Options brokers with excess SIPC coverage

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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + Lloyd's excess up to $24.5M per account, $900,000 cash, $200M total.

Alpaca$0 per contract · exercise fee not published · spreads

Alpaca opens options accounts for residents of the United States. 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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + excess cover up to $75M securities and $75M cash per customer ($250M aggregate; Lloyd's of London)

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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + Morgan Stanley excess cover ($1B firmwide for securities, $1.9M cash per client; insurer not named)

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.

Account protectionSIPC protection covers $500,000, including $250,000 cash, and Fidelity's excess coverage adds no per-account securities limit and $1.9M cash per account ($1B aggregate, insurer not named).

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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + excess cover up to $30M per account incl. $900,000 cash ($150M aggregate; Lloyd's of London)

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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + Apex excess cover up to $37.5M securities and $900,000 cash per customer ($150M aggregate)

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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + excess cover up to $50M per customer incl. $1.9M cash ($1B aggregate; Lloyd's of London)

Schwab$0.65 per contract · $0 exercise and assignment · naked

Schwab opens options accounts for residents of the United States. 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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + excess cover up to $150M per customer incl. $1.15M cash, $600M total (stated on Schwab's international site)

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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + Apex excess cover up to $37.5M securities and $900,000 cash per customer ($150M aggregate)

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.

Account protectionSIPC protection covers $500,000, including $250,000 cash, plus excess coverage that depends on the clearing firm, either Lloyd's with $100M total, $1.9M cash per customer and no per-account securities sublimit, or Apex with $150M total, $37.5M securities and $900,000 cash per customer.

eOption$0.10 + $1.99 per trade · $9 per event · naked

eOption opens options accounts for residents of the United States. 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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + Hilltop excess up to $25M per customer, $900,000 cash, $200M total

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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + Apex excess cover up to $37.5M per customer incl. $900,000 cash ($150M aggregate; Lloyd's)

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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + Wedbush excess cover up to $25M per account incl. $900,000 cash ($100M aggregate; Lloyd's of London)

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.

Account protectionSIPC ($500,000, incl. $250,000 cash) + excess cover incl. up to $1.9M cash per customer ($1B aggregate; Lloyd's of London syndicate)