All brokerages will require us to fill out an options approval form as designed by its compliance department. The owner of an option contract is not obligated to buy or sell the underlying security. I've been subscribing to this PennyStock web site for about a year now and have loved the objective advice they give. Posting Quick Reply - Please Wait. Data is deemed accurate but is not warranted or guaranteed. At this level, options traders are not able to buy call options or put options without first owning the underlying stock.
Jul 08, · Best Answer: You are probably being limited to levels 1 & 2 because of the size of your account, or because you have not had a long history of association with Scottrade. Level 1 & 2 allows you to sell covered calls, and to buy calls and puts. Level 3 allows the trader to sell naked, or uncovered, options Status: Resolved.
They only restricted the stock after I called them. They also issued no warning or statement to this date whatsoever. The trades went through but all the trades then got canceled within about one to two hour s.
Then i immediately called Scottrade to make sure all was ok and they told me they made a mistake with having confused a reverse split with a forward split and that all the trades were canceled. My account money balance and brokerage market value was restored back to it's previous state and I specifically asked if all was good now and no other implications expected and they said yes, all good. That was also recorded on their phone-call system that day which can be retrieved from their system.
There were no restrictions on my account and Scottrade told me all was fine too on that same day I called like I mentioned. However I then wanted to get some money out of my account and suddenly the Scottrade compliance department tells me they can't do it and have to restrict my account for their investigation about that incident. I have listed all my points to the Scottrade compliance department's manager and also have made screenshots from that day's incident with further documents and proof that Scottrade made the mistake.
I'm also aware that there are more shareholders who got hurt in this confusion caused by Scottrade. It's now three weeks since my account got restricted and i can't access my money and Scottrade is giving me no time-frame upon my request. It's absolutely unacceptable that they're holding my account and money hostage because of their mistake and that caused a lot of confusion amongst the shareholders of that security as well as made some of them perform these trades when they trusted Scottrade's trading platform.
Now i'm being hurt financially because of Scottrade as with each day that is passing i can't trade nor access my money. Scottrade's compliance manager seems not willing to cooperate and it seems that Scottrade is trying to look for any possible opportunity to blame their customers but themselves for Scottrade's big mistake.
Scottrade also needs to be immediately forced to lift the restrictions of individuals like me who got confused and hurt financially by Scottrade. I really wanted to solve this in a friendly manner with ST but they're giving me no choice other than getting my attorney up and running.
Ideally i'd like to avoid this and get my money asap from my account. I no longer want to be with those shady crooks if they are restricting me because of their mistake.
Related Questions Scottrade Options Account level3? Scottrade restricted my account because of their own mistake, my options? Options trading with scottrade? My scottrade account is now out of money?? Profit margin of 9. Can I link my yahoo finance to my ameritrade broker account? Can I buy and just hold stocks without additional cost? How to perform futures trading? Is there a service that can assist me in challenging my stock brokerage informing me that I must leave them? Again, you should ask Scottrade.
Automated Binary Trading http: Invest in Forex Tips http: It will make no difference with me. I would rather block a user rather than add him as enemy.
What if there was an option? If I open an account, do I pay anything? I want to invest in stocks? When people report questions from months ago are they trying to terminate your account?
Why can't I see Yahoo! Messenger in my Yahoo! My yahoo account loads as a white screen and a mess of options down the left. I have experience trading options. Any ideas on how I'm doing this wrong? All I need is Options Level 2 approval. Davecash77 , Aug 28, The link you supplied is the margin application. Only way I can see that being denied would be credit report or insufficient funds for margin. Additionally, without seeing answers to questions there is no way to know if it's denied based on how you are answering the questions, but the obvious answer is something in your application shows insufficient qualification to trade options per there requirements.
Bolimomo , Aug 28, ETrade might also look at the actual funding of the account.
Apr 28, · Scottrade Options Account? or because you have not had a long history of association with Scottrade. Level 1 & 2 allows you to sell covered calls, and to buy calls and puts. Level 3 allows the trader to sell naked, or uncovered, options; these require a margin account, and at least $25, of equity in your account. Status: Resolved. Option approval level 2 is an incremental improvement over the previous level. At this level, a trader is permitted to perform both strategies listed in Level 1, as well as going long on calls and. Sophisticated options traders know the level appropriate for their needs. For Blue Collar Investors, Level 1 is the place to be in most (but not all) instances, at least initially. 7 Responses to “Option Approval Levels For Our Brokerage Accounts” I was surprised to see Scottrade made your list of online discount brokers. I moved my.
Options Strategies for Level 2 Customers. Long Call Call our dedicated Options Service Team at Important Note: Options transactions are complex and carry a high degree of risk. They are intended for sophisticated investors and are not suitable for everyone. Trading level 2 allows you to buy call options or put options on top of what Trading Level 1 allows you to do. This is the level most beginners to options trading start at. This is the level most beginners to options trading start at. Scottrade opens Naked Option selling! (hdmobilsikis.gas) submitted 3 years ago by FercPolo. Just got an email today that Scottrade will allow Level 4 options strategies on their traditional Scottrade platform, no Options First BS required. Finally, for those who enjoy the $7 trade, (and you can negotiate options from $ contract to $ with.
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