Opening
You trade options. You want clear choices. This guide helps active Australian retail traders and investors who plan to trade exchange‑listed options (ASX ETOs or US stock options). You get a shortlist that balances fees, tools, and regulation. Check fees, limits, and pitfalls quickly. Compare per‑contract pricing and platform features without scanning 20 broker sites.
What this solves:
– Choose a platform for active strategies, low per‑contract costs, or mobile trading.
– See concrete fees, permission levels, and market access in one place.
– Get a decision tree and a short comparison table to pick the right broker fast.
Use this if you trade multi‑leg strategies, volume contracts, or want broker support for ASX exercise and assignment. Skip endless research. Decide in minutes.
Quick answer / TL;DR
- If you want lowest per‑contract US options fees → choose Webull or moomoo (from $0.50 per contract).
- If you need professional tools and multiple permission levels → choose Interactive Brokers (4 trading‑permission levels).
- If you want the best all‑round platform with strong education → choose tastytrade (ranked #1 by independent reviewers).
- If you trade ASX ETOs and want full broker support → choose CMC or TradeStation for ASX access and desktop tools.
Act now: pick by fee, then by market access, then by tools.
What we looked for
Check these five criteria when you compare platforms:
– Fees: per‑contract and per‑trade costs. Look for $0.50 vs a few dollars per contract. Fees reduce strategy returns by 1%–10% per trade for typical small accounts.
– Market access: ASX ETOs vs US options. Compare number of underlyings (e.g., 5,000+ US symbols) and exchange coverage.
– Trading tools: chain view, strategy builder, risk graph, and multi‑leg order entry. Prefer platforms that support 4+ leg combos and profit/loss diagrams.
– Education & support: tutorials, live shows, and paper trading. Look for 30+ hours of strategy content or 100+ short videos and an unlimited paper trading mode.
– Regulation & trust: local AFSL, ASIC regulation, or strong global licences. Check for specific identifiers like AFSL No. 224663 or a group with 50+ licences.
Compare in this order: fees first, market access second, analytics third, regulation last.
Comparison table
| Platform | US options per‑contract fee | ASX ETO support | Notable tools | Regulation |
|---|---|---|---|---|
| tastytrade | Low commissions (varies by routing) | No direct ASX ETO desk (check region) | Dozens of live shows; strategy library (30+ hours) | US‑centric broker; check local access |
| Interactive Brokers | Variable; sub‑$1 possible on many routes | ASX access via global account (check permissions) | OptionTrader, options lattice, Greeks, multi‑leg | Regulated globally; 4 permission levels |
| Webull | $0.50 per contract | No ASX ETO support | 5,000+ US underlyings, paper trading, mobile AI tools | Australian entity available for local clients |
| moomoo | From $0.50 per contract | No ASX ETO support | Options chain, screener, mobile + desktop | AFSL No. 224663; 52 global licences |
| CMC / TradeStation | ASX ETOs from single‑digit $ per contract | Full ASX ETO support | Desktop charting, order routing, desktop client | Local broker licences (check broker) |
| TradeZero / Alpaca | Varies; low stock borrow and API pricing | Limited ASX options (check broker) | API access, locate tools, algos | Different clearing partners; check local rules |
| BrokerChooser / Finder shortlist | N/A (aggregator) | N/A | Curated shortlist, fee tables | Independent reviewer lists |
1. tastytrade — Best for education and active strategy builders
tastytrade focuses on options education and frequent strategy content. Use it if you want step‑by‑step ideas. Expect dozens of live shows and tens of hours of strategy videos. Independent broker reviewers rank tastytrade #1 among options platforms. That rank translates to heavy educational investment and platform polish.
You get extensive trade ideas and probability‑based teaching. See 30+ hours of live shows and 100+ short videos that dissect spreads, iron condors, and butterflies. Expect trade walkthroughs that show entry, management, and exit rules in 5–20 minute segments. Use the platform to practice defined‑risk trades and income strategies.
Fees vary by account and routing. Typical retail commissions are low but tiered. Check per‑contract clearing fees, which can add $0.10–$0.60 per contract in some routes. If you trade 200 contracts per month, a $0.20 extra fee costs you $40 monthly. Check routing and clearing before high‑volume trading.
Best for:
– Learners who trade many contracts and study strategy.
Skip if:
– you need direct ASX ETO trading or strict AFSL‑based local broking.
Key points:
– Ranked #1 by independent broker comparisons (rank 1).
– 30+ hours of live strategy shows and 100+ short videos.
– Good for multi‑leg strategies with step‑by‑step guidance.
– Typical commissions vary; check per‑contract clearing fees from $0.10–$0.60.
– Useful if you place 10–200 contracts per month.
Watch out for: fee structure and market access can vary by account type and routing. Check exact per‑contract and clearing fees before high volume.
2. Interactive Brokers — Best for lowest total cost and pro tools
Interactive Brokers (IBKR) targets advanced traders and institutions. Use IBKR if you need professional analytics and very low total cost. IBKR offers 4 trading‑permission levels. That lets you match permissions to experience and risk tolerance. The platform includes OptionTrader, an options lattice tool, and live Greeks.
Expect low commissions on many routes. Independent reviewers rate IBKR as the lowest‑cost broker for active options traders. If you execute 1,000 contracts per month, sub‑$1 average commission can save you hundreds versus higher‑cost brokers. Use the platform for multi‑exchange access and complex order types.
IBKR is powerful but complex. Expect a learning curve measured in days or weeks. Permission checks can take 1–3 business days for higher permission levels. Margin and assignment rules are strict. Study the documentation and test in a paper or demo environment for at least 5–10 trades before scaling.
Best for:
– Advanced traders and low‑cost high‑volume traders.
Skip if:
– you need a simplified mobile app or a dedicated ASX‑only ETO platform.
Key points:
– 4 permission levels to match strategy complexity (4).
– OptionTrader supports combination orders and live chains.
– Strong risk analytics: implied vol, Greeks, options lattice.
– Rated lowest‑cost by independent reviewers (rank 2).
– Expect 1–3 business days for permission approvals; test in paper trading first.
Watch out for: interface complexity and service fees for low activity. Check account minimums and fee waivers.
3. Webull — Best for low per‑contract US options fees and mobile trading
Webull delivers a mobile‑first experience with competitive US options pricing. Use it if you trade US options often and prefer a polished mobile app. Pricing is transparent: $0.50 per contract on US options. The platform exposes 5,000+ US underlyings for options trading. Paper trading offers unlimited virtual cash so you can test strategies without risk.
Webull includes AI‑assisted tools: Option Builder, Option Screener, Vega AI, and probability analysis. Use the strategy builder to construct 1–4 leg trades quickly. If you place 100 trades a month, the $0.50 contract fee keeps your per‑trade cost low compared with brokers charging $1–$3 per contract.
The mobile app suits active intraday management. Expect real‑time pricing and chain updates with delays under 1 second on average for liquid names. However, some pro desktop order types are limited. If you need 5+ complex order types or algo scheduling at millisecond precision, Webull may be constrained.
Best for:
– Mobile‑first active options traders focused on US markets.
Skip if:
– you need extensive pro analytics or direct ASX ETO order flow.
Key points:
– $0.50 per contract standard pricing (0.50).
– 5,000+ US underlyings available for options.
– Unlimited paper trading with virtual cash.
– AI tools: Option Builder, Screener, Vega AI.
– Ranked #3 by independent reviewers in shortlist lists.
Watch out for: limit of advanced pro features and potential routing/clearing fees. Verify exercise/assignment handling for large multi‑leg positions.
4. moomoo — Best for low‑cost US options traders with ASIC regulation
moomoo offers low‑cost US options trading to Australian clients. Expect contract fees from $0.50. The Australian entity holds AFSL No. 224663. The moomoo group holds 52 global licences in major markets. That provides local regulatory coverage and international backing.
Use moomoo if you want ASIC‑regulated access to US options with low per‑contract pricing. The platform delivers desktop and mobile clients. Options chain, screener, and builder tools are standard. If you trade 50 contracts per week, $0.50 per contract yields $25 weekly in contract fees before exchange and clearing charges.
Account setup can be fast; typical onboarding time ranges from 1–5 business days for verified applicants. Check which account types support US options, as margin and exercise rules can vary across account classes. Look for supported order types if you need advanced bracket or contingent orders.
Best for:
– Australian traders wanting low‑fee US options with local regulation.
Skip if:
– you need large institutional features or full ASX ETO desk support.
Key points:
– From $0.50 per contract for US options (0.50).
– AFSL No. 224663 for the Australian arm.
– 52 global licences held by the group (52).
– Desktop and mobile apps with options chain and screener.
– Typical onboarding 1–5 business days; check supported account types.
Watch out for: US options only in some account types. Check exercise/assignment and clearing specifics.
5. CMC / TradeStation — Best for ASX ETO traders and desktop power users
Use CMC or TradeStation if you trade ASX Exchange Traded Options (ETOs). Expect broker support for exercise, assignment, and ETO margin rules. ASX ETO commissions vary by broker; many retail tiers start from single‑digit dollars per contract. For an example range, expect around $5–$9 per contract plus exchange and clearing fees. Check broker fee tables for exact tiers and volume discounts.
Desktop platforms include advanced charting, order types, and multi‑leg entry. If you manage 10–50 ETO trades per month, desktop order routing and conditional orders matter. Use the desktop client for scanning implied volatility, comparing spreads, and managing exercise intent near expiry.
ASX ETO liquidity is often lower than US equivalents. Expect wider spreads and occasional slippage. For thinly traded strikes, bid‑ask spreads can reach 10–50 ticks wide, increasing realized trading costs. If you trade high volumes, compare monthly volume discounts or negotiate tiered pricing.
Best for:
– Traders focused on ASX ETOs and structured products.
Skip if:
– you mainly trade US options at ultra‑low per‑contract fees.
Key points:
– ASX ETO fees vary — expect single‑digit $ per contract (≈$5–$9).
– Desktop charting and order routing with 1 desktop client and web/mobile clients.
– Broker support for exercise and assignment is included.
– Expect wider spreads vs US options; slippage can add a few percent to returns.
– Good for 10–50 ETO trades monthly and for structured products.
Watch out for: ASX ETO liquidity. Check execution quality stats and average spread data before trading illiquid strikes.
6. TradeZero / Alpaca — Best for niche use cases and low stock‑borrow costs
Choose TradeZero or Alpaca if you automate or short as part of options strategies. These brokers appeal to API‑first traders, short sellers, and algo users. Expect fast account opening in 1–7 business days for standard accounts. API access supports high throughput; typical plans advertise 1,000–3,000 orders per minute depending on subscription level.
TradeZero stands out for locate tools and low stock borrow costs. If you short correlated stock hedges for options, borrow fees can be the difference between profit and loss. Alpaca focuses on developer APIs and fractional shares. Use APIs to send 10–1,000 orders per minute for backtests and live trading.
Options market access and clearing can differ. These brokers often partner with clearing firms. Verify who clears your options and who handles assignment. If your strategy includes exercised positions, expect different timelines: standard exercise window is within 1–3 business days for many clearing setups.
Best for:
– Algorithmic traders, short sellers, and rapid account setup.
Skip if:
– you need comprehensive retail education and assisted order management.
Key points:
– Fast account opening typically 1–7 business days.
– API access with 1,000–3,000 orders per minute tiers.
– Low stock borrow fees aid short‑plus‑options strategies.
– Good for integrating options logic with programmatic order entry.
– Check clearing partner details and assignment timelines (1–3 days).
Watch out for: limited retail options support and differing clearing arrangements. Confirm margin rules for options and shorts.
7. BrokerChooser / Finder shortlist — Best quick shortlist for final selection
Use curated lists like BrokerChooser and Finder to narrow your final pick. These aggregators test many brokers and publish ranks. Sample rankings show tastytrade as rank 1, Interactive Brokers rank 2, Webull rank 3, TradeZero rank 4, moomoo rank 5, TradeStation rank 6, and Alpaca rank 7. Use those ranks to form a 3‑broker short list.
Aggregators check fees, tools, and service. Expect fee tables with 5–10 rows listing commission tiers, per‑contract fees, and non‑trading service fees. Use their comparison pages to review 3–5 core metrics side‑by‑side. If you shortlist 3 brokers, test each via paper trading for 1–4 weeks to confirm real‑world fit.
Practical selector process:
1. Filter by market: ASX ETO vs US options.
2. Filter by fee: $0.50 per contract vs single‑digit $ per contract.
3. Filter by tools: mobile vs desktop, 1–4 leg builders.
4. Trial via paper trading for 7–30 days.
Best for:
– Fast final selection using independent comparisons.
Skip if:
– you want to negotiate bespoke pricing or institutional terms directly.
Key points:
– Ranked lists help narrow 10+ options to a 3‑broker shortlist.
– Fee tables typically show per‑contract, per‑trade, and monthly service fees.
– Use paper trading for 7–30 days to validate your workflow.
– Several aggregators list tastytrade as rank 1 and Interactive Brokers rank 2.
– Compare 3 metrics: fee, access, and tools — then decide.
Watch out for: aggregated pages may lag on fee changes or new account rules. Verify directly with the broker for exact per‑contract pricing and volume discounts.
Closing checklist — pick the right option trading platform australia
Follow this checklist to decide in 30–90 minutes:
– Step 1: Pick market access. Choose ASX ETOs or US options (5,000+ underlyings available for US).
– Step 2: Compare per‑contract fees. Check $0.50 vs $5–$9 per contract and add exchange/clearing fees.
– Step 3: Match tools. Require multi‑leg entry, risk graph, and at least one volatility screener.
– Step 4: Verify regulation. Look for AFSL No. 224663 or other local licences; confirm 1–3 business day onboarding times.
– Step 5: Trial paper trading for 7–30 days. Test 10–50 simulated trades across your typical strategies.
– Step 6: Reassess after 30 days. Track average fill price vs midmarket and total fees paid.
Numbers to watch:
– $0.50 per contract (Webull, moomoo).
– 4 permission levels (Interactive Brokers).
– 5,000+ US underlyings (Webull).
– AFSL No. 224663 and 52 global licences (moomoo).
– ASX ETO commissions from single‑digit $ per contract (≈$5–$9).
Decide by fee first, then by market access, then by tools and support. Trade small and scale after 30–90 days of consistent results. Test, measure, and adjust.