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; Does anyone have any views on Tradestation? Fees look to be pretty competitive even in comparison to IB, and they ...

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Old Aug 24, 2014, 5:16pm   #25
Joined Sep 2006
Does anyone have any views on Tradestation? Fees look to be pretty competitive even in comparison to IB, and they also look like they have a far friendlier user interface for viewing options chains and for different types of positions i.e. call spreads etc.

Thanks,
bootsy
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Old Nov 18, 2014, 2:06pm   #26
Joined Nov 2006
It may have already been said but it's not European or US options, rather European 'style or US 'style' options. As said US style can be exercised at any time but European style' only at expiry.
Also, as said, US contract is 100 share and UK contract is 1000. But be careful, sometimes this can be different (if there has been some sort of coporate action in the stock.
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Old Dec 22, 2014, 10:24am   #27
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I was involved in the Hartmann shutdown, I think it is finally coming to a conclusion as I have been contacted by the FSCS.

I followed the guys I used to trade with at Hartmann to Berkeley Futures as it was a shame to stop speaking to them just because the firm went under. Seems decent enough and they have carried the same fees over from Hartmann to the new place.



Quote:
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.
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Old Jul 28, 2015, 7:23pm   #28
 
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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...
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Old Jul 30, 2015, 5:32am   #29
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As far as I know (and the way I handle it): Just fill out W-8BEN!

Regards
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Old Aug 1, 2015, 11:47pm   #30
 
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UK tax residents should leave ITIN blank, it's n/a, unless you do pay US tax!
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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

Quote:
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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