Webull Options Trading Levels
If you want a good broker for options trading, Webull is always a strong choice. The popular broker offers features designed to help traders succeed. These include zero commissions on options trades, detailed options chains, and advanced data feeds and charting. All these tools can help make options strategies more effective.
Let’s go over the details of options trading at Webull to help you decide if Webull is the right broker for you.
Approval Levels
The first thing to know about trading options at Webull is that new traders need to apply for approval. There are different levels of options trading permissions, and each one comes with different features and risks.
The application process is simple. Investors answer questions about their background, risk tolerance, income, years of experience, and investment goals. Based on these answers, Webull decides which level of options trading is right for you.
You usually get a decision in a day or two, and once you’re approved for a certain trading level, you can start trading right away.
Keep in mind, this decision is not permanent. You can apply to upgrade or downgrade your permission at any time. This is helpful if you think your current level gives you too much or too little risk.
There are many things to think about when choosing the right options permission level, so traders should compare the differences between them.
Here is how Webull defines each level.
Webull Level 1 Options
Level 1 is the most basic. Traders with Level 1 permission can buy long calls and puts, write covered calls, and write cash-secured puts.
Webull Level 2 Options
At Level 2, traders get everything in Level 1, plus long straddles, strangles, covered puts, protective puts, and collars.
Webull Level 3 Options
At Level 3, you can sell options on margin. You can also trade spreads, including credit spreads, debit spreads, iron condors, butterflies, iron flies, and more. Many serious options traders ask for Level 3 or higher.
Webull Levels 4 and 5 Options
Levels 4 and 5 are not yet available, but traders can get early approval for them. When these levels launch, traders who qualify will be able to write naked calls and puts on ETFs (Level 4) and Indexes (Level 5).
Free Webull Options Trading
Up to $1,000 cash and 20 FREE shares when you make a deposit at Webull.
Visit Webull Website
Advanced Options Strategies
As you can see, the strategies available to options traders depend on their approval level. Most traders go for Level 3, so here are a couple of things to know about trading spreads at Webull.
Spread trading on the web platform isn’t as simple as it will be in the future. Traders who want to trade advanced strategies (multi-leg trades) on the web version should “leg into” their positions.
Legging into advanced positions is a good way to use different strategies, but traders should know how margin requirements work. For example, it’s best to go long first, then sell (write) against that position. By following a simple order, traders can get the most out of Webull’s options trading.
If you use the desktop platform or the mobile app, there are more features for choosing spreads. You can pick from many strategies before choosing the strike prices you want.
Multi Leg Options
Learn more about Webull multi leg options.
Notable Trading Tools for the Active Trader
Webull offers many tools for active traders. Here are a few that are especially helpful for options traders.
PnL graph – The PnL graph shows a visual of the expected value of a position based on changes in the stock price, time, and other factors. With the graph, traders can easily see when a strategy might be profitable or losing money.
Option Contract Charting – Besides great charting on the Webull platform, there is another feature many options traders like. By clicking ‘Percent Change’ in the options chain, the options trading layout will show the chart for that options contract. You can do this manually at any time, and the “quick view” gives valuable insights for each contract and spread in the chain. This can help traders find better entry and exit points for their trades.
Fees and Commissions
Another big reason traders might want to use Webull is that there are no trading fees for buying and selling options, and there are no fees for exercising or assignment. This is rare in the options world, since most brokers charge at least $1 per contract, per side.
For traders who do a lot of options trades, these fees can add up fast. But at Webull, that’s never a problem. Investors trading options at Webull will never be charged for opening or closing a trade.
Pros and Cons
There are clear benefits to trading options at Webull, but there are some things to keep in mind. Here is a short list of pros and cons to help you decide if Webull is right for you.
Pros
- Great charting
- Auto-exercise toggle is very useful
- Support for multi-leg strategies
- Several ‘risk’ levels to pick from
- No commission or exchange fees
Cons
- Some differences between mobile, web, and desktop
- Not all trading levels are available yet
Free Webull Options Trading
Up to $1,000 cash and 20 FREE shares when you make a deposit at Webull.
Visit Webull Website
Updated on 6/12/2025.

Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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