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
| Broker | Options Fee | Volume Discount |
|---|---|---|
| tastytrade | $1.00 open / $0.00 close | $10 cap per leg |
| Robinhood | $0.00 | None |
| Webull | $0.00 | None |
| IBKR Lite | $0.65/contract | None |
| IBKR Pro | $0.65 → $0.15/contract | Tiered by volume |
| E*TRADE | $0.65/contract | $0.50 at 30+ trades/quarter |
| moomoo | $0.00 | None |
| Charles Schwab | $0.65/contract | None |
| Fidelity | $0.65/contract | None — dime buyback on close |
| J.P. Morgan | $0.65/contract | None |
| SoFi Invest | $0.00 | None |
| Public.com | $0.00 + rebate | $0.06–$0.18 paid back per contract |
| TradeStation | $0.80 → $0.00/contract | Tiered by volume |
| Firstrade | $0.00 | None |
| Ally Invest | $0.50/contract | None |
| Merrill Edge | $0.65/contract | None — no dime buyback program |
| TD Ameritrade | Now part of Schwab | See 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
| Broker | Cash Yield | Notes |
|---|---|---|
| Fidelity | 4.5%+ APY | Automatic SPAXX sweep — no action required |
| Robinhood | 3.35% APY | Gold membership required ($5/month) |
| Public.com | 3.6% APY | Automatic — no membership required |
| moomoo | 8.1% APY | New accounts only — promotional rate |
| Webull | Varies | Premium tier required for meaningful yield |
| Charles Schwab | 0.45% default | Manual move to money market for better rates |
| IBKR Pro | Benchmark minus 0.5% | Requires $100K+ NAV |
| IBKR Lite | Benchmark minus 1.5% | Requires $100K+ NAV |
| tastytrade | ~0.01% | Near zero |
| E*TRADE | 0.01%–0.15% | Among the lowest defaults |
| SoFi Invest | 0.01% | Must manually move to SoFi savings |
| J.P. Morgan | 0.01% | Near zero on brokerage cash |
| TradeStation | ~0.15% | Only on balances $100K+ |
| Firstrade | ~0.01% | Near zero |
| Ally Invest | 0% brokerage / High via Ally Bank | Instant money movement to Ally high-yield savings lets investors take advantage of rates several times higher than typical default sweeps |
| Merrill Edge | Below average | Preferred Deposit requires $100K minimum for competitive yield |
| TD Ameritrade | Now part of Schwab | See 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
| Broker | Margin Rate | Notes |
|---|---|---|
| IBKR Pro | 4.14%–6.14% | Best in series — steps down with volume |
| Public.com | 5.5%–9.5% | Tiered by balance |
| Webull | 6.8%–9.74% | Flat 6.8% benefits smaller accounts |
| moomoo | 6.8% flat | Same rate regardless of balance |
| SoFi Invest | 10.5% | High flat rate |
| Fidelity | From 10.575% | Steps down with balance |
| J.P. Morgan | 6.72%–12.25% | Steps down with balance |
| Charles Schwab | From 12.58% | High for balances under $25K |
| Ally Invest | From 12% | Starts at 12% for balances under $25,000 — in line with bank-affiliated brokers |
| Merrill Edge | High — not published | Rates not published by Merrill Edge — estimated based on previous rates; higher than industry average |
| Firstrade | From 12.75% | Starts at 12.75% for balances under $25,000 |
| E*TRADE | Varies | Competitive at higher balances |
| Robinhood | Varies (Gold) | Competitive with Gold membership |
| tastytrade | 8%–11% | Mid-range |
| TradeStation | Up to 13.5% | Highest in series |
| IBKR Lite | Benchmark minus 1.5% | Less favorable than Pro |
| TD Ameritrade | Now part of Schwab | See 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
| Broker | Outgoing ACAT | IRA Annual Fee | IRA Closure Fee | Inactivity Fee |
|---|---|---|---|---|
| Fidelity | $0 | $0 | $0 | None |
| IBKR | $0 | $0 | $0 | None |
| E*TRADE | $0 | $0 | $0 | None |
| Merrill Edge | $0 | $0 | $49.95 | None |
| Robinhood | $100 | $0 | $0 | None |
| tastytrade | $75 | $0 | $60 | None |
| moomoo | $75 | $0 | $0 | None |
| Webull | $75 | $0 | $0 | None |
| Charles Schwab | $50 (full) | $0 | $0 | None |
| J.P. Morgan | $75 | $0 | $0 | None |
| SoFi Invest | $0 | $0 | $100 | $25 (avoidable) |
| Public.com | Covered (promo) | $0 | $0 | Yes — avoidable |
| TradeStation | $125 | $35/year | $50 | $10/month (avoidable) |
| Firstrade | $75 | $0 | $0 | None |
| Ally Invest | $50 | $0 | $25 | None |
| TD Ameritrade | Now part of Schwab | See 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
| Broker | IRA Match | Notes |
|---|---|---|
| Robinhood Gold | 3% | 5-year vesting requirement |
| Robinhood Standard | 1% | 5-year vesting requirement |
| SoFi Invest | 1% standard / 2% Plus | SoFi Plus promotional rate applies |
| Public.com | 1% | Uncapped on rollovers and contributions |
| tastytrade | None | — |
| Fidelity | None | — |
| Charles Schwab | None | — |
| IBKR | None | — |
| E*TRADE | None | — |
| Webull | None | — |
| moomoo | None | — |
| J.P. Morgan | None | — |
| TradeStation | None | — |
| Firstrade | None | — |
| Ally Invest | None | — |
| Merrill Edge | None | — |
| TD Ameritrade | None | Now part of Schwab |
The Full Picture: Who Wins Where
| Category | Winner | Runner-Up |
|---|---|---|
| Lowest options fee | Public.com (paid rebate) | moomoo / Webull / Robinhood / SoFi / Firstrade ($0) |
| Best cash yield | Fidelity (4.5% automatic) | Public.com (3.6% automatic) |
| Lowest margin rates | IBKR Pro (4.14%) | Public.com (5.5%) |
| Lowest exit costs | Fidelity / IBKR / E*TRADE ($0 ACAT) | Merrill Edge ($0 ACAT, $49.95 IRA close) |
| Best IRA match | Robinhood Gold (3%) | SoFi Plus (2%) |
| Best for high-volume options | tastytrade ($10 cap/leg) | IBKR Pro (tiered to $0.15) |
| Best bank integration | J.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.
