US Options trading from the UK

This is a discussion on US Options trading from the UK within the Futures & Options forums, part of the Markets category; Thank you both, looks like I was over complicating things...

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Old Aug 2, 2015, 9:29am   #31
 
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Thank you both, looks like I was over complicating things
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Old Aug 3, 2015, 7:30pm   #32
 
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It will work

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Originally Posted by mike8man View Post
I have recently opened two US based broker accounts to replace the account I had with Hartmann Capital which is in the process of being closed down by the FCA - they were using segregated client account money to fund the company's running costs as their own bank account was £1.5m short (unknown to the many excellent brokers who worked there).
I first opened an account with Charles Schwab, a fairly long winded process, only to find, when the account was open that despite them having many dedicated options traders, they don't trade any options on the CME - ie most of the options that I trade: oil, gold, soft commodities etc. So I had to open an account with the CS subsidiary, OptionsXpress. BUT although owned by CS, they have an entirely different account opening procedure and are not allowed to accept automatic transfer for CS customers. The good news is that CS plans to integrate OX into one trading platform and CS also plan to trade UK based options - hopefully both next year.
I think it is easy to open a account to trade from uk.
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Old Nov 20, 2015, 9:50pm   #33
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Originally Posted by f2calv View Post
Apologies for resurrecting an old thread, but hopefully this is relevant

I'm wishing to trade "us style" style options, so I have chosen to open an account with OptionsXpress (they may be the worst or the best - but regardless I need to start somewhere and I can always move broker later).

Being a UK resident I have a question or two about tax implications - OptionsXpress are asking me to fill out a W-8BEN form [Certificate of Foreign Status of Beneficial Owner for
United States Tax Withholding and Reporting (Individuals)], the form has a space for an ITIN number as well as a "Foreign tax identifying number" presumably my National Insurance number.

First question, am I correct that I first need to fill in a W-7 form [Application for IRS Individual Taxpayer Identification Number] first to get an ITIN number, and then I can add this number to the W-8BEN form... so that I don't get taxed @ 30% ?

My second question is, does me getting an ITIN number mean I need to file some tax return with the IRS?

Or am I over complicating the entire application and I don't need any of the above?

Thanks in advance for any pointers...
hi ,can i ask are you still trading with options express and how are you getting on with them?

how did you wire your funds? iv just gone to wire my account for the first time but dont want to use my bank for the crap exchange rate theyre offering me
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Old Nov 20, 2015, 11:45pm   #34
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Originally Posted by chris1976 View Post
hi ,can i ask are you still trading with options express and how are you getting on with them?

how did you wire your funds? iv just gone to wire my account for the first time but dont want to use my bank for the crap exchange rate theyre offering me

I'm still using OptionsXpress occasionally simply because its fairly easy to talk to their traders whereas with IB, which is much cheaper, it all has to be on-line. Because I only trade a couple of times a month with OpX, I find their web site far too complicated.
If only they would have a cash flow page, such as Barclays stockbrokers have, showing every cash in/cash out movement so you can easily what has happened. Instead its all there but on different pages and some is only posted monthly.
As calls to USA are only 1p/min, talking is quite cheap.
Filling in a W-8BEN form is as necessary as ticking the agree box on any software - don't tick/fill in. don't get software/brokerage account.
Wiring the money turned out to be completely free and same day by transferring from my UK bank to OptionsXpress nominated UK based but USA listed bank (I've forgotten the name). The exchange rate was the spot rate and there were no charges.
I hope this helps
Regards
Mike
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Old Nov 22, 2015, 6:34pm   #35
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cheers for taking the time out to reply mike,just realised its actually options house iv opened the account with and unfortunately it seems they dont have a uk based bank to simplify the process like you have.

its taken 3 weeks to open the blooming account so gonna give them a go as i like the platfrom
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Old Nov 22, 2015, 7:27pm   #36
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cheers for taking the time out to reply mike,just realised its actually options house iv opened the account with and unfortunately it seems they dont have a uk based bank to simplify the process like you have.

its taken 3 weeks to open the blooming account so gonna give them a go as i like the platfrom
Chris, best of luck with Options House, I had not heard of them. Opening with OpX took weeks as well. Watch out for what you want to trade. I opened an account with Schwab simply because they have a UK office to trade USA options, only to find that they can't trade any options on the CME exchange which handles most of the things I trade such as oil, gold etc., hence I opened the OpX account as they are owned by Schwab who estimated that the two trading platforms would be integrated long before now . . still waiting! It seems Commissions/Exchange fees are higher when trading on CME.
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Old Nov 23, 2015, 11:11am   #37
 
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Quote:
Originally Posted by chris1976 View Post
hi ,can i ask are you still trading with options express and how are you getting on with them?

how did you wire your funds? iv just gone to wire my account for the first time but dont want to use my bank for the crap exchange rate theyre offering me
Hi mate, sorry I didn't get as far as confirming my OptionXpress account as I discovered I can trade index/forex options via IG

gl with whomever you choose
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Old May 27, 2016, 2:52pm   #38
 
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Complete newby, so apologies if I'm in the wrong place, wrong thread or asking a stupid question.

I'm a Uk citizen looking (as thread says) for a US brokers account for selling reg options.

Quite simply, what criteria is needed to do this? i.e do they check credit scores (is it relevant?) is your employment status important? and similar issues?

I'm a 28yr old female with an old history of debt issues (now settled) unemployed (partner has his own firm) with a largish inheritance of which some I'd like to diversify into selling options.

I have been learning what I can online for about a year now (any reputable courses in the UK would be nice) and feel happy to take a chance going live, just unsure as to the acceptability of an application?
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Old May 27, 2016, 3:55pm   #39
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Originally Posted by lolassister View Post
Complete newby, so apologies if I'm in the wrong place, wrong thread or asking a stupid question.

I'm a Uk citizen looking (as thread says) for a US brokers account for selling reg options.

Quite simply, what criteria is needed to do this? i.e do they check credit scores (is it relevant?) is your employment status important? and similar issues?

I'm a 28yr old female with an old history of debt issues (now settled) unemployed (partner has his own firm) with a largish inheritance of which some I'd like to diversify into selling options.

I have been learning what I can online for about a year now (any reputable courses in the UK would be nice) and feel happy to take a chance going live, just unsure as to the acceptability of an application?
There is a free Options School here. No need to pay for a course on it.
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Old May 27, 2016, 4:29pm   #40
 
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There is a free Options School here. No need to pay for a course on it.
Thanks for the feedback, it's very much appreciated
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Old Jun 4, 2016, 2:51pm   #41
 
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Can the Thinkorswim platform for options, from TD Ameritrade be used in the UK does anyone know ?
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Old Jun 4, 2016, 3:14pm   #42
 
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Unfortunately no, I emailed a few weeks back and their reply was 'it's not likely in the near future' Shame
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Old Jun 4, 2016, 4:06pm   #43
 
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Unfortunately no, I emailed a few weeks back and their reply was 'it's not likely in the near future' Shame
That is a shame
I am interested in options trading and i understood their platform was extremely good. Hopefully i can find something similar !
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Old Jun 4, 2016, 4:44pm   #44
 
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I felt much the same and as I understand it there are several other good platforms all with their own pro's and con's, I think that Dough and tasty, thanks to Tom Sosnoff and his online channel has a trusted public image and their platform looks straightforward but If you look a little deeper there are other great platforms I think?
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Old Jun 4, 2016, 5:19pm   #45
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That is a shame
I am interested in options trading and i understood their platform was extremely good. Hopefully i can find something similar !
I posted a link on Options trading. I am an Options trader. TD won't do UK, There is only one for FX Options, Degiro say in a few months but that's the best I can do.
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