To buy and sell options on underlying financial instruments that trade on major U.S. exchanges, you must have a Vanguard Brokerage account and be preapproved by Vanguard Brokerage to trade options in that account.
Our brokerage associates are available to answer your questions at 800-992-8327 on business days from 8 a.m. to 10 p.m., or on Saturdays from 9 a.m. to 4 p.m., Eastern time.
Submit your application Complete and submit a Vanguard Brokerage Option Application, one for each brokerage account that you intend to use for options trading.
Note: If you don't already have a Vanguard Brokerage account, you'll also need to open an account.
Getting approval In reviewing your application, we'll consider your account type and the information you provide about your finances, trading experience, and investment objective.
You'll receive notice of your approval or denial by mail.
We have four levels of options approval:
Level 1. Write covered calls, purchase protective puts, and write covered puts. (Margin approval is required to write covered puts.) Level 2. Purchase calls and puts. Write cash-secured puts. (Includes Level 1.)* Level 3. Trade equity and index spreads. (Includes Levels 1 and 2.)** Level 4. Write uncovered (naked) puts. (Includes Levels, 1, 2, and 3.) **