Upbeat music plays throughout
Video intro plays
Narrator: Trading options requires Schwab approval. To begin requesting this type of privilege, click on Profile and select Margin & Options.
Profile, then Margin & Options is clicked
If the account is unable to apply for options through the online process, you'll be directed to a form version to complete. For this example, we'll continue with the online application. Here, you'll need to select the account you would like to submit for options trading approval, and then click the Apply for link under the options level you would like to apply for.
Apply for Covered link is clicked
Additionally, if you don't already have margin access, you'll be given the option to add margin access to your account before moving forward. This brings up the application for options approval form.
Popup appears, mouse clicks Yes, add
You must complete this form to apply to trade options or to apply for an upgrade to your current options approval level. In options trading, there are several different approval levels. Each level allows you to trade certain options strategies. Generally, the higher-leveled strategies carry the most risk, but keep in mind that all levels incur a certain level of risk. To compare each of these option levels, select Compare Strategies. Compare strategies is clicked
Once you've selected an option level, you'll be required to submit a variety of qualifying information which includes creating a trading profile, sharing your employment status, source of income and more.
Form fields are filled out
Finally, you'll be asked to verify all the information you've provided. Keep in mind, your responses may affect the options level you're approved for, so be sure to check for accuracy. Once complete, select Continue.
Continue is clicked
Next, you'll be required to read and consent to various agreements before moving forward. Once read, select the I consent box to proceed, and hit submit.
Multiple disclosures are accepted, then submit is clicked
After completing and submitting this form, you'll be emailed the status of your request within three business days, or sent a letter in the mail within five to eight business days if you haven't enrolled in paperless communication.
Video outro plays