Germany – the largest economy and financial centre of the European Union – has one of Europe’s most active retail options trading communities, with strong infrastructure for both Eurex-based (German and European options) and US options trading. The country’s regulatory framework, supervised by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) in coordination with the broader MiFID II/MiFIR framework, gives German retail investors access to all the major global options exchanges.
We’ve put together this guide to help German investors navigate the leading options brokers – summarising their strengths, weaknesses, and pricing structures so you can choose the right platform for your trading needs. This article covers our top five picks, plus important considerations around the German tax framework for options trading (the Verlustverrechnungsbeschränkung rules on derivative losses, and how options profits are taxed under Abgeltungsteuer). Let’s get to it.
The best Options brokers in Germany
Interactive Brokers | The globe’s award-winning default broker
With a history spanning more than 40 years, IBKR remains one of the most trustworthy brokers available and is unofficially the globe’s default broker, including Germany. For options, there are per-contract fees varying by country (in the US, the minimum commission per order is USD 1). Interactive Brokers also launched IBKR GlobalTrader, a modern mobile trading app to trade options, stocks, and ETFs, ideal for novice investors.
Saxo Bank | Premium online broker providing incredibly research and tools
While a Danish online broker, Saxo Bank has prepared an incredible offering for residents of Germany inclusive of listed options, forex options, commodities, futures, and more. They provide a tiered pricing system that balances monthly fees and trading commissions (starting at EUR 0.75 per contract).
DEGIRO | Reliable low-cost options broker for global access
DEGIRO stands out as an options broker for the knowledgeable trader who knows what they’re doing and wants the right tools for succeeding across international markets. They provide a solid range of ETFs, stocks, bonds, futures, options, commodities, and more, while keeping to a per contract option fee of EUR 0.75.
Disclaimer: Investing involves risk of loss.
XTB | Best for simple, capped-risk options with a local German presence
XTB rolled out options trading to German residents in April 2026, making it one of the few brokers offering the product through a local German branch rather than an offshore entity. German clients can trade American-style options on around 110 US-listed stocks and ETFs, including 0DTE (zero-days-to-expiration) contracts and fractional options
Disclaimer: Investing involves risk of loss.
Tastytrade | Excellent discount broker, but US-focused
Tastytrade, formerly known as Tastyworks, stands out as an up-and-coming options broker focusing on the retail trader who truly wants to hone their craft. They provide options trading in addition to futures, stocks, indices, ETFs, and cryptocurrencies while keeping to USD 1 per options contract (0 to close).
| Options broker | Commission per contract | Best for |
| IBKR | Up to EUR 3 | All |
| Saxo Bank | Up to EUR 2 | Research |
| DEGIRO | EUR 0.75 | Low fees |
| XTB | No per-contract fee (premium only; buy-only) | Simple capped-risk trades |
| tastytrade | USD 1 (free to close) | US trading |
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Options brokers reviewed
1# Interactive Brokers
German residents are served by Interactive Brokers Ireland Ltd, a subsidiary of the NASDAQ-listed IBKR (ticker: IBKR). Interactive Brokers mirrors its parent’s industry-leading product range, including extensive options market access – which is why it earns the top spot on our list of the best options brokers in Germany. IBKR Ireland is regulated by the Central Bank of Ireland (CBI) and operates under EU passporting into Germany.
The platform serves both institutional and individual traders – from beginners to professionals – by combining global access to virtually every major asset class (including options on US, European, and Asian exchanges) with multiple platforms suited to different experience levels: Trader Workstation (TWS) for advanced traders, IBKR Desktop, Client Portal, IBKR Mobile, and IBKR GlobalTrader for simpler mobile-first trading. For German options traders, IBKR provides access to Eurex (European derivatives exchange), CBOE, NYSE/ARCA, and other major options venues from a single account.
Options pricing is genuinely competitive:
- US options: $0.65 per contract on the tiered plan (minimum $1.00 per order); volume discounts available for active traders.
- Eurex options (German/European): typically €1.50-2.00 per contract depending on the underlying.
- UK options: £1.70 per contract on indices and equities.
- FX conversion: 0.20 bps with $2 minimum – industry-leading for the EUR-USD pairs German options traders frequently need.
IBKR also offers $0 account opening fees, no minimum deposit, and no inactivity fees – a meaningful improvement for retail traders who don’t want to commit to high monthly volume.
For German traders specifically: IBKR provides comprehensive year-end tax reporting documentation (Steuerbescheinigung compatible format) that simplifies the annual income tax declaration. However, IBKR Ireland is not a KESt-withholding agent for German tax purposes – meaning German residents must self-declare all options gains, losses, dividends, and interest through their annual Einkommensteuererklärung rather than having tax automatically deducted at source. This is the same situation as most foreign brokers serving German clients.
Interested? Read our comprehensive IBKR review.
2# Saxo Bank
62% of retail CFD accounts lose money.
Our runner-up, Saxo (formerly “Saxo Bank”) is a deeply research-oriented broker with a track record spanning over three decades. Founded in Denmark in 1992, Saxo serves over 1.4 million clients globally and was acquired by the Swiss-Brazilian J. Safra Sarasin Group in March 2025 – adding significant institutional credibility and capital backing. Saxo caters to all experience levels but its focus on professional-grade research, charting tools, and premium service positions it best for intermediate to advanced options traders.
Following Saxo’s 2025 platform consolidation, SaxoTraderGO (now simply SaxoTrader) is the unified flagship platform – an award-winning, multi-asset platform combining sophisticated desktop functionality with a powerful mobile app. For newer or simpler trading needs, SaxoInvestor offers a more streamlined experience focused on stocks and ETFs without the full derivatives depth.
Saxo’s pricing structure has three tiers based on account size and trading volume:
- Classic tier: no minimum deposit required since 2024 – the entry-level pricing.
- Platinum tier: requires €200,000+ in account value, with lower commissions.
- VIP tier: requires €1 million+ in account value, with the lowest commissions and dedicated premium service.
For options specifically, Classic tier pricing is typically €2 per European stock option contract, with VIP rates dropping to around €0.75. US options pricing starts at around $1.25 per contract on Classic, with similar volume-based reductions on higher tiers. Saxo also offers an exceptionally broad range of options markets – covering US, European (Eurex), Asian, and other exchanges from a single account.
For German traders: Saxo Bank A/S operates a German branch (Saxo Bank A/S, Niederlassung Deutschland) – which means German residents may benefit from German-language platform support, German tax reporting documentation, and integration with the German Abgeltungsteuer framework where applicable. Verify the specific entity serving you and its KESt-withholding status during onboarding.
To learn more about Saxo, check our Saxo review.
3# DEGIRO
Investing involves risk of loss.
DEGIRO would rank first on this list if cost were the only priority. DEGIRO is Europe’s leading discount broker for low-cost options trading, providing access to European (Eurex) and US options through a clean desktop platform and a streamlined mobile app. Founded in 2008 in Amsterdam and now operating as part of flatexDEGIRO Bank AG (German-regulated, supervised jointly by BaFin and Bundesbank alongside the Dutch DNB and AFM), DEGIRO is a particularly well-positioned option for German residents.
The platform takes a deliberate “do-it-yourself” approach but balances it with safety-first design choices – including extensive educational content on the DEGIRO blog covering everything from options basics to more advanced strategies. This makes it accessible to beginners and intermediates without being an overly aggressive platform that pushes excessive trading.
From a cost perspective, DEGIRO is genuinely competitive: €0.75 per option contract plus a €5 settlement fee per exchange, with the standard €2.50 connectivity fee per exchange per year. For active options traders concentrated on a handful of exchanges, this pricing is among the most aggressive in Europe.
DEGIRO covers the essentials for active trading – charting, news alerts, basic analyst views, and price alerts – but research depth may not satisfy value- or fundamentals-focused investors who want deeper screening tools. The platform is best suited for cost-conscious, self-directed options traders who don’t need premium research alongside their execution.
One critical advantage for German residents: as a German-regulated bank entity (flatexDEGIRO Bank AG), DEGIRO operates as a KESt-withholding agent in Germany – meaning capital gains tax (Abgeltungsteuer) is automatically withheld at source on your investment income, including options gains. This simplifies German tax reporting significantly compared to foreign brokers like IBKR Ireland that require self-declaration through your annual Einkommensteuererklärung.
Interested? Read our comprehensive DEGIRO review.
4# XTB
69-80% of retail CFD accounts lose money.
XTB is one of the few brokers on this list offering options to German residents through a local German branch (XTB S.A. German Branch), supervised under its KNF home-state regulation with BaFin conduct oversight – rather than via an Irish or Cypriot entity. XTB rolled out options to Germany in April 2026, alongside Spain, marking entry into two of its largest European markets.
German clients can trade American-style options on approximately 110 US-listed stocks and ETFs. The offering includes some features rarely seen at this simplicity level: 0DTE (zero-days-to-expiration) contracts on select underlyings and fractional options trading, both accessible directly inside the xStation platform with TradingView-powered charting.
The important caveats for German investors:
- Buy-only: XTB options are buy-only and settled exclusively in cash. You can go long on call and put options, but there is no option writing, no full option chains, and no multi-leg strategies (spreads, iron condors, straddles, etc.).
- US underlyings only: all underlyings are US-listed, so you take on USD conversion costs and US underlying exposure – unlike Eurex-access brokers on this list, which offer EUR-denominated European options.
- Cost and maximum loss are limited to the premium paid – making this a clean fit for simple, capped-risk directional trades, but not a substitute for a full options broker if you need to write options or run advanced multi-leg strategies.
- US options pricing: typically $0.30 per contract, no platform fees.
For German tax purposes: as XTB operates via its German branch (XTB S.A. German Branch), German tax reporting integration is generally smoother than at offshore brokers. However, verify the specific KESt-withholding status of your account during onboarding, as withholding agent status can vary by entity and product configuration.
Interested? Read our comprehensive XTB review.
5# tastytrade
Based in the US, tastytrade is a relatively new options-focused brokerage that caters to “do-it-yourself” traders who actively avoid algorithms or robo-advisors. They offer access to stocks, options, futures, indices, commodities, ETFs, and cryptocurrencies. Tastytrade has strong roots in the options industry: its founders Tom Sosnoff and Scott Sheridan also founded thinkorswim, which they later sold to TD Ameritrade – and which is now owned by Charles Schwab following the completion of the Schwab/TD Ameritrade integration. This pedigree gives tastytrade significant credibility in the options space, and the platform’s design reflects the founders’ deep options-trading background.
Tastytrade provides a comprehensive trading platform across both desktop and mobile, with one of the strongest options-focused user experiences in the market – including powerful options chain views, strategy builders for multi-leg trades, and integrated probability analysis. However, there is a meaningful learning curve: beginners should familiarise themselves with options Greeks (delta, gamma, theta, vega) before diving in. Once you’re comfortable with the fundamentals, the platform also lets you follow popular options traders and access the company’s extensive educational content (the tastytrade financial network is one of the most prolific options-focused content producers in the industry).
For US stock options, tastytrade charges $1 per contract to open a position and $0 to close (with a $10 maximum per leg on opening trades) – a transparent and competitive pricing model. The platform details each possible fee clearly, with no hidden costs.
The important caveat for German residents: tastytrade is primarily a US-domiciled broker serving US clients via Tastytrade Inc., though it has expanded internationally through tastytrade UK (FCA-regulated). German residents may be able to open accounts through tastytrade’s international offering, but should verify current eligibility and supported features during onboarding – and understand the tax implications of trading exclusively US-listed options. Like other foreign brokers, tastytrade does not act as a German KESt-withholding agent, meaning gains require self-declaration through your Einkommensteuererklärung.
What makes a good broker for options trading in Germany?
Options brokers serving German residents need to meet a combination of global standards and German-specific requirements. The strongest brokers share these characteristics:
- Low account minimums and competitive trading fees: particularly important for active options traders where commissions compound across many trades.
- Transparent pricing: options pricing should be clear per contract, with no hidden platform fees, data fees, or settlement surcharges.
- Wide product range: access to multiple options venues (US, Eurex, UK, Asian markets), plus underlying assets across stocks, ETFs, indices, and commodities.
- Strong trading and analytic tools: options chain viewers, strategy builders, probability analysis, and Greeks displays.
- News alerts and real-time data: essential for active options trading, where positions can move sharply on earnings, macro news, or volatility events.
- Educational content: options are complex – quality brokers provide structured learning resources covering basics, Greeks, and advanced strategies.
- Real options access (not CFDs on options): some platforms offer CFDs referencing options rather than actual exchange-listed options. Real options provide proper exercise rights, multi-leg capabilities, and OCC/Eurex clearing protection (see our explainer on CFDs vs real shares).
- German tax integration: a meaningful advantage for German residents – brokers operating as KESt-withholding agents (like flatexDEGIRO, Trade Republic, Scalable Capital, Flatex, Comdirect, Consorsbank) automatically handle Abgeltungsteuer withholding at source, while foreign brokers (IBKR Ireland, tastytrade, Saxo’s non-German entities) require self-declaration through the annual Einkommensteuererklärung.
Not every options broker scores well on all eight criteria, but together they help identify the genuinely strongest platforms for German residents.
A note on Eurex – Europe’s largest derivatives exchange
If you’re a German resident interested in options trading, it’s worth understanding Eurex – the largest derivatives exchange in Europe, headquartered in Frankfurt and operated by Deutsche Börse Group. Eurex offers a wide range of options on European indices (DAX, EuroStoxx 50, MDAX, SDAX), individual European stocks, fixed income (Euro-Bund, Euro-Bobl, Euro-Schatz futures and options), and FX – all traded in EUR.
For traders focused on European underlyings, accessing Eurex directly offers several advantages over trading US options:
- EUR-denominated – no FX conversion costs on premiums or settlements.
- Smaller contract sizes on some products – making certain strategies more accessible for retail-sized accounts.
- Trading hours aligned with European business hours – more convenient than trading US options in the European evening.
- No US tax withholding considerations – simpler tax treatment for German residents.
- Direct exposure to European underlyings – useful if your portfolio focus is European stocks and indices.
Brokers in this list that offer Eurex options access include Interactive Brokers, Saxo, and DEGIRO. Tastytrade, being US-based, primarily offers US options via OCC-listed exchanges (CBOE, ISE, NASDAQ Options Market, etc.) and does not currently offer Eurex access. XTB, as covered above, also focuses on US-listed underlyings rather than Eurex.
The bottom line
Options trading in Germany is robust, competitive, and well-served by both global and locally-integrated brokers. Selecting the best options broker as a German resident depends on what you value most:
- Best overall: Interactive Brokers – for global market access, depth, and low pricing.
- Best for research and premium service: Saxo – for sophisticated analytical tools and the option of working with a German branch entity.
- Best for low costs and German tax integration: DEGIRO – as a KESt-withholding agent under flatexDEGIRO Bank AG, with industry-low pricing.
- Best for simple, capped-risk directional trades: XTB – through its German branch, with 0DTE and fractional options accessibility.
- Best for advanced US options strategies: tastytrade – if you’re focused exclusively on US options and accept the self-declaration tax implications.
Each of our recommended brokers excels in particular dimensions. For most German residents, the combination of cost, tax integration, and platform usability is best balanced by DEGIRO or Trade Republic for simpler needs, IBKR for advanced multi-asset traders, and Saxo for those wanting premium research and service.
Need more recommendations? Check our BrokerMatch finder.
This article is for informational purposes only and does not constitute investment or tax advice. Options trading involves significant risk and is not suitable for all investors. Always do your own research and consider consulting a qualified German financial or tax advisor, particularly given the complexity of the Verlustverrechnungsbeschränkung rules on derivative loss offset (currently in flux following the November 2023 Federal Constitutional Court ruling and provisional enforcement suspension by the German Federal Ministry of Finance).
FAQs
Can you buy options in Germany?
Absolutely! Germany is one of the world’s leading economies and financial centres. However, a few brokers may be limited to US stocks and stock options. US-based options brokers such as TD Ameritrade and Robinhood do not work in Germany.
What is an options broker?
Usually related to “full-service brokers” that try to provide all the necessary tools for an intermediate or professional trader, an options broker is an online intermediary between you and the exchanges that enables the trading of options. The best options brokers in Germany offer stock options, futures, and options on futures.
Does eToro offer options trading?
No, eToro and most stock brokers available in Germany do not offer options trading.
How do you open an options trading account?
While the process changes per options broker, it remains relatively straightforward. Simply be ready to provide digital copies of official IDs (i.e., passport, driving license, etc.) and proof of address, and transfer an opening sum through ACH or wire, for example. The options broker, like IBKR, may want to verify your age as well.
How do you buy options?
Thanks to advances in web and mobile trading platforms, trading options remains largely intuitive. Almost all mobile apps guide you through the purchase (opening) process and the selling (closing) process. Web platforms may have a learning curve and require an introductory tutorial. This is the case for some users who use IBKR, for example.
However, we recommend at least a beginner options course to walk you through calls, puts, strategies, opening, closing, and margin trading.
What are the risks of buying, trading, and selling options?
Since options trading almost always includes the use of margin or borrowed funds, the risks generally are much greater than trading stocks or commodities with only the cash you own. This is referred to as leverage. Again, we recommend completing a basic course in options trading, which is almost always provided by brokers serving Germany.
