Brokers for
Options brokers for cash-secured puts
14 brokers allow cash-secured puts in a cash account for residents of the United States. The same facts for each: fees, approvals, countries.
A cash-secured put means you sell a put and keep enough cash to buy the shares if you are assigned. You collect the premium, and if the price falls below the strike you still buy the shares at the strike. Check the approval level the broker asks for, whether the cash earns interest while it waits, and the assignment fee. 14 brokers allow cash-secured puts in a cash account for residents of the United States.
At a glance: 14 brokers, 6 at $0 per contract, 9 with $0 exercise and assignment, 12 approving naked options, 10 working with QuantWheel; median fee $0.50 per contract, lowest margin rate at $50,000 5.05%.
| Broker | QuantWheel | Exercise | Approval | 0DTE | Margin | Offers | |
|---|---|---|---|---|---|---|---|
 TradeStation | Trade & Sync | $0 via QuantWheelIndex options add $0.75 per contract | $0 | Naked | Yes | Negotiable | |
 E*Trade | Trade & Sync | $0.65 per contract$0.50 at 30+ trades per quarter | $0 | Naked | Yes | 11.70% | |
 Fidelity | Sync-only | $0.65 per contractBuy to close at $0.65 or less costs $0 | $0 | Naked | Yes | 10.63% | |
 Interactive Brokers | Sync-only | $0.65 per contract$1 minimum; additional fees | $0 | Naked | Yes | 5.38% | |
 Moomoo | Trade & Sync | $0 per contractIndex, non-retail and other fees extra | Not published | Naked | Yes | 6.80% | |
 Public | Trade & Sync | $0 per contractIndex options $0.35 plus exchange fees | Not published | Naked | Yes | 5.15% | |
 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% | |
 Tradier | Coming | $0.35 per contractPaid plans differ; other fees apply | $9 | Naked | Yes | 9.75% | |
 Webull | Trade & Sync | $0 per contractOversized and index orders cost extra | Not published | Naked | Yes | 8.74% | |
 Firstrade | $0 per contractRegulatory fees apply | $0 | Naked puts | Yes | 11.50% | ||
 J.P. Morgan Self-Directed | $0.65 per contractCall-in orders add $25 | $0 | Covered | Not published | |||
 Merrill Edge | $0.65 per contractCash-settled exercise and assignment charged per contract | $0 | Naked | Yes | Not published | ||
 Vanguard | $1 per contractEligible higher-balance accounts receive waivers | $0 | Naked puts | Not published | 11.25% |
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.TradeStation$0 via QuantWheel · $0 exercise and assignment · naked
TradeStation opens options accounts for residents of the United States. It charges $0 via QuantWheel (Index options add $0.75 per contract). 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.
Level for covered calls and cash-secured putsCovered calls Level 1; cash-secured puts allowed in cash accounts, level not published.
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.
Level for covered calls and cash-secured putsCovered calls Level 1, cash-secured puts Level 2; allowed in cash accounts
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 for covered calls and cash-secured putsCovered calls Tier 1, cash-covered puts Tier 1; allowed in cash accounts
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.
Level for covered calls and cash-secured putsCovered calls Level 1, cash-secured puts Level 3 (short put); allowed in cash accounts
Moomoo$0 per contract · exercise fee not published · naked
Moomoo opens options accounts for residents of the United States. It charges $0 per contract (Index, non-retail and other fees extra). It does not publish its exercise and assignment fees. It approves up to naked short options. It trades on 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 for covered calls and cash-secured putsCovered calls and cash-secured puts Level 1; allowed in cash accounts
Public$0 per contract · exercise fee not published · naked
Public opens options accounts for residents of the United States. It charges $0 per contract (Index options $0.35 plus exchange fees). It does not publish its exercise and assignment fees. It approves up to naked short options. It trades on Web, 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 for covered calls and cash-secured putsCovered calls and cash-secured puts Level 1; allowed in cash accounts
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 for covered calls and cash-secured putsCovered calls and cash-secured puts Level 2 (the lowest level); allowed in 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 for covered calls and cash-secured putsCovered calls at every level; cash-secured puts at Limited (the cash account level) and all IRA levels; allowed in cash accounts
Tradier$0.35 per contract · $9 per event · naked
Tradier opens options accounts for residents of the United States. It charges $0.35 per contract (Paid plans differ; other fees apply). Exercise and assignment cost $9 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; placing orders from QuantWheel is coming soon, so today you place them at the broker.
Level for covered calls and cash-secured putsCovered calls Level 1, cash-secured puts Level 1 (cash accounts only); allowed in cash accounts
Webull$0 per contract · exercise fee not published · naked
Webull opens options accounts for residents of the United States. It charges $0 per contract (Oversized and index orders cost extra). It does not publish its exercise and assignment fees. 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 for covered calls and cash-secured putsCovered calls and cash-secured puts Level 1; allowed in cash accounts (up to Level 2)
Firstrade$0 per contract · $0 exercise and assignment · naked puts
Firstrade opens options accounts for residents of the United States. It charges $0 per contract (Regulatory fees apply). Exercise and assignment cost $0. It approves up to naked short puts, not naked calls. It trades on Web, Mobile. It is not connected to QuantWheel.
Level for covered calls and cash-secured putsCovered calls and cash-secured puts Level 1, no minimum equity; allowed in cash accounts
J.P. Morgan Self-Directed$0.65 per contract · $0 exercise and assignment · covered
J.P. Morgan Self-Directed opens options accounts for residents of the United States. It charges $0.65 per contract (Call-in orders add $25). 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 for covered calls and cash-secured putsCovered calls and cash-secured puts Level 1; cash-secured puts in cash accounts only (not margin)
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 for covered calls and cash-secured putsNo numbered levels; covered calls and cash-covered puts are separate approvals, no margin needed; allowed in cash accounts
Vanguard$1 per contract · $0 exercise and assignment · naked puts
Vanguard opens options accounts for residents of the United States. It charges $1 per contract (Eligible higher-balance accounts receive waivers). Exercise and assignment cost $0. It approves up to naked short puts, not naked calls. It trades on Web, Mobile. It is not connected to QuantWheel.
Level for covered calls and cash-secured putsCovered calls Level 1, cash-secured puts Level 2; allowed in cash accounts
Compare two of them
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
The same page for other countries, then the facets traders pair with this one.Questions people ask
Cash-secured puts in a cash account