Apps that let you trade options
Robinhood is not the only app where you can trade options. TD Ameritrade, E*TRADE, Fidelity, Charles Schwab, Tastytrade, Interactive Brokers, and Webull all offer options trading on mobile. Each one has different costs, minimum account sizes, and tools built into the app itself.
The choice matters because some apps charge per trade, some charge nothing, and some require you to have a certain amount of money in your account before you can trade options at all. Some apps show you Greeks and probability data on the phone screen; others make you log into a desktop version to see that information. The app you pick shapes what you can actually do and how much it costs you.
Key Takeaways
- TD Ameritrade, E*TRADE, Fidelity, and Charles Schwab charge no per-trade commission but have different minimum account balances and approval processes for options.
- Tastytrade and Interactive Brokers are built for active traders and show Greeks and probability data directly in the mobile app.
- Robinhood allows options trading with no minimum account balance, but other platforms typically require $2,000 to $25,000 before you can trade options.
- Some apps restrict what options strategies you can use based on your account type and experience level, even after you open an account.
Commission costs and account minimums
Most major brokers stopped charging per-trade commissions around 2019, so you will not pay a fee each time you buy or sell an option. However, you still pay the bid-ask spread — the difference between what buyers will pay and what sellers are asking. That spread is the real cost, and it varies by how many people are trading that particular option.
Account minimums are where brokers differ. Robinhood has no minimum. TD Ameritrade, E*TRADE, Fidelity, and Charles Schwab typically require $2,000 to start an account, though you can fund it gradually. Interactive Brokers requires $10,000 for a standard account. Tastytrade has no account minimum but requires you to be approved for options trading first. Webull has no minimum and allows options trading once you meet their approval requirements.
The minimum matters less than the options approval level. Even if you open an account with $2,000, the broker may only let you sell covered calls at first, not buy puts or spreads. You have to request higher approval levels, and some brokers require you to have traded for a certain amount of time or have more money in the account before they will approve you.
What each app shows you on the phone
Tastytrade and Interactive Brokers are the two apps that display Greeks (delta, gamma, theta, vega) and probability of profit directly on the mobile screen. If you trade spreads or sell premium, seeing these numbers in real time on your phone matters. Both apps are designed for people who trade frequently and want to make decisions fast.
TD Ameritrade's thinkorswim app shows Greeks and lets you build multi-leg spreads on the phone, though the interface is dense and takes time to learn. E*TRADE and Fidelity show basic option data — price, volume, open interest — but you have to log into desktop to see Greeks or build complex spreads. Robinhood shows the option price and a simple profit-loss line, but no Greeks or probability data at all.
Charles Schwab and Webull fall in the middle: they show Greeks in the app, but the tools for building spreads are simpler than thinkorswim or Interactive Brokers. If you are just starting, simpler is often better. If you trade spreads regularly, you will want Greeks visible.
Approval levels and strategy restrictions
Every broker has an approval system. Level 1 usually means you can only buy calls and puts. Level 2 adds covered calls and cash-secured puts. Level 3 lets you trade spreads. Level 4 allows naked puts and calls. The names vary slightly by broker, but the structure is the same.
You request the level you want when you open the account, and the broker decides whether to grant it. They look at your net worth, your income, your trading experience, and sometimes your age. If you are under 21 or have very little net worth, some brokers will not approve you for spreads or naked options even if you ask. You can request higher approval later, and many brokers will grant it after you have held the account for 30 to 90 days.
This matters because Robinhood approves most people for Level 2 or 3 quickly, while Charles Schwab and Fidelity are more conservative. If you want to trade spreads immediately and have limited net worth, Robinhood or Webull may be your only option. If you have a larger account and more experience, the approval difference does not matter.
Speed and execution quality
All these apps route your order to an exchange, but the speed and the price you get can differ slightly. Interactive Brokers is known for fast execution and tight spreads because it routes orders intelligently across multiple exchanges. Robinhood has been criticized for order routing that favors Robinhood's revenue over your execution price, though this is true of most free brokers.
TD Ameritrade, E*TRADE, Fidelity, and Charles Schwab all have solid execution. The difference in price is usually a few cents per contract, which matters more if you trade in large size. If you are trading one or two contracts at a time, execution quality is less important than having the tools you need.
Comparison table
| Broker | Account Minimum | Greeks in App | Spreads Tool | Approval Speed |
|---|---|---|---|---|
| Robinhood | None | No | Simple | Fast |
| TD Ameritrade (thinkorswim) | $2,000 | Yes | Advanced | Moderate |
| E*TRADE | $2,000 | No (desktop only) | Moderate | Moderate |
| Fidelity | $2,000 | No (desktop only) | Moderate | Conservative |
| Charles Schwab | $2,000 | Yes | Moderate | Conservative |
| Tastytrade | None | Yes | Advanced | Moderate |
| Interactive Brokers | $10,000 | Yes | Advanced | Moderate |
| Webull | None | Yes | Simple | Fast |
Which app to start with
If you have less than $2,000 and want to trade options right now, your choices are Robinhood, Tastytrade, or Webull. All three have no account minimum. Robinhood is the simplest interface but shows no Greeks. Tastytrade and Webull both show Greeks and are better if you plan to trade spreads.
If you have $2,000 or more and want the most tools, TD Ameritrade's thinkorswim is the strongest choice. The app is complex, but it shows everything and lets you build any spread you want. Interactive Brokers is similar but requires $10,000 and has a steeper learning curve.
If you want simplicity and do not need Greeks, Fidelity or Charles Schwab are solid. Both are large, stable brokers with good customer service. You will have to log into desktop to see Greeks or build spreads, but the mobile app is clean and easy to use for basic trades.
Frequently Asked Questions
Can I trade options on the same day I open an account?
No. Most brokers require you to wait one to three business days for your account to be funded and approved. Some brokers also require you to wait 30 days before they will approve you for higher options levels, even if you request them immediately. Robinhood is usually the fastest, approving you within hours.
Do I have to pay taxes differently on options trades than stock trades?
Options are taxed as capital gains, just like stocks. Short-term gains (held less than one year) are taxed as ordinary income. Long-term gains (held more than one year) get preferential rates. The app you use does not change the tax treatment, but some apps make it easier to track your cost basis and holding period.
What happens if I want to switch brokers after I start trading?
You can transfer your account to a new broker, though the process takes five to ten business days. You can also close your account and open a new one elsewhere. If you have open options positions, you will have to close them before you transfer, because different brokers have different approval levels and may not accept your positions.
Is Robinhood safe for options trading?
Robinhood is a registered broker-dealer and your cash and securities are insured by the Securities Investor Protection Corporation (SIPC) up to $500,000. The app itself is safe in that sense. The risk is in the trading itself — options are leveraged and you can lose more than you put in if you sell naked calls or puts. The app you use does not change that risk.
Can I use the same app on my phone and computer?
Yes. All these brokers have both mobile apps and desktop platforms. Your account is the same on both. Some brokers, like TD Ameritrade, have a separate desktop app (thinkorswim) that is more powerful than the mobile version. Others, like Robinhood, have nearly identical mobile and web versions.