Both cash and margin accounts can trade options.
Cash accounts support Level 2 option strategies, while margin accounts support Level 4 option strategies. Click here to learn more about which option strategies are supported at each level.
Please be aware that the account must have a minimum $2,000 account balance (not including option positions) to place an options trade.
For example, if your account has $1,500 in cash and $1,000 in existing option contracts, you would not be able to place another option order because your account balance excluding option positions is under $2,000.
Still got questions? Contact TradeUP Customer Support by email at support@tradeup.com or reach out to us on Live Chat!