5 Best Options Trading Apps for 2021 • Benzinga – Benzinga

As options trading becomes more popular, more brokers are offering mobile options trading. Trading options from a mobile app can be more complicated than trading from a desktop platform — but with the right brokerage account and a little practice, you’ll be trading on-the-go in no time.

Not sure where to begin your search for the best brokerage platform? Consider opening an account with one of our top choices if you value mobile options trading. 

Commissions

$0
flat rate, includes closing costs

Account Minimum

$0

1. Tastyworks

If you’ve used the tastyworks desktop or browser platform, you were likely impressed with the broker’s wide range of unique charting and analysis options. Now, tastyworks has expanded its offerings to the mobile sphere with a free app available for Apple, Android and Windows devices.

Tastyworks’ mobile app offers a range of charting and analysis tools, mimicking its desktop platform with a simplified, perfect-for-mobile format. Some of the unique features the tastyworks app offers include:

  • Simple follow and watchlist creation: Organize your trading portfolio with quick watchlist creations with a few taps. Tastyworks’ unique “Follow Feed” feature even allows you to track specific trading personalities’ performance and trades throughout the day.
  • In-platform video feeds: Need trading inspiration? Enjoy in-platform videos and 8 hours of live content each trading day powered by tastytrade, one of the internet’s top financial programming networks. You can also find a wide range of prerecorded trading videos to improve your strategy straight from your mobile device.
  • Quick and simple order placements: Tastyworks’ mobile app is optimized for handheld devices, giving you access to complex order types and placements without the full weight of the desktop version.

The tastyworks mobile app is the ideal choice for investors who need comprehensive options and futures capabilities with a format that’s suitable for on-the-go trading. Active traders will love the combination of in-depth analysis data and easy order placement capabilities. 

Commissions

$0

Account Minimum

$0

2. Webull

With over 11 million users worldwide, Webull has quickly grown into one of the market’s largest stock and options trading spaces. Unlike most brokers, Webull doesn’t charge any commission on its trading — including options trading.

Webull’s mobile app is comprehensive, allowing you to place options trades, track your portfolio over time, practice with a paper trading account and much more. Its mobile app also offers a number of unique features that set it apart from other brokers, including:

  • Mobile voice commands: Place orders and perform research using voice commands like buy, sell and search without lifting a finger.
  • Advanced order options: Webull has recently introduced more advanced order types, including stop-loss orders and one-cancels-the-other (OCO) orders to its mobile platform.
  • Advanced market data: With a Webull subscription, you can access Level 1 and Level 2 market data — no matter where you are.

The Webull app is available as a free download for Apple and Android users. Windows desktop users may also enjoy the Webull desktop app, which makes it easier to execute trades quickly. In the future, Webull is working to continue expanding options order types and pursue Level 3 options choices. Options trading is available through Webull from 9:30 a.m. to 4 p.m. EST every trading day. 

3. Robinhood

If you’re a new investor, it’s easy to become overwhelmed by the sheer number of trading and charting options you’ll see with most brokerages. Investors looking for a simpler way to begin trading options may enjoy Robinhood’s no-frills mobile platform.

Like stock and ETF trading, buying and selling options is incredibly simple when you use Robinhood’s platform. Simple browse currently available options and click on a potential order to see what exactly you’re buying and how much it will cost you. Level 2 self-directed options strategies and Level 3 options orders (like credit spreads) are currently available on both desktop and mobile formats.  

Like Webull, Robinhood has ditched option fees in favor of commission-free trading. Robinhood has no commissions on options purchases or sales, no per-contract fees and no assignment fees. Though you’ll need a Robinhood Gold account to access more in-depth market research (a subscription costs $5 per month) you don’t need to be a Robinhood Gold member to access options trading.

Robinhood’s mobile app is available as a free download for both Apple and Android devices. 

As options trading becomes more popular, more brokers are offering mobile options trading. Trading options from a mobile app can be more complicated than trading from a desktop platform — but with the right brokerage account and a little practice, you’ll be trading on-the-go in no time.

Not sure where to begin your search for the best brokerage platform? Consider opening an account with one of our top choices if you value mobile options trading. 

Commissions

$0
$6.95 for OTC Stocks

Account Minimum

$0

4. Thinkorswim Mobile App

Award-winning and full of groundbreaking analysis tools, TD Ameritrade’s thinkorswim platform has wowed both stock and options traders for years with its professional software. TD Ameritrade’s thinkorswim mobile app mirrors desktop functionality, offering almost every tool and option that is available on its browser version. Some standout features include:

  • A wide range of charting options and indicators: Access over 300 charting features and trading indicators from the thinkorswim mobile app for some of the most in-depth trading available.
  • Profit analysis features: Answer all of your trading “what-ifs” with thinkorswim’s portfolio analysis tool. The analysis tool can help spot potential opportunities and particularly volatile risk areas, allowing you to protect yourself against market downturn.
  • Risk-free demo trading: Mastering thinkorswim’s massive range of available features can be a challenge. If you’re a new trader looking to learn with hands-on practice, open a thinkorswim Papermoney demo trading account and perfect your strategy with $100,000 virtual dollars and no risk to your capital.

TD Ameritrade’s thinkorswim app is available as a free download for both Apple and Android devices. A $0.65 per-contract fee applies on most options trades. There are no account minimums or platform fees for options trades on most account types.

Commissions

$0

Account Minimum

$0

5. Power E*TRADE

Another exceptionally easy app for new options traders, E*TRADE’s mobile app boasts an intuitive, simple-to-navigate order placement system and interface. The Power E*TRADE app gives you access to 67 mobile market screeners, both simple and complex options order chains and an unusual activity scanner to assist you in identifying potential trading opportunities. Placing 3-leg or 4-leg options trades is also exceptionally simple through the app, and there’s even an Apple Watch compatible download to manage your portfolio on the go. 

E*TRADE’s mobile app is available as a free download for both Apple and Android devices. Options contracts carry a per-contract fee of $.50 to $.65 depending on trade volume. 

Best Options Strategy

The best options trading strategy for you will vary depending on your personal risk tolerance, your trading style and the individual options you want to trade. Let’s take a look at 2 of the most commonly used options trading strategies for beginners to help you get started.  

  • Covered call: A covered call is a common trading order used by investors who already own a select number of stocks and who believe that prices will remain stagnant or go down. When you sell a covered call, you collect a premium on stocks you own while waiting for the next increase in price. Selling covered calls can be risky if the asset you hold increases in value.
  • Long call: A long call is one of the most basic types of options orders. If you believe that a stock is going to increase in price over time, you can “lock in” the price of the stock now by purchasing a call option. If the stock does increase in price, you can execute your option and immediately sell the order, taking a profit based on the differences in price. If the price of the stock decreases, you can choose not to execute the option.

Benzinga Options Newsletter 

Having the right options trading app is only a piece of the overall “puzzle” that is the options market. A comprehensive options trading strategy and a reliable research method are both absolutely crucial if you want to become a profitable options trader. However, with so much information available, how can you possibly separate investing fact from fiction?

Enter Benzinga Stocks To Watch, your daily source for hand-selected options and stock opportunities delivered straight to your inbox before the market opens. Benzinga Stocks To Watch is written by the internet’s top investing researchers, news correspondents and analysts — so you can rest with the peace of mind knowing you’ll always have access to reliable, professional investing advice.

Entering the Options Market

After you’ve downloaded your trading app, you’ll want to take some more time researching the options market before you place your first call or put order. Subscribe to an options newsletter, familiarize yourself with some of the most common options trading terms and practice using a demo account before you begin investing. Just a few days of research can potentially compound your profits when you enter the market.  

Frequently Asked Questions

What are good options apps for trading?

Several are Robinhood, TD Ameritrade and Webull.

Answer Link

How can I practice trading options?

You can open an account and do paper trading at brokerage firms like TD Ameritrade or Webull.

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