Where can you trade real options in Germany?
Most neobrokers sell warrants and knock-outs: securities issued by a bank, not exchange-listed options. If you want to buy calls and puts on Eurex or a US exchange, or sell them as an option writer, you need a broker with derivatives-exchange access. The matrix shows who offers it, what a contract costs and whether tax is withheld for you.
- brokers with real options
- 9 / 17
- warrants / knock-outs only
- 7 / 17
- real options and tax withheld
- 2 / 17
The matrix
Every value comes from the broker’s own price list (Preis- und Leistungsverzeichnis) or product page; the source sits under each name. A “—” means not verified, not “no”. Filters can be combined.
17 of 17 brokers
- self-declared
- Eurex
- Yes
- US options
- Yes
- Micro-DAX
- —
- Warrants/KO only
- No
- Fee Eurex
- €2.00 per contract
- Fee US
- USD 3.50 per contract
- Min. deposit
- €2,000 or USD 2,000 (first deposit)
- Option writing
- —
- Regulator
- Central Bank of Ireland (account held at IBKR Ireland)
Writing strategies possible; unlocked in the client portal depending on assets and experience
Source (+4)checked 2026-10-09 - withheld
- Eurex
- Yes
- US options
- —
- Micro-DAX
- —
- Warrants/KO only
- No
- Fee Eurex
- Equity options €1.50 per contract, index/ETF options €4.50 per contract; min. €9.90 per execution
- Fee US
- —
- Min. deposit
- —
- Option writing
- uncovered possible
- Regulator
- ECB and BaFin
Separate options & futures account; uncovered options once risk tiers 2/3 and a trading limit are approved
Source (+1)checked 2026-10-09 - withheld
- Eurex
- Yes
- US options
- Yes
- Micro-DAX
- Yes
- Warrants/KO only
- No
- Fee Eurex
- €12.25 per order + 0.50% of premium, min. €19.50 per order, plus exchange fees (no per-contract price)
- Fee US
- €2.50 + USD 1.00 per contract, no minimum, plus exchange and SEC fees
- Min. deposit
- —
- Option writing
- uncovered possible
- Regulator
- ECB, ACPR/AMF (FR), BaFin for the German branch
Requires a margin account with an individual margin limit; uncovered short options on Eurex, covered calls explicitly named for the US
Source (+2)checked 2026-10-09 - self-declared
- Eurex
- Yes
- US options
- Yes
- Micro-DAX
- —
- Warrants/KO only
- No
- Fee Eurex
- €1.00 per contract; exercise/assignment €1.00 per contract; €5.00 monthly connectivity fee per derivatives exchange
- Fee US
- USD 1.00 per contract plus exchange fee; €5.00 monthly connectivity fee per derivatives exchange
- Min. deposit
- —
- Option writing
- —
- Regulator
- BaFin and Bundesbank (flatexDEGIRO Bank SE); the branch also by AFM/DNB
Options require the “Active” or “Trader” profile (two suitability tests)
Source (+3)checked 2026-10-09 - withheld
- Eurex
- No
- US options
- No
- Micro-DAX
- No
- Warrants/KO only
- Yes
- Fee Eurex
- —
- Fee US
- —
- Min. deposit
- —
- Option writing
- no
- Regulator
- BaFin
Per the FAQ, options, futures and CFDs are “generally not possible”
Source (+2)checked 2026-10-09 - withheld
- Eurex
- No
- US options
- No
- Micro-DAX
- No
- Warrants/KO only
- Yes
- Fee Eurex
- —
- Fee US
- —
- Min. deposit
- —
- Option writing
- no
- Regulator
- BaFin
Per the FAQ, options and futures are “currently not” offered
Source (+2)checked 2026-10-09 - withheld
- Eurex
- No
- US options
- No
- Micro-DAX
- No
- Warrants/KO only
- Yes
- Fee Eurex
- —
- Fee US
- —
- Min. deposit
- —
- Option writing
- no
- Regulator
- BaFin and Deutsche Bundesbank
Leverage only via warrants, certificates, knock-outs and CFDs
Source (+3)checked 2026-10-09 - Eurex
- —
- US options
- Yes
- Micro-DAX
- —
- Warrants/KO only
- No
- Fee Eurex
- —
- Fee US
- Smart plan: USD 0.65 per contract; All-inclusive plan: USD 3 per contract + USD 10 per order
- Min. deposit
- —
- Option writing
- no
- Regulator
- CySEC (Cyprus), licence 275/15
According to the FAQ (2023), options can only be bought and previously bought options sold
Source (+1)checked 2026-10-09- withheld
- Eurex
- No
- US options
- No
- Micro-DAX
- No
- Warrants/KO only
- Yes
- Fee Eurex
- —
- Fee US
- —
- Min. deposit
- —
- Option writing
- no
- Regulator
- BaFin
Source (+2)checked 2026-10-09 - Eurex
- Yes
- US options
- Yes
- Micro-DAX
- Yes
- Warrants/KO only
- No
- Fee Eurex
- Equity options €1.10 (fixed, third-party fees included), DAX options €1.70, Micro-DAX €0.40; tiered from €0.90 plus exchange fees
- Fee US
- USD 0.65 per contract (tiered, premium ≥ USD 0.10), min. USD 1 per order, plus exchange, clearing and regulatory fees
- Min. deposit
- USD 0
- Option writing
- uncovered possible
- Regulator
- Central Bank of Ireland
By options permission level: level 3 short puts, level 4 all strategies including naked calls; covered only in a cash account
Source (+3)checked 2026-10-09- self-declared
- Eurex
- Yes
- US options
- Yes
- Micro-DAX
- —
- Warrants/KO only
- No
- Fee Eurex
- €2.00 per contract (equity and index options), no minimum, third-party fees may be added
- Fee US
- USD 3.50 per contract, no minimum
- Min. deposit
- none (3,000 € recommended; margin account from €2,000 account value)
- Option writing
- uncovered possible
- Regulator
- Central Bank of Ireland (account holder); LYNX itself: AFM and BaFin
Uncovered options only in a margin account (age 21+, account value from €2,000); covered only in a cash account
Source (+4)checked 2026-10-09 - withheld
- Eurex
- No
- US options
- No
- Micro-DAX
- No
- Warrants/KO only
- Yes
- Fee Eurex
- —
- Fee US
- —
- Min. deposit
- —
- Option writing
- no
- Regulator
- ECB, BaFin and Deutsche Bundesbank
Options and futures only for Deutsche Bank Wealth Management clients (liquid assets from €2m), not in a maxblue account
Source (+1)checked 2026-10-09 - self-declared
- Eurex
- Yes
- US options
- Yes
- Micro-DAX
- —
- Warrants/KO only
- No
- Fee Eurex
- €0.75 per contract, no minimum (indicative international prices)
- Fee US
- USD 2.00 per contract (Classic), USD 1.00 (Platinum), USD 0.75 (VIP)
- Min. deposit
- none (option writing from USD 5,000 account value)
- Option writing
- uncovered possible
- Regulator
- Danish FSA (Finanstilsynet)
Writing options only with the “Advanced” profile (from USD 5,000 account value, written risk acknowledgement)
Source (+4)checked 2026-10-09 - withheld
- Eurex
- No
- US options
- No
- Micro-DAX
- No
- Warrants/KO only
- Yes
- Fee Eurex
- —
- Fee US
- —
- Min. deposit
- none (reference-account check with €1)
- Option writing
- no
- Regulator
- BaFin and Deutsche Bundesbank
Source (+2)checked 2026-10-09 - withheld
- Eurex
- No
- US options
- No
- Micro-DAX
- No
- Warrants/KO only
- Yes
- Fee Eurex
- —
- Fee US
- —
- Min. deposit
- —
- Option writing
- no
- Regulator
- BaFin and Bundesbank (Smartbroker AG); Baader Bank: BaFin
Source (+3)checked 2026-10-09 - Eurex
- No
- US options
- Yes
- Micro-DAX
- No
- Warrants/KO only
- No
- Fee Eurex
- —
- Fee US
- USD 1 per contract to open (max. USD 10 per leg), USD 0 to close, plus exchange and clearing fees
- Min. deposit
- none (margin from USD 2,000 account value)
- Option writing
- uncovered possible
- Regulator
- SEC-registered, member FINRA, SIPC, NFA (no EU supervisor)
Uncovered puts and calls in a margin account depending on trading level; cash-secured puts only in a cash account
Source (+4)checked 2026-10-09- withheld
- Eurex
- —
- US options
- —
- Micro-DAX
- —
- Warrants/KO only
- —
- Fee Eurex
- —
- Fee US
- —
- Min. deposit
- —
- Option writing
- —
- Regulator
- BaFin
Source (+3)checked 2026-10-09
- Eurex / US options: exchange-listed options you can buy and sell, not warrants on the same underlyings.
- Micro-DAX: the Eurex micro option on the DAX (ODXS) moves €1 per index point, against €5 for the standard DAX option (ODAX).
- Fees: the broker’s commission per contract as published, excluding exchange and clearing fees unless stated. Minimum charges are included.
- Option writing: “uncovered possible” = short puts/calls on margin once approved; “covered only” = covered calls or fully cash-backed puts.
- Tax: “withheld” = a German bank deducts the flat withholding tax, solidarity surcharge and any church tax; “self-declared” = income goes on your Anlage KAP.
- Regulator: the authority supervising the entity that holds your account. For foreign brokers this is often not BaFin.
Warrant or real option: what is the difference?
Both give you a leveraged bet on a price moving up or down, and in German both often get called “Optionen”. Legally and in practice they are different products. Our article options vs. warrants covers it in depth.
Warrant / knock-out
- A security issued by a bank. You carry the issuer’s credit risk.
- The issuer usually makes the market itself and sets the spread and the implied volatility.
- You can only buy. You cannot write warrants and collect premium.
- Traded through neobrokers and direct banks, often for €1 or free.
Listed option (Eurex, Cboe …)
- A standardised contract on a derivatives exchange; the clearing house (Eurex Clearing, OCC) stands between buyer and seller.
- Prices form in an order book from many participants.
- You can buy and sell, so you can collect premium as a writer (covered call, cash-secured put, spreads).
- A standard US equity option covers 100 shares; on Eurex the contract size depends on the product.
Rule of thumb: for an occasional, small directional bet, warrants will do. To trade multi-leg strategies or to sell premium, you need real options, and a broker from the top half of the matrix.
What you need for the wheel strategy in Germany
The wheel strategy sells a cash-secured put first and, after assignment, covered calls on the shares. Both legs are option writing, which is why the wheel cannot be run with warrants.
- Access to listed options: Eurex for German and European stocks, US exchanges for the large US names and ETFs.
- Approval to write options. Before your first options trade the broker has to assess your knowledge and experience (§ 63(10) WpHG). Many banks unlock short options in tiers; uncovered positions usually require a margin or derivatives account.
- Enough capital for assignment. A cash-secured put has to cover the full purchase price: a US equity option on 100 shares with a $50 strike ties up $5,000 per contract.
- Low per-contract and exercise costs. The wheel produces many small trades and regular assignments. Check the price list for exercise and assignment fees as well; some banks charge them separately.
Tax: German broker or foreign broker?
For German residents, option gains and premiums received as a writer are investment income (§ 20(1) no. 11 EStG), taxed at the 25% flat rate (§ 32d(1) EStG) plus solidarity surcharge and any church tax. A premium paid to close the position reduces that income.
- German bank or German branch (“tax withheld”): the broker withholds the tax, nets losses in its loss pots, applies your exemption order (saver’s allowance €1,000, § 20(9) EStG) and issues an annual tax certificate.
- Foreign broker without withholding: nothing is deducted. Investment income that was not subject to withholding must be declared in your return (§ 32d(3) EStG), in practice on the Anlage KAP, with your own calculation in euros.
- Losses on shares can only be offset against gains on shares (§ 20(6) EStG). If the wheel puts shares to you and you sell them at a loss, you need a clean record whichever broker you use.
- Derivatives: the former €20,000-a-year cap on offsetting losses from derivatives (Termingeschäfte) is no longer in § 20(6) EStG.
Frequently asked questions
Can I trade real options at Trade Republic?
According to Trade Republic’s own help centre, its derivatives offering consists in particular of warrants, knock-out products and factor certificates. Listed Eurex or US options are not mentioned on Trade Republic’s pages. We did not find an explicit statement there that they are not offered, so the matrix shows “—”.
Which brokers offer Eurex options to German residents?
According to their own price lists (as of October 2026): Interactive Brokers, CapTrader and LYNX (both with accounts at IBKR Ireland), DEGIRO and Saxo, plus the German banks comdirect and Consorsbank. Of these, only comdirect and Consorsbank withhold German tax automatically. Use the “Eurex options” filter above to see them with all fees.
What is the difference between a warrant and an option?
A warrant is a security issued by a bank; you carry its credit risk and can only buy. A listed option is a standardised contract on a derivatives exchange such as Eurex. You can buy it or sell it as a writer, and the clearing house stands between the parties.
Which broker do I need for the wheel strategy?
One with listed options that lets you write options, at least cash-secured puts and covered calls. Neobrokers that only offer warrants are out, because you cannot write a warrant. Also check the cost per contract and the fees on exercise and assignment.
Do I have to declare option gains from a foreign broker myself?
Yes, if the broker does not withhold German tax. Investment income that was not subject to withholding has to be declared under § 32d(3) EStG, normally on the Anlage KAP. The rate is the same: 25% plus solidarity surcharge and any church tax.
What are Micro-DAX options?
Micro options on the DAX (product ID ODXS) have traded on Eurex since December 2022. One index point is worth €1, against €5 for the standard DAX option (ODAX). The specifications are otherwise identical, so positions are a fifth of the size.
How current is this data?
Every value was checked in October 2026 against the brokers’ price lists and product pages; each broker shows its check date. Brokers change their prices regularly. The provider’s current price list always takes precedence.
Sources per broker
The links go to the brokers’ own documents, against which we checked every value. How we assess brokers in general is described in our methodology.
Interactive Brokers
checked 2026-10-09
Interactive Brokers Ireland Limited (IE)
CapTrader
checked 2026-10-09
Interactive Brokers Ireland Ltd (IE); CapTrader GmbH ist vermittelnder Broker
LYNX
checked 2026-10-09
Interactive Brokers Ireland Limited (IE); LYNX B.V. Germany Branch ist vermittelnder Broker
tastytrade
checked 2026-10-09
tastytrade, Inc. (USA); Deutschland ist als Wohnsitzland zugelassen
Saxo
checked 2026-10-09
Saxo Bank A/S (DK)
comdirect
checked 2026-10-09
Commerzbank AG, Marke comdirect, Quickborn (DE)
Consorsbank
checked 2026-10-09
BNP Paribas S.A. Niederlassung Deutschland, Nürnberg (Zweigniederlassung einer französischen Bank)
DEGIRO
checked 2026-10-09
flatexDEGIRO Bank Dutch Branch, niederländische Niederlassung der flatexDEGIRO Bank SE
Freedom24
checked 2026-10-09
Freedom Finance Europe Ltd, Limassol (CY)
Trade Republic
checked 2026-10-09
Trade Republic Bank GmbH, Berlin (DE)
Scalable Capital
checked 2026-10-09
Scalable Capital Bank GmbH, München (DE)
finanzen.net ZERO
checked 2026-10-09
Depot bei Baader Bank AG, Unterschleißheim (DE); Vermittler unter Haftungsdach der DonauCapital Wertpapier GmbH
Smartbroker+
checked 2026-10-09
Smartbroker AG, Berlin (Vermittler); Depot bei Baader Bank AG, Unterschleißheim (DE)
flatex
checked 2026-10-09
flatexDEGIRO Bank SE, Frankfurt am Main (DE)
ING
checked 2026-10-09
ING-DiBa AG, Frankfurt am Main (DE)
DKB
checked 2026-10-09
Deutsche Kreditbank AG, Berlin (DE)
maxblue
checked 2026-10-09
Deutsche Bank AG, Frankfurt am Main (DE)
Open questions
We could not settle these points from the brokers’ own documents, so the matrix shows “—” for them until they are resolved.
- Interactive Brokers:No IBKR page states whether German flat tax is withheld. CapTrader and LYNX, whose accounts sit at IBKR Ireland, say no tax is withheld there.
- Interactive Brokers:For US options the Irish site shows only the tiered rate.
- CapTrader:CapTrader’s pages do not say whether uncovered or only covered option writing is allowed.
- CapTrader:Micro-DAX options and their price are not mentioned.
- CapTrader:It is not stated whether contract prices include exchange and clearing fees, or whether there is a minimum per order.
- LYNX:The price list has Mini and Micro DAX futures but no separate line for Micro-DAX options.
- tastytrade:No explicit statement on German withholding. We found no German branch; without one a broker does not withhold German tax under § 43 EStG.
- tastytrade:Eurex is not excluded by name; the product list covers only US-listed options and CME futures (options).
- Saxo:Saxo has no German website; prices are indicative per Saxo and may vary by country of residence.
- Saxo:Eurex access is evidenced by EURO STOXX 50 options; DAX and Micro-DAX options are not named.
- Saxo:Whether new German-resident clients are currently accepted was not checked past the first account-opening step.
- comdirect:US options are not mentioned on comdirect’s pages, but not explicitly excluded either.
- comdirect:Micro-DAX options are not explicitly listed (only Mini and Micro DAX futures).
- comdirect:No minimum deposit stated for the options & futures account.
- Consorsbank:Eurex minimum fee conflicts: the product page says €7.25, the price list valid from 1 Oct 2026 says €19.50. The matrix uses the price list.
- Consorsbank:Whether US options may be written uncovered is not stated; covered calls are named.
- Consorsbank:No minimum deposit stated; the individual margin limit applies.
- DEGIRO:No DEGIRO page states explicitly whether uncovered short options are allowed (Active/Trader profiles include margin and short selling).
- DEGIRO:Micro-DAX options are not mentioned.
- DEGIRO:No minimum deposit stated on degiro.de.
- Freedom24:The fee schedule lists USD/EUR 1.5 per contract for non-US options but names no exchange; Eurex access is not confirmed.
- Freedom24:freedom24.com does not say whether German flat tax is withheld; the broker offers a tax report.
- Freedom24:The FAQ on writing options dates from 2023; whether covered calls are now possible is open.
- Trade Republic:The help centre lists derivatives as “in particular” warrants, knock-outs and factor certificates. Listed options are never mentioned, but not explicitly excluded either, so Eurex, US and “warrants only” show “—”.
- Trade Republic:The current price list is only available in the app; the latest public version is from 04/2023.
- Trade Republic:No explicit minimum deposit stated (marketing says “from just €1”).
- Scalable Capital:No explicit “no options” sentence; “no” rests on the exhaustive list of instruments and venues (EIX, gettex, Xetra).
- finanzen.net ZERO:No minimum deposit stated; only “no minimum order size” is documented.
- Smartbroker+:No explicit exclusion of listed options; “no” rests on a price list with no derivatives exchange and no contract fee.
- Smartbroker+:No minimum deposit stated.
- flatex:No explicit “no Eurex options” sentence; “no” rests on the price list and venue list, neither of which has a derivatives exchange. flatex.de still hosts a 2017 Eurex price list.
- flatex:No minimum deposit stated.
- ING:No explicit exclusion of listed options; the product list (securities listed in Germany plus US/Canadian shares) contains none.
- ING:Tax withholding and supervisor were not quoted verbatim from an ING page; they follow from its status as a German bank and the annual tax certificate in the price list.
- ING:No minimum deposit stated.
- DKB:No minimum deposit stated.
- DKB:The supervisor was not quoted from a DKB page.
- maxblue:No verbatim withholding sentence; “withheld” follows from its status as a German bank and the exemption order.
- maxblue:No minimum deposit stated for the maxblue account.
Not investment advice. Options and leveraged products can lose their entire value, and uncovered option writing can lose more than you put in. The links in this matrix are not affiliate links; they go to the brokers’ price lists and product pages.
Where to next
Learn this properly
Short lessons from the BeInOptions Academy — on exactly the questions this page raises. Free, and readable without an account.
Who is on the other side?
With a warrant the issuing bank is your counterparty; with a listed option it is the exchange
Open the lesson →Reading the disclosures
Which company you actually sign with, and who supervises it
Open the lesson →Prop firms & avoiding scams
Spotting dubious providers before you open an account
Open the lesson →