You are trying to start option trading, but you don't know what broker to choose? For day trading options, watch this to help you determine what the best broker is for option trading. Cash account for day trading options is king here, I want to stress that!

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We should be able to answer the question to “which broker is the best for option trading” fairly quickly, but there are some details we can get into.

Tastyworks is 1.00 per opening trade per contract, up to $10 maximum. Meaning if you trade 20 contracts at a time it would still only be $10 for them. They are pretty much 0.50 per contract like ETrade if you want to think about it like round trip style. Interactive brokers can go lower, but you need to trade above 10,000 contracts per month to lower your premiums. That’s a lot.

Speaking of TD, everything should have an account with them because they offer access to their Think or Swim platform, which is incredible. It is the platform to use for trading because of everything they offer. I can look at so many things at once and it’s perfect. Get familiar with that or another live charting software because you need that to trade.

Tastyworks was actually started by the people who made Think or Swim, so their platform is also great, just not as good as the original Think or Swim. It will be confusing to learn at first, but after some time it gets so much easier.

Okay brokers, best brokers let’s go. For option trading specifics you need a broker that can allow you to have a cash account because options settle T+1. What that means is, you don’t need a margin account to actively day trade options. If you have a margin account you are restricted to 3 trades in a rolling 5 day period, which is awful. It’s called the Pattern Day Trader rule and to get around that you need $25,000 in an account.

Both Tasty and ETrade offer cash account. The main reason why I like ETrade and think it’s the best broker for option trading is that they have a number of features on their ETrade pro platform. The absolute most important one being that it tells you your settled and not settled cash. That makes it incredibly easy to trade in various contracts while you know exactly how much you have left to trade with for the day. Cash accounts let you day trade with less than $25k.

ETrade as a whole I think has other great things like automated investing and particularly good scanners that come with it too. They do have scanners for things like unusual option activity. Maybe a large trader is taking monster positions, like $250,000, on AAPL puts.

The other important thing you need to consider is which platform do you understand more. Which platform is easier for you to navigate and place a trade? If you struggle with ETrade’s layout then it doesn’t hurt to switch to the other ones. I would recommend tastyworks because they are pretty decent for the time I used them.

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