Options Broker Fee Comparison 2026: The True Cost of Trading

Choosing the right broker isn’t just about commissions. The real cost of trading includes what you pay per contract, what your idle cash earns between trades, what it costs to use margin, and what happens when you want to leave. This comparison pulls every meaningful fee across all 17 brokers so you can see the full picture in one place.

Options Contract Fees

BrokerOptions FeeVolume Discount
tastytrade$1.00 open / $0.00 close$10 cap per leg
Robinhood$0.00None
Webull$0.00None
IBKR Lite$0.65/contractNone
IBKR Pro$0.65 → $0.15/contractTiered by volume
E*TRADE$0.65/contract$0.50 at 30+ trades/quarter
moomoo$0.00None
Charles Schwab$0.65/contractNone
Fidelity$0.65/contractNone — dime buyback on close
J.P. Morgan$0.65/contractNone
SoFi Invest$0.00None
Public.com$0.00 + rebate$0.06–$0.18 paid back per contract
TradeStation$0.80 → $0.00/contractTiered by volume
Firstrade$0.00None
Ally Invest$0.50/contractNone
Merrill Edge$0.65/contractNone — no dime buyback program
TD AmeritradeNow part of SchwabSee Charles Schwab

Bottom line: Firstrade pairs zero commission with zero contract fees — making it one of the cleanest $0 options structures in this series alongside moomoo, Webull, Robinhood, and SoFi. Public.com remains the only broker that pays you per contract. Ally Invest’s $0.50 per contract is better than the $0.65 standard but still trails the $0 options brokers.

Cash Yield on Uninvested Balances

BrokerCash YieldNotes
Fidelity4.5%+ APYAutomatic SPAXX sweep — no action required
Robinhood3.35% APYGold membership required ($5/month)
Public.com3.6% APYAutomatic — no membership required
moomoo8.1% APYNew accounts only — promotional rate
WebullVariesPremium tier required for meaningful yield
Charles Schwab0.45% defaultManual move to money market for better rates
IBKR ProBenchmark minus 0.5%Requires $100K+ NAV
IBKR LiteBenchmark minus 1.5%Requires $100K+ NAV
tastytrade~0.01%Near zero
E*TRADE0.01%–0.15%Among the lowest defaults
SoFi Invest0.01%Must manually move to SoFi savings
J.P. Morgan0.01%Near zero on brokerage cash
TradeStation~0.15%Only on balances $100K+
Firstrade~0.01%Near zero
Ally Invest0% brokerage / High via Ally BankInstant money movement to Ally high-yield savings lets investors take advantage of rates several times higher than typical default sweeps
Merrill EdgeBelow averagePreferred Deposit requires $100K minimum for competitive yield
TD AmeritradeNow part of SchwabSee Charles Schwab

Bottom line: Ally Invest is a special case — uninvested cash earns no interest in the brokerage account itself, but instant transfers to Ally’s high-yield savings account effectively solve the problem for investors willing to manage two accounts. Merrill Edge’s cash yield is below average unless you qualify for its Preferred Deposit account which requires $100K.

Margin Rates

BrokerMargin RateNotes
IBKR Pro4.14%–6.14%Best in series — steps down with volume
Public.com5.5%–9.5%Tiered by balance
Webull6.8%–9.74%Flat 6.8% benefits smaller accounts
moomoo6.8% flatSame rate regardless of balance
SoFi Invest10.5%High flat rate
FidelityFrom 10.575%Steps down with balance
J.P. Morgan6.72%–12.25%Steps down with balance
Charles SchwabFrom 12.58%High for balances under $25K
Ally InvestFrom 12%Starts at 12% for balances under $25,000 — in line with bank-affiliated brokers
Merrill EdgeHigh — not publishedRates not published by Merrill Edge — estimated based on previous rates; higher than industry average
FirstradeFrom 12.75%Starts at 12.75% for balances under $25,000
E*TRADEVariesCompetitive at higher balances
RobinhoodVaries (Gold)Competitive with Gold membership
tastytrade8%–11%Mid-range
TradeStationUp to 13.5%Highest in series
IBKR LiteBenchmark minus 1.5%Less favorable than Pro
TD AmeritradeNow part of SchwabSee Charles Schwab

Bottom line: Ally Invest and Firstrade both land near 12%+ for smaller balances — consistent with bank-affiliated brokers but not competitive for active leverage users. Merrill Edge’s opacity on margin rates is a genuine red flag for leveraged traders.

Account & Exit Fees

BrokerOutgoing ACATIRA Annual FeeIRA Closure FeeInactivity Fee
Fidelity$0$0$0None
IBKR$0$0$0None
E*TRADE$0$0$0None
Merrill Edge$0$0$49.95None
Robinhood$100$0$0None
tastytrade$75$0$60None
moomoo$75$0$0None
Webull$75$0$0None
Charles Schwab$50 (full)$0$0None
J.P. Morgan$75$0$0None
SoFi Invest$0$0$100$25 (avoidable)
Public.comCovered (promo)$0$0Yes — avoidable
TradeStation$125$35/year$50$10/month (avoidable)
Firstrade$75$0$0None
Ally Invest$50$0$25None
TD AmeritradeNow part of SchwabSee Charles Schwab

Bottom line: Merrill Edge charges $0 for a full ACAT transfer — a genuine advantage over most brokers in this series, though its $49.95 IRA closure fee is worth noting. Ally Invest charges $50 for ACAT and $25 to close an IRA — reasonable but not free.

IRA Contribution Match

BrokerIRA MatchNotes
Robinhood Gold3%5-year vesting requirement
Robinhood Standard1%5-year vesting requirement
SoFi Invest1% standard / 2% PlusSoFi Plus promotional rate applies
Public.com1%Uncapped on rollovers and contributions
tastytradeNone
FidelityNone
Charles SchwabNone
IBKRNone
E*TRADENone
WebullNone
moomooNone
J.P. MorganNone
TradeStationNone
FirstradeNone
Ally InvestNone
Merrill EdgeNone
TD AmeritradeNoneNow part of Schwab

The Full Picture: Who Wins Where

CategoryWinnerRunner-Up
Lowest options feePublic.com (paid rebate)moomoo / Webull / Robinhood / SoFi / Firstrade ($0)
Best cash yieldFidelity (4.5% automatic)Public.com (3.6% automatic)
Lowest margin ratesIBKR Pro (4.14%)Public.com (5.5%)
Lowest exit costsFidelity / IBKR / E*TRADE ($0 ACAT)Merrill Edge ($0 ACAT, $49.95 IRA close)
Best IRA matchRobinhood Gold (3%)SoFi Plus (2%)
Best for high-volume optionstastytrade ($10 cap/leg)IBKR Pro (tiered to $0.15)
Best bank integrationJ.P. Morgan (Chase) / Merrill Edge (BofA) / Ally Invest

A Note on TD Ameritrade

TD Ameritrade was fully merged into Charles Schwab in 2024. All TD Ameritrade accounts have been migrated to Schwab, and the thinkorswim platform — TD Ameritrade’s signature tool — is now available directly through Charles Schwab. For fee purposes, see the Charles Schwab row throughout this comparison.

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Best Brokers

$0 commissions. Zero-fee index funds. 4.5%+ cash yield. No minimums, no transfer fees, no compromises. Fidelity sets the standard for what a brokerage should be. 

T&Cs Apply

Options trading involves significant risk and is not appropriate for all investors. Options contract fees of $0.65 per contract apply to all equity options trades. Margin trading requires a minimum account balance of $2,000 and is subject to interest charges at Fidelity's current base margin rate of 10.575%, which is subject to change. SIPC protection covers securities accounts up to $500,000, including $250,000 for cash claims, but does not protect against market losses. Fidelity's zero-expense-ratio index funds (FZROX, FZILX, FNILX, FZIPX) are available exclusively through Fidelity brokerage accounts and cannot be transferred in-kind to another broker. Past performance is not indicative of future results. Please review Fidelity's full fee schedule at Fidelity.com/commissions before trading.

Massive number of tradable assets. Legendary thinkorswim technology. 24/7 human-led support.

T&Cs Apply

New accounts only. Deposit at least $50 within 30 days of enrollment to qualify for the $101 Schwab Starter Kit bonus. The bonus is used to purchase fractional shares of the top 5 S&P 500 companies; whole shares can be transferred, but fractional shares must be liquidated upon account closure. Options trading involves high risk and requires specific account approval. Offer available to U.S. residents only and cannot be combined with other referral bonuses. Full terms at Schwab.com/legal.

 

Direct market access to 150+ exchanges. Industry-low margin rates. Professional-grade Trader Workstation (TWS). Experience the platform built for the serious global investor.

T&Cs Apply

New accounts only. Share rewards vest after 12 months and are based on net deposits within the first 6 months. Interest is only paid on cash balances exceeding $10,000. Margin trading involves high risk; rates are subject to change. Full terms at IBKR.com/legal.

Webull delivers $0 equity options contract fees, Vega AI analysis, $1M paper trading, and the highest IRA match in this series at 3.5% with Premium — all at $40/year. The most analytically capable zero-fee broker for active options traders.

T&Cs Apply

Webull Financial LLC is a registered broker-dealer and member of FINRA and SIPC. SIPC protection covers investment accounts up to $500,000 including $250,000 for cash claims. Commission-free trading applies to online US-listed stock, ETF, and equity options trades. No per-contract fee applies to equity options. Index options carry a $0.50 per-contract fee. Orders above 500 contracts add $0.10 per contract. Cash yield of 3.6% APY applies to the Webull Cash Management account — rate is variable and subject to change. Webull Premium costs $3.99/month or $40/year and includes Level 2 market data, reduced margin rates, volume discounts, and a 3.5% IRA match on qualifying contributions subject to vesting schedule. Margin rates vary by balance — 8.74% for balances under $25,000, stepping down at higher balances. Premium subscribers may qualify for rates as low as 3.90%. Outgoing ACAT transfer fee is $75. No annual fee and no inactivity fee. ACH withdrawals are free — wire transfer fees apply. Crypto trading available on 70+ coins at 1% spread — no staking or off-platform transfers. Webull Financial LLC is a subsidiary of Fumi Technology and operates as a fully independent US-regulated entity. See webull.com for current rates, fees, and Premium terms.

Firstrade is the only broker in this series charging $0 on every aspect of options trading — no commission, no per-contract fee, no exercise or assignment fee.
T&Cs Apply
Firstrade Securities Inc. is a registered broker-dealer and member of FINRA and SIPC. SIPC protection covers investment accounts up to $500,000 including $250,000 for cash claims. Additional insurance coverage is provided through Apex Clearing Corporation up to $37.5 million per client for securities and $900,000 for cash. Commission-free trading applies to online US-listed stock, ETF, mutual fund, and equity options trades. No per-contract fee, exercise fee, or assignment fee applies to options trades. Regulatory pass-through fees apply to all trades as required by the SEC and Options Clearing Corporation. Margin trading requires a minimum $2,000 account balance; spreads and defined-risk strategies require $2,000 minimum equity; uncovered puts require $10,000 minimum equity. Margin rates start at 8.75% and vary by balance. Outgoing ACAT transfer fee is $75. Wire withdrawal fee is $25; ACH withdrawals are free. No annual fee, no inactivity fee. Firstrade does not offer paper trading, futures trading, or forex trading. Cryptocurrency trading available on select coins — see firstrade.com for current availability.