Webull and Firstrade both charge $0 commission and $0 per contract on equity options, so the fee table alone will not pick a winner. The differences sit one layer down: Webull charges $0.50 per contract on index options and offers a paper trading account, fractional shares, and a desktop app. Firstrade charges $0 per contract, has none of those three, and runs a fully bilingual English and Chinese platform. Which of those matters depends on what you trade and how you learn.
Key Takeaway
- Both brokers: $0 stock commission, $0 per contract on equity options, $0 account minimum, and no inactivity fee
- Webull: $0.50 per contract on index options, plus $0.10 per contract on option orders above 500 contracts (index options excluded from that surcharge)
- Webull offers paper trading, fractional shares, and web, desktop, and mobile platforms. Firstrade offers none of the three and runs on web and mobile
- Firstrade runs a bilingual platform in English, Traditional Chinese, and Simplified Chinese, plus an options analytics tool called OptionsWizard
- Pick Webull if you want a practice account or trade index options only occasionally. Pick Firstrade if you prefer a native Chinese-language platform or want the simplest possible $0 fee schedule
Where the fees actually differ
For standard stock and ETF options, there is no difference. Both brokers list $0 commission and $0 per contract, charged on neither the way in nor the way out. Webull’s fee data was last verified on 2026-10-03 and Firstrade’s on 2026-11-05, in both cases against the broker’s own published pricing.
The gap appears in two places, and both are on Webull’s side of the ledger:
- Index options. Webull charges $0.50 per contract on index option trades. Webull lists index options, such as the S&P 500, Nasdaq-100, and VIX, under its highest options approval level.
- Large orders. Webull adds $0.10 per contract on any option order above 500 contracts. Index options are excluded from that surcharge because they already carry the $0.50 rate.
Firstrade lists $0 commission and $0 contract fees for options on its fee schedule. If you plan to trade index options there, check how its fee schedule treats them before you fund the account, since that is the one place a “$0 everything” claim is worth reading line by line.
| Cost item | Webull | Firstrade |
|---|---|---|
| Stock commission | $0 | $0 |
| Equity options, per contract | $0 | $0 |
| Index options, per contract | $0.50 | Check fee schedule |
| Option orders above 500 contracts | $0.10 per contract | $0 |
| Account minimum | $0 | $0 |
| Inactivity fee | None | None |
| Outgoing account transfer | $75 | Check fee schedule |
A claim that Webull would start charging a $5 monthly inactivity fee on August 1, 2026 circulated in July. We could not confirm it: the source page no longer resolves, and Webull’s live fee schedule lists no inactivity fee. Treat Webull as having none, and check its fee page before relying on that over the long term.
A hypothetical example
Say a trader opens a five-lot iron condor on a broad market index, which is four legs of five contracts each, 20 contracts in total, and closes it early for a partial profit. This illustrates fee math. It is not a trade idea.
- Webull: 20 contracts to open at $0.50 is $10.00, and 20 to close is another $10.00, for $20.00 in contract fees
- Firstrade: $0 in contract fees, assuming its index option terms match its equity option terms
Run two of those a month and the Webull cost is about $40 a month. A trader who sticks to options on stocks and ETFs, such as covered calls or cash-secured puts, pays nothing at either broker, and this section does not apply to them at all.
What Webull offers beyond the fee table
Webull’s advantage is breadth. Its platform runs on web, desktop, and mobile, and it includes features Firstrade does not:
- Paper trading. Webull includes a practice account, so you can test a multi-leg structure through an expiration cycle without risking real money. For a newer options trader, that is a real learning tool at no cost.
- Fractional shares. Webull supports them, which matters if you size stock positions by dollar amount.
- A desktop client. Firstrade lists web and mobile only. If you build positions on a large screen and want charts and an options chain open side by side, Webull’s desktop app is the more natural fit.
- Market data tiers. Webull offers deeper market data, including Level 2 depth. Third-party reviews disagree on whether that is free, a trial, or a paid add-on, so check Webull’s current market data pricing instead of assuming it is included.
- New-account promotions. Webull has offered free stock for new accounts. Terms change, so read the current offer before you count on it.
Our Webull review covers the platform in more depth.
What Firstrade offers instead
Firstrade’s pitch is a short fee schedule: $0 commission, $0 contract fees, no account minimum, and no inactivity fees. Its site also lists OptionsWizard, an options analytics tool, along with free options education courses and a video library.
The tradeoffs are plain. Firstrade has no paper trading account, so the only way to learn its interface is with real money. It does not support fractional shares, and it does not offer futures. Its charting and analytics are lighter than what an active, chart-heavy options trader will want.
Firstrade also runs a fully bilingual platform, with account opening, trading, and customer support available in English, Traditional Chinese, and Simplified Chinese. For a trader who prefers to manage an account in Chinese, that can settle the decision regardless of what either broker charges per contract. Most “$0 broker” roundups skip this point entirely.
Side by side
| Feature | Webull | Firstrade |
|---|---|---|
| Equity options, per contract | $0 | $0 |
| Index options, per contract | $0.50 | Check fee schedule |
| Paper trading | Yes | No |
| Fractional shares | Yes | No |
| Futures | No | No |
| Platforms | Web, desktop, mobile | Web, mobile |
| Chinese-language platform | No | Yes |
| Options analytics tool | Built into the platform | OptionsWizard |
Fee data from Trader Central’s broker records, last verified 2026-10-03 (Webull) and 2026-11-05 (Firstrade).
Who each broker fits
Webull fits a trader who is still learning and wants to practice first, someone who works on a desktop screen, and anyone who wants fractional shares in the same account as options. It is also the right choice if you trade a modest number of index option contracts and the $0.50 rate is small next to what you value in the platform.
Firstrade fits a trader focused on stock and ETF options such as covered calls, cash-secured puts, and simple spreads, who already knows how they trade and wants a short fee schedule. It also fits Chinese-speaking traders who want a native-language platform from account opening through support.
Neither fits a trader who needs futures, since neither offers them. Schwab does, and our Schwab vs. Firstrade comparison shows what that costs per contract.
Bottom Line
On equity options the two cost the same, which is nothing. Webull adds paper trading, fractional shares, and a desktop app, and charges $0.50 per contract on index options. Firstrade stays at $0 and adds a Chinese-language platform. Decide on whether you need the practice account and the desktop tools, or the bilingual platform.
FAQ
Q: Does Webull charge per-contract fees on options?
A: Not on equity options, which are $0 per contract. Index options carry a $0.50 per contract fee, and option orders above 500 contracts add $0.10 per contract on equity options. Check Webull’s current pricing page for other charges.
Q: Does Firstrade charge anything for options trades?
A: Firstrade lists $0 commission and $0 contract fees for options, with no account minimum or inactivity fee. Check its fee schedule for index option terms and other charges that may apply.
Q: Can I paper trade at either broker?
A: Webull, yes. Firstrade does not offer a paper trading account.
Q: Does either broker charge an inactivity fee?
A: No. A claimed Webull inactivity fee of $5 per month could not be confirmed on its live fee schedule, and Firstrade’s schedule lists none.
Q: Is Firstrade available in languages other than English?
A: Yes. Account opening, trading, and customer support are available in English, Traditional Chinese, and Simplified Chinese.
For more head-to-head broker breakdowns, see our tastytrade vs. Firstrade comparison, the moomoo vs. Firstrade comparison, and the Webull vs. E*TRADE comparison.
Ready to open an account? Webull is the route for paper trading and desktop tools. For a short $0 fee schedule and a bilingual platform, Firstrade is the simpler option.