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Best Options Brokers of 2020

InvestorGreg upholds the most rigorous standards for testing of brokers. We may receive compensation for advertising or for links that feature inside our reviews. Learn more about our methodology and review process.

One of the most important decisions you can make when trading options online is to select the best online options broker that suites your trading needs. After all, the world of online trading is filled with fraudulent scam brokers who do not have your best interests in mind. Therefore, it is of the utmost importance to research extensively into all aspects of online options brokers including their options trading platforms, products and fees, deposit and withdrawals methods, regulations, reputation, etc. We know the importance of selecting the best online options broker which is why we provide you with an array of in-depth online options broker reviews.

Minimum Deposit
None
Types of Trading
Options, Stock
Country
United States
Regulation
SEC, FINRA
Robinhood is a new, innovative online investing platform that was established in 2013 with $539 million of venture capital. The primary aim of this investing platform was to democratize access to the financial markets by letting investors trade in various financial instruments such as cryptocurrencies, ETFs, stocks and options commission free. The main target market of this investing platform is geared towards young individual investors that want more control over their trading activities with minimal cost. The Robinhood platform is accessible through its website and mobile trading app. There is no telephone support and only basic level services are provided and sometimes at an extra cost. Despite the no frills offering, this has not slowed down the growth of this investing platform. Today, the platform boasts of having more than 6 million registered accounts.
Minimum Deposit
$10
Types of Trading
Forex, Options, Stock
Country
Seychelles
Regulation
Not Regulated
IQ Option was first founded in 2013 as a binary options trading brokerage but has since rebranded in 2017 to provide the trading of Forex and CFDs on a wide range of asset classes. IQ Option now has 25,580,000 registered users and facilitates around 1,800,000 trades per month accounting for nearly $380 million worth of trading volume. IQ Option is truly a global online trading brokerage by servicing traders from over 60 countries and offering their services in 13 different languages. The IQ Option brokerage is based offshore in the Seychelles with their headquarters located at Global Gateway 8, Rue de la Perle, Providence, Mahe, Seychelles. Unfortunately, the IQ Option broker is not licensed or regulated by any reputable regulatory authorities. Therefore, how do you know if IQ Option can be trusted to provide fair and reliable online trading services and how are the services they provide. Find out in our in-depth IQ Option Broker review where we extensively analyze the IQ Option broker and services they provide.
Minimum Deposit
$10
Types of Trading
Forex, Options
Country
St. Vincent and the Grenadines
Regulation
Not Regulated
Olymp Trade is a very well recognized online trading brokerage and has won numerous awards from various international publications. The brokerage was founded in 2014 and is owned and operated by Smartex International Ltd. Olymp Trade offers their services to traders from around the world but is based out of St. Vincent and the Grenadines with their headquarters located at Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines. As far as regulation goes, Olymp Trade is a member of the International Financial Commission and is therefore a safe and reliable online trading brokerage. Olymp Trade continues to innovate and grow as a reputable online trading brokerage and now has more than 20,000 active traders trading each day and nearly 32,000,000 trades per month with an average trade value of $4.50. Therefore, Olymp Trade is obviously a reliable and trustworthy online trading brokerage, but are they right for you? Find out in our in-depth Olymp Trade Broker Review where we discover what makes Olymp Trade so special and analyze the quality of services they provide.
Minimum Deposit
$200
Types of Trading
CFD, Forex, Options, Stock
Country
Cyprus
Regulation
CySEC, FCA, ASIC
The eToro online trading platform is well known in the online trading industry as the platform that changed the way retail traders trade the financial markets. Established in 2006 by 2 siblings Ronen and Yoni Assia together with their business partner David Ring, eToro single handedly revolutionized the concept of social trading with the introduction of their Openbook social trading platform in 2010. Since then, eToro has expanded by leaps and bounds with the acceptance by traders of the idea of harnessing the collective wisdom of the trading community to improve their trading objectives. Since 2017, eToro has achieved more than 8 million registered users on its trading platform.  Today, the eToro brand is managed by different subsidiaries of the eToro Group. For clients in the UK, they are serviced by eToro (UK) Ltd, a company registered with the UK’s FCA with the registration number FRN 583263. For clients based in the European Economic Area (EEA), they are serviced by a Cyprus based company called eToro (Europe) Ltd. The company is authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under the CIF license # 109/10. For the Australian market, eToro operates under the subsidiary eToro AUS Capital Pty Ltd which is regulated by the Australian Securities and Investments Commission (ASIC) under the license number 491139.
Minimum Deposit
$0
Types of Trading
Options, Stock
Country
United States
Regulation
SEC and FINRA
Firstrade has its origins in Queens, New York and was originally set up back in 1985. At the time, it was mainly helping locals in the community with their finances, particularly immigrants from China. At its core, it was a low-cost offering and it has tried to stay true to its foundations in its current offering. You will clearly see on the Firstrade platform that it still has a Chinese language version of its website, as well as the low-cost structure it is known for. This broker is under the regulation of both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Firstrade has an offering that charges $0 commission for options and stock trades, which is attractive for many investors and traders. It also has a decent selection of different research and trading tools that help traders to make informed decisions. The platform, in particular, has been popular with active traders. There is also an interesting securities lending aspect to the platform. This allows investors on the Firstrade platform being about to lend their stock positions to financial institutions in return for a side income. This Firstrade broker review looks at all of the various aspects that make up this offering in its current form.
Minimum Deposit
$500
Types of Trading
CFD, Options, Stock
Country
United States
Regulation
SEC, FINRA
TradeStation is a broker that is based in the United States and has been operating since 1982. The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are both tasked with the oversight of the TradeStation offering. There is also protection of client accounts of up to $500,000. The broker has a long track record of success, with its parent company, the Monex Group having a Tokyo Stock Exchange listing. TradeStation is a broker that places an emphasis on top-quality market data and efficiently executing trades. It also focuses a lot on the customer experience right throughout the offering. You also have options to automate your trading or to engage in the stock lending program. This TradeStation review looks at all of the various aspects of this offering. It will highlight the strengths and weaknesses, allowing you to make an informed decision as to whether or not you should use the TradeStation brokerage.
Minimum Deposit
$10
Types of Trading
CFD, Forex, Options
Country
Australia
Regulation
ASIC
Binary options trading has generated a lot of interest among traders and investors around the world. Most of these binary options brokerages are based out of Europe, but the HighLow brokerage is based out of Australia. The HighLow binary options broker is owned and operated by HighLow Markets PTY LTD with their headquarters located at Level 14, Macquarie House, 167 Macquarie Street, Sydney, NSW 2000, Australia. An impressive aspect of the HighLow binary options broker is that they are licensed and regulated by a reputable regulatory authority. This is uncommon in the binary options industry, yet a very strong asset. HighLow is regulated by the Australian Securities and Investment Commission (ASIC) with their licence number being 364264. With this regulation, the company operates in a very transparent and secure way. Most of the binary options trading industry comes out of Europe, so when there is a broker based out of Australia it spikes a lot of interest. Traders in the industry are well aware of the numerous brokerage scams and fraudulent practices of some binary options companies. So, is HighLow a reputable and competent binary options brokerage? Let’s find out in our in-depth HighLow Broker Review below.
Minimum Deposit
$250
Types of Trading
CFD, Forex, Options
Country
Cyprus
Regulation
CySEC, IFSC
Founded in 2010, 24Option is a leading online brokerage that offers online forex and CFDs trading services to its clients. The 24Option brand was established with the goal of providing online traders with an easy to use trading platform. The brand is managed by two different companies, Rodeler Ltd based in Cyprus and Richfield Capital Ltd based in Belize. In addition, 24Option has also endeavored to provide its clients with a wide range of financial instruments to trade with. The types of financial instruments covered by 24Option include the following: Commodities Cryptocurrencies Forex Indices Stocks The choice of these financial instruments are carefully selected by 24Option in order to cater to a global clientele. Hence, it is not surprising for you to be able to trade in major stocks that are listed on leading exchanges such as the FTSE, NASDAQ and London Stock Exchange. Access to these assets on 24Option is through the web based trading platform or the popular MetaTrader 4 (MT4) trading platform developed by MetaQuotes Software. For a better insight into what 24Option has to offer, let us take a look at the 24Option review below.
Minimum Deposit
$0
Types of Trading
CFD, Forex, Options, Stock
Country
United States
Regulation
NYSE, FINRA, SIPC
Interactive Brokers have been in business for more than 40 deals and they currently have capitalised equity capital of over $6 billion. Most of their emphasis is on professional and institutional investors. They now have a presence as a broker-dealer in more than 120 market destinations across the world. They have a wide range of investment products to choose from and they are responsible as a whole for more than 800,000 trades each and every day. Their headquarters is based in Greenwich, Connecticut and they have offices across North America, Europe, Asia and Australia, with more than 1,200 employees. They are regulated by the FCA, NYSE, FINRA and the SEC, as well as other global regulatory agencies. They are constantly looking to innovate and push the boundaries in the broker-dealer space. In 1017, they were one of the first broker-dealers to offer their clients access to trading Bitcoin futures for example. This Interactive Brokers broker review will look at the various aspects which makes the broker stand out from the crowd.
Minimum Deposit
0
Types of Trading
CFD, Forex, Options, Stock
Country
Netherlands
Regulation
AFM, DNB
DEGIRO is brokerage firm that has been on the scene since 2013, starting off its operations in the Netherlands. Since then, it has expanded its operations into 18 different countries across the European Union. In this relatively short space of time, it has managed to develop its offering into one of the biggest on the continent. DEGIRO is focused on pairing financial knowledge with technology in order to create an experience for traders that is cost-effective and efficient. It is always looking at different ways to innovate and improve with its offering. The company is well-respected in the industry and it is under the regulation of the AFM in the Netherlands, as well as the Dutch Central Bank. This DEGIRO review looks a variety of elements, showcasing what areas the broker performs best in and what areas can be improved upon.
Minimum Deposit
$0
Types of Trading
CFD, Options, Stock
Country
United States
Regulation
SEC and FINRA
SogoTrade is a broker that is based in St. Louis, Missouri, United States and first started its operations back in 1986. It is under the regulation of the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is not currently listed on a stock exchange and there is no background in banking at SogoTrade. The SogoTrade platform is also available in Chinese for users. There are a variety of different aspects of this offering. One of its main focuses is on being innovative with its offering, as well as having a lot of discounts when it comes to trading commissions. This SogoTrade review breaks down these different aspects, looking at what the platform does well and where it can improve.
Minimum Deposit
$100
Types of Trading
CFD, Forex, Options, Stock
Country
Ireland
Regulation
Central Bank of Ireland
AvaTrade is a highly respected and reputable online trading brokerage with extensive experience as they were founded back in 2006. Since their establishment, AvaTrade has seen massive growth and now serves more than 200,000 customers around the globe and executes more than 2 million trades a month which account for over $60 billion in monthly trade volume. AvaTrade’s customer base and trading volume is so massive because they are an international trading brokerage with head offices in Italy, France, Japan, Spain, Australia, Mongolia, China, Nigeria, Chile, and South Africa. However, the brokerages primary headquarters are located in Ireland at Five Lamps Place, Amiens Street, Dublin 1, Ireland. The tradable products offered by AvaTrade consists of over 250 tradable instruments including: Forex currency pairs CFD trading on bonds Stocks Indices ETFs Commodities 24/7 cryptocurrency trading. These tradeable products are available to all traders via the suite of sophisticated trading platforms featured by AvaTrade.  Let’s explore more about this broker in the AvaTrade Broker Review.
Minimum Deposit
€100
Types of Trading
CFD, Forex, Options
Country
Cyprus
Regulation
CySEC, ASIC
EasyMarkets is an innovative online trading brokerage who has been revolutionizing how people trade and invest in the financial markets since their establishment in 2001. EasyMarkets was one of the first online trading brokerages to accept low initial deposits of just $25 and offer institutional level tools and services to ordinary traders and investors. Today, EasyMarkets continues to innovate by offering their clients valuable trading tools and favorable conditions such as free guaranteed stop loss, insideViewer, Freeze Rate – and their most innovative tool yet, dealCancellation. The brokerage also provides their clients with a comprehensive education centre, a selection of sophisticated trading platforms, and over 175 tradeable instruments available across the global markets. EasyMarkets serves the international markets and is based offshore with their headquarters located at P.O. Box 53742, Limassol 3317, Cyprus. Though the brokerage is located offshore, they are still trusted among many as they are licensed and regulated by both the Cyprus Securities & Exchange Commission (CySEC) and the Australian Securities & Investments Commission (ASIC). Let’s look in more details in the EasyMarkets broker review.
Minimum Deposit
$0
Types of Trading
Options, Stock
Country
United States
Regulation
FINRA, NFA and SIPC
Tastyworks is a broker that was set up in 2017 in the United States. It was built by a team that has a lot of experience in the brokerage industry, so they tried to implement all that they have learned to date into this offering. Tastyworks is regulated by FINRA and everything from stock trading to futures and options is catered for. The platform is completely proprietary so it is well-suited to the goals of the tastyworks management team. This makes for a very stable experience, with the design being optimized to allow you to access all the features and tools you could ever need in the same place. There is a great variety of different research and analysis tools for you to use, but this may be a bit off-putting to more passive or beginner investors. Overall, this platform is best suited to more experienced traders who take a hands-on approach to their investing.

What is an Options broker?

An Options broker specializes in the trading of Options which is very similar to the trading of Stocks. Only when trading Options, the trader buys or sells an Options contract on a public exchange rather than the physical stock itself. Options brokers often offer other tradeable products related to Options as well.

How do Options brokers work?

Options brokers offer traders the ability to buy or sell Options contracts on an array of different tradeable products. The Options broker provides traders with an Options trading platform in which traders enter a contract by buying an Option if they believe the price of the underlying asset will go up or selling an option if the trader believes the underlying asset will go down.

How select best Options broker?

When selecting an Options broker that’s best for you, you must determine your trading style and level of trading. Not every Options broker is the same which is why it’s important to know what you need. Examine the brokers trading platform and tradeable product range as well as whether or not they regulated and reputable.