Options commissions look commoditized — $0.65 per contract at almost every big broker — until you read the fine print. Some brokers charge nothing for equity options. tastytrade caps every leg at $10. TradeStation’s tiers fall to literal $0 at volume. And “free” brokers quietly charge $0.50 per contract on index options.
Below: all eight US brokers in our dataset that offer listed options, compared on verified October 2026 pricing — per-contract rates, caps, index surcharges, and what 10, 50, and 200 contracts a month actually cost.
Options Commission Comparison (Verified October 2026)
Fee data verified on 2026-10-19 against each broker’s official pricing page (Robinhood, Webull, tastytrade, TradeStation, Interactive Brokers, E*TRADE, Schwab, Fidelity). Figures are broker commission per contract and exclude OCC, exchange, and regulatory pass-through fees, which are similar at all brokers.
| Broker | Equity Options /contract | Index Options /contract | Caps, Tiers & Waivers | Regions |
|---|---|---|---|---|
| Robinhood | $0 | $0.50 ($0.35 Gold) | None | US |
| Webull | $0 | $0.50 (+$0.10 over 500/order) | Webull Premium discounts | US |
| tastytrade | $1.00 to open · $0 to close | Same schedule | Max $10 per leg per order | US |
| TradeStation | $0.80 single-leg · $0.40 multi-leg | $1.00 | Tiers → $0 single/multi-leg and $0.60 index at 10,001+/mo | US + intl via TSIL ($5 base + $0.10) |
| Interactive Brokers | $0.65 ($1 min/order) | $0.65 | Tiered pricing can run lower net of exchange rebates | Global (150+ markets) |
| E*TRADE | $0.65 → $0.50 at 30+ trades/qtr | $0.65 | Dime Buyback: closing short options ≤$0.10 costs $0 | US |
| Schwab (thinkorswim) | $0.65 | $0.65 | Buy-to-close ≤$0.05 online: contract fee waived | US |
| Fidelity | $0.65 | $0.65 + index surcharges | Buy-to-close ≤$0.65 free | US |
Worked Cost Math: 10, 50, and 200 Contracts a Month
Monthly commission for single-leg equity-option round trips (open + close), entry tier. Clip size only matters where a cap applies — we show tastytrade both ways.
| Broker | 10 contracts/mo | 50 contracts/mo | 200 contracts/mo |
|---|---|---|---|
| Robinhood | $0 | $0 | $0 |
| Webull | $0 | $0 | $0 |
| tastytrade (1-lot clips / 10-lot clips / 50-lot clips) | $10 | $50 / $50 / $10 | $200 / $200 / $40 |
| TradeStation (single-leg / multi-leg) | $16 / $8 | $80 / $40 | $160 / $80 |
| Interactive Brokers | $13 | $65 | $260 |
| E*TRADE | $13 ($10 at ≥30 trades/qtr) | $65 ($50) | $260 ($200 — 200/mo always qualifies) |
| Schwab | $13 | $65 | $260 |
| Fidelity | $13 | $65 | $260 |
Four takeaways:
- “Free” is real for equity options. Robinhood and Webull charge $0 commission — a 200-contract month genuinely costs $0 before tiny regulatory pass-throughs. The trade-off is platform depth, not hidden fees.
- tastytrade’s cap rewards bigger tickets. At 50-lot clips, a 200-contract month costs $40 — undercutting every per-contract broker. Trade it in 1-lots and it costs the same $200 as anywhere.
- TradeStation is the volume sleeper. Entry pricing ($0.80/$0.40) is mid-pack, but multi-leg pricing already halves spread costs, and tiers fall to $0 above 10,001 contracts/month — unique in this list.
- The $0.65 pack is paying for platform, not pricing. IBKR, E*TRADE, Schwab, and Fidelity cluster at $260/month at volume — each justifies it differently (global access, Dime Buyback, thinkorswim, service).
The Broker Fee Calculator embedded on this page models your exact monthly volume across all ten brokers in our dataset.
Broker-by-Broker Notes
Robinhood — cheapest headline price
$0 equity options, $0.50 index ($0.35 with Gold), from a phone. Genuinely free commissions — what you give up is professional order types, routing control, and analytics. Fine for straightforward directional trades; active spread traders outgrow it. Visit Robinhood
Webull — free equity options with a real options chain view
$0 equity options plus a more options-oriented interface than Robinhood. Index options run $0.50/contract (+$0.10 per contract above 500 in one order), and Webull Premium unlocks further discounts. Visit Webull
tastytrade — built for spread sellers
$1.00 to open (capped at $10 per leg), $0 to close — the cap makes multi-leg and large-ticket trades the cheapest in class, and the probability-first interface assumes you think in options terms. US only. Visit tastytrade
TradeStation — the volume-tier play
Single-leg $0.80, multi-leg $0.40, index $1.00 at entry — then tiers compress everything toward $0 above 10,001 contracts/month. The only broker here whose schedule reaches literal zero at size. Non-US via TradeStation International on a separate schedule. Visit TradeStation
Interactive Brokers — the global option
$0.65/contract with a $1 minimum per order, options on exchanges worldwide, benchmark-plus margin, and a real API. The only practical door for non-US residents and for traders who want options across markets, not just US underlyings. Visit Interactive Brokers
E*TRADE — the middle ground
$0.65 flat drops to $0.50 at just 30 trades per quarter — the most reachable discount tier here — plus Dime Buyback waiving fees when you close short options for a dime or less. Power E*TRADE is a legitimately good options platform. Visit E*TRADE
Schwab (thinkorswim) — pay for the platform
Flat $0.65/contract with a small mercy (buy-to-close ≤$0.05 waived). What you get is thinkorswim — the deepest free retail options platform in the US, with paperMoney — plus Schwab research, banking, and branches. Expensive at volume; unbeatable as a learning environment. Visit Schwab
Fidelity — the quiet waiver
Same $0.65 headline as Schwab, but with the most generous close-cheap waiver: buy-to-close orders at $0.65 or less carry no contract fee — so covering decayed short legs is effectively free. Watch for surcharges on certain index products, and note Fidelity offers no futures. Visit Fidelity
Beyond the Per-Contract Rate
- Pass-through fees are universal: OCC and exchange fees hit every broker roughly equally — the commission column is where brokers actually differ.
- Index options are a separate budget: SPX/RUT traders should price the index column, not the headline rate — $0.50–$1.00/contract where equity options are often free.
- Exercise and assignment: E*TRADE charges $0 for exercise/assignment; policies differ elsewhere — check before holding options into expiry.
- Margin and approval levels matter more than commissions: portfolio margin, spread permissions, and cash-vs-margin approval tiers differ by broker and are usually the real constraint on an options strategy.
- Closes and waivers add up: tastytrade’s $0 closes, E*TRADE’s Dime Buyback, and the Fidelity/Schwab sub-nickel waivers all reward the same habit — closing losers and expired shorts cheaply.
Who Should Pick Which Platform?
- Lowest possible cost, simple trades → Robinhood or Webull. $0 equity options is $0.
- Multi-leg spreads and premium selling → tastytrade. The $10/leg cap is structural, not promotional.
- 10k+ contracts/month → TradeStation. The only schedule that reaches $0.
- Non-US resident or multi-market → Interactive Brokers. The only global door.
- 30–500 trades/quarter wanting a discount + real platform → E*TRADE. $0.50 tier + Dime Buyback.
- Learning options or platform-first → Schwab thinkorswim. paperMoney and thinkScript justify the flat $0.65.
Find your match interactively in the Broker Finder, and size every position before entry with the Position Size Calculator.
Frequently Asked Questions
What is the cheapest options trading platform in 2026?
For plain equity options, Robinhood and Webull charge $0 per contract — genuinely zero commission, though regulatory pass-through fees still apply to everyone. For active spread traders, tastytrade’s structure ($1.00 to open capped at $10 per leg, $0 to close) usually beats the flat $0.65 brokers once order size grows. At very high volume, TradeStation’s tiers fall all the way to $0 above 10,000 contracts a month.
Are commission-free options really free?
Mostly — but “free” means free of broker commission. Every trader at every broker still pays small regulatory and exchange pass-through fees (OCC and options exchange fees), which are similar across brokers and therefore excluded from our comparison. Robinhood and Webull’s $0 equity-options pricing is real, but index options still cost $0.50 per contract at both, and the trade-off is thinner order types, routing controls, and tooling than a professional platform.
Which options platform is best for multi-leg spreads?
tastytrade — its $10-per-leg cap means a 4-leg iron condor never costs more than $40 to open regardless of contract count, and closing is always free. TradeStation’s multi-leg rate of $0.40 per contract per side is the next best structure for spread-heavy books, and E*TRADE drops to $0.50 per contract once you cross 30 trades per quarter.
Which options brokers accept non-US residents?
Interactive Brokers is effectively the only mainstream option — it serves clients in 150+ countries with options on US and international exchanges. TradeStation accepts international clients via TradeStation International on a separate schedule ($5 base plus $0.10 per contract). Robinhood, Webull, tastytrade, Schwab, Fidelity, and E*TRADE options are US-resident only.
Why do index options (SPX, RUT) cost more than equity options?
Most brokers surcharge index options because the exchanges charge more for them. Webull charges $0.50 per contract ($0.60 above 500 contracts in an order), Robinhood $0.50 ($0.35 with Gold), and TradeStation $1.00 at entry tier falling to $0.60 at volume — versus $0 for equity options at the first two. Fidelity also notes extra fees on certain index products. If you trade SPX or RUT weeklies, the index column of the comparison table matters more than the headline equity rate.
Related Reading
- tastytrade vs thinkorswim (2026) — the two options natives head to head
- TradeStation vs Interactive Brokers (2026) — volume tiers vs global access
- Interactive Brokers vs E*TRADE (2026) — flat-rate vs tiered
- Interactive Brokers vs tastytrade (2026)
- Best Futures Brokers for Active Traders (2026) — when you outgrow equity options
- Broker Fee Calculator — model monthly commissions for your exact trade volume
Educational comparison only — not financial advice or a recommendation to open an account. Options trading involves substantial risk of loss and is not suitable for every investor; options can expire worthless and spreads can lose more than the premium paid. Fee figures were verified against each broker’s official pricing schedule on October 19, 2026; always confirm current rates, fees, and regional availability on the broker’s website before funding an account.