Hi, I’ve been applying for level three margins with Fidelity a few times now, but getting I keep getting restricted to level 2. I have over $40,000 in equities and have two years of option trading experience and have an aggressive growth mindset.
What are the exact qualifications that Fidelity looks for to be approved for level three margins accounts? I am highly interested in selling naked puts
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In order to get approved for a higher option trading approval level, you must apply with your broker. Many times, these request are denied due financial conditions or a lack of investment knowledge. However, investors can reapply at a later date.
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Recently I’ve been trying to apply and get approved for level 3 options trading from Fidelity which would allow me to trade credit and debit spreads, which are much more attractive to me than buying calls/puts.
My question is that I am not getting approved, and I was wondering the requirements for spreads. I currently have a $1,000 dollar account, and have level 2 options trading available. Do I need more money in my account to trade spreads? If so, what amount?
If anyone uses Fidelity to trade, advice would be much appreciated.
So I’m starting to get pissed off now because I want to leave Robinhood, but everywhere I go I can only get level 2 options trading. It makes no sense why because I’m answering the questions right and everything but no matter where I go I am never allowed to do spreads. Is it because I have to put in the 2k before they allow that? Or what can I do because all I want is to be able to trade spreads and there’s no point in me switching if I can’t.
I tried purchasing a contract the other day and was told I couldn’t. Is there a reason for this and how do I get permission?
I’m specifically interested in selling put options, which appears to require level 3 approval. I have been approved for level 1.
I have appx $65k with them in a cash account, appx half is in long term stocks and the balance in cash and some smaller short term positions.
I’m new to options, am a conservative investor, etc. what can I do to change this approval?
Anyone know the requirements for getting a higher option tier? I’ve had Tier 1 since I’ve opened my account but never get accepted for Tier 2. Not sure how strict they are with giving people new option tiers. Would love to learn more about their process if anyone knows. Thanks!
I put on the the application that I make over $100k (true), my net worth is between $50k-$100k (also true), and that my liquid net worth is $30k-$50k (again, true). I also put I had 2 years experience with all the trading, except stocks which I put 4 years. I have around $30k in assets and cash in my Fidelity account. They still only gave me level 1 options trading and their customer support was not helpful, they told me to reapply in a year (fuck that!). Anyone have any recommendations on what changes I can make to my next application to improve my chance of getting level 2 or level 3 options? I'm aiming to transfer more cash into the account and apply again in a couple weeks
Fidelity is very conservative in giving options approval probably one of the hardest broker to get it approved, I don't know what else you can do, other then try and reapply
Put more years for your experience. As long as it’s realistic, as in if you are 25 years old, don’t put 10 years experience since you can only legally start trading at 18.
When I first applied for option trading I got approved for level one. I have over $10,000 in the account and I applied for level 3 options and I got denied multiple times at this point. Do I need to have $25,000 minimum to get that approved or there are any hidden secrets behind it.