Fidelity and moomoo both advertise $0 stock commissions, but they split on almost everything an options trader touches: contract fees, paper trading, and what the platform is built to do. Fidelity charges $0.65 per options contract and has no paper trading. moomoo charges $0 per contract and has a practice mode. The right pick depends on whether you trade options as your main activity or as a side of a broader investing account.
Key Takeaways
- Fidelity: $0.65 per contract to open and to close, $0 stock commissions, no account minimum, fractional shares, no paper trading (verified 2026-10-03).
- moomoo: $0 per contract, $0 stock commissions, no account minimum, paper trading, no fractional shares (verified 2026-10-03).
- Neither broker offers futures, so futures traders need a third option.
- “$0 commission” does not mean “$0 cost.” Regulatory pass-through fees still apply at moomoo, and the same category of fees exists at most brokers.
The Numbers Side by Side
All figures below come from our broker data file and were last checked against each broker’s published pricing on 2026-10-03. Broker fee schedules change, so confirm on the broker’s own page before you fund an account.
| Feature | Fidelity | moomoo |
|---|---|---|
| Stock commission | $0 | $0 |
| Options per contract (open) | $0.65 | $0 |
| Options per contract (close) | $0.65 | $0 |
| Account minimum | $0 | $0 |
| Active-trader platform | Active Trader Pro | moomoo web, desktop and mobile |
| Paper trading | No | Yes |
| Fractional shares | Yes | No |
| Futures | No | No |
| Free Level 2 quotes | Check current terms | Yes |
What the Contract Fee Gap Costs You
The $0.65 difference sounds small until you multiply it. Here is a purely illustrative example, not a recommendation to trade anything.
Say a hypothetical trader runs iron condors, four legs per position, and opens and closes 10 condors a month. That is 4 legs x 10 contracts x 2 (open and close) = 80 contract-sides. At $0.65, the monthly commission at Fidelity is $52. At moomoo’s headline $0 it is $0. Over a year, the gap in this example is $624.
Now flip the usage. A trader who places 6 single-leg options trades a year pays about $8 in commissions at Fidelity. The gap is a rounding error, and other factors matter more. Cost is a real differentiator only if you trade options often and in multi-leg structures, because every leg is a separate contract charge.
The Regulatory Fee Caveat
A $0 headline commission is not the whole bill. Exchanges and clearing firms charge small per-contract pass-through fees, and moomoo’s pricing page lists these separately; the Options Clearing Corporation fee, for example, is $0.025 per contract. Those fees exist at most $0-commission brokers, and Fidelity charges its own regulatory fees on top of its $0.65. So when you compare the two, compare the full fee schedules, not just the headline number. Our Fidelity options commissions and fees breakdown walks through the Fidelity side in detail.
Paper Trading: A Real Gap
This is the most checkable difference between the two. moomoo offers paper trading. Fidelity does not offer it at all.
If you are new to multi-leg orders, that matters. A paper account lets you practice entering a spread, see how the order ticket handles legs and limit prices, and watch how the position’s Greeks move, all with simulated money. At Fidelity, your first multi-leg order is a live one. That is workable if you already understand the mechanics from another platform, but it raises the cost of a mistake on day one.
Paper fills are also generous compared with live markets, so treat a practice account as a way to learn the order ticket, not as proof a strategy works.
Platform and Data
moomoo’s headline feature for options traders is free Level 2 quotes, which show market depth beyond the best bid and offer. If you like watching the book before you place a limit order, that is a real convenience. How much it helps on options specifically depends on the contracts you trade, since many options chains are thin.
Fidelity’s strength is breadth. One login covers brokerage, retirement accounts, and a deep library of research. Active Trader Pro is its desktop platform for faster execution and streaming data. Fidelity also supports fractional shares, which moomoo does not, so if you build positions in dollar amounts rather than whole shares, that is a point for Fidelity.
Fee Comparison Mistakes to Avoid
Three errors show up repeatedly when traders pick a broker on cost alone.
- Counting positions instead of contracts. A single 4-leg iron condor with 5 contracts per leg is 20 contracts to open and 20 to close. Per-contract pricing scales with size and leg count, not with the number of trades you place.
- Ignoring early exits. Fidelity’s $0.65 applies when you close as well as when you open. A strategy where you often close early to manage risk pays the fee on both ends. Letting contracts expire worthless avoids the closing charge, but that is a strategy choice, not a fee tip.
- Treating the headline as the all-in price. Compare regulatory and exchange pass-through fees on both fee schedules, and check whether assignment, exercise, or exchange-specific charges apply to the way you trade.
A quick test: write down how many contracts you traded last month, multiply by $0.65, and see whether the result changes your decision. If it is under $10, pick on platform and research instead.
A Short Decision Checklist
- Count your typical monthly contract volume, including both opening and closing legs.
- Decide whether you need to practice first. If yes, you need a paper trading account, which only moomoo offers of these two.
- List what else you want in the account: retirement accounts, fractional shares, research reports. These lean toward Fidelity.
- Confirm any options approval level you need for multi-leg strategies on the broker’s own page, since approval rules differ by broker and account type.
- Open the account that fits, and start with small size until the order ticket feels familiar.
Who Each Broker Fits
moomoo fits you if
- You trade options often, especially multi-leg strategies where per-contract fees stack up.
- You want to rehearse orders in a paper account before risking capital.
- You value free Level 2 data and a mobile-first interface.
Fidelity fits you if
- Options are one part of a broader account that includes retirement savings and long-term holdings.
- You trade options infrequently enough that $0.65 per contract barely registers.
- You want fractional shares and the research library under the same login.
Neither is ideal if
- You trade futures. Neither broker offers them.
- You want a broker built entirely around options execution tools and education. Look at options-first platforms instead.
Opening an Account
Both brokers have no account minimum. If moomoo looks like the better fit, moomoo is the starting point. Fidelity does not run a public affiliate program, so its account page is a plain link: Fidelity account opening. We have no financial relationship with Fidelity, and the comparison above is not shaped by one.
Bottom Line
If you trade options often, moomoo’s $0 contract fee and paper trading give it the edge on cost and on learning. If options are a side activity inside a larger investing account, Fidelity’s breadth and fractional shares usually outweigh $0.65 per contract. Check both fee schedules before you commit.
FAQ
Q: Does Fidelity charge a fee to close an options position?
A: Yes. Our data lists $0.65 per contract to open and $0.65 to close, last verified 2026-10-03.
Q: Is moomoo really free for options?
A: The commission is $0 per contract. Small regulatory pass-through fees, such as the $0.025 per contract OCC fee, still apply.
Q: Can I paper trade options at Fidelity?
A: No. Fidelity does not offer paper trading. moomoo does.
Q: Can I trade futures at either broker?
A: No. Neither offers futures.
Q: Which is better for a beginner learning spreads?
A: The paper trading account at moomoo is the practical advantage, since you can practice multi-leg orders without risk. Our Fidelity vs. E*TRADE comparison covers another practice-friendly alternative.
Keep Learning
Comparing more platforms? Read our moomoo vs. E*TRADE comparison or see how Fidelity stacks up in Robinhood vs. Fidelity for options.