable for everyone. You really want to use one that is right for your own circumstances and requirements, and to do that there are certain things that you really need to know. While you can find out much of this information yourself, it can take a fair amount of time if you want to research a number of different brokers.

By reading our reviews you can get all the pertinent information you need on each of our recommended brokers. This will help you determine which is the most suitable for you in terms of what they have to offer. We do believe that it's well worth the time reading through at least a few of them before selecting a broker to use for your options trading.

We strive to make sure that our reviews contain all the information that you need to make an informed decision about which broker is likely to the best for you.

We also make sure that they are entirely honest and accurate. In order to write our reviews we have carried out extensive research and also a great deal of testing. This enables us to get a real feel for exactly what they have to offer and how they perform in certain key areas. We look at a wide range of factors, focusing particularly on each of the following.

In each review we also highlight the main positives of the relevant broker and include details of what type of trader they are most suitable for. We list all the services and products they provide in addition to broking options trades too. Below you will find a brief overview of each broker that we review, along with a link to further information. If you have the time it really is a good idea to read through these before choosing which broker to use.

This broker, one of the first to offer its services over the internet is suitable for all trader types. It has a basic platform which is ideal for beginners and part timers, and an advanced platform for those that are looking for something more sophisticated. Both are relatively easy to use. Focused specifically on options, this broker is a good choice for both low and high volume traders thanks to the two separate commission plans.

The trading platform is functional and easy to use, and can be customized to suit personal requirements. Click here to read our review of OptionsHouse. This broker is good all around and performs well in many areas. Its biggest drawback is the fact that it isn't very cheap when it comes to commissions. Many could consider the higher commissions well worth it though, because there are several useful tools and features they offer.

You can read our OptionsXpress review by clicking here. This online broker is well-known all around the industry by traders from all walks of life. They are especially known for their extensive features and tools that their customers have access to, as well as for one of the most advanced trading platforms available today. Check out all that they have to offer by reading our TradeStation Review. It's also very easy to use which makes it particularly appealing for beginners. A big advantage, if you live in the United States, is the fact that you can visit any one of their branches nationwide for help and advice.

You can find a full review of Scottrade here. Anyone that is looking to keep transactions costs down should consider TradeKing, as the commissions charged are very competitive. The drawback is that there's a lack of advanced features and tools. You can still do most of what you are likely to want to do here though, and the trading platform is very user friendly. Click here for the full TradeKing review. TradeMonster is a good choice for big traders, because the commission costs are very reasonable when trading in high volume.

It has enough advanced features to keep experienced traders happy and is also easy enough to use for beginners. Read our TradeMonster Review here. Reviews of Online Options Brokers Being a successful trader is all about making informed decisions. Section Contents Quick Links. Why Read Broker Reviews? About Our Reviews We strive to make sure that our reviews contain all the information that you need to make an informed decision about which broker is likely to the best for you.

Top Broker Reviews Below you will find a brief overview of each broker that we review, along with a link to further information. OptionsHouse Focused specifically on options, this broker is a good choice for both low and high volume traders thanks to the two separate commission plans. OptionsXpress This broker is good all around and performs well in many areas. TradeStation This online broker is well-known all around the industry by traders from all walks of life.

TradeKing Anyone that is looking to keep transactions costs down should consider TradeKing, as the commissions charged are very competitive. TradeMonster TradeMonster is a good choice for big traders, because the commission costs are very reasonable when trading in high volume.