Brokers for
Options brokers for naked options
15 brokers approve naked short options for residents of the United States. The same facts for each: fees, approvals, countries.
A naked option is a short call without the shares, or a short put without the full cash set aside to buy the shares. The loss can be much larger than the premium you collect, and brokers grant it at their top approval level; some approve naked puts but not naked calls. Check the account size the broker asks for at that level, the margin it holds per contract and the exercise and assignment fee. 15 brokers approve naked short options for residents of the United States.
At a glance: 15 brokers, 5 at $0 per contract, 8 with $0 exercise and assignment, 15 approving naked options, 10 working with QuantWheel; median fee $0.50 per contract, lowest margin rate at $50,000 5.15%.
| 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% | |
 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% | |
 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 approves naked short options. 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.
E*Trade$0.65 per contract · $0 exercise and assignment · naked
E*Trade approves naked short options. 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 approves naked short options. 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 approves naked short options. 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 approves naked short options. 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 approves naked short options. 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.
Schwab$0.65 per contract · $0 exercise and assignment · naked
Schwab approves naked short options. 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 approves naked short options. 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.
Tradier$0.35 per contract · $9 per event · naked
Tradier approves naked short options. 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 approves naked short options. 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 approves naked short options. 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 approves naked short options. 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 approves naked short options. 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 approves naked short options. 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 approves naked short options. 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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Naked options