Options Basics

Options trading involves significant risk and is not appropriate for all investors. Options contract fees of $0.65 per contract apply to all equity options trades. Margin trading requires a minimum account balance of $2,000 and is subject to interest charges at Fidelity's current base margin rate of 10.575%, which is subject to change. SIPC protection covers securities accounts up to $500,000, including $250,000 for cash claims, but does not protect against market losses. Fidelity's zero-expense-ratio index funds (FZROX, FZILX, FNILX, FZIPX) are available exclusively through Fidelity brokerage accounts and cannot be transferred in-kind to another broker. Past performance is not indicative of future results. Please review Fidelity's full fee schedule at Fidelity.com/commissions before trading.

Webull Financial LLC is a registered broker-dealer and member of FINRA and SIPC. SIPC protection covers investment accounts up to $500,000 including $250,000 for cash claims. Commission-free trading applies to online US-listed stock, ETF, and equity options trades. No per-contract fee applies to equity options. Index options carry a $0.50 per-contract fee. Orders above 500 contracts add $0.10 per contract. Cash yield of 3.6% APY applies to the Webull Cash Management account — rate is variable and subject to change. Webull Premium costs $3.99/month or $40/year and includes Level 2 market data, reduced margin rates, volume discounts, and a 3.5% IRA match on qualifying contributions subject to vesting schedule. Margin rates vary by balance — 8.74% for balances under $25,000, stepping down at higher balances. Premium subscribers may qualify for rates as low as 3.90%. Outgoing ACAT transfer fee is $75. No annual fee and no inactivity fee. ACH withdrawals are free — wire transfer fees apply. Crypto trading available on 70+ coins at 1% spread — no staking or off-platform transfers. Webull Financial LLC is a subsidiary of Fumi Technology and operates as a fully independent US-regulated entity. See webull.com for current rates, fees, and Premium terms.

Firstrade Securities Inc. is a registered broker-dealer and member of FINRA and SIPC. SIPC protection covers investment accounts up to $500,000 including $250,000 for cash claims. Additional insurance coverage is provided through Apex Clearing Corporation up to $37.5 million per client for securities and $900,000 for cash. Commission-free trading applies to online US-listed stock, ETF, mutual fund, and equity options trades. No per-contract fee, exercise fee, or assignment fee applies to options trades. Regulatory pass-through fees apply to all trades as required by the SEC and Options Clearing Corporation. Margin trading requires a minimum $2,000 account balance; spreads and defined-risk strategies require $2,000 minimum equity; uncovered puts require $10,000 minimum equity. Margin rates start at 8.75% and vary by balance. Outgoing ACAT transfer fee is $75. Wire withdrawal fee is $25; ACH withdrawals are free. No annual fee, no inactivity fee. Firstrade does not offer paper trading, futures trading, or forex trading. Cryptocurrency trading available on select coins — see firstrade.com for current availability.