Choosing the right broker for the wheel strategy is more consequential than most beginners realize. Commission differences, assignment handling, options approval processes, platform tools, and data export capabilities all affect your real net returns and your ability to track your performance accurately. Here's a clear comparison of the best platforms for wheel traders in 2026.
Broker Comparison for Wheel Strategy Traders
| Broker | Commissions | CSP Approval Level | Assignment Handling | Data Export |
|---|---|---|---|---|
| Interactive Brokers | $0.65/contract | Level 2 | T+1, reliable | Excellent CSV export |
| TD Ameritrade / Schwab (TOS) | $0.65/contract | Level 2 | T+1, reliable | Good CSV export |
| Tastytrade | $1.00/contract (capped) | Level 2 | T+1, reliable | Good CSV export |
| Robinhood | $0 | Level 3 required | T+1 | Very limited |
| Webull | $0 | Level 3 required | T+1 | Limited |
Which Broker Is Best for Active Wheel Traders?
Interactive Brokers consistently wins on total cost and data quality for active wheel traders. The options chain tools are excellent, fills are competitive, and the activity statement CSV exports cleanly for importing into OptionWheelTracker. The platform has a learning curve, but traders who put in the time find it the most capable overall environment for the wheel strategy.
Which Broker Is Best for Beginners?
Tastytrade was built by options traders for options traders. The interface is intuitive, the educational resources are strong, and the platform makes mechanics like rolling and managing positions much more visual than most competitors. The slightly higher per-contract commission is a reasonable trade-off for beginners who value a platform designed around their specific workflow.
What About Robinhood and Webull?
The zero-commission structure is attractive, but the data export limitations are a real problem for wheel strategy tracking. Read our detailed breakdown of why Robinhood and Webull show the wrong cost basis for wheel traders — it's not just an inconvenience, it can lead to genuinely bad tax reporting and poor trading decisions.
Pair your broker account with fundamental research from MoneySense.ai and accurate campaign tracking in OptionWheelTracker for a complete wheel trading setup.