When looking for a UK listed options broker, you should avoid brokers that:

• Do not have an FCA license
• Have been fined by the FCA in the past
• Do not allow you to trade on all UK listed options exchanges
• Charge hidden fees
• Do not provide customer support

It would be best to ask a broker several vital questions before registering to ensure that you choose a reputable and reliable broker. You can also treat these questions as an internal checklist for you to go through when you are picking a broker.

What is your experience in trading UK listed options?

Knowing a broker’s experience is essential as it will indicate their level of knowledge and expertise. If they are new to the UK options market, they may not be familiar with all the exchanges and products available.

Which exchanges do you use?

It is essential to ensure that your broker trades on all the major UK options exchanges to give you the most choice for trading.

What fees do you charge?

It would be best to always ask about fees upfront, as some brokers may charge hidden fees which can eat into your profits. Make sure to find out about any commissions, platform fees or other charges that may apply.

What account do I need to open?

Some brokers may require you to open a margin account to trade options, so it is essential to determine what type of account is required.

How do I fund my account?

You will need to deposit money into your account to trade, so it is crucial to find out how you can do this. Some brokers may only accept bank transfers, while others may also accept credit cards or PayPal.

More important than knowing how you can fund your account is knowing how you can withdraw funds from the account. Make sure your broker does not make this overly difficult and you can withdraw your funds at any time and easily.

Can I trade on leverage?

If you’re looking at leverage trading, you will need to find a broker that offers this facility. Be aware that leverage trading can magnify both profits and losses.

What research and analysis tools do you offer?

Your broker should offer you a range of research and analysis tools to help you make informed trading decisions. These may include technical analysis indicators, economic calendars and market news.

What educational resources do you offer?

If you’re a beginner in options trading, you will want to find a broker that offers educational resources to help you learn the basics. These may include webinars, e-books, and video tutorials.

What customer support do you offer?

It is crucial to find out what type of customer support is available, as you may need assistance during your trading career. Find out if the broker offers 24/7 support or only during business hours, and the languages they offer on their support team.

Do you offer a demo account?

A demo account can be a valuable tool for new traders, as it allows you to practise trading without risking any real money. Be sure to find out if the broker offers a demo account before opening an account.

What platforms do you offer?

Your broker should offer you a choice of trading platforms to choose the one that best suits your needs. Find out about the features and functionality of each platform before deciding which one to use.

Do you offer mobile trading?

If you want to be able to trade on the go, then you will need to find a broker that offers mobile trading. This way, you can watch your positions and make trades using your smartphone or tablet.

What order types can I trade?

Some brokers may only offer a limited number of order types, so it is essential to find out what is available before opening an account. The most common order types are market orders, limit orders and stop-loss orders.

What newsfeeds do you offer?

You should have access to various news feeds to stay up-to-date with the latest market developments. Newsfeeds may include Bloomberg, Reuters and CNBC.

What charting tools do you offer?

Your broker should offer you a choice of charting tools so that you can use technical analysis to help you make trading decisions. Charting tools may include candlestick charts, bar charts, and line charts.

Click here to trade listed options with Saxo Bank.