The UK options trading market has experienced significant growth over the past decade. When selecting the best options trading platform, traders should evaluate fees, asset access, and platform functionality. This comparison analyses four leading UK options brokers: Interactive Brokers (IBKR), Saxo, IG, and tastytrade.
Broker Overview
Interactive Brokers (IBKR) is an established broker with strong UK presence, offering equity options, index options, and futures options. Saxo provides access to over 3,000 options contracts across UK and US equity options. IG is a UK-based broker offering daily funded bets and limited risk options. Tastytrade specialises in US equity options trading.
Fees and Charges
Commission structures vary significantly across platforms:
- IBKR: £1.50 per options contract (£1.50 minimum)
- Saxo: 0.1% of transaction value (£5 minimum)
- IG: £10 per trade for UK equity options
- Tastytrade: $0.50 per contract (no minimum)
For 10 options contracts, IBKR charges £15 versus Saxo at £5, illustrating the importance of fee comparison before trading.
Asset Access
Asset availability differs across brokers:
- IBKR: Over 130 markets worldwide, including UK, US, and European equity options
- Saxo: Over 30,000 options contracts across multiple asset classes
- IG: Over 16,000 markets including UK, US, and European equity options
- Tastytrade: Over 1,000 US equity options focusing on high-volume, liquid stocks
Traders seeking FTSE 100 options access will find IG and Saxo most suitable.
Platform Functionality
Each platform offers distinct advantages. IBKR's Trader Workstation (TWS) is a professional-level platform featuring advanced trading tools, options analysis, and a volatility lab for volatility-based trading. Saxo's SaxoTraderGO is web-based with comprehensive trading and analysis tools. IG provides a web-based platform with mobile support for on-the-go trading. Tastytrade's web platform includes integrated options analysis and strategy tools.
ISA Availability
UK traders benefit from ISA accounts for tax-efficient options trading. IBKR, Saxo, and IG all offer ISA accounts enabling tax-free trading. Tastytrade does not currently provide ISA accounts, which limits its appeal for UK-based traders seeking tax advantages.
Mobile Trading
All four brokers offer mobile apps for trading on-the-go. IBKR and Saxo provide particularly robust mobile platforms, making them ideal for traders requiring reliable access outside traditional trading hours.
Which Platform Suits Your Needs?
Your choice depends on trading style, asset preferences, and tax efficiency goals. Traders prioritising UK asset access and ISA benefits should consider Saxo or IG. Those seeking advanced professional tools favour IBKR. US-focused traders may find Tastytrade appealing despite its lack of ISA availability.