Now that you have some of the basics under your belt, here are the specific steps to take to trade options on Robinhood: - At the top right corner of the homepage, hit the magnifying glass icon.

Options trading can be one of the most lucrative ways to play the market, but there's a bit of a learning curve. Many traders dive in head first once they learn the basics of calls and puts.

By comparison, options traders pay up to $6.95 + $0.75 per contract at TD Ameritrade, and up to $19.99 for options exercises and assignments. Stock and ETF trades are $6.95 at TD Ameritrade.