Fidelity is one of the largest brokers in the world with over $12 trillion in assets under administration. Their options platform is solid, their research is excellent, and their customer service is legendary. But is Fidelity the best choice specifically for options trading?

Commissions and Fees

  • $0.65 per contract — standard industry rate
  • $0 base commission on stocks
  • $0 assignment and exercise fees
  • No account minimums

    • Nothing special here, but nothing offensive either. Fidelity is squarely in the middle of the pack on pricing.

    Active Trader Pro

    Fidelity's desktop platform, Active Trader Pro, is free for all customers. It provides:

  • Options chains with customizable columns
  • Strategy evaluation tool for analyzing multi-leg positions
  • Probability calculator based on implied volatility
  • Real-time Greeks display
  • P&L charts for complex strategies

    • Active Trader Pro is competent but not exceptional. The charting tools are good, the options analytics are adequate, and the overall experience is stable. It doesn't crash, it doesn't lag, and it doesn't excite.

    Compared to thinkorswim, Active Trader Pro lacks the depth of analysis tools, historical options data browsing, and the sheer customizability that power users demand. Compared to tastytrade, it's slower for multi-leg order entry.

    Fidelity's Web Platform

    The web-based trading interface has improved substantially. You can now build multi-leg options orders, view risk profiles, and manage positions without downloading any software. For traders who prefer browser-based tools, Fidelity's web platform is one of the better options.

    Options Approval: The Conservative Approach

    Fidelity is notably stricter than average for options approval. They evaluate:

  • Trading experience (within Fidelity specifically)
  • Account balance and liquid net worth
  • Investment objectives
  • Previous options knowledge

    • Getting approved for spreads (Level 2) is generally straightforward. Getting naked options approval requires persistent effort — trading actively at lower levels for months, calling the options desk, and sometimes reapplying multiple times.

    Pro tip: If you're moving to Fidelity from another broker where you had higher-level approval, bring your statements showing your trading history. This can expedite the approval process.

    Research and Education

    This is Fidelity's strongest differentiator. Their research library includes:

  • In-house analyst reports on thousands of stocks
  • Third-party research from Zacks, Argus, and others
  • Options-specific educational content
  • Webinars and video tutorials
  • The Fidelity Learning Center with structured options courses

    • For traders who value understanding why they're making a trade, not just how, Fidelity's research ecosystem is hard to beat.

    Mobile App

    Fidelity's mobile app handles options competently. You can view chains, place single-leg and basic multi-leg orders, and monitor positions. It's not as polished as Robinhood or as fast as Schwab's mobile app, but it gets the job done.

    Who Fidelity Is Best For

  • Traders who want strong research alongside their options trading
  • Long-term investors who also sell covered calls on their holdings
  • People who want a single broker for trading, banking, and retirement
  • Traders who value customer service (Fidelity's phone support is excellent)

    • Who Should Look Elsewhere

  • Active options traders who need fast multi-leg order entry
  • Traders who want the most advanced analysis tools
  • Anyone frustrated by conservative approval processes

    • Verdict

    Fidelity is a great broker that happens to offer options trading, rather than a great options broker. If your options trading is an extension of a broader investment strategy — selling covered calls on stocks you own for the long term, for instance — Fidelity is excellent. Pair it with OptionsPilot for deeper options-specific analysis, and you have a well-rounded setup.

    For dedicated options traders who live and breathe spreads and strangles, thinkorswim or tastytrade will feel like a better fit.