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There's a new options trading platform in town. It's independent. It's commission-free. It's data-rich. And we want you to know how to use it.
Today, we're going to show you how to trade options on WeBull.
WeBull Financial is a trading platform similar to Robinhood. It's a broker-dealer registered with the U.S. Securities and Exchange Commission.
Its new app is a great way for beginner traders to get their feet wet. The interface is perfect for beginner options trading as well.
The company debuted its options trading service back in March after a highly successful Beta test. Now, it runs on both mobile and desktop. The app has useful features like AI-enabled voice commands and a simplified user interface.
You can start trading options on WeBull without much effort, too. We'll show you what you need to do, and then we'll show you how the right options trading strategy can bring life-changing profit your way.
First things first…
What Makes WeBull Different
WeBull joins Robinhood as a second major mobile trading platform offering commission-free trades. The no-fee, simple user experience has become popular with younger generations.
According to NerdWallet.com, you'd be paying $3 to nearly $10 commission per trade in some cases. You would also have contract fees between $0.15 or $1.25 or more.
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Of course, there are plenty of reasons you might choose and trust a commissioned broker. But if you're a beginner investor, there is no better place to start than one of these free platforms.
WeBull is a little bit different than Robinhood, however. The platform provides more options for intermediate and advanced traders. For example, Robinhood and Webull both offer margin trades, but only WeBull offers more advanced charting data.
That could help you jump from beginner to pro without switching platforms. You can keep investing with WeBull through your entire trading career.
Here's how you can begin trading options on WeBull.
How to Open an Options Account on WeBull
Similar to Robinhood, there are four steps to options trading on WeBull.
Step 1: Get Approved
To begin, you need to first get approved. Don't worry; it's not as scary as it sounds. Brokers are required by law to ask you certain questions about your investing experience and risk tolerance. As long as you acknowledge trading options carries some risk and you're willing to take it on, then you're good to go. Beyond that, you simply provide your name, address, and other information. It only takes a few minutes.
Step 2: Find Your Stock
Once you're approved, you need to look at the market and see where the trends are. Your options trading strategy will be determined by the state of the markets, which sectors are up, and which sectors are down. Picking stocks can be tough in a volatile market like today's. But it can be even more profitable than normal if you read the trends correctly.
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Step 3: Make Your Trade
Now that you know which stock you're looking at, you should choose your options strategy. All you need to do here is select the option you want. If you believe the stock is going down, you'll want a "put option." If you believe it's going up, you'll want a "call option." You can do more complicated strategies like "spreads" down the road. But these are the basics. Finally, you hit the "Place Order" button. Follow the prompts from there. All that's left is to watch how well it does.
That's trading options on WeBull.
Getting set up on an options trading platform is a great start. But you'll want to find the best options trades to help you make money.
And we've got you covered there too…
This Fast Money Move Could Make You $4,238
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About the Author
Mike Stenger, Associate Editor for Money Morning at Money Map Press, graduated from the Perdue School of Business at Salisbury University. He has combined his degree in Economics with an interest in emerging technologies by finding where tech and finance overlap. Today, he studies the cybersecurity sector, AI, streaming, and the Cloud.