How To Trade Options on Webull : 2021 Step-by-Step Guide

Webull Options trading has been lacking for a long time.

Finally, the platform has decided to step up to its many customers requests and introduce a slew of features in 2021 including Options Tradings.

By the end of this tutorial on How to Trade Options on Webull App or Desktop, you will be equipped with the knowledge to set up your Webull options trading App or the Dashboard, access the the training course offered on the App version of Webull, take advantage of the Community and most importantly how to make money by leveraging some of the new advanced features of this growing trading platform.

How To Trade Options On Webull | Mobile App, Desktop or Desktop App ?

For years, Webull traders have been asking for Options trading to be included on the trading platform.

It took Webull until 2020 to make this possible.

How to Trade Options on Webull : Webull Current Available Global Markets
Webull Global Markets from its Mobile Trading App

The main reason I can think of is to stay competitive in the battle of the Millennials it is engaged with Robinhood.

Currently, Webull only provides trading in a few countries and I know that most of European countries do not have access to Webull.

Nonetheless, Options Trading on Webull is now available and it comes with a great deal of bells and whistles.

Which Webull Platform is Best For You ?

The first action you must take during the signup process is to determine what type of account you will be setting up.

By that I mean a Cash account vs. Margin account.

I published a short recent short video that explain the benefits of each so that you are fully educated to pick the one that fits your current needs.

I recommend that options trading beginners start with Cash Only account and later on can switch to a Margin account.

The second decision you will need to make in trading Options on Webull is to choose your platform.

Webull offers 3 choices for that.

You can trade Options from your mobile phone through the Webull App.

This option is very advantageous for traders on the GO who require limited data or information to enter and exit trades.

The app version of Webull is intuitive enough with minimal learning curve.

How To Access The Options Chain on Webull App

In early June, Webull App changed its interface to make it easier to access the option chain.

Now, when you select your stock, you have access to the chart as usual but the second choice is Options.

Here is a view for the very volatile AMC stock.

How To Trade Options on Webull App - Getting Access to Options chain is easier now on Webull App as shown on this chart of the very volatile AMC Stock
How To get to Options Chain on Webull App | AMC Stock View

Once you click on the highlighted Options menu , you directly gain access to the option chain.

With the recent update of the webull App, you have to decide on how to view the option cahin.

On the bottom left, you will choose your strategy from Single option, strangle, straddle, vertical, butterfly, condor , Iron condor.

I have mine set to Single Option as shown below.

Then, on the right, you will select to see Calls, Puts or both simultaneously.

In my other options trading Apps, I always like to view calls and puts next to each other.

I really think this layout minimize the potential of making a mistake when you are in a hurry to get into an option position.

How To Trade Options On Webull App - AMC weekly Option Chain with Calls and Puts
AMC Option Chain on Webull App

Should you to so, Calls will be on the left side and Puts on the right hand side.

You can always try the different options regarding the layout and determine which one works best for you.

Within a full week of playing with it, you will be able to trade options on Webull quite comfortably.

How To Trade Options on Webull App

The most recent version of Webull Desktop is version 4.

You can download it on your PC in lieu of using the more direct browser based trading platform.

In my most recent research, I settled for the browser version since I can pin its window alongside the other application I routinely access.

By making this choice, you will need to setup your Dashboards once at the beginning and save them so that you are ready to trade each day with jsut a few clicks.

Now, you may be wondering why go through the trouble ?

The most obvious answer is the picture below.

Trading Options on Webull App is very comfortable even for beginner traders.

The view of the GUI below looks nice, doesn’t it 🙂 ?

How to Trade Options on Webull : Setting Up your Dashboards
Example of Options Trading Dashboard on Webull

The second reason is that you get to choose what you need for options trading on Webull in a single view.

This is done by selecting widgets and arranging them in a manner that is suitable to your liking.

Webull Paper Trading Options

Webull has done a great job with the paper trading account of $1 Million.

However, this does not apply to Webull paper trading options at all.

This feature alone or the lack therefore is a hinderance for many options trading beginners.

It will hep a great deal of option traders when Webull provides the ability to paper trade options on this progressive trading platform.

Think of it as your self customized Options trading platform.

Because it is not obvious to Options trading beginners what they may need, I created this video tutorial below as a guide to setting up Webull Desktop 4.0.

If you take the time to invest 40 minutes of your time watching the full video, you will come out with the most needed education in your trading journey.

How To Trade Options On Webull | Does Webull Have Level 2

The one thing that is still lacking in Webull Options Trading platform is the absence of a Paper trading account.

Yes Webull account comes with a $1 Million Paper/Demo Account but that is only for stocks trading.

Many Option traders still need practice and back testing of their strategies before they go Live with real money.

Webull Option Trading Restrictions

Apart of the above mentioned demo account, do not expect to options on webull right after your first initial deposit.

In fact, it may take of to 5 business days for your account to settle and it is only after that delay when Webull will allow you to trade options.

Trade Options on Webull : Limitations and Restrictions
Example of Restrictions on Trading options on Webull

Also, you will have to wait a couple of days after a winning trades for your funds to settle.

Hence, do not be surprised by the message displayed in the above image in case you find yourself too eager to place your first option trade on Webull.

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Level-2 Subscriptions

Ask any experienced stock and Options trader about one of the most important tools is trading and you will likely get the answer Level-2 data.

What is Level-2 Data ?

In trading, Level -2 data provides a view of the depth view of the outstanding orders (buy and sell) on the instrument you seek to trade.

How To Trade Options on Webull: Level 2 Data from Nasdaq TotalView provides 30 levels of bids and Asks
Difference between Level 1 and Level 2 Data

Why is Level-2 data important ?

Because it helps traders determine the availability and demand of a stock for a given price.

This information is then used to provide confirmation about the potential direction of the stock.

Example, if a stock is in high demand for higher prices, traders can confidently enter bullish trades.

How Much Does Level-2 Data cost ?

As an introductory offer, Webull offers 3-month free Subscription to LEvel 2 Advance Data.

Then it costs $1.99 per month. You will need to Subscribe manually at the end of the 3-month.

How To Subscribe to Level-2 Data on webull ?

From your mobile App, go to Menu > Select Advanced Quotes and the list of available products is displayed.

The image below provides a view of my current Subscriptions to Level-2 data on Webull.

How To Trade Options On Webull: Level-2 Data Subscriptions
Webull Level-2 Subscriptions Plans

Webull Options Trading | Education Resources for Beginners

Most traders on Webull are beginners thus they seeking education not only on the platform itself but basic Options trading knowledge.

To help address this increasing need, Webull offers on tits mobile App trading platform a feature called Community.

Webull Community Benefits

The following sections or categories are available inside the Webull community.

  • Streams
  • Competition
  • Top News
  • 24/7
  • Watchlist

Inside the Streams section is where you will find the most value.

Recently, Webull provides an incentive to go through the education to familiarize yourself with trading options and other instruments on their platform.

It is called “Complete the Beginners’ Course. It is a series of 7 courses.

One of them is an FAQ on Options Trading.

Webull Top Lists

The objective of the Top 10 Lists is to provide traders with the most active stocks and options.

Practically, you can use these lists as research to figure out which stocks to trade.

My best advice to join a proven system that will teach you consistent winning strategy so that your learning curve does not take multiple years.

Webull Paper Trading Competition

For the purpose of Learning how to trade on Webull, you can participate in the free Paper trading challenge to help confirm your skills and flatter your ego.

The main idea of the community is to provide chat rooms where traders can post their ideas, ask questions and grow toghether while learning the necessary skills to become successful traders.

CONCLUSION

Webull Options trading is a nice addition to the platform.

You can trade options on Webull App if you are on the GO or you can trade options on Webull desktop.

However, for many beginners it is still a daunting task to figure out the application while acquiring the basic trading skills.

The one constant complaint in the multiple Webull chat rooms is the lack of customer service.

Should you find yourself in this situation, I strongly encourage you today to check out our 10-baggers education trading system.

This is the closest thing to a guarantee to Take your Trading To the NExt Level.

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