Brokers for
Options brokers for advanced traders
5 brokers offer naked options, a desktop platform and portfolio margin for residents of the United States. The same facts for each: fees, approvals, countries.
Advanced options traders often want naked calls and puts, a desktop platform for complex orders and portfolio margin at one broker. Check the account size each one asks for at its top approval level and the fee per contract at your volume. 5 brokers offer all three for residents of the United States.
At a glance: 5 brokers, 0 at $0 per contract, 3 with $0 exercise and assignment, 5 approving naked options, 4 working with QuantWheel; median fee $0.65 per contract, lowest margin rate at $50,000 5.38%.
| Broker | QuantWheel | Exercise | Approval | 0DTE | Margin | Offers | |
|---|---|---|---|---|---|---|---|
 E*Trade | Trade & Sync | $0.65 per contract$0.50 at 30+ trades per quarter | $0 | Naked | Yes | 11.70% | |
 Interactive Brokers | Sync-only | $0.65 per contract$1 minimum; additional fees | $0 | Naked | Yes | 5.38% | |
 Schwab | Sync-only | $0.65 per contractAdditional fees may apply | $0 | Naked | Yes | 10.63% | |
 tastytrade | Trade & Sync | $1 open / $0 close$10 opening cap per leg; other fees apply | $5 | Naked | Yes | 10.00% | |
 Lightspeed | $0.50 per contractWeb and mobile orders have a $1 minimum; other fees apply | $15 | Naked | Not published | 10.00% |
The brokers one by one
What qualifies each for this page, from its fee schedule and options agreement, and the one fact that sets it apart.E*Trade$0.65 per contract · $0 exercise and assignment · naked
E*Trade opens options accounts for residents of the United States. It charges $0.65 per contract ($0.50 at 30+ trades per quarter). Exercise and assignment cost $0. It approves up to naked short options. It trades on Web, Desktop, Mobile, API. QuantWheel syncs positions and trades from the account and suggests; with Trade & Sync the orders you approve go to the broker from QuantWheel.
Interactive Brokers$0.65 per contract · $0 exercise and assignment · naked
Interactive Brokers opens options accounts for residents of the United States. It charges $0.65 per contract ($1 minimum; additional fees). Exercise and assignment cost $0. It approves up to naked short options. It trades on Web, Desktop, Mobile, API. QuantWheel syncs positions and trades from the account and suggests; you place the orders at the broker.
Schwab$0.65 per contract · $0 exercise and assignment · naked
Schwab opens options accounts for residents of the United States. It charges $0.65 per contract (Additional fees may apply). Exercise and assignment cost $0. It approves up to naked short options. It trades on Web, Desktop, Mobile, API. QuantWheel syncs positions and trades from the account and suggests; you place the orders at the broker.
tastytrade$1 open / $0 close · $5 per event · naked
tastytrade opens options accounts for residents of the United States. It charges $1 open / $0 close ($10 opening cap per leg; other fees apply). Exercise and assignment cost $5 each. It approves up to naked short options. It trades on Web, Desktop, Mobile, API. QuantWheel syncs positions and trades from the account and suggests; with Trade & Sync the orders you approve go to the broker from QuantWheel.
Lightspeed$0.50 per contract · $15 per event · naked
Lightspeed opens options accounts for residents of the United States. It charges $0.50 per contract (Web and mobile orders have a $1 minimum; other fees apply). Exercise and assignment cost $15 each. It approves up to naked short options. It trades on Web, Desktop, Mobile, API. It is not connected to QuantWheel.
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The pair pages among these brokers, with a verdict.More by what you trade
Every page in this folder lists the brokers that qualify, with the same facts.Related pages
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Advanced traders