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

Community Rating: 4.4 (50 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 or CMC
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 size0.50.6 (excl. CMC)14 Jan 2026Account auditAt 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 CMC.

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

65% 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 (51 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 (CMC wins for small contracts)
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 contract0.6 (skewed by CMC)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?

Fractional-sizing traders should pick CMC: IG's minimum contract size is 1 lot against CMC's 0.01. Anyone wanting fixed-spread certainty on contracts up to three months should 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. 69% 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.

CMC Markets: fractional 0.01-lot sizing makes small index option positions viable

Community Rating: 4.1 (34 ratings) Have Your Say →

CMC Markets plc (LSE: CMCX) runs OTC options through the Next Generation platform alongside its spread-bet and CFD products. The structural differentiator is fractional sizing: minimum 0.01 lot on index options means you can open a meaningful position with limited capital.

I funded CMC with £500 on 14 January 2026 and tested fractional index options sizing on 22 January (FCA FRN 173730). MT4, MT5, TradingView and demo account all supported. Next Generation pattern recognition scanner remains available across the options chain.

CMC Markets Next Generation multi-market workspace tested 22 January 2026 with real-time index and forex analysis alongside the options chain
CMC Next Generation multi-market workspace tested 22 January 2026: index options chain alongside live FX analysis.

Pros (options lens)

  • Fractional 0.01-lot sizing, smallest on this list
  • Pattern recognition scanner unique among the five tested
  • MT4, MT5, TradingView and demo all supported
  • 115+ technical indicators on Next Generation

Trade-offs (options lens)

  • 800 US underlyings (well off IG's 7,000+)
  • Native platform less polished than IG or Spreadex
  • £10/month inactivity fee after 12 dormant months
  • Worst news-window slip in the wider Q1 2026 broker testing
CMC Markets 2026 options test scorecard.
TestResultIndustry AvgDateMethodVerdict
Options typeOTC (SB + CFD)OTC (3 of 5)14 Jan 2026Account auditDual wrapper
Min contract size0.01 lot0.6 lot14 Jan 2026Account auditSmallest of five
Pattern recognition scannerAvailable0 of 4 others14 Jan 2026Platform auditUnique on this list
Technical indicators (Next Gen)115+~3514 Jan 2026Platform auditMost of five
US underlyings count8002,25014 Jan 2026Platform audit3rd of five
Inactivity fee threshold12 months14 months14 Jan 2026Account termsEarlier than IG

What does CMC's 0.01-lot sizing actually let you do?

Open a UK 100 index option position with around £10 of risk per point movement rather than the £100+ that one-lot peers force. Useful for testing strategies on small capital before scaling. IG and Plus500 both lock at 1 contract minimum, and Spreadex's 0.5 lot sits between them.

Is the Next Generation platform's complexity worth learning?

For options-only traders, probably not. The 115+ indicators and pattern scanner help with directional setups, but the platform's depth was designed for full-asset trading, not options specifically. Spreadex and IG offer faster paths to an options trade for someone who only wants options exposure.

Who should pick a different options broker than CMC?

Anyone whose primary use-case is US single-stock options should pick IG (800 vs 7,000+ underlyings). Traders wanting fixed pricing on contracts up to three months should pick Spreadex. And anyone who specifically wants exchange-traded options through DMA should pick Saxo.

Visit CMC Markets Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail CFD accounts lose money. 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 (27 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 or CMC 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. Anyone wanting fractional sizing should pick CMC. 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 simplest options interface on this list, with the narrowest catalogue

Community Rating: 3.2 (28 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 is the simplest. 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. £100 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)

  • Simplest trade ticket flow of the five brokers tested
  • FCA-regulated, LSE-listed parent (Plus500 Ltd)
  • £100 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£100£100 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. Fractional-sizing traders need CMC. Plus500 only wins on simplicity.

Visit Plus500 Read Full Review

68% 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 CMC) 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 all five brokers with my own capital between 14 and 28 January 2026: Spreadex (£500), IG (£500), CMC Markets (£500), Saxo Classic (£500) and Plus500 (£150). All 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, CMC SB) fall under HMRC's gambling treatment: profits currently tax-free for retail clients. OTC CFD options (IG CFD, CMC 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, CMC, 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.

CMC wins on sizing. Fractional 0.01-lot minimum makes small index option positions viable with limited capital. Trade-off: 800 US underlyings sits well behind IG's 7,000+.

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, CMC), OTC CFD (IG, CMC, Plus500), or exchange-traded DMA (Saxo). All five 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, CMC and Saxo accept £0 floors, but £200-£500 is realistic to size positions properly. Plus500 sets a £100 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 five FRNs in this article (Spreadex 190941, IG 195355, CMC 173730, Saxo 551422, Plus500 509909) all link directly to their register entries.

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