Futures are the last corner of US retail brokerage where commissions still differ by a factor of four. The same E-mini S&P round trip costs $1.50 at Robinhood and $4.50 at Schwab — before identical exchange fees. Choosing the right futures broker is mostly arithmetic.
Below: all seven US brokers in our dataset that actually offer futures, ranked on verified October 2026 per-contract pricing, with micro rates, volume tiers, and worked round-trip math. (Fidelity fans: it does not offer retail futures — details in the FAQ.)
Futures Commission Comparison (Verified October 2026)
Commission data verified on 2026-10-19 against each broker’s official pricing page (IBKR, TradeStation, Schwab, tastytrade, E*TRADE, Robinhood, Webull). Figures are broker commission per contract per side and exclude exchange, clearing, and NFA pass-through fees.
| Broker | Standard (E-mini) /side | Micro /side | Options on Futures | Volume Tiers | Regions |
|---|---|---|---|---|---|
| Interactive Brokers | $0.85 (≤1,000/mo) | $0.25 | Same futures schedule | $0.65 / $0.45 / $0.25; micros $0.10–$0.25 | Global (150+ markets) |
| Robinhood | $0.75 | $0.75 | — | $0.50 all contracts with Robinhood Gold | US |
| tastytrade | $1.00 | $0.75 (incl. E-nano) | $1.25 ($0.75 micro) | None published | US |
| Webull | $1.25 regular / $0.70 mini | $0.25 | — | Webull Premium tiered discounts | US |
| E*TRADE | $1.50 | $1.50 (E-nano $0.75) | $1.50 | None | US |
| TradeStation | $1.75 + $0.10 clearing | $0.50 + $0.10 clearing | — | Down to $0.50 + $0.10 (micros $0.25) at 10,001+/mo | US + intl via TSIL (separate schedule) |
| Schwab (thinkorswim) | $2.25 | $2.25 | $2.25 | None | US |
Worked Round-Trip Cost Math
Entry-tier pricing, standard E-mini contract, one round trip = two sides. Monthly figure assumes 20 round trips (40 sides) — a light active-trader month.
| Broker | 1 E-mini round trip | 20 round trips / month | 20 micro round trips / month |
|---|---|---|---|
| Robinhood (Gold) | $1.50 ($1.00) | $30.00 ($20.00) | $30.00 ($20.00) |
| Interactive Brokers | $1.70 | $34.00 | $10.00 |
| tastytrade | $2.00 | $40.00 | $30.00 |
| Webull | $2.50* | $50.00* | $10.00* |
| E*TRADE | $3.00 | $60.00 | $60.00 |
| TradeStation | $3.70 | $74.00 | $24.00 |
| Schwab | $4.50 | $90.00 | $90.00 |
*Webull bills exchange/clearing/NFA separately, so its all-in cost runs slightly above the figures shown.
Three takeaways:
- Robinhood wins the sticker war on standard contracts — $0.75/side, $0.50 with Gold — if its simplified platform fits your workflow.
- Interactive Brokers wins on flexibility: near-cheapest at entry, the only broker with sub-$0.50 standard pricing at volume ($0.25 top tier), tied-cheapest micros, and the only door for non-US residents.
- Schwab and E*TRADE are platform plays, not price plays — you pay 2–4× the leaders’ commissions for thinkorswim/Power E*TRADE and the full-service brokerages behind them.
The Broker Fee Calculator embedded on this page models your exact monthly contract volume across all ten brokers in our dataset.
Broker-by-Broker Notes
Interactive Brokers — best overall for active futures traders
$0.85 entry is already second-cheapest, and the tiered schedule ($0.65/$0.45/$0.25 at higher monthly volume) plus $0.25 micros make it the cheapest serious option for anyone trading size. TWS/IBKR Desktop, every global futures exchange, real APIs, and benchmark-plus margin. The trade-off is the learning curve. Visit Interactive Brokers
Robinhood — cheapest headline rate
$0.75/side flat, $0.50 with a Gold subscription, from a phone. Fine for casual E-mini exposure; active traders will hit the platform’s limits (order types, charting, no API) before they hit a commission problem. Visit Robinhood
tastytrade — best pricing for options-on-futures traders
$1.00 E-mini/$0.75 micro with the same probability-first interface that makes its options product good, and futures options at $1.25 ($0.75 micro) — half of E*TRADE’s rate and well under Schwab’s $2.25. US only. Visit tastytrade
Webull — micro-rate specialist
$0.25 micros match IBKR for cheapest in class; $0.70 mini and $1.25 regular rates are mid-pack, and Webull Premium adds tiered discounts. Watch the à-la-carte pass-through billing. Mobile-first platform. Visit Webull
E*TRADE — flat-rate simplicity
$1.50 every contract, every month, no tiers to track — plus Power E*TRADE’s options tools and Morgan Stanley backing. Margin rules are unusually well documented: 100% of exchange minimum overnight, 50% intraday, IRAs at 200% with a $25,000 minimum. You pay for the simplicity: nearly 2× IBKR’s entry rate. Visit E*TRADE
TradeStation — the volume-tier dark horse
Entry pricing looks mediocre ($1.75 + $0.10 clearing) but tiers fall to $0.50 + $0.10 on standard and $0.25 on micros above 10,001 contracts/month — genuinely competitive for pros, with a real desktop platform and API. Non-US traders route through TradeStation International on a separate schedule. Visit TradeStation
Schwab (thinkorswim) — pay for the platform
At $2.25/side flat — including micros, where it is 9× the cheapest rate — Schwab’s futures pricing is the most expensive in our dataset. What you get: thinkorswim’s charting and paperMoney, Schwab research, banking, and branches. Worth it if the platform is the point; expensive if it isn’t. Visit Schwab
Margin and the Fine Print
- Pass-through fees are universal: exchange, clearing, and NFA fees add to every quote above but are similar across brokers — the commission column is where the differentiation lives.
- Margin is broker-specific: exchanges set overnight minimums; each broker layers intraday rules on top (E*TRADE publishes 50% of exchange minimum intraday, for example). Check the margin page, not just the commission page, before choosing.
- Market data: real-time CME Group data can carry a monthly fee depending on broker and account status.
- Micros first: if you are new to futures, the micro column is your column — same markets, one-tenth the size.
Who Should Pick Which Broker?
- High-volume or non-US trader → Interactive Brokers. Tiered to $0.25, global access, pro tooling.
- Lowest headline commission, casual use → Robinhood. $0.75/$0.50 Gold.
- Options on futures → tastytrade. $1.25/$0.75 micro futures options.
- Micro-contract scalping → IBKR or Webull. $0.25/side.
- Platform-first → Schwab thinkorswim or E*TRADE. You are buying software and service, not cheap contracts.
- 10k+ contracts/month → TradeStation or IBKR. Their top tiers are built for you.
Find your match interactively in the Broker Finder, and always size the position before the trade with the Position Size Calculator.
Frequently Asked Questions
What is the cheapest futures broker in 2026?
It depends on contract size and volume. For micros, Interactive Brokers and Webull tie at $0.25 per side; for standard contracts, Robinhood leads at $0.75 ($0.50 with Gold) followed by Interactive Brokers at $0.85 and tastytrade at $1.00. At high volume the picture shifts again — IBKR’s tiered schedule falls to $0.25 and TradeStation’s to $0.50 plus $0.10 clearing. All figures exclude exchange, clearing, and NFA pass-through fees.
Which futures brokers accept non-US residents?
Interactive Brokers is the practical answer — it serves clients in 150+ countries with local entities and multi-currency funding. TradeStation accepts international clients via TradeStation International on a separate pricing schedule. Schwab, tastytrade, E*TRADE, Robinhood, and Webull offer futures to US residents only.
Does Fidelity offer futures trading?
No. As of October 2026 Fidelity does not offer retail futures trading — a claim that appears on some competitors’ comparison tables is wrong. Fidelity clients wanting futures exposure are limited to futures-based ETFs; active futures traders need one of the seven brokers in this comparison.
What are micro futures and why do they matter?
Micro contracts (MES, MNQ, M2K and friends) are one-tenth the size of their E-mini equivalents, which cuts both the commission and the margin requirement roughly proportionally. They are the standard way to learn futures sizing or run smaller accounts — which is why the micro rate column in the comparison table matters as much as the headline E-mini rate.
What fees do futures brokers charge beyond commission?
Every broker passes through exchange, clearing, and NFA regulatory fees on top of the advertised commission — roughly similar at all of them, which is why we compare commission-only rates. Real-time market data for CME Group exchanges may cost extra depending on the broker and account type, and margin requirements are set by the exchange overnight with brokers layering their own intraday schedules on top.
Related Reading
- TradeStation vs Interactive Brokers (2026) — tier-by-tier futures math
- Interactive Brokers vs E*TRADE (2026) — flat-rate vs tiered futures
- Interactive Brokers vs Schwab (2026)
- tastytrade vs thinkorswim (2026) — the options-platform cage match
- Broker Fee Calculator — model monthly commissions for your exact trade volume
Educational comparison only — not financial advice or a recommendation to open an account. Futures trading involves substantial risk of loss and is not suitable for every investor. Fee figures were verified against each broker’s official pricing schedule on October 19, 2026; always confirm current rates, fees, margin requirements, and regional availability on the broker’s website before funding an account.