While it may seem daunting to use at first base, there are a few simple tricks that can help unlock all of its potentials.
In this post, we ’ ll indicate you how to enable options on Robinhood so you can start trading binary options contracts correct from your smartphone .
How to Enable Options on Robinhood?
Steps to Enable Options on Robinhood:
Step 1: Login into your Robinhood report .
Step 2: now click on the “ Account “ .
Step 3: Click on the “ Settings ” at the bottom of the Account drop-down menu .
Step 4: Click “ options ” from the menu located on the bequeath side of your screen door .
Step 5: At the lead right-hand corner of the page snap “ Enable Options Trading. ”
Step 6: In club to buy options with cash, you ’ ll have to transfer money into your Robinhood account. once you find the account, you ’ ra estimable to go .
Robinhood Options not available
If you want to start with options trading on Robinhood you will not find Options in Robinhood. For using the Robinhood options first you have to enable by going to Account – > Settings – > Options – > “ Enable Option Trading ”. now, the Option will be available in your account .
Why is Option Trading Not Allowed on Robinhood?
Options deal on Robinhood has been disabled because honestly, they equitable don ’ t have it working by rights however. It ’ sulfur weird but it ’ s true. We will explain to you why ; let ’ s beginning explain how to enable options trading on their platform .
honestly, it is quite clear that Options deal on Robinhood is not allowed for the moment. This will change in the future as there are newfangled updates being rolled out by them every day .
At this moment they do not have their options platform wholly working so you can ’ metric ton trade options on it yet .
however, there are other platforms that allow you to trade options. One of them is [ Option Alpha ] ( hypertext transfer protocol : //optionalpha.com/ ), a platform that enables you to learn how to trade options, invest in strategies, and get recommendations from master traders .
option alpha has capital customer service and the second options trading identify we recommend after Robinhood if you ’ rhenium looking for a stead where you can buy/sell options .
Also Read: How to Exercise Option on Robinhood ?
How to Trade Options in Robinhood?
once you get options enabled on your account, it ’ second easy to place your first gear option order .
Step 1: Log in to the Robinhood account with your credentials .
Step 2: Go to the “ Trade ” pill located on the top of your screen .
Step 3: Click on “ Option contracts. ”
Step 4: Scroll down until you see the option for which you want to buy/sell and enter in how many contracts and at what price you would like to buy/sell .
Note: Keep in mind that you can only place restrict orders on options. besides, Robinhood takes their tip out of the sum you ’ re buying/selling option for which means when placing your order make sure to take that into account .
For example, if you want to buy 1 option abridge for $ 100 at the $ 5 price anytime today, Robinhood will take their tip out of that which could be about $ 1.95 leaving you with only $ 98.05 to spend on the option you good bought.
Read more: Instant payments: get fast money transfers
How Long Does it Take to Get Approved for Options on Robinhood?
It shouldn ’ t take long to get approved for options on Robinhood. once you enable options trade, it could take a match of days which is why if you are in a rush to buy/sell some options, don ’ thymine forget the Option Alpha platform .
The minimal you can deposit into your account in order to qualify for trade options is $ 2,000. Keep in mind that you will need to be able to maintain this minimum counterweight or higher on your bill monthly in rate to continue trade options with them .
Also Read: How to Find penny Stocks on Robinhood ?
Why do you Want to Trade Options on Robinhood?
You may be wondering why anyone would want to buy/sell options with Robinhood & the solution is identical simple. It ’ sulfur super easy and it works great .
You can besides open an report in less than 10 minutes which means you could start trading right aside if you wanted to. deal options on Robinhood is bang-up because you can get FREE trades which means no commissions, unlike other platforms .
The great matter about trade options with them is that you don ’ t have to worry about it not working by rights, getting approved, or anything like that .
Robinhood is a very easy app to trade options on and they are taking worry of business for their clients. The chopine is identical authentic and they are constantly looking to make it better by adding newly features to it every single day .
They have an amazing customer support team that is fix to help you with any issues or questions that you might have regarding trade options on Robinhood & if for some argue, the options trading doesn ’ thyroxine exploit properly, they will contact you to make sure everything is o .
Enabling Option Fees on Robinhood
To enable Optional Fees on your Robinhood account, you will need to click on “ Settings ” located at the bottom right of your screen. once clicked, scroll down until you see optional Fees & then toggle it to Enabled .
Please note that all commissions generated by Option trades are kept in Robin Hood ’ mho coffers and that they will never charge you for this .
When placing an order with them, you will be able to see all the fees associated with your order before you submit it .
Once you have enabled options on your account, it’s easy to place your first option order.
- Go to the “Trade” tab located on the top of your screen & click on “Option contracts.” Scroll down until you see the option for which you want to buy/sell and enter in how many contracts and at what price you would like to buy/sell.
- If you want to buy 1 contract for $5 anytime today, put in 5 and select “Buy” tab. Remember, all orders are done as limit orders which means you only get the price that is shown on your screen when placing your order. You will not be able to purchase at a better price than what is listed on the screen.
- Once you have submitted your order, it will show up in your open orders section which can be found by scrolling to the right on “Trade” tab at the top of your screen.
- Your order should automatically get filled within 5 minutes or less if there are enough buyers & sellers on the market for that particular option.
- After Robinhood receives your order, you should see the option contract in your account.
- When you are done trading options with your account, make sure to turn off the “Enable Options” option.
Robinhood makes it easy to buy/sell options on their platform because they are very dependable and are constantly trying to make improvements in order for their clients to have a great experience while trade options .
Also Read: Why Does Robinhood Need My SSN ?
Robinhood Options Approval
Robinhood options approval is very elementary. In order to begin trading options with them, you will need a staff account that is free and can be opened in less than 5 minutes .
Although you can not withdraw from your staff report, it is absolutely fine because Robinhood options approval is instant and they have a great customer back team that will help you 24/7 should anything go improper while trade .
Robinhood options approval is very slowly to do and once you have submitted your staff bill, you will be able to start trading immediately !
Robinhood options approval is great because you can get started right away once you have submitted your staff account .
There are no commissions and they have a identical reliable & easy options trading platform that gets the job done for their clients !
How Do I Unlock Robinhood Settings?
Unlocking your Robinhood settings is a very elementary process. All you have to do first is suction stop on “ Account ” at the penetrate right of your screen and scroll down until you see “ Settings. ” Click on that and unlock your report by clicking on either phone or electronic mail .
once unlock, select what type of confirmation procedure you would like to do like phone number & electronic mail. The adjacent mistreat is to upload your ID & documents and wait for them to receive it .
once they verify, you will be able to trade options ! Robinhood makes it very easy to start trade because all you have to do is submit your account information once and then fair expect for them to get back to you .
There are no commissions and they make it very simple for you to start deal options with ease .
Robinhood makes it easy for you to unlock your settings once you submit all the want documents that they ask of you .
once done, all you have to do is wait patiently until they receive your information and then start trading with them. They make it identical easy and simple for you to get started with options .
Also Read: Robinhood Unsettled Funds
In conclusion, Robinhood is a identical elementary platform to use when it comes to trade options. They make the entire action very easy and smooth for their clients .
All you have to do is submit your information, wait for them to receive it, and then start trading ! They make the stallion serve very comfortable for their clients.