Which Platform to Choose for FX Options Trading?

Do you want to try options trading but do not know which broker to turn to? Let us help you make a choice. In this article, you can read the basic things about this trading instrument and which platforms offer such services. Sure, we will also give you expert advice on which website suits you the best.

Let us start with a short theory about this trading method. In practice, an option is a contract that allows a trader to buy or sell a certain currency at a chosen price and on a chosen date. FX options trading is based on forecasts. For example, if a potential buyer believes that the price of a certain currency will grow in the future, he can reserve the right to buy it at a lower price. For this opportunity, one must pay a commission (or a premium). Another crucial point is that executing such deals is optional. When the date agreed comes, one can decide whether it is worth buying or selling the currency chosen.

And what about brokers? Which of them offer options trading? This feature is available on most websites, but their terms differ dramatically. Our top list is based on more than 100 diversified criteria, including legal regulation, rates, spreads, commissions, client support, reputation, and others. In the first place, we want to mention universal services that will perfectly suit most users. These are Interactive Brokers, IG, Saxo Bank. In case you are interested in OTC options mainly, we recommend you start from AvaTrade, exotic currency pairs ― Fidelity FX, currency ETFs and futures ― TD Ameritrade FX, binary options ― Pocket Option, low spreads ― CMC Markets. Also, do not miss the opportunity to test the website selected ― use a demo account for that.