Brokers for
Options brokers for buying options
6 brokers allow buying calls and puts at the first level for residents of the United States. The same facts for each: fees, approvals, countries.
Buying an option means you pay a premium for the right to buy shares with a call, or sell them with a put, at the strike price. The most you can lose is that premium plus fees, and the option can expire worthless. Check the approval level for buying calls and puts and whether it works in a cash account. 6 brokers allow buying calls and puts at the first level for residents of the United States.
At a glance: 6 brokers, 2 at $0 per contract, 4 with $0 exercise and assignment, 4 approving naked options, 3 working with QuantWheel; median fee $0.57 per contract, lowest margin rate at $50,000 5.05%.
| Broker | QuantWheel | Exercise | Approval | 0DTE | Margin | Offers | |
|---|---|---|---|---|---|---|---|
 Fidelity | Sync-only | $0.65 per contractBuy to close at $0.65 or less costs $0 | $0 | Naked | Yes | 10.63% | |
 Robinhood | Sync-only | $0 per contractIndex contracts and other fees extra | $0 | Spreads | Yes | 5.05% | |
 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% | ||
 Merrill Edge | $0.65 per contractCash-settled exercise and assignment charged per contract | $0 | Naked | Yes | Not published | ||
 SoFi Invest | $0 per contractRegulatory and clearing fees apply | $0 | Covered | Yes | 9.00% |
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.Fidelity$0.65 per contract · $0 exercise and assignment · naked
Fidelity opens options accounts for residents of the United States. It charges $0.65 per contract (Buy to close at $0.65 or less costs $0). Exercise and assignment cost $0. It approves up to naked short options. It trades on Web, Desktop, Mobile. QuantWheel syncs positions and trades from the account and suggests; you place the orders at the broker.
Level to buy calls and putsTier 1 (buying calls and puts), allowed in a cash account once approved for options.
Robinhood$0 per contract · $0 exercise and assignment · spreads
Robinhood opens options accounts for residents of the United States. It charges $0 per contract (Index contracts and other fees extra). Exercise and assignment cost $0. It approves up to defined-risk spreads. It trades on Web, Mobile. QuantWheel syncs positions and trades from the account and suggests; you place the orders at the broker.
Level to buy calls and putsLevel 2, the lowest level Robinhood grants, covers buying calls and puts, and long options are allowed in cash accounts (only Level 3 is excluded from cash accounts).
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.
Level to buy calls and putsLimited, the lowest level, and long calls and puts are allowed in cash accounts and IRAs.
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.
Level to buy calls and putsThe strategy 'Purchasing Calls and Puts' (2 of 6 on the options application) is not marked as needing a margin account, and the application offers an Option Cash Account, so long calls and puts are allowed in a cash account.
Merrill Edge$0.65 per contract · $0 exercise and assignment · naked
Merrill Edge opens options accounts for residents of the United States. It charges $0.65 per contract (Cash-settled exercise and assignment charged per contract). Exercise and assignment cost $0. It approves up to naked short options. It trades on Web, Mobile. It is not connected to QuantWheel.
Level to buy calls and putsMerrill approves strategies rather than tiers, and Buy calls (strategy 1) and Buy puts (strategy 2) are requested separately on its option form for individual, joint and trust accounts without a margin mark, so long options do not require a margin account. Merrill's option agreement calls approvals levels of option trading.
SoFi Invest$0 per contract · $0 exercise and assignment · covered
SoFi Invest opens options accounts for residents of the United States. It charges $0 per contract (Regulatory and clearing fees apply). Exercise and assignment cost $0. It approves up to covered calls and cash-secured puts. It trades on Web, Mobile. It is not connected to QuantWheel.
Level to buy calls and putsSoFi has no levels, so any member approved for options can buy calls and puts. Long options are allowed in SoFi Cash Accounts and IRAs (cash accounts) and must be fully paid.
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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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Buying calls and puts