What are the minimum account requirements to place option trades?
While Firstrade does not require a minimum balance to open an account or invest in equity securities, we do require minimum equity in order to place certain option orders. The following table lists the option strategy and the minimum equity required to place option orders:
|Option Strategy||Minimum Equity Required|
|Covered Calls||No Minimum|
|Cash-Secured Equity Puts||No Minimum|
|Buying Puts & Calls||No Minimum|
|Spreads, Straddles, Butterfly, & Condor||$2,000 + Margin Required|
|Uncovered Puts||$10,000 + Margin Required|