This is a straightforward reference for anyone comparing the true cost of trading options across every major U.S. broker in 2026. No fluff — just the numbers and what they mean for your bottom line.

Complete Fee Table

| Broker | Open | Close | Index | Assignment | Margin Rate | Schwab/thinkorswim$0.65$0.65$0.65$0~9.3% Fidelity$0.65$0.65$0.65$0~8.3% E*TRADE$0.65$0.65$0.65$0~10.6% IBKR Fixed$0.65$0.65$0.65$0~5.8% IBKR Tiered$0.15-0.65$0.15-0.65$0.15-0.65$0~5.8% tastytrade$1.00$0.00$1.00$0~8.0% Robinhood Gold$0.00$0.00$0.00$0~6.8% | Webull | $0.00 | $0.00 | N/A | $0 | ~9.5% |

Notes on the table:

  • Schwab and Fidelity also offer $0.50/contract pricing for 30+ trades per quarter at Schwab and for active traders at Fidelity
  • IBKR tiered pricing includes exchange fees ($0.20-0.40 additional)
  • tastytrade caps at $10/leg for large orders
  • Robinhood $0 pricing requires Gold membership ($5/month)

    • How Fees Impact Different Strategies

    Covered Calls (2 legs: buy stock + sell call)

    For a single covered call, you're paying one options commission. At $0.65, this barely registers on a position worth thousands. Fee differences only matter if you're writing covered calls weekly across many positions.

    Iron Condors (4 legs)

    A 1-lot iron condor costs $2.60 to open and $2.60 to close at $0.65/contract — $5.20 round trip. At tastytrade, it's $4.00 to open and $0 to close. At Robinhood, $0 total. For a trade collecting $100-200 in premium, commissions matter.

    Credit Spreads (2 legs)

    $1.30 round trip at standard brokers. $2.00 to open and $0 to close at tastytrade. $0 at Robinhood.

    High-Frequency Scalping (many trades per day)

    At 20+ round-trip trades per day, IBKR tiered pricing dominates. Even at $0.25/contract effective cost, you're saving hundreds per month versus $0.65 brokers.

    Platform Costs

    | Broker | Desktop Platform | Real-Time Data | Level 2 | SchwabFreeFreeFree FidelityFreeFree$5/month E*TRADEFreeFreeVaries IBKRFreeFree$10/month tastytradeFreeFreeFree RobinhoodFreeFreeGold ($5/mo) | Webull | Free | Free | Free |

    Most brokers have eliminated platform fees entirely. The main paid add-on is Level 2 data, which some brokers include free while others charge a small monthly fee.

    The Real Cost Calculator

    To calculate your true monthly cost at any broker:

    Monthly cost = (Contracts traded × Per-contract fee × 2) + Platform fees + (Average margin balance × Margin rate / 12)

    That margin rate component is often the largest cost for sellers who carry positions. The difference between IBKR's 5.8% and E*TRADE's 10.6% on a $50,000 margin balance is $200/month.

    Which Broker Is Actually Cheapest?

    It depends on how you trade:

  • Low volume, simple strategies: Robinhood or Webull ($0 commissions)
  • Medium volume, multi-leg strategies: tastytrade ($0 closes save significantly)
  • High volume: IBKR tiered pricing
  • Any volume with margin: IBKR (lowest margin rates by far)

    • For most options traders making 10-30 trades per month, the fee differences across standard brokers amount to $20-50/month. Spend your energy finding better trades — a tool like OptionsPilot that identifies higher-probability setups will save you more than any commission savings.