Brokers with
Options brokers with published approval rules
2 brokers publish the requirements of each options level for residents of the United States. The same facts for each: fees, approvals, countries.
Options approval levels decide which strategies you can trade, from covered calls at the first level to naked options at the top. Each broker numbers its levels its own way, so level 3 means spreads at one broker and naked options at another. The brokers here publish what each level asks for, such as experience, income and net worth, so you can see which level fits you before you apply. 2 brokers publish the requirements of each options level for residents of the United States.
At a glance: 2 brokers, 1 at $0 per contract, 2 with $0 exercise and assignment, 2 approving naked options, 1 working with QuantWheel; median fee $0.33 per contract, lowest margin rate at $50,000 10.63%.
| Broker | QuantWheel | Exercise | Approval | 0DTE | Margin | Offers | |
|---|---|---|---|---|---|---|---|
 Fidelity | Sync-only | $0.65 per contractBuy to close at $0.65 or less costs $0 | $0 | Naked | Yes | 10.63% | |
 Firstrade | $0 per contractRegulatory fees apply | $0 | Naked puts | Yes | 11.50% |
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.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.
Options approval rulesThere are three tiers, and the options application asks for income source, financial profile, years of investment experience and objective. Tier 1 needs objective Balanced or above, Tier 2 Growth or higher plus margin and Tier 3 Most Aggressive plus margin, spreads need $10,000 (USD) account value and $2,000 margin equity, naked equity options $20,000 and naked index options $50,000. Whether review is instant or manual is not published.
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.
Options approval rulesA paper or online Options Application is reviewed manually by a manager and a registered options principal (not automatic), asking employment, investment objective, time horizon, risk tolerance and investment experience (none to 5+ years) and confirming income and net worth, and Levels 2 to 4 require the Speculation objective. Level 1 covers covered calls and cash-secured equity puts (no minimum), Level 2 adds buying calls and puts (no minimum), Level 3 covers spreads, straddles, butterflies and condors with margin plus $2,000 minimum equity, and Level 4 covers uncovered puts with margin plus $10,000 minimum equity.
More by what you need
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
Published approval rules