Opening an Options Account on WeBull

To trade options on WeBull, you first need to request options trading permission through your account settings. WeBull does not turn on options for every account automatically — you have to ask for it, and the platform reviews your request based on your trading experience and account details.

Log into your WeBull account on the app or website. Go to Account, then Settings, then Account Permissions. Look for the section labeled Options Trading and select the level of options trading you want. WeBull offers three levels: Level 1 (covered calls and cash-secured puts), Level 2 (spreads and additional strategies), and Level 3 (all options strategies including naked calls). Each level requires you to confirm that you understand the risks involved.

After you submit your request, WeBull reviews it. Approval is not automatic — the platform looks at your account history, your stated investment experience, and your account balance. Most accounts are reviewed within one business day. You will receive a notification in the app or by email once your request is approved or denied. If denied, you can reapply after 30 days or contact WeBull support to understand why.

Key Takeaways

  • You must request options trading permission in your Account Settings under Account Permissions, and WeBull reviews your request based on your experience and account balance.
  • WeBull offers three options levels: Level 1 for covered calls and cash-secured puts, Level 2 for spreads, and Level 3 for all strategies including naked calls.
  • Once approved, you can buy and sell options contracts directly from the stock detail page by selecting the Options tab and choosing your strike price and expiration date.
  • Options on WeBull trade during regular market hours (9:30 a.m. to 4 p.m. Eastern) and require you to have enough buying power to cover the contract cost or margin requirement.
  • Each options contract represents 100 shares of the underlying stock, so a contract price of $2.50 costs $250 to buy or requires $250 in margin to sell.

Finding and Selecting an Options Contract

Once your options permission is approved, navigate to any stock you want to trade options on. On the stock detail page, you will see tabs at the top: Quote, News, Options, and others. Tap or click the Options tab.

The options chain appears as a table showing all available contracts for that stock. The left column lists expiration dates — these are the Fridays when the contract expires, plus some monthly and quarterly dates. Pick an expiration date by tapping or clicking it. The chain then shows all strike prices (the price at which you can buy or sell the stock if you exercise the option) for that date.

The table displays two sides: calls on the left and puts on the right. For each strike price, you see the bid price (what buyers will pay right now), the ask price (what sellers want right now), the volume (how many contracts traded today), and the open interest (how many contracts exist). The bid-ask spread — the gap between bid and ask — tells you how liquid the contract is. A narrow spread means you can enter and exit easily; a wide spread means fewer traders are interested.

Placing Your First Options Trade

To buy or sell an options contract, tap or click on the contract row. A trade ticket appears. At the top, you see the contract details: the symbol, the expiration date, the strike price, and whether it is a call or put. Below that, you choose your action: Buy to Open (you are buying the contract) or Sell to Open (you are selling the contract).

Enter the number of contracts you want to trade. Remember that one contract equals 100 shares, so if you enter 1, you are controlling 100 shares of the stock. Below that, you see the order type: Market, Limit, or Stop. A Market order fills when ready at the current bid or ask price. A Limit order lets you set the price you are willing to pay or accept — it may not fill if the price never reaches your limit. Most options traders use Limit orders to avoid paying the full ask price or accepting the full bid price.

Set your limit price if you chose Limit. Then review your order: the total cost (for a buy) or the credit you receive (for a sell), your current buying power, and how much buying power will remain after the trade. Tap or click Preview Order, review the details one more time, and then tap or click Submit to send the order to the market.

Understanding Buying Power and Margin Requirements

When you buy an options contract, the cost is straightforward: the contract price times 100. If a call costs $2.50, buying one contract costs $250. This amount is deducted from your buying power when ready.

When you sell an options contract, WeBull holds a margin requirement — a reserve of cash or buying power to cover your potential loss if the trade moves against you. For a cash-secured put, the requirement is the strike price times 100. For a covered call, the requirement is the value of the shares you own. For spreads and other strategies, the requirement is the maximum loss the position can suffer. You can see the exact margin requirement in the trade ticket before you submit.

If your account balance drops below the margin requirement, WeBull may issue a margin call and close positions to bring your account back into compliance. This can happen overnight or during market hours. To avoid this, keep a buffer of cash above your margin requirements.

Closing or Rolling an Options Position

To close a position you own, navigate back to the stock's Options tab, find the same contract, and tap or click it. This time, select Sell to Close instead of Buy to Open. You are selling the contract back to the market. Use a Limit order to set your exit price. Once the order fills, your position is closed and the proceeds are added to your buying power.

To close a position you sold (shorted), select Buy to Close. You are buying the contract back at the current market price to end your obligation. Again, use a Limit order to control your entry price.

Rolling a position means closing the current contract and opening a new one at a different strike or expiration date in a single transaction. On WeBull, you do this by closing the old position and opening the new one separately — the platform does not offer a single "roll" order. Close first, then open the new contract once the close fills.

Monitoring Your Options Positions

Your open options positions appear in the Positions section of your account. Each position shows the contract symbol, the quantity, your entry price, the current price, your unrealized gain or loss, and the percentage return. You can tap or click any position to see more details: the expiration date, the days remaining until expiration, the Greeks (Delta, Gamma, Theta, Vega — measures of how the contract price changes), and the bid-ask spread right now.

As expiration approaches, WeBull sends you notifications. If you hold a contract through expiration and it is in the money (profitable), WeBull will exercise it automatically on the last trading day. If it is out of the money (unprofitable), it expires worthless and you lose your premium. You can close any position at any time before expiration to lock in a gain or cut a loss.

Options Trading Hours and Restrictions

Options on WeBull trade during regular market hours: 9:30 a.m. to 4 p.m. Eastern Time, Monday through Friday. You cannot place options trades before or after these hours, even if you have extended hours trading turned on for stocks.

Not all stocks have options available. Stocks must meet certain volume and price requirements set by the options exchanges. If a stock does not have an Options tab, options are not available for it. Most large-cap and mid-cap stocks have options; most small-cap and penny stocks do not.

Options contracts expire on the third Friday of each month, plus weekly expirations for popular stocks. The last trading day is the day before expiration. After 4 p.m. on the last trading day, any in-the-money contracts are automatically exercised, and any out-of-the-money contracts expire worthless.

Frequently Asked Questions

How long does it take to get options trading permission on WeBull?

Most requests are reviewed within one business day. You will receive a notification in the app or by email once approved. If your request is denied, you can reapply after 30 days.

What is the minimum account balance to trade options on WeBull?

WeBull does not publish a specific minimum, but approval depends on your account balance, trading experience, and the options level you request. Level 1 (covered calls and cash-secured puts) is easier to get approved for than Level 3 (all strategies). If denied, contact support to learn what changed.

Can I trade options on WeBull before or after market hours?

No. Options on WeBull trade only during regular market hours: 9:30 a.m. to 4 p.m. Eastern Time, Monday through Friday. You cannot place options trades during pre-market or after-hours sessions.

What happens if I hold an options contract through expiration?

If the contract is in the money (profitable), WeBull exercises it automatically on the last trading day, and you either buy or sell the underlying stock depending on whether you held a call or put. If it is out of the money, it expires worthless and you lose your premium. You can close any position before expiration to avoid automatic exercise.

Do I need margin to trade options on WeBull?

Buying options uses cash from your account, not margin. Selling options requires a margin requirement — a reserve of buying power to cover your potential loss. You do not need a margin account to buy options, but you do need one to sell them.