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Vanguard review

Founded 1975HQ Malvern, Pennsylvania, USAPlatforms Web, Mobile

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No integration. QuantWheel cannot read accounts at Vanguard, so you cannot use it with QuantWheel.

Fee per contract
$1 per contract
to open a contract
Exercise and assignment
Free
no fee per event
Approval
Naked puts
up to naked short options
Margin rate
11.25%
on a $50,000 balance
Countries
US citizens or permanent residents with a US mailing address
from the broker's own pages

What you can trade

From the options agreement

  • 0DTE (Not published)
  • Index options (SPX)
  • Options on futures (Not published)
  • Spreads in an IRA, not offered
  • Portfolio margin (Not published)
  • Paper trading (Not published)
  • 24/7 support, not offered

PlatformsWeb, Mobile

Cost to open

Per-contract fee only

One cash-secured put1 contract
$1
Ten-lot iron condor40 contracts
$40
Twenty covered calls20 contracts
$20
One turn of the wheelput assigned, call exercised, 2 contracts
$2

Exchange fees and per-order minimums are extra where the fee schedule has them.

What Vanguard costs for the way you trade

A year of fees from Vanguard's published prices, checked 7 and 8 October 2026.

How you trade
8
1
$1.20
Vanguard standard price$1.40 a trade, 1.2% of your premium
$134 a year
Among 21 brokers open to residents of the United StatesLowest is Firstrade at $3.67 a year, plus small regulatory fees it does not publish
13th on the fees it publishes

Not counted because Vanguard does not publish them: clearing fee, options regulatory fee, SEC fee, FINRA trading activity fee, live options quote price, platform fee, inactivity fee.

Compare every broker for this pattern

QuantWheel

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No integration. QuantWheel cannot read accounts at Vanguard, so you cannot use it with QuantWheel.

Connect Vanguard

Fees explained

What each line of the fee schedule means for an options order

Vanguard

$1 per contract, charged on each leg. A ten-lot iron condor is 40 contracts, so $40 to open, and the same again if you close it before expiry. Exchange fees and per-order minimums are extra where the fee schedule has them.

No fee per event. An assigned put or an exercised call costs nothing beyond the per-contract fee. Cost to open

The options agreement approves up to naked short options in a margin account. Spreads are not allowed in an IRA. It does not publish whether portfolio margin is offered.

Not published.

What changed at Vanguard

Every fee, term and policy we track, with the day it moved

No change recorded since the last check. A change to a fee or a rule appears here on the day we record it.

Questions people ask

Answered from the documents above

Vanguard

No; QuantWheel cannot read accounts at Vanguard. Connect Vanguard

$1 per contract, and no fee per exercise or assignment, from the fee schedule checked 8 October 2026. Exchange fees are extra. Compare fees across brokers

It does not publish whether 0DTE trading is allowed. Index options such as SPX are offered. The options agreement approves up to naked short options in a margin account. Brokers for 0DTE

US citizens or permanent residents with a US mailing address, according to Vanguard's own pages. Check with Vanguard before you open an account. Brokers by country

Facts from Vanguard's own fee schedule and options agreement, checked 8 October 2026.