As an option seller, you'll have access to the same tools as the option buyer -- but with a different objective. Instead of buying call-and-put options, you can sell them. You'll make money when the market goes up or down. And if the option's time value decreases to zero, then you own the underlying security at expiration (or earlier).
SoFi is an online lending platform that provides personal loans, mortgages and student loans to consumers with poor or limited credit.
You'll need to have a SoFi Invest account set up to sell options. If you don't already have one, create one and follow the prompts to open an account. It's easy and free. You can also open a SoFi Invest account through your mobile app.
First, go to the Options tab in your Invest account. Select the stock you want to sell options on. Once you see a list of available strike prices and expiration dates, enter the expiration date and strike price that best suits your needs.
To sell options on SoFi, visit the Sell Options page. On this page, you will see a drop-down menu. Select an option from the drop-down menu to add it to your order. At the bottom of this menu, select the stock ticker and expiration date for your chosen option contract.
Choose between a put or call option. A put option gives you the right to sell 100 shares of stock at a specific price until expiry; therefore, it is an out-of-the-money contract that pays off when prices fall below your strike price.
Conversely, a call option gives you the right to buy 100 shares of stock at a specific price before expiry; therefore, it is in the money and pays off when prices rise above your strike price before the expiration.
You can either enter the stock's symbol or ticker, and you'll see a prompt to enter the expiration date. After you've selected an option type and duration, it's time to decide how much you want to pay for this contract.
To sell options on SoFi, you'll need to select a strike price. You'll also need to decide between selling a put option and selling a call option. A put option allows you to sell a stock at a certain price by giving away your right (option) for this transaction. The put option buyer pays you an upfront fee and receives the right to buy from you within a specified time frame.
Once you've entered all the information, the last step is to review and accept the terms and conditions. You'll have to confirm that you understand what is on sale, how much it costs per contract, commission fees collection, how long it takes for SoFi to settle transactions and other basic details. Once you've confirmed your understanding of all this information, click Submit to complete your options sale.
GetHuman has been working for over 10 years on sourcing information about big organizations like SoFi in order to help customers resolve customer service issues faster. We started with contact information and fastest ways to reach a human at big companies. Particularly ones with slow or complicated IVR or phone menu systems. Or companies that have self-serve help forums instead of a customer service department. From there, we realized that consumers still needed more detailed help solving the most common problems, so we expanded to this set of guides, which grows every day. And if you spot any issues with our How Do I Sell Options on SoFi? guide, please let us know by sending us feedback. We want to be as helpful as possible. If you appreciated this guide, please share it with your favorite people. Our free information and tools is powered by you, the customer. The more people that use it, the better it gets.