An option is a contract on an underlying asset, usually covering 100 shares, which gives you leveraged exposure compared with buying the shares themselves.
Few UK platforms offer real exchange-listed options. Hargreaves Lansdown, AJ Bell, Freetrade and Trading 212 don’t offer them at all, while Webull UK and Robinhood UK added US options in 2024 and 2025. Several brokers below also hold UK clients’ accounts in the US, where the Securities Investor Protection Corporation (SIPC) applies instead of the UK’s Financial Services Compensation Scheme (FSCS).
Below we compare the leading options brokers for UK investors on platform, regulation, markets, costs and minimum deposits.
Video breakdown
Best options trading platforms in the UK
Options brokers are what you came looking for, so here are our top picks:
Interactive Brokers
Founded in 1978 and authorised by the Financial Conduct Authority (FCA) in the UK, IBKR offers options on 30+ market centres in North America, Europe and Asia Pacific. US options cost up to $0.65 per contract, with a $1 minimum per order.
💡 Interactive Brokers also launched IBKR GlobalTrader, a modern mobile trading app to trade Stocks, Options and ETFs, ideal for novice investors.
Firstrade
A US broker offering US options with $0 commission and $0 per contract to clients in 27 countries, including the UK. Outgoing wires cost $25.
tastytrade
A US broker built around options trading. Stock and ETF options cost $1 per contract to open, capped at $10 per leg, and $0 to close.
TradeStation
A US broker with advanced options tools. UK clients pay a $5 ticket charge plus $0.80 per contract at the lowest volume tier.
Webull UK
An FCA-authorised app with US options at $0.50 per contract, launched for UK clients in August 2024.
#1 Interactive Brokers
IB at a glance
Founded in 1978 and publicly listed on NASDAQ (ticker: IBKR), Interactive Brokers is a global online broker that has weathered multiple major financial crises while maintaining a rigorous risk management process. The firm joined the S&P 500 on 28 August 2025.
UK clients open their account with Interactive Brokers (U.K.) Limited, authorised and regulated by the FCA (reference number 208159). The FSCS covers eligible investments up to £85,000, and securities held at IBKR’s US affiliate are also covered by SIPC up to $500,000, including $250,000 in cash.
IBKR is designed for individuals and institutions alike, offering global access to stocks, ETFs, options, futures, currencies, bonds, mutual funds, and real cryptocurrencies across 170 markets in 40 countries, all from a single account.
Options trading is offered on 30+ market centres. On the UK site, US options cost $0.65 per contract at standard volumes (less for very cheap options), falling to $0.15 above 100,000 contracts a month, with a $1 minimum per order plus exchange and regulatory fees. UK stock options cost from £1.00 per contract on tiered pricing or £1.70 fixed. The commission-free IBKR Lite plan is only for US residents.
The platform includes advanced options tools such as OptionTrader, Options Analytics, Strategy Builder, Probability Lab and the Rollover Options Tool, covering position management, multi-leg strategies and Greeks-based risk analysis. IBKR Campus, including its Traders’ Academy courses, provides extensive educational material on options.
As a separate offering, Interactive Brokers also owns IBKR GlobalTrader, a mobile-first app aimed at newcomers to investing. The app supports stock, options and ETF trading on the same 30+ options markets with a simplified interface, alongside features such as automatic currency conversions, fractional shares, and a demo account.
Want to know more about Interactive Brokers? Check our Interactive Brokers review.
#2 Firstrade
Firstrade at a glance
Founded in 1985 and based in the US, Firstrade is a discount broker offering commission-free trading on stocks, ETFs, options, mutual funds and bonds. Firstrade is regulated by the SEC and FINRA and is a member of SIPC (protecting customer accounts up to $500,000, including $250,000 in cash).
Firstrade accepts clients from 27 countries, including the UK. It is not authorised by the FCA, so UK clients deal directly with a US broker, protected by SIPC rather than the FSCS. Its product range is limited to US-listed products, with no forex, futures or CFDs.
Options trading on Firstrade costs $0 commission and $0 per contract, with no exchange, exercise or assignment fees. The options trading platform is at a mid-to-advanced level, offering access to options chains, risk/reward profiles for each trade, and a fully integrated OptionsPlay strategy analysis tool. The platform also provides free options courses for self-education.
Finally, Firstrade’s base currency is USD. If you deposit in pound sterling (GBP), you will incur currency conversion fees on both deposit and withdrawal. Outgoing wires cost $25 and transferring your account out costs $75. A practical workaround for currency costs is to convert your GBP to USD beforehand using a low-cost currency service such as Wise or Revolut, and then send USD directly to your Firstrade account.
#3 Tastytrade
tastytrade at a glance
Tastytrade, formerly known as Tastyworks, is a US-based online brokerage firm focused on options trading, with additional access to stocks, ETFs, futures, and crypto. It was co-founded by Tom Sosnoff and has been part of IG Group since June 2021.
Tastytrade’s options pricing: $1 per contract to open (with a $10 cap per leg) on stock and ETF options, $1.25 per contract on futures options and $0.75 on micro futures options, each way. No commission is charged to close any options position, which is genuinely useful for active strategies that involve frequent rolling and closing.
UK residents can open an international account directly with tastytrade, Inc., a US broker that is a member of FINRA, SIPC and the National Futures Association (NFA). There is no FCA-authorised tastytrade entity, so the FSCS does not apply. UK accounts can trade stocks, ETFs, options and futures, but not crypto.
On the downside, tastytrade is built for traders rather than passive investors, and international wire withdrawals cost $45, which adds up if you withdraw frequently. Exercise and assignment cost $5.
Although tastytrade can feel intimidating for beginners, it offers an extensive ecosystem of educational materials and research tools through tastylive, the firm’s daily live programming and content network, which is one of the strongest options-focused educational ecosystems available online.
#4 TradeStation
Tradestation at a glance
Founded in 1982, TradeStation is a US broker with over 40+ years of experience, committed to delivering an institutional-grade trading experience to active traders. You can trade stocks, ETFs, options, futures, and crypto with competitive pricing across the board.
Pricing for UK clients is higher than the US headline. According to TradeStation’s pricing for clients outside the US, single-leg options cost a $5 ticket charge plus $0.80 per contract for up to 500 contracts a month, falling to $0.60, $0.50 and $0.10 at higher volumes. Exercise and assignment cost $14.95 per position, and outgoing wires $35. The platform is built with powerful and intuitive tools designed for both intermediate and advanced traders. The in-house OptionStation Pro module lets you quickly build and visualise options chains, analyse multi-leg strategy scenarios with payoff diagrams and Greeks, and execute trades directly to market, all without leaving the analysis view.
TradeStation also offers a substantial library of multimedia educational and training resources, including video tutorials, webinars, and live trading workshops, designed to help traders continuously sharpen their skills. UK residents are introduced by TradeStation International Ltd, which is authorised by the FCA (reference number 445531) but cannot hold client money. The account itself is opened with TradeStation Securities, Inc. in the US, regulated by the SEC, FINRA, the CFTC and the NFA, so SIPC rather than the FSCS applies.
#5 Webull UK
Webull UK at a glance
Investing involves risk of loss.
Webull UK launched US options trading for UK clients in August 2024. Webull Securities (UK) Ltd is authorised by the FCA (reference number 961286), and according to its pricing page it arranges accounts with its Australian affiliate, Webull Securities (Australia) Pty Ltd.
The pitch is price and simplicity: $0.50 per contract on US options, with new options users getting 90 days commission-free for up to 100 contracts. Regulatory and clearing fees of a few cents per contract apply on top, and currency conversion costs 0.03%. The app covers options chains, Greeks and multi-leg strategies, although only on US options.
Robinhood UK offers a similar deal: US stock and index options at $0.50 per contract since February 2025. Our Webull UK review covers Webull in more depth.
UK options brokers compared
| Broker | US options cost | Account held by | UK protection |
| Interactive Brokers | $0.65/contract, $1 min per order | Interactive Brokers (U.K.) Ltd | FSCS up to £85,000 |
| Firstrade | $0 | Firstrade Securities (US) | SIPC only |
| tastytrade | $1/contract to open, $0 to close | tastytrade, Inc. (US) | SIPC only |
| TradeStation | $5/trade + $0.80/contract | TradeStation Securities (US) | SIPC only |
| Webull UK | $0.50/contract | Webull Securities (Australia) | Not stated by Webull |
Standard rates for UK clients, before exchange and regulatory fees. Sources: each broker’s pricing page, checked September 2026.
Other options: Saxo UK, authorised by the FCA, offers 3,100+ listed options on 20 exchanges, but at $2 per US options contract on its standard tier. DEGIRO still lists options, but its UK page says they are not currently available to new clients.
What makes a good broker for options trading
When choosing an online broker, several factors should be considered. For options trading in particular, some factors play a more important role than others:
- 📈 Trading platform: there are plenty of brokers that let you buy stocks or ETFs, but options trading requires a more sophisticated platform. To assess the right strategy for your market view, you need to monitor key inputs such as call and put prices, time to expiration, strike prices, implied volatility, and the Greeks (delta, gamma, theta, vega). Having an intuitive platform that surfaces this information clearly, and ideally offers multi-leg strategy builders and payoff diagrams, is essential.
- 💰 Fees: options trading is typically a more frequent activity than buy-and-hold investing because of the finite life of each contract, meaning transaction costs add up quickly. Lower per-contract commissions (and ideally $0 to close) give you more flexibility to enter, adjust, and exit positions without fees eating into your edge.
- 📥 Real-time notifications and alerts: timely updates on price moves, news, and corporate events affecting the underlying asset are critical for options traders. For example, if you hold a call option on Apple expiring shortly after an earnings release, the post-earnings move could materially change your position, and you may want to act before or immediately after the announcement.
- 📚 Education and research: options strategies involve concepts (volatility, Greeks, multi-leg structures) that genuinely benefit from quality educational material. A broker that invests in tutorials, webinars, and strategy walkthroughs gives you a meaningful edge, particularly when you’re still developing your approach.
- 🌍 UK availability and regulation: not every US options broker accepts UK residents, and the ones that do may operate through different entities with different regulatory protections. Confirm that the broker (a) accepts UK clients, (b) supports the option products you want, and (c) provides clear regulatory protections under FCA, SIPC, or equivalent frameworks.
How options are taxed in the UK
Listed options are not qualifying investments for an ISA, so you can’t hold them in a Stocks and Shares ISA. Some self-invested personal pensions (SIPPs) allow them, including Interactive Brokers’ SIPP, but that depends on the provider.
Outside a tax wrapper, gains on options are generally subject to capital gains tax: 18% within the basic-rate band and 24% above it, after an annual exempt amount of £3,000. HMRC treats options traded on a recognised exchange as non-wasting assets, so the full cost can be deducted. Your situation may differ, so check with a tax adviser if you trade frequently.
Other resources
If you’re still unsure which platform to choose, feel free to explore our website and our YouTube channel, where we cover the best brokers across several regions, alongside step-by-step guides for getting started on each platform.
If you’d like personalised guidance, you can contact us or book a meeting.
Bottom line
Options trading can feel intimidating at first, but once you understand the mechanics, it opens up strategies and exposures that mainstream investments like stocks and ETFs simply don’t offer. With options, you can pre-define your maximum risk going into a trade, control a larger notional position with a smaller capital outlay, generate income through covered strategies, and hedge existing positions, capabilities that single-name stock investing alone can’t replicate.
That said, there are caveats specific to options trading in the UK. Some platforms advertise US pricing that UK residents don’t get: TradeStation charges non-US clients a $5 ticket on top of its contract fee, and IBKR’s commission-free Lite plan is only for US residents. Currency conversion adds a cost at every US broker, and at Firstrade, tastytrade and TradeStation your account sits with a US company, protected by SIPC rather than the FSCS.
Options trading also carries genuine risk: while you can limit your downside on long options to the premium paid, short option strategies can produce significant losses, and even buying options can result in the entire premium being lost if the trade moves against you or simply expires worthless. Start small, use limit orders, and consider paper trading first before deploying real capital.
FAQs
Can you buy options in the UK?
Yes. UK residents can trade exchange-listed options through brokers such as Interactive Brokers, Webull UK and Robinhood UK, or through US brokers that accept UK clients, such as Firstrade and tastytrade. Many UK platforms only offer options through CFDs or spread bets.
Can you trade options on Trading 212?
No. Trading 212 does not offer options trading, either as listed contracts or as CFDs. We cover this in more detail in our article on Trading 212 and options.
Can you trade options on Stake?
No. Stake closed its UK operations in November 2024 and transferred UK accounts to Freetrade, which does not offer options either.
Can you trade options on Revolut?
No. Revolut does not offer options trading to UK customers.
Can you hold options in an ISA?
No. Options are not qualifying investments for a Stocks and Shares ISA. Some SIPPs allow options trading, depending on the provider.
