How to Buy Options in WeBull
Buying options is appealing to many who play the stock market because of the perks that come with it. Options allow you to fully take advantage of the market and advance quickly even with a small amount of money invested. Once you discover the right strategies, options can be a less risky alternative than bonds or stocks.
This article will introduce you to the Webull trading platform and discuss how to buy options. Along with that, we’ll discuss the conditions needed 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 work with options in Webull, follow these steps:
- Visit Webull.
- If you don’t have one already, open an account. This step requires you to use your email address and verify it. You’ll also need to fund your account; if you’re a beginning investor, you’ll love the fact there is no minimum deposit required for Webull. Once you’ve set up the account, you’ll be taken to a page where you can read more details about Webull, your protection, and insurance. At this point, you can opt for downloading the Webull desktop app.
- If you’ve downloaded the app, log in and confirm your identity. First, press “Unlock trading.” You’ll be required to upload a photo of your driver’s license. If you don’t have it, you can upload alternatives such as Individual Tax Identification Number (ITIN), Social Security Number (SSN), or a U.S. passport. You can also open your account using an E1, E2, E3, F1, H1B, H3, TN1, O1, or L1 visa.
- Answer questions regarding your experience and financials to submit an approval request. Webull monitors every request to check whether you qualify for trading options and gets back to you in one day or less.
- Once you get approved, select the stocks sign from the left menu.
- Select a stock 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 trade 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’ll be taken to a page containing detailed information regarding insurance and protection.
- Press “Unlock Trading.” Here, you’ll have 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 fill out your approval request. It consists of several questions regarding your financials and investment experience. Webull will review your application and get back to you as soon as possible.
- Open the stocks page and select “Options” from the menu.
How to Trade Options in Webull on an Android
If you’re an Android user and want to trade options in Webull, you’ll be happy to know there’s a mobile app you can install. Before getting to trading options, you must open an account and fill out an approval request. Here are the necessary steps:
- If you don’t have it already, go to Play Store and install Webull.
- Sign up and verify your account via email. Once it’s verified, you’ll see more details related to insurance and protection.
- Select “Unlock Trading.” You’ll be asked to confirm your identity and submit photos of a document such as your driver’s license, U.S passport, ITIN, or Social Security Card. Additionally, you’re considered eligible if you’re living in America and have an E1, E2, E3, F1, H1B, H3, L1, O1, or TN1 visa.
- You’ll be required to answer questions regarding your investment experience and financials to submit an approval request. This is obligatory since Webull wants to ensure you qualify for options trading.
- Once you’ve been approved, access the stocks page, and select “Options.”
If you don’t have much experience with trading options, we recommend taking a course and going through Webull’s educational material. Trading options can be very profitable, but it also carries risks. Before diving into the market, ensure you learn everything you can about it. If you’re not comfortable with taking risks, trading options may not be suitable for you.
Can you buy options on WeBull with buying power?
Webull enables you to use instant buying power, i.e., provisional cash, while your ACH transaction is processing. Since it usually takes around five business takes for the ACH deposit to settle, Webull lets you trade with buying power.
You can use buying power to trade stocks and exchange traded funds (ETFs). However, it’s not possible to use it for trading options.
How early can you buy options on Webull?
After submitting a trading request and getting approved by Webull, you can start buying options. Options trading before the expiration date is only possible during regular hours (9:30 a.m. to 4 p.m. EDT, with some exceptions that can be traded until 4:15 p.m.).
On the expiration date, options trading is possible until 2 p.m. EDT.
Trading options is never possible during extended hours.
Buy Options With Precautions
With the right strategy, trading options can be a fruitful endeavor, and Webull is one of the best platforms to use for that purpose. However, it’s essential to always be aware that options trading is risky, which is one of the reasons Webull requires you to submit an approval request before starting 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 do you find appealing about options trading? Tell us in the comments section below.