Buying options is attractive to many who gamble on the stock exchange because of the benefits that come with it. Options allow you to take full advantage of the market and move forward quickly even with a small amount of money invested. Once you've discovered the right strategies, options can be a less risky alternative to bonds or stocks.
This article will introduce you to the Webull trading platform and explain how to buy options. Along with this, we will discuss the necessary conditions for working with options.
How to Trade Options in Webull on a PC
If you're using a computer and want to know how to use Webull's options, follow these steps:
- Webull visit.
- If you don't already have one, open an account. This step requires you to use your email address and verify it. You will also need to fund your account; If you're a newbie investor, you'll love the fact that Webull has no minimum deposit requirements. Once you have set up the account, you will be redirected to a page where you can read more details about Webull, your protection and your insurance. At this point, you can opt for Webull desktop app download.
- If you downloaded the app, log in and confirm your identity. First, tap on “Unlock Trading”. You will need to upload a photo of your driver's license. If you don't have it, you can download alternatives such as Individual Tax Identification Number (ITIN), Social Security Number (SSN), or a US Passport. You can also open your account using an E1, E2, E3, F1, H1B, H3, TN1, O1 or L1 visa.
- Answer questions about your experience and finances to submit an endorsement request. Webull monitors every request to verify if you are eligible for options trading and responds to you within a day or less.
- Once you are approved, select the actions sign from the left menu.
- Select an action and select "Options".
How to Trade Options in Webull on an iPhone
Webull is also available as a mobile app. The app is user-friendly and allows you to trade options on the go.
If you're using an iPhone, follow these steps to set up your account and trading options:
- If you haven't already, install Webull from the App Store.
- Open an account and verify it through your email. When you complete it, you will be taken to a page with detailed insurance and protection information.
- Tap “Unlock Trading”. Here you will need to upload a photo of a document to confirm your identity. Choose the identification type and enter the required information.
- Once you're done, tap "Continue" to complete your endorsement request. It consists of several questions regarding your finances and investment experience. Webull will review your application and get back to you as soon as possible.
- Open the actions page and select "Options" from the menu.
How to Trade Options in Webull on an Android
If you are an Android user and want to trade options in Webull, you will be happy to know that there is a mobile app you can install. Before accessing trading options, you must open an account and complete an application for approval. Here are the necessary steps:
- If you don't already have it, head over to Play Store and install Webull.
- Sign up and verify your account via email. Once verified, you will see more details regarding insurance and protection.
- Select "Unlock Trading". You will be asked to confirm your identity and submit photos of a document such as your driver's license, US passport, ITIN, or Social Security card. Additionally, you are considered eligible if you live in America and have an E1, E2, E3, F1, H1B, H3, L1, O1, or TN1 visa.
- You will need to answer questions regarding your investment experience and financial data to submit an application for approval. This is mandatory as Webull wants to make sure you are eligible for options trading.
- Once you have been approved, go to the actions page and select "Options".
If you don't have much experience with trading options, we recommend taking a course and browsing Webull's educational materials. Trading options can be very profitable, but they also come with risks. Before diving into the market, be sure to learn all you can about it. If you are not comfortable with taking risks, options trading may not be for you.
Can we buy options on WeBull with buying power?
Webull allows you to use instant purchasing power, i.e. provisional cash, while your ACH transaction is being processed. Since it usually takes around five trades to clear the ACH deposit, Webull allows you to trade with buying power.
You can use purchasing power to trade stocks and exchange-traded funds (ETFs). However, it is not possible to use it for options trading.
At what maturity can we buy options on Webull?
After submitting a trading request and getting approval from Webull, you can start buying options. Options trading prior to the expiration date is only possible during regular business hours (9:30 am to 16:00 pm EDT, with some exceptions which may be traded until 16:15 pm).
On the expiration date, options trading is possible until 14:00 p.m. EDT.
Options trading is never possible during extended hours.
Buy options carefully
With the right strategy, options trading can be a successful business, and Webull is one of the best platforms to use for this purpose. However, it is essential to always be aware that options trading is risky, which is one of the reasons why Webull requires you to submit an approval request before you start trading.
We hope we were able to show you how to buy options in Webull and what the requirements are.
Have you ever used Webull before? What interests you about options trading? Tell us in the comments section below.