Brokers for
Options brokers for index options
18 brokers offer index options such as SPX and NDX for residents of the United States. The same facts for each: fees, approvals, countries.
Index options such as SPX settle in cash, and SPX options can only be exercised at expiration, so no shares change hands and there is no early assignment. XSP is one tenth the size of SPX, for a smaller position. Many brokers add a separate fee per contract on index options, so check it next to the regular option fee. 18 brokers list index options for residents of the United States.
At a glance: 18 brokers, 7 at $0 per contract, 9 with $0 exercise and assignment, 15 approving naked options, 13 working with QuantWheel; median fee $0.39 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 | |
 Alpaca | Coming | $0 per contractPartner, index and professional rates differ | Not published | Spreads | Yes | 6.25% | |
 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% | |
 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% | |
 TradeZero | Coming | $0.42 per contract$20 order cap; index contracts excluded | Exercise $10 auto / $35 manual, assignment $10 per line | Not published | Not published | 9.00% | |
 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% | |
 eOption | $0.10 + $1.99 per tradeBase fee and other charges apply | $9 | Naked | Not published | 8.20% | ||
 Firstrade | $0 per contractRegulatory fees apply | $0 | Naked puts | Yes | 11.50% | ||
 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 | ||
 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 lists index options such as SPX. 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.
Alpaca$0 per contract · exercise fee not published · spreads
Alpaca lists index options such as SPX. It charges $0 per contract (Partner, index and professional rates differ). It does not publish its exercise and assignment fees. It approves up to defined-risk spreads. It trades on Web, 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.
E*Trade$0.65 per contract · $0 exercise and assignment · naked
E*Trade lists index options such as SPX. 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.
Fidelity$0.65 per contract · $0 exercise and assignment · naked
Fidelity lists index options such as SPX. 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.
Interactive Brokers$0.65 per contract · $0 exercise and assignment · naked
Interactive Brokers lists index options such as SPX. 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.
Moomoo$0 per contract · exercise fee not published · naked
Moomoo lists index options such as SPX. 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.
Public$0 per contract · exercise fee not published · naked
Public lists index options such as SPX. 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.
Robinhood$0 per contract · $0 exercise and assignment · spreads
Robinhood lists index options such as SPX. 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.
Schwab$0.65 per contract · $0 exercise and assignment · naked
Schwab lists index options such as SPX. 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 lists index options such as SPX. 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.
TradeZero$0.42 per contract · $10 per event · not published
TradeZero lists index options such as SPX. It charges $0.42 per contract ($20 order cap; index contracts excluded). Exercise and assignment cost $10 each. It does not publish its highest options level. 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.
Tradier$0.35 per contract · $9 per event · naked
Tradier lists index options such as SPX. 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.
Webull$0 per contract · exercise fee not published · naked
Webull lists index options such as SPX. 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.
eOption$0.10 + $1.99 per trade · $9 per event · naked
eOption lists index options such as SPX. It charges $0.10 + $1.99 per trade (Base fee and other charges apply). Exercise and assignment cost $9 each. It approves up to naked short options. It trades on Web, Mobile. It is not connected to QuantWheel.
Firstrade$0 per contract · $0 exercise and assignment · naked puts
Firstrade lists index options such as SPX. 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.
Lightspeed$0.50 per contract · $15 per event · naked
Lightspeed lists index options such as SPX. 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.
Merrill Edge$0.65 per contract · $0 exercise and assignment · naked
Merrill Edge lists index options such as SPX. 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.
Vanguard$1 per contract · $0 exercise and assignment · naked puts
Vanguard lists index options such as SPX. 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.
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Every page in this folder lists the brokers that qualify, with the same facts.Related pages
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Index options (SPX)