Spreadex: the only UK options broker offering fixed spreads on contracts up to three months

Community Rating: 4.2 (283 ratings) Have Your Say →

Spreadex is a privately-held UK-domiciled provider founded in 1999, headquartered in St Albans. The options offering runs through the proprietary platform as OTC spread-bet contracts. UK retail clients only, with phone-based access to UK single-stock options that don't appear on the web platform.

I funded Spreadex with £500 on 14 January 2026 (FCA FRN 190941) and traded the FTSE 100 and Germany 40 options over twelve weeks. Fixed-spread pricing on contracts up to three months held through the 31 January NFP and 6 February BoE windows.

Spreadex Germany 40 buy signal trade setup tested December 2025: technical resistance levels, entry price, stop loss and projected upside on a short-term options strategy
Spreadex Germany 40 options trade tested December 2025: the fixed-spread quote is locked at the point of trade.

Pros (options lens)

  • Only broker on this list offering fixed spreads on options up to three months
  • UK single-stock options accessible by phone (not on web platform)
  • Tax-free under HMRC's gambling treatment for retail clients
  • UK-based account manager can help structure larger trades

Trade-offs (options lens)

  • No MT4, MT5 or cTrader (proprietary platform only)
  • No demo account available for options practice
  • ~200 US underlyings (narrowest after Plus500)
  • TradingView integration weaker than IG
Spreadex 2026 options test scorecard.
TestResultIndustry AvgDateMethodVerdict
Options typeOTC spread-betOTC (3 of 5)14 Jan 2026Account auditTax-free wrapper
Fixed-spread contracts up to 3 monthsYes0 of 4 others14 Jan - 7 Apr 202630 samplesUnique on this list
UK single-stock options via phoneYes0 of 4 others22 Jan 2026Phone testUnique on this list
US underlyings count~2002,25014 Jan 2026Platform audit4th of five
Min contract size0.50.9 avg (options brokers)14 Jan 2026Account auditBelow average
Account setup time9 minutes14 minutes14 Jan 2026Email verify to first tradeFastest of five

Why does Spreadex have fixed spreads on options when nobody else does?

Spreadex quotes the spread itself rather than passing through whatever the underlying market is doing. On options up to three months, this means the quote you see at open is the quote you trade against. The trade-off is wider baseline spreads in calm sessions versus a variable-spread peer like IG.

What does phone-access to UK stock options actually mean in practice?

I rang Spreadex on 22 January 2026 and asked for a Lloyds Banking Group call option. The dealing desk priced it inside two minutes and walked me through the strike-and-expiry options before I confirmed. That ability to negotiate UK single-stock options through a desk is genuinely unusual at this price point.

Who should pick a different options broker than Spreadex?

Anyone wanting US single-stock options should pick IG (7,000+ underlyings against Spreadex's 200). Traders who specifically want exchange-traded options through DMA should pick Saxo. And anyone needing a demo account before committing real money won't find one at Spreadex.

Visit Spreadex Read Full Review

61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

IG: 7,000+ US single-stock options inside the widest UK trading account

Community Rating: 4.3 (337 ratings) Have Your Say →

IG Group plc (LSE: IGG) runs OTC options through both spread-bet and CFD wrappers, giving UK retail clients access to 7,000+ US single-stock underlyings plus indices, commodities and major forex pairs. Account also covers 17,000+ tradable markets across asset classes from one login.

I funded IG with £500 on 14 January 2026 and traded the US 500 monthly options chain on 18 January (FCA FRN 195355). ProRealTime charting available with four trades a month, with TradingView, MT4 and demo accounts all included on the standard tier.

IG US 500 options chain tested January 18 2026: monthly call and put strike prices for evaluating implied volatility and pricing before executing an index options trade
IG US 500 options chain tested 18 January 2026: monthly call and put strikes with implied volatility for index options pricing.

Pros (options lens)

  • 7,000+ US single-stock options, widest catalogue on this list
  • OTC options available on both spread-bet (tax-free) and CFD wrappers
  • ProRealTime, TradingView and MT4 all supported
  • FCA-regulated since 1974, FTSE 100 listed

Trade-offs (options lens)

  • Phone support averaged 11 minutes during testing (slowest of five)
  • £12/month inactivity fee after 24 dormant months
  • 17,000+ market range can overwhelm options-focused traders
  • No fractional options sizing, 1 lot minimum
IG 2026 options test scorecard.
TestResultIndustry AvgDateMethodVerdict
Options typeOTC (SB + CFD)OTC (3 of 5)14 Jan 2026Account auditDual wrapper
US underlyings count7,000+2,25014 Jan 2026Platform auditWidest of five
Total tradable markets in account17,000+3,70014 Jan 2026Platform auditWidest of five
Min contract size1 contract0.9 avg (options brokers)14 Jan 2026Account auditStandard
ProRealTime chartingAvailable (4+ trades/mo)0 of 4 others14 Jan 2026Platform auditUnique on this list
Phone support wait11 min 12 sec5 min 50 sec5 Feb 20263 callsSlowest of five

What makes IG's 7,000+ US underlyings actually useful in practice?

It means you can trade options on the same US single stocks you'd buy through any US brokerage account, but inside the UK spread-bet wrapper. I tested options on Apple, Tesla and Microsoft single names during January 2026, all of which sit outside Spreadex's ~200-underlying catalogue and Plus500's 40-name set.

Should I pick IG's spread-bet wrapper or the CFD wrapper for options?

For UK retail clients, the spread-bet wrapper keeps options profits outside Capital Gains Tax under HMRC's current treatment. The CFD wrapper produces a more conventional P&L line that fits cleanly into a portfolio account. If tax efficiency matters, pick spread-bet. If you want clean accounting, pick CFD.

Who should pick a different options broker than IG?

Anyone wanting the smallest minimum contract size should pick Spreadex (0.5 lot) over IG's 1 lot. Anyone wanting fixed-spread certainty on contracts up to three months should also pick Spreadex. And exchange-traded options purists belong at Saxo, not at any OTC broker.

Visit IG Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

StoneX Trading: options on 40+ index markets alongside spread betting and CFDs

Community Rating: 4 (61 ratings) Have Your Say →

StoneX Trading (formerly City Index; the branding was retired on 12 September 2026, but it's the same company, accounts and platform) is the UK arm of StoneX Financial Ltd, FCA FRN 446717, itself part of Nasdaq-listed StoneX Group (SNEX), a Fortune 50 company. StoneX offers options on 40+ index markets, including the UK 100, US S&P 500 and Germany 40, which support strategies such as straddles and strangles, alongside its spread betting and CFD range.

WebTrader is StoneX's own platform, built around customisable workspaces with Performance Analytics and TradingView Pro Supercharts included, plus MT4 for anyone who prefers it. The UK 100 spread is fixed at 1 point between 8am and 4.30pm, and guaranteed stops carry no upfront charge, only a premium if one is triggered. Support runs 24/5 across phone, email and live chat.

StoneX WebTrader trade ticket for the UK 100 CFD with stop loss and take profit fields
Placing a trade in WebTrader opens a simple ticket with optional stop loss and take profit.

Pros

  • Options on 40+ index markets, including UK 100, US S&P 500 and Germany 40
  • Fixed 1-point UK 100 spread, 8am to 4.30pm
  • TradingView Pro charts and Performance Analytics built into WebTrader
  • Guaranteed stops charged only if triggered, no upfront premium
  • Backed by Nasdaq-listed StoneX Group, a Fortune 50 parent

Trade-offs

  • Options limited to 40+ index markets, not the wider single-stock catalogues offered by IG or Saxo
  • No share dealing or ISA (StoneX Bullion covers physical gold and silver instead)
  • 85 FX pairs, fewer than some rivals on this list
  • £12/month inactivity fee after 12 dormant months
StoneX Trading 2026 platform scorecard.
TestResultIndustry AvgDateMethodVerdict
Options type40+ index markets (UK 100, US S&P 500, Germany 40)OTC (3 of 4 others)24 Sep 2026Product reviewIndex-only options range
Options spreads and contract sizingUK 100 option spread 5 points (premium), minimum size 1 contract (CFD)Varies by broker24 Sep 2026Product reviewIn line with peers
Spread betting and CFDsBoth offered4 of 5 others offer CFDs24 Sep 2026Product reviewIn line with peers
UK 100 spread (fixed)1 point, 8am-4.30pmVaries by broker24 Sep 2026Pricing pageCompetitive in hours
FX pairs85Varies by broker24 Sep 2026Pricing pageFewer than some rivals
Inactivity fee£12/month after 12 months£10-12/month typical24 Sep 2026Account termsIn line with peers

What options can you actually trade on StoneX Trading?

Options on 40+ index markets, including the UK 100, US S&P 500 and Germany 40, which support strategies such as straddles and strangles. That's a narrower range than IG's 7,000+ US single-stock underlyings or Saxo's exchange-traded catalogue, so StoneX suits traders whose options interest is index-focused rather than single-stock.

What does WebTrader offer alongside the options range?

Performance Analytics breaks down your trading history by instrument and time of day, and TradingView Pro Supercharts run inside the platform rather than through a separate tab. Combined with MT4 support and a fixed 1-point UK 100 spread in market hours, it's a capable setup for spread betting, CFDs and index options together.

Who should pick a different broker than StoneX Trading?

Anyone wanting single-stock options should pick IG (7,000+ US underlyings) or Saxo's exchange-traded DMA catalogue over StoneX's 40+ index markets. Anyone who wants share dealing or an ISA should also look elsewhere, StoneX has neither. Traders who want index options alongside spread betting or CFDs, with the option to add physical gold and silver through StoneX Bullion, are the better fit here.

Visit StoneX Trading Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Saxo: the only broker on this list giving you exchange-traded options through DMA

Community Rating: 3.5 (48 ratings) Have Your Say →

Saxo Bank's UK arm (Saxo Markets UK Ltd) is the only broker on this list offering exchange-traded options via Direct Market Access. Real CBOE and Eurex contracts with live order-book pricing through SaxoTraderGO and SaxoTraderPRO, not OTC quotes from the broker.

I tested Saxo with a funded Classic account in January 2026 (FCA FRN 551422). Commission starts at £3 per contract on the Classic tier, dropping at Platinum and VIP tiers. 3,200 US underlyings plus full European listed options.

Saxo options trading platform showing exchange-traded options chain with bid ask order book
Saxo's exchange-traded options chain inside SaxoTraderGO: real order-book pricing across US and European listed contracts.

Pros (options lens)

  • Only broker on this list offering DMA exchange-traded options
  • Real CBOE and Eurex contracts with live order-book pricing
  • 3,200 US underlyings plus full European listed catalogue
  • Tiered commission drops materially at Platinum (£200k+)

Trade-offs (options lens)

  • Subject to UK Capital Gains Tax (no spread-bet wrapper available)
  • Steepest learning curve of the five (SaxoTraderPRO is institutional)
  • £3-per-contract minimum at Classic tier dwarfs OTC peers
  • £500+ realistic minimum despite £0 stated floor
Saxo 2026 options test scorecard.
TestResultIndustry AvgDateMethodVerdict
Options typeExchange-traded DMAOTC (4 of 5)14 Jan 2026Account auditUnique on this list
Commission per contract (Classic)£3.00£0 OTC peers14 Jan 2026Account termsOTC peers cheaper at retail
US underlyings count3,2002,25014 Jan 2026Platform audit2nd of five
Min contract size1 contract0.6 lot14 Jan 2026Account auditStandard listed
European listed optionsAvailable (Eurex)0 of 4 others14 Jan 2026Platform auditUnique on this list
Tax treatmentUK CGT appliesSB tax-free at 3 others14 Jan 2026HMRC verificationLess efficient for high earners

What does DMA exchange-traded actually buy you over OTC options?

Real bid-ask depth from the CBOE or Eurex order book rather than a single quote from the broker's dealing desk. The price you see is the price the underlying market trades at. For options professionals or anyone whose trading thesis depends on Greeks accuracy, this matters.

When does Saxo's commission per contract actually pay off?

Above approximately twenty contracts a month at Classic tier, the commission cost is offset by tighter bid-ask spreads at the exchange. Below that, OTC brokers like IG come out cheaper because the spread-only model carries no per-contract floor. Volume determines the right route.

Who should pick a different options broker than Saxo?

UK retail clients prioritising tax efficiency should pick Spreadex or IG's spread-bet wrapper. And first-time options traders will find SaxoTraderPRO's depth overwhelming compared with Spreadex's simpler interface.

Visit Saxo Read Full Review

64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Plus500: the narrowest options catalogue on this list, on a stripped-back interface

Community Rating: 3.1 (47 ratings) Have Your Say →

Plus500UK Ltd (LSE: PLUS) runs OTC CFD options through the WebTrader proprietary platform. The 40 US underlyings make this the narrowest options catalogue of the five tested, but the trade ticket flow has the fewest steps. No MetaTrader, no TradingView, no DMA.

I tested Plus500 with a funded account in January 2026 (FCA FRN 509909) and traded an S&P 500 put option on 24 January. £50 minimum deposit. The 3-month inactivity fee threshold is the shortest of any UK broker on any TIC list.

Plus500 S and P 500 put option trade review tested January 24 2026: position performance and trade outcome analysis
Plus500 S&P 500 put option trade tested 24 January 2026: simplified interface, position performance visible at a glance.

Pros (options lens)

  • Fewest steps in the trade ticket of the five brokers tested
  • FCA-regulated, LSE-listed parent (Plus500 Ltd)
  • £50 minimum deposit accessible to most retail clients
  • Negative balance protection and FSCS £85,000 cover

Trade-offs (options lens)

  • 40 US underlyings (narrowest of the five)
  • No MT4, MT5, cTrader, TradingView or DMA
  • 3-month inactivity fee threshold, shortest of any UK broker
  • Subject to UK Capital Gains Tax (CFD wrapper, not spread-bet)
Plus500 2026 options test scorecard.
TestResultIndustry AvgDateMethodVerdict
Options typeOTC CFDOTC (3 of 5)14 Jan 2026Account auditCFD wrapper only
US underlyings count402,25014 Jan 2026Platform auditNarrowest of five
Min deposit£50£50 avg14 Jan 2026Account openingHighest of five (only Plus500)
Inactivity threshold3 months14 months14 Jan 2026Account termsShortest of any TIC-tested broker
Min contract size1 contract0.6 lot14 Jan 2026Account auditStandard
Platform optionsWebTrader only3-4 per broker14 Jan 2026Platform auditMost limited

Who is Plus500 actually the right options broker for?

First-time options traders who want one-click index option exposure without learning a complex platform. The 40 underlyings cover major US indices and a handful of single-stock names like Apple and Tesla. Anyone wanting wider depth or platform optionality outgrows Plus500 quickly.

How serious is the 3-month inactivity fee?

Plus500 charges from the third dormant month onwards, the shortest threshold of any FCA-authorised UK broker I have tested. For occasional options traders who might leave funds sitting between strategies, this triggers faster than every other broker on this list. Plan accordingly.

Who should pick a different options broker than Plus500?

Anyone wanting more than 40 US underlyings should pick IG (7,000+) or Saxo (3,200). UK retail clients prioritising tax efficiency should pick Spreadex's spread-bet wrapper. Plus500 only wins on simplicity.

Visit Plus500 Read Full Review

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Want to see me walk through these options platforms on video?

I recorded a video walk-through of my top three options brokers (Spreadex, IG and Saxo) with a quick framing comparison of options type, spread structure and US underlying access. Around four minutes of screen-time.

TIC video review: best UK options trading platforms in 2026.

How did I actually test these UK options platforms?

I funded four of the five brokers with my own capital between 14 and 28 January 2026 to trade their options chains: Spreadex (£500), IG (£500), Saxo Classic (£500) and Plus500 (£150). StoneX Trading's options range (40+ index markets) was tested separately in September 2026 on TIC's funded StoneX account. All other testing ran from a wired Suffolk FTTP 1Gb connection.

I traded the FTSE 100, Germany 40 and US 500 options chains weekly. Spreadex was tested by phone for UK single-stock options on 22 January 2026. Saxo's exchange-traded route was tested against CBOE-listed contracts. Cost-per-trade verified through actual fills, not platform-published rates.

You can download my full UK options broker test data as a CSV: 42 measured variables across all 5 brokers, including options type, US underlyings count, minimum contract size, commission per contract, account setup time and platform feature audit.

How are UK options actually taxed?

Three rules. OTC spread-bet options (Spreadex, IG SB) fall under HMRC's gambling treatment: profits currently tax-free for retail clients. OTC CFD options (IG CFD, Plus500) are subject to UK Capital Gains Tax on gains above the £3,000 annual exemption.

Exchange-traded options via DMA (Saxo) also fall under CGT, with each contract treated as a separate disposal. For high-volume traders, HMRC may classify trading activity as income rather than capital, taxed at Income Tax rates. The rules are nuanced: check with an accountant for serious volume.

What do UK options actually cost to trade?

Two cost models. OTC brokers (Spreadex, IG, Plus500) bake the cost into the spread between bid and ask, with no per-contract commission. Exchange-traded DMA (Saxo) charges commission per contract on top of the order-book spread, starting at £3 per contract at Classic tier.

The break-even between routes depends on your contract volume. Below about twenty contracts a month, OTC wins on cost. Above that, exchange-traded DMA's tighter order-book spreads start to offset Saxo's commission overhead.

What actually happens when your option expires?

Two paths depending on where the option closes. In-the-money options exercise automatically at most brokers, settling cash on OTC contracts and triggering assignment on exchange-traded DMA. Out-of-the-money options expire worthless, costing you only the premium you paid.

Flowchart explaining what happens when options expire in the UK, showing decision paths for in-the-money and out-of-the-money options, including exercise rights for buyers and assignment obligations for sellers
Options expiry decision flow for UK traders: in-the-money exercise, out-of-the-money expiry, and the assignment risk if you're short a contract.

So which options platform should you actually pick?

Spreadex wins on tax efficiency and simplicity. Fixed spreads on contracts up to three months, phone-access to UK single-stock options, and spread-bet wrapper that keeps profits outside CGT. Trade-off: ~200 underlyings against IG's 7,000+.

IG wins on range. 7,000+ US single-stock options inside a 17,000-market account, ProRealTime charting included with four trades a month, dual spread-bet and CFD wrappers. Trade-off: 11-minute average phone wait during testing.

StoneX Trading offers options on 40+ index markets, including the UK 100, US S&P 500 and Germany 40, alongside spread betting and CFDs, with a fixed 1-point UK 100 spread, TradingView Pro charts and Performance Analytics built into WebTrader. Trade-off: no single-stock options, no share dealing, no ISA, so single-stock options traders should look to IG or Saxo instead.

FAQs

Is options trading legal in the UK?

Yes, for retail clients at FCA-authorised brokers. UK retail traders access options through three routes: OTC spread-bet (Spreadex, IG), OTC CFD (IG, Plus500), or exchange-traded DMA (Saxo). StoneX Trading, also featured on this page, offers options on 40+ index markets, including the UK 100, US S&P 500 and Germany 40, alongside its spread betting and CFD range. All the brokers on this list are FCA-regulated with FSCS coverage up to £85,000 per investment firm.

What is the minimum I need to start trading options in the UK?

Spreadex, IG and Saxo accept £0 floors, but £200-£500 is realistic to size positions properly. Plus500 sets a £50 minimum. For exchange-traded routes through Saxo, £500+ is sensible given the £3-per-contract commission and minimum tick movements on listed contracts.

Can I lose more than my deposit on a UK retail options trade?

No, under FCA negative-balance-protection rules retail accounts cannot owe more than the funds deposited. Sellers of options (writers) face larger potential losses than buyers, capped by NBP. Buyers' maximum loss is always the premium paid. Professional-tier clients waive NBP.

How do I verify a UK options broker is FCA-authorised?

Enter the broker's Firm Reference Number at register.fca.org.uk. Active retail-derivative permissions confirm the broker can offer options to UK clients. The FRNs in this article (Spreadex 190941, IG 195355, StoneX Trading 446717, Saxo 551422, Plus500 509909) all link directly to their register entries; StoneX Trading's permissions cover spread betting, CFDs and options on its 40+ index markets.

References

  • Financial Conduct Authority, FCA Register. Available at: register.fca.org.uk
  • Financial Services Compensation Scheme, investment firm protection. Available at: fscs.org.uk
  • HM Revenue & Customs, Capital Gains Tax and spread betting treatment. Available at: gov.uk/capital-gains-tax
  • Chicago Board Options Exchange (CBOE), product specifications. Available at: cboe.com