Options brokers differ mainly in three areas: how much they charge per contract, how deep their analytics tools go, and what account minimums apply. This article covers five platforms with dedicated options order routing: Tastyworks, TD Ameritrade’s thinkorswim, Interactive Brokers, Charles Schwab, and E*TRADE.
How These Platforms Were Selected
Each platform in this comparison publishes a per-contract options commission, offers standardized Greeks (Delta, Gamma, Vega, Theta), and supports multi-leg spread orders, which rules out brokers limited to single-leg equity trades. Selection also required a publicly disclosed pattern day trader (PDT) policy and a documented account minimum, since both directly affect who can use the platform. Fee figures reflect standard retail per-contract pricing as commonly published by each broker; typical schedules also add a small per-leg exchange or regulatory fee on top of the base commission.
Note on TD Ameritrade: Charles Schwab completed its acquisition of TD Ameritrade in 2020, and TD Ameritrade brokerage accounts were migrated onto Schwab’s platform, with the thinkorswim software carried over as a Schwab-branded tool. It is included here as a distinct platform experience because its order-entry interface and tool set remain structurally separate from Schwab’s own StreetSmart Edge.
Comparison Table
| Broker | Per-Contract Fee | Platform | PDT Minimum | Greeks Display | Live Community |
|---|---|---|---|---|---|
| Tastyworks | $1.00 | Simple web interface | None | Yes | Trade room |
| TD Ameritrade | $0.65 | thinkorswim | $25,000 | Yes | Moderate forums |
| Interactive Brokers | $0.50 | Trader Workstation | Varies | Yes | Limited |
| Charles Schwab | $0.65 | StreetSmart Edge | $25,000 | Yes | Moderate forums |
| E*TRADE | $0.65 | Power E*TRADE | $25,000 | Yes | Moderate forums |
Tastyworks
Tastyworks charges $1.00 per options contract, the highest base rate among the five platforms compared here. The platform does not enforce a pattern day trader minimum in the same way as brokers built around a general-purpose brokerage account, so an account can execute repeated same-day trades without a $25,000 threshold. Its order-entry screen displays probability of profit and break-even points directly on the trade ticket, alongside standard Greeks. Tastyworks also runs a daily live trade room where staff walk through trades on air, a format that grew out of the same team’s earlier work at thinkorswim before Tastyworks was founded. At 50 contracts a month, the $1.00 fee totals $50 before any per-leg exchange fees; at 500 contracts, that scales to $500. The interface consolidates order entry, position monitoring, and probability analysis onto a single screen rather than splitting them across multiple windows.
TD Ameritrade (thinkorswim)
TD Ameritrade’s thinkorswim platform charges $0.65 per options contract. Accounts opened under the TD Ameritrade name are now custodied at Charles Schwab following the 2020 acquisition, though thinkorswim continues to operate as a separate desktop and mobile application with its own charting engine and Probability Lab tool. The platform typically requires a $25,000 minimum balance to trade under pattern day trader rules, consistent with FINRA’s PDT threshold for accounts making four or more day trades within five business days. thinkorswim’s tool set includes customizable options chains, a strategy roller, and paper-trading simulation with live market data. Traders new to the interface commonly report a multi-week adjustment period given the number of configurable panels and order types. At 50 contracts monthly, fees total $32.50; at 500 contracts, $325.
Interactive Brokers
Interactive Brokers lists a $0.50 per-contract options fee, the lowest base rate in this comparison, alongside per-share equity pricing as low as $0.01 for eligible accounts. The broker’s Trader Workstation (TWS) platform provides Greeks, margin data, and order routing across more than 30 global exchanges, giving it broader international options access than the other four platforms. TWS typically requires a minimum deposit of around $2,000 for margin accounts, well below the $25,000 PDT threshold that applies at brokers using traditional PDT enforcement, though day-trading buying power still scales with account equity. The interface presents dozens of configurable panels simultaneously, a design carried over from its original use by professional trading desks. At 50 contracts monthly, fees total $25; at 500 contracts, $250.
Charles Schwab (StreetSmart Edge)
Charles Schwab charges $0.65 per options contract through its StreetSmart Edge platform, matching TD Ameritrade’s rate on the same fee schedule now that both operate under Schwab. StreetSmart Edge combines options chains, charting, and a strategy screener in a layout designed to sit between thinkorswim’s density and a simplified web interface. Schwab typically requires the standard $25,000 minimum for active pattern day trading, and the account also carries access to Schwab’s broader brokerage services, including bond trading, mutual funds, and banking products bundled under one login. Phone and branch-based customer support is available, a feature not offered by any of the other four platforms in this comparison. At 50 contracts a month, fees total $32.50; at 500 contracts, $325.
E*TRADE (Power E*TRADE)
E*TRADE’s Power E*TRADE platform charges $0.65 per options contract, matching Schwab and TD Ameritrade’s published rate. The platform includes a Strategy Optimizer tool that filters options strategies by target price and risk-tolerance parameters the user sets, alongside a standard Greeks display. E*TRADE, now owned by Morgan Stanley following a 2020 acquisition, typically enforces the standard $25,000 PDT minimum for frequent day trading. Power E*TRADE’s mobile app carries the same order-entry tools as the desktop version, including multi-leg spread builders and a probability calculator. At 50 contracts a month, the $0.65 rate totals $32.50; at 500 contracts, $325, placing it in the same cost tier as Schwab and TD Ameritrade rather than at either pricing extreme.
Where Per-Contract Costs Diverge at Volume
The $0.50 gap between Interactive Brokers’ $0.50 fee and Tastyworks’ $1.00 fee is small at low volume but compounds with activity. At 50 contracts a month, the difference between the two is $25; at 500 contracts a month, it grows to $250 a month, or roughly $3,000 a year. TD Ameritrade, Charles Schwab, and E*TRADE sit in between at $0.65 per contract, a rate common among full-service brokers that bundle options trading with broader stock, bond, and banking services. None of these figures include per-leg exchange or regulatory fees, which typically add a small additional charge per contract on top of the base commission.
How Probability and Greeks Tools Differ
All five platforms display the four standard Greeks: Delta, Gamma, Vega, and Theta. Tastyworks and thinkorswim both surface probability-of-profit and break-even calculations directly on the order ticket, a design choice that puts statistical context next to the trade before it is placed. Interactive Brokers and Schwab display Greeks within their options chains but require navigating to a separate analytics panel for probability modeling. E*TRADE’s Strategy Optimizer performs a similar function through a filter-based interface rather than an inline calculation. The underlying pricing models behind these tools, such as Black-Scholes, are the same across brokers; the differences are in how directly each platform surfaces the output during order entry.
How Platform Complexity and Account Minimums Interact
Pattern day trader rules, set by FINRA, typically require a $25,000 minimum equity balance for margin accounts that execute four or more day trades within five business days. TD Ameritrade, Charles Schwab, and E*TRADE all enforce this threshold directly. Interactive Brokers’ roughly $2,000 margin account minimum sits well below that figure, though its day-trading buying power is still constrained by account equity under the same FINRA rule once an account is flagged as a pattern day trader. Tastyworks structures its accounts so that the $25,000 threshold does not apply in the same way, which changes which balance sizes can trade frequently without a margin call. These structural differences mean the same trading frequency can be permitted on one platform and restricted on another, independent of the per-contract fee each broker charges.
How Options Account Approval Levels Work
Separately from broker selection, options trading is gated by an approval-level system that retail brokerages apply before an account can place trades. Level 1 typically permits covered calls and cash-secured puts; Level 2 adds long calls and puts; Level 3 adds defined-risk spreads; and Level 4 adds undefined-risk strategies such as naked calls. Brokers set these levels based on factors including account size, trading experience, and stated investment objectives on the account application, and the criteria vary by firm. All five platforms in this comparison use some version of this tiered approval structure, though the specific experience and equity thresholds required for each level are set independently by each broker and are not standardized across the industry.
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