How Do I Buy Options on SoFi?
To buy options on SoFi, go to the options trading page and click on the Options link in the top navigation bar. You will find a list of options available on SoFi. Enter the number of options you want to purchase and the strike price. The strike price is the price at which the option expires. Choose the number of contracts you want to buy. Contracts are the units of the options. Click Buy options.
SoFi is short for social finance. It's a financial technology company that offers student loans, mortgages, personal loans and investment products.
Log In to SoFi Active Investing Account
To buy options on SoFi, you need an active investing account. Log into your SoFi account and click on the Accounts tab to access this option. Select Active Investing from the drop-down menu and click on Buy Options. If you don't have an active investing account, click the Sign Up Now button.
Select Options Trading
When you log into your account, select options trading under the trade tab. If your goal is to purchase calls or puts without an underlying stock position (i.e., if you want to speculate on rising or falling markets), choose Classic Options. To buy put or call options to create a covered call strategy, select Advanced Options instead.
Enter the Stock Symbol
To begin, you need to enter the stock symbol for your desired investment. You can search for it in the Search bar on the homepage of their website and click on any company name in the list to see its details and get its ticker symbol.
Once you enter a valid ticker symbol or click on one of the listed companies, you come to a screen that displays all available options for buying puts or calls for this specific security.
Choose the Call or Put Option
To purchase an option, choose the call or put the option you would like to purchase.
- Put options give the holder the right, but not the obligation, to buy a security at a set price before a specific date.
- Call options give the holder the right, but not the obligation, to sell a security at a set price before a certain date.
Choose your prediction of whether you think SoFi shares will go up or down over time and determine which type of contract works best for you based on your outlook for its future performance.
Enter Order Details
Once you decide on the strike price, quantity, and expiry date of options, you will need to specify the order details such as quantity, price and expiry date.
Review Order
- Click on Review Order.
- Verify all details and ensure that the expiry date, price and quantity match your requirements.
- Press Submit if you're satisfied with your order.
Confirm and Click Place Order
Confirm that you want to place the order by clicking on Confirm Order. If you are ready to proceed with your purchase, click Place Order. If you want to cancel your order during this step of buying options on SoFi, click Cancel Order.
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