Does anyone trade options who is based in the UK?

[Hamish Arnold 1]

Jarad has persuaded me to take the scarlet pill, but I am struggling to get Interactive Brokers in the UK to give me trading permission, where they reference investment knowledge, experience, net worth and source of income - but will not say what I need to have to get the permission.  I suspect that I need to be designated as a professional trader, which I am loath to do in fear on the implications to my commission rates.  

Does anyone, in the UK, know anything about this to clarify - or is there another platform that is both easier to setup and good to use?

All help gratefully received.

Hamish HawkEye

[Martin D 27]

I suspect it's the same as the other instruments within IB all around the world, you need an appropriate level of experience (where you fill in time/trades). After that if you come back (I don't know whether its log out and back in or wait a little bit of time) and ask for permissions they'll sometimes ask you to take a test and if you pass then they'll give you permissions.

It's not always that exact process but it should be something along those lines, I don't think you need to be a "professional" trader unless something within UK law stipulates that but I doubt it. (you don't need to in other parts of the world it's just the IB experience requirements).

[Hamish Arnold 1]

Many, many thanks for offering those thoughts - which I have duly investigated.

Sadly, my knowledge and experience (with over 25 years of experience in the financial world) was insufficient.  More than 10 years experience, extensive knowledge and trading over 100 trades a year (namely maxing everything), then going back into their system abter 2 days still resulted in a decline.  Hence my query.  Sadly, I think this might be government intrusion to stop people from taking 'risky' positions - hence the professional designation thought

[Martin D 27]

You have ticked specifically that on options? Overall experience is irrelevant as far as they're concerned it has to be specifically in Options. Many people have come across that issue with IB (including me) and that has solved it.

I'm pretty sure you don't need to be a professional to trade options in the UK and I did a quick google and it said it's fine. If you have still have issues then just give them a call and they'll tell you what the issue is.

[Hamish Arnold 1]

Ticked in options.  But the suggestion of calling them certainly makes sense.  Thanks

[hgolita 0]

Hey.. im from the UK. IBKR will give you an online test to do for certain trading instruments so you can show you have appropriate knowledge. Regardless of whether you pass or fail if you insist on having access they will give you options trading permissions after you sign a form. It is only done this way to show that they did their due responsibility in trying to protect you.