Claire is an experienced financial analyst with strong analytical skills. With her expertise and focus on thorough market research, Claire ensures individuals in the financial landscape are well-informed. Often in an engaging writing style, her content helps traders quickly grasp the market dynamics. As an Associate Editor of financial news at InvestingGuide, she provides an original analysis of the financial markets and economy. You’ll be at joy reading her flawlessly written content. She has written hundreds of pieces that simplify complex financial topics in plain language.
Fact checked
Advertising Disclosure
We may receive compensation from our partners for placement of their products or services, which helps to maintain our site. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.
Finding the right options trading platform is one way to kickstart your ventures on a good note. However, conducting the required tests and comparisons can overwhelm many, thus leaving them with wrong choices.
As an expert who has been in the investment industry for decades, I decided to prepare a list of the best options trading platforms in the UK. I personally tested and ranked these platforms to ensure every trader finds what best suits them.
List of the Best Options Trading Platforms
After testing options trading platforms in the UK, my selection boils down to the very best. My top recommendations below have unique features to suit both beginners and experienced traders.
- Saxo – Overall Best
- Plus500* – Top For CFD Trading
- IG Markets – Best With Excellent Support Service
- Spreadex – Best With No Minimum Deposit Requirement
- Interactive Brokers – Top For Professional Clients
Note: 80% of CFD retail accounts lose money with this provider.
In This Guide
Compare Brokers Table
To easily choose a suitable options trading platform in the UK, I’ve put together a detailed comparison table below. It highlights six key features that you must consider.
| Best Options Trading Platform | Licence | Support Service | Software | Payment | Demo Account | Money Insurance |
|---|---|---|---|---|---|---|
| Saxo | FSA, FCA, MAS, SEBI | 24/5 | SaxoTraderGO, SaxoTraderPRO | Bank Wire Transfer, Debit cards | Yes | Yes (up to €100,000) |
| Plus500* 80% of retail investor accounts lose money when trading CFDs with this provider. | FCA (FRN 509909), CySEC (#250/14), ASIC, MAS, FSA | 24/7 | Plus500 Webtrader | Bank Wire Transfer, Credit/debit cards, Paypal, Skrill | Yes | Yes (up to £85,000) |
| IG Markets | FCA, ASIC, CySEC, FSA | 24/5 | MT4, IG trading platform, ProRealTime, Web platform, Trading apps, L2 Dealer | Debit card, Bank transfer, PayPal, HK FPS | Yes | Yes (up to £85,000) |
| Spreadex | FCA, SEBI | 24/5 | iPhone App, iPAD App, ANDROID App, TradingView | Bank Wire Transfers, Credit cards | No | Yes (up to £85,000) |
| Interactive Brokers | FCA, FSA, CFTC | 24/5 | IBKR Mobile, APIs, Trader Workstation | Bank or wire transfers | Yes | Yes (up to £85,000) |
Fees & Commissions
Trading options requires a platform that fits your budget and supports the assets you’re comfortable trading. I’ve noticed that many traders struggle to effectively compare platforms, often getting lost in complex fee structures and asset availability.
For this reason, I’ve put together the tables below, breaking down the key details of my recommended options trading platforms. This is so you can choose the platform that best aligns with your trading goals.
Fees
| Best Options Trading Platform | Fees | Minimum Deposit Requirement | Transaction | Inactivity |
|---|---|---|---|---|
| Saxo | From £0.75 commission | £0 | Free | £0 |
| Plus500* | From 0.0 pips | £100 | Free | £10 monthly |
| IG Markets | From 0.6 pips | £0 | Free | £12 monthly |
| Spreadex | From 1 point | £0 | Free | None |
| Interactive Brokers | From £0.60 per contract | £0 | Free | None |
Note: 80% of CFD retail accounts lose money with this provider.
Assets
| Best Options Trading Platform | Forex | Stocks | Commodities | ETFs | Options |
|---|---|---|---|---|---|
| Saxo | Yes | Yes | Yes | Yes | Yes |
| Plus500* (CFDs) | Yes | Yes | Yes | Yes | Yes |
| IG Markets | Yes | Yes | Yes | Yes | Yes |
| Spreadex | Yes | Yes | Yes | Yes | Yes |
| Interactive Brokers | Yes | Yes | Yes | Yes | Yes |
Note: 80% of CFD retail accounts lose money with this provider.
Brokers Reviews
Every year, online trading attracts more and more people. Actually, volumes in the global options markets are at all-time highs. For example, the Options Clearing Corporation reported an estimated total options contract volume of about 11.1 billion contracts for 2023. This is a gain of about 7.1% over the prior year.
It would, therefore, mean that there are valid reasons as to why choosing the right platform is very important. Below, I share my professional reviews and insight into the best options trading platforms in the UK. My objective is to make sure you have accurate and actionable information to make your decision.
1. Saxo – Overall Best
Saxo is among the best brokers I have found reliable for trading options. The first time I tested the platform, it felt like one of the most user-friendly yet highly customizable interfaces. Options trading is available on multiple asset classes, including stocks, indices, interest rates, futures, and commodities. This makes it very suitable for UK traders who want to diversify their portfolios beyond traditional investments.
Saxo stands out for its easily accessible services on desktop and mobile devices, enabling traders to manage their positions anytime, anywhere. Furthermore, its SaxoTraderPRO is fully equipped with advanced trading tools and high-quality educational materials suitable for both beginners and well-seasoned traders.
Another big plus is its cost structure. With no minimum deposit requirement and options trading fees as low as £0.75 per contract on stock options. In this case, Saxo provides a very affordable platform with top-notch trading capabilities.
Saxo
✔No minimum deposit requirement
✔Low commissions for all asset classes
Pros & Cons
Fees
Trading Assets
Pros
- Supports options trading across various asset classes
- Low options trading fees
- A user-friendly and intuitive design platform
- No minimum deposit requirement
Cons
- No third-party platforms like the MT4/5
- To sell options at Saxo, you must have an account value of over £5,000 and give a written acknowledgement of the risks involved
Saxo is one of the brokers in the UK with transparent fee structures. While analysing its trading and no-trading charges, we noted that the broker has no hidden charges. This makes it easier for users to plan and budget for their activities without worrying about extra charges once fully invested.
Additionally, we find Saxo affordable since it charges low commissions, starting at $1 on US stocks, ETFs, and futures. For traders interested in options and government bonds, Saxo charges low fees, starting at $0.75 and $0.05%, respectively.
When it comes to Saxo’s minimum deposit requirement, the broker has none. This means that any trader, whether new or budget-conscious, can create a trading account with the broker and start exploring the financial space. However, expect to incur a currency conversion fee, especially when you trade using a different currency from your account’s base denomination. The good news is this fee doesn’t apply to marginal collateral and can never exceed +/- 0.25%.
Financing charges for positions left overnight are also applicable at Saxo. For investors, expect to incur annual custody fees if your account holds stock, bond, or ETF/ETC positions. The exact fee will vary depending on your account. Our analysis showed that you will pay up to 0.15% for the classic account, 0.12% for the platinum account, and 0.09% for VIP accounts.
Lastly, Saxo charges fees for additional services besides those mentioned above. For instance, it imposes a $50 fee for online report requests. Plus, transactions are free, and there is no inactivity fee should your account stay idle for some time.
2. Plus500 – Top for CFD Trading
From my analysis, Plus500 seems a good option for UK traders looking to trade options CFDs on assets such as Germany 40, oil, and Meta. First, it has a relatively low entry barrier, given that one can have an effective kick-start of trading with an amount as low as £100. This, of course, is without any commission charges.
Second, the Plus500 1:5 leverage limit on options CFDs means you can open larger positions with relatively small capital investment. Plus, you will have access to a wide range of CFD assets, including forex, shares, indices, commodities, and many more. This allows traders to create a diversified portfolio.
Another reason I like Plus500 is that it’s suitable for traders of all levels. Beginners will benefit from well-prepared learning materials, including articles, guides, and recorded videos. A virtual demo account allows you to practice your trading ideas before trading with real money.
For professional traders, Plus500 has a Professional Trading platform that offers highly advanced resources. However, you will need to satisfy some eligibility requirements to access them.
Moreover, Plus500UK Ltd. is authorized and regulated by the FCA. This means that one can find a very safe and compliant environment for trading there.
Note: 80% of CFD retail accounts lose money with this provider.
Plus500
✔User-friendly interface
✔Zero deposit and withdrawal fees
Pros & Cons
Fees
Trading Assets
Pros
- Low minimum deposit requirement
- Low trading fees from 0.0 pips
- Free deposits and withdrawals
- Quality learning and research materials
Cons
- Lists only CFD instruments
- Limited asset offerings compared to its peers
Brokers need to generate revenue and cover operating costs. That’s why many have fees and commissions. Sadly, high charges can undermine your profitability in the long run. That’s why looking for an affordable service provider is necessary.
With that in mind, we evaluated Plus500 fees UK. The process was easy since this broker values transparency. Our team was impressed by the fact that the trading platform doesn’t charge a dime for most services. First, opening an account is free. Deposits and withdrawals also attract zero charges. Furthermore, the broker offers free live CFD prices and dynamic charts. But note that the Plus500 minimum deposit UK is £100.
Plus500 primary source of compensation is the spread. While trading with this platform, you’ll have to cover the spread whenever you open a position. Your costs will depend on various factors, including your preferred instrument and current market conditions.
This broker also charges overnight funding and currency conversion fees. The former fee kicks in whenever you keep a position open overnight. On the other hand, you have to cover currency conversion fees whenever you interact with any currency besides your account’s base currency. Lastly, dormant Plus500 accounts attract a £10 monthly inactivity fee.
3. IG Markets – Best With Excellent Support Service
Having operated for over four decades, IG Markets moves along with technology to keep its platform competitive and user-friendly. While testing it, the interface felt very customizable and intuitive, thus fitting both a beginner and an experienced trader. Besides, there is no minimum deposit required, which is really easy to get started with.
One of the strengths of IG Markets is its wide option of trading instruments, including forex, shares, and indices. Traders can access 17,000+ CFD securities. It is arguably one of the most diverse platforms in the UK.
Another impressive feature is the customer support team. During the few times I contacted them, they proved to be very responsive, practical, and well-informed in their solutions. On top of that, IG Markets offers quality educational resources and advanced trading tools on its MT4, ProRealTime, and L2-Dealer. This is to ensure traders have all they need to implement effective trading strategies.
IG Markets
✔Zero minimum deposit requirements
✔17,000+ available products
Pros & Cons
Fees
Trading Assets
Pros
- No minimum deposit requirement
- Plenty of learning and research materials on its multiple platforms
- Compatible with desktop and mobile devices
- Reliable and responsive support service via live chat, phone, and email
Cons
- High options trading fees compared to its peers
- Its listed assets are available to trade as CFDs only
Opening an IG Markets account doesn’t cost a dime. Moreover, this broker has no minimum deposit, so you don’t have to worry about compromising your budget. You can also enjoy significant savings by trading with IG Markets since it offers tight spreads, starting from 0.1 points on commodities and 0.6 points on popular currency pairs.
With that in mind, IG Markets charges overnight funding for cash CFD positions and daily funded bets (DFBs) that remain open past 10 pm UK time. The broker also requires traders to cover a small guaranteed stop fee. The fee kicks in every time the guaranteed stop feature is triggered. You should also expect to incur additional when shorting stocks and augmenting your trading experiences with premium services like live data streams.
Luckily, deposits and withdrawals are free on IG Markets. The broker only requires traders to pay a 0.5% standard currency conversion fee. Furthermore, the platform has zero inactivity fees, though your account will be terminated if it remains dormant for 24 consecutive months.
4. Spreadex – Best With No Minimum Deposit Requirement
I found Spreadex to be an excellent options trading platform, especially for traders looking to start with a small capital. You can deposit any amount you are comfortable with, as there is no minimum deposit needed. You will then have access to a variety of index, commodities, and stock options.
I like the fact that this platform has a low minimum bet requirement on options. With only £1 per point movement, it is very affordable. Moreover, 10,000+ securities are offered by Spreadex, which allows for extensive portfolio diversification.
I tried trading on this platform and liked its user-friendly and intuitive design interface. It works perfectly on desktop and mobile devices, and I noticed that trade execution speeds were fast. This is very important for options trading as you can take advantage of short-term arising opportunities. Although Spreadex does not offer a demo account, beginners can make good use of high-quality educational resources.
Spreadex integrates with TradingView, one of the most popular third-party platforms for advanced charting and technical analysis. This easily makes the broker a good option for newbies and experienced traders who depend on advanced charting and technical analysis.
Spreadex
✔10,000+ financial instruments
✔Zero account inactivity fees
Pros & Cons
Fees
Trading Assets
Pros
- No minimum deposit requirement
- Additional securities for portfolio diversification
- Compatible with desktop and mobile devices
- Free deposits and withdrawals
Cons
- Only CFD and spread betting assets are offered
- Options trading fees are higher compared to its peers
We analyzed Spreadex’s fees and commissions since these elements can impact a trader’s profitability. The first impressive aspect that caught our attention is this broker’s £0 minimum deposit requirement. You can deposit any amount into your Spreadex account and start trading almost instantly. Furthermore, the broker charges zero account maintenance and inactivity fees.
What’s more, Spreadex has tight spreads and commissions. While trading with this broker, you can enjoy low spreads starting from 0.9 pips for GBP/USD, 0.001 pips for USD/INR, and 0.6 pips for EUR/USD. However, note that this broker charges overnight financing fees for positions held overnight.
5. Interactive Brokers – Top For Professional Clients
After testing Interactive Brokers (IBKR), I found it to be a standout choice for professional options traders in the UK. With impressive global regulatory backing, including FCA and ASIC licenses, IBKR offers access to over 150 global markets and more than 10,000 instruments.
IBKR boasts of a number of interfaces such as IBKR GlobalTrader, Client Portal, IBKR Desktop, IBKR Mobile, IMPACT, IBKR APIs, and Trader Workstation (TWS). Personally, I liked the OptionTrader platform as it shows essential metrics in one screen for simplified, complex options trading. The platform is extremely customizable and includes other useful tools like detailed charts, price notifications, and watchlists.
The competitive fee structure of IBKR starts from £0.60 per contract, which reduces to £0.15 if the trade volume is high. There is no minimum deposit, but the options to fund are limited to bank transfers.
If you are a beginner, Interactive Brokers hosts a Trader Academy, which offers a vast amount of materials to assist in skill building. While most novices may find the IBKR desktop platform complicated to use, using the Client Portal and Global Trader platforms will make things simpler.
Interactive Brokers
✔No minimum deposit requirement
✔Zero inactivity fees for individual trading accounts
Pros & Cons
Fees
Trading Assets
Pros
- IBKR provides access to over 10,000+ assets across 150+ global markets
- The platform offers advanced trading tools, including OptionTrader, which helps streamline the trading process.
- The fee structure is competitive
- IBKR’s educational resources, such as Trader Academy, provide valuable guidance for users looking to improve their trading skills.
- The platform is backed by strong regulatory oversight from reputable financial authorities
Cons
- The platform’s wide range of features and tools can be overwhelming for beginners
- IBKR’s funding options are limited to bank transfers
Numerous factors, including the £0 Interactive Brokers minimum deposit UK requirement, made our exploration easier and more enjoyable. This trading platform allows users to trade and invest with whatever they can afford, making it ideal even for traders and investors working with a restricted budget.
We were also wowed by the friendly Interactive Brokers fees UK policies. For starters, this company offers free deposits to people who use supported payment methods, including bank transfers. Only people who use physical currency deposits are subjected to a 1% special handling fee. Moreover, this service provider has zero inactivity fees and commissions as low as £0.0005 for stocks and ETFs.
How to Choose an Options Trading Platform
Trading options in the UK comes with its own share of risks. Where a well-strategized trade may lead to a profitable result, a loss is unavoidable. Therefore, having a well-structured plan with deep market analysis is crucial.
Among your plans should be selecting the right options broker that fits your trading needs. So, whether you choose from my list or do your own research, here are the key factors to consider when choosing a platform.
Licences/Regulations
Charges
Platform Performance
Asset Offerings
Support Service
User Recommendations
The online financial market is filled with both legit and fraudulent brokers, so regulation is non-negotiable. Always ensure that your chosen platform is licensed by the Financial Conduct Authority (FCA). Brokers regulated by multiple top-tier authorities offer an added layer of security, proving their credibility further. Trusting an unregulated broker could put your funds and personal data at serious risk.
The best options trading platform UK should suit your budget and trading strategy. Check the broker’s minimum deposit requirement, spreads, commissions, transaction fees, inactivity fees, and overnight charges before committing. Some brokers may boast of low charges but then have other hidden costs that add up rather fast. I always make sure to go through the fee structures so that I will not find myself in a surprise later.
A platform should be user-friendly and responsive for traders at any skill level, from beginners to pros. In options trading, speed is of essence, so fast execution is necessary if you want to make the most out of price movements. Other things to look at would be customization possibilities, ease of use, and mobile-friendliness. For those new to options trading, I strongly advise selecting a broker offering good education and a demo account where you can first practice with virtual money.
Not every brokerage offers options on the same securities. If you’re looking to trade options on stocks, indices, interest rates, futures, or commodities, make sure your chosen platform offers them. I also like brokers to support at least two more asset classes, like forex and cryptocurrencies, for portfolio diversification. The smartest way to limit losses if one market performs badly is to distribute the risks across several assets.
Even professional traders face some issues, and for them, customer support is necessary. I always check whether a broker has a dedicated, responsive support team that provides accurate and timely responses. Before you sign up, make sure to check what channels of support are available-livе chat, еmail, phonе-and what hours/days they operate to know if it fits your schedule.
I never commit to an options broker UK without checking what other traders are saying. Reviews on Google Play, the App Store, and Trustpilot provide real-world insights into a platform’s performance, reliability, and customer service. While no broker is perfect, consistent complaints about withdrawal issues, lagging platforms, or unresponsive support are red flags I take seriously.
How to Start with Options Trading Platform
It can be an exciting yet daunting time when starting your options trading journey. But, with the right strategy in place and a trusted broker to walk you through it, you are sure to have all it will take to confidently sail through. Follow the step-by-step process below to get started.
Step 1: Visit your chosen trading platform’s website
Step 2: Register your account
Step 3: Verify your identity
Step 4: Make your initial deposit
Step 5: Begin trading options
Go to the main page of your selected options trading platform. Through the links above, you can go directly onto the home pages by clicking any of them.
Take some time to read the terms of services on the platform before setting up the account. This will give you a good idea of their policies. If the broker has a mobile app, I highly recommend that you install it on your iOS or Android mobile device. It will make monitoring and managing your trades pretty easy, even when you’re on the move.
Hit the “Open Account” or “Sign Up” button. You will be requested to fill in your details in the registration form, including your name, email, phone number, source of income, location, and currency of preference.
You will also be required to create a unique username and a secure password for your account. Accuracy is key at this stage since you will verify these details later in the process.
You will be required to upload any government-issued identification document, such as your passport or driver’s license. This is together with any proof of your physical address, like a utility bill or bank statement from the past few months. Verification should take up to 48 hours, after which an email will be sent to you once your account has been cleared.
Your account is verified, and now it’s time to fund it. The minimum deposit amount differs from platform to platform, and you should check that in advance, too. Be aware of the transaction fees and choose the most convenient way of depositing funds.
Reputable options trading brokers UK normally offer several options, such as credit/debit cards, e-wallets, and bank transfers. You should have no problem finding the best method for yourself.
Once your deposit is confirmed, you’ll gain access to the platform’s available options securities. Take your time to explore these options, conduct thorough research, and choose those that align with your trading goals. From here, you’ll decide on your trade size and open your first live position. By now, you should be very well familiar with the concepts of options trading: options contract information, what determines the price of options, and how the overall market works.
If you’re not comfortable with trading on a live account, start with a demo. Many platforms offer you this feature by which you try and practice trading using virtual funds before exposing your money to the market. Also, get familiar with basic risk management methods like stop orders to protect an adverse position of your trade.
How we test
At InvestingGuide, we comprise a team of professionals who are willing to go above and beyond to educate our readers accordingly. In this regard, we tested and compared several options trading platforms, considering key factors such as security, customer support, asset variety, availability of demo accounts, and more.
To be as transparent and unbiased as possible, we also read user reviews from Google Play, the App Store, and Trustpilot. In doing so, we went deep into what each platform is good at and was thus in a better position to make the most informed and correct recommendations. For a closer look at our testing process, have a look at our How We Test page.
Final Thoughts
Options trading in the UK requires serious planning and strategizing. For a start, one needs to understand the variety of assets on which options trading is available. Choosing the right options trading platform, such as the ones reviewed above, can also help ensure a smooth and enjoyable experience.
For newbies, it is important to note that options trading involves some risks. To limit potential losses, do not make emotional decisions but stick to your strategy. You may experience some losses, but that is part of the learning process. The more patient you are, and the longer you practice, the more rewarding options trading will be.
Related Articles:
In my opinion, for those who are starting out or looking for an accessible platform, Plus500 stands out due to its low minimum deposit and user-friendly interface