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biggestballs 写了： 2025年 8月 16日 21:51

margin不能用来买call/put

為什麼？我記得IB的margin可以withdraw cash，難道還不能在另一個股票帳戶用借來的現金買期權？

What’s Actually Allowed in the U.S.

1. IBKR May Allow Negative Cash Balance Withdrawals (i.e., Borrowing to Withdraw)

Contrary to earlier assumptions, several users report that Interactive Brokers does allow withdrawals even when the cash balance is negative, as long as margin requirements are satisfied. One user on Reddit confirmed:

“You can withdraw cash and hold negative USD, as long as you have enough funds to cover the maintenance and avoid a margin call.”

1. But Negative Cash Means You're Borrowing & Paying Interest

If your account ends up with a negative (debit) cash balance, that means you're effectively borrowing funds. IBKR charges interest on borrowed funds—based on tiered rates and daily calculations.

1. No Built-In Safeguard to Avoid Negative Balances in TWS

IBKR’s Trader Workstation (TWS) does not prevent you from executing trades that cause your cash balance to go negative (which triggers a margin loan). That means even if you unintentionally dip into margin by withdrawing or trading, the system will still let you—subject to margin requirements.

1. Yes, You Can Use Withdrawn Margin Cash for Anything

When you withdraw cash from a margin account—resulting in a negative cash balance—you’ve effectively borrowed money from your broker. Once those funds are in your own bank or another brokerage, they’re yours to spend or invest however you like. Using margin borrowing in this way is similar to taking out a secured loan. The only restrictions remaining are from the original broker, mainly that you must continue to meet margin maintenance requirements and will be charged interest.

1. But You Still Can't Buy Long Options on Margin

Here’s the critical distinction: Borrowed funds don't magically enable you to buy long options on margin at any brokerage.

This is because:

Options are generally non-marginable assets for long positions. To buy a long call or put, you must pay the full premium in settlement cash. You cannot borrow to buy them.

One Reddit comment sums it up succinctly:

“You can buy options with margin, but not on margin.”
This means you may buy options using cash you got from margin, but the options themselves aren’t financed—you're still using cash to pay for every part of it.

So even if you withdraw margin cash, once you deposit it into another brokerage, you’ll need to use that cash to pay for any long options—there's no leveraging of those contracts themselves.

Example to Illustrate:

1. You borrow $5,000 via margin at IBKR, creating a negative cash balance in your account.

2. You withdraw that $5,000 and deposit it into Broker B.

3. In Broker B, you cannot borrow further to buy options—you must use the $5,000 in real settled cash to pay for the premiums in full.

Bottom Line

Yes—you can borrow via margin, withdraw the funds, and use them for other purposes. But this does not equate to buying options on margin. To purchase long calls or puts, you must use actual available cash, not borrowed funds. The borrowed money may finance your broader strategy, but the options themselves must still be fully funded with cash.

LC1 写了： 2025年 8月 16日 21:40

好吧，我就多说几句。

原因是资金占用不一样。卖实际上是上杠杆，用的margin额度。假设你有100万，全买了股票，没有剩余cash，这时候能够用于卖的margin额度大约是70万。具体数字与你买的股票风险，市场风险有关。

举个真实例子，在4月份时候meta年底400的可以卖到12-15。如果做200/400 spread，占用额度是2万。最晚8月可以收回，4个月净利润1000应该没有什么问题。注意这个是额外的收益，你该买的正股不耽误。

当然，实际操作中如何控制风险非常复杂。否则股市就是大家的印钞机，而不是吞金兽了。

你说的情况我确实没经历过，因为fidelity至少我的账户不会让我用马金卖，如果我要卖400的一个，帐户至少要有40000块cash才行。
顺便问一下，你说的这种情况是不是还要要付马金的利息？

sdogdog 写了： 2025年 8月 16日 21:59

你说的情况我确实没经历过，因为fidelity至少我的账户不会让我用马金卖，如果我要卖400的一个，帐户至少要有40000块cash才行。
顺便问一下，你说的这种情况是不是还要要付马金的利息？

是用margin额度，不实际用到margin，所以不需要付利息。
这个相当于劵商看你持有的股票有价值，给你额外的奖励似的。

magagop 写了： 2025年 8月 16日 21:46

如果能預知股票大漲，為什麼不直接用margin借錢買正股或者CALL？那不是漲得更多？

这个不实际从margin里面借钱，也不付利息。如果买正股，就需要借钱付利息，而且承担股票下跌的风险。比如你买的很好，在500买入，跌到450就亏10%，还要付10%的margin利息。。。

LC1 写了： 2025年 8月 16日 22:16

这个不实际从margin里面借钱，也不付利息。如果买正股，就需要借钱付利息，而且承担股票下跌的风险。比如你买的很好，在500买入，跌到450就亏10%，还要付10%的margin利息。。。

謝謝解釋，今天又學了一個方法。

LC1 写了： 2025年 8月 16日 22:16

这个不实际从margin里面借钱，也不付利息。如果买正股，就需要借钱付利息，而且承担股票下跌的风险。比如你买的很好，在500买入，跌到450就亏10%，还要付10%的margin利息。。。

谢谢。fidelity马金不能用来卖葡萄，买正股倒是没问题。但是利息也高。

LC1 写了： 2025年 8月 16日 22:16

这个不实际从margin里面借钱，也不付利息。如果买正股，就需要借钱付利息，而且承担股票下跌的风险。比如你买的很好，在500买入，跌到450就亏10%，还要付10%的margin利息。。。

那么这就是用你的股票做put的抵押物？如果被assign的话，就得卖出一些股票来购入UL？

magagop 写了： 2025年 8月 16日 21:54

為什麼？我記得IB的margin可以withdraw cash，難道還不能在另一個股票帳戶用借來的現金買期權？

What’s Actually Allowed in the U.S.

1. IBKR May Allow Negative Cash Balance Withdrawals (i.e., Borrowing to Withdraw)

Contrary to earlier assumptions, several users report that Interactive Brokers does allow withdrawals even when the cash balance is negative, as long as margin requirements are satisfied. One user on Reddit confirmed:

1. But Negative Cash Means You're Borrowing & Paying Interest

If your account ends up with a negative (debit) cash balance, that means you're effectively borrowing funds. IBKR charges interest on borrowed funds—based on tiered rates and daily calculations.

1. No Built-In Safeguard to Avoid Negative Balances in TWS

IBKR’s Trader Workstation (TWS) does not prevent you from executing trades that cause your cash balance to go negative (which triggers a margin loan). That means even if you unintentionally dip into margin by withdrawing or trading, the system will still let you—subject to margin requirements.

---

1. Yes, You Can Use Withdrawn Margin Cash for Anything

When you withdraw cash from a margin account—resulting in a negative cash balance—you’ve effectively borrowed money from your broker. Once those funds are in your own bank or another brokerage, they’re yours to spend or invest however you like. Using margin borrowing in this way is similar to taking out a secured loan. The only restrictions remaining are from the original broker, mainly that you must continue to meet margin maintenance requirements and will be charged interest.

---

1. But You Still Can't Buy Long Options on Margin

Here’s the critical distinction: Borrowed funds don't magically enable you to buy long options on margin at any brokerage.

This is because:

Options are generally non-marginable assets for long positions. To buy a long call or put, you must pay the full premium in settlement cash. You cannot borrow to buy them.

One Reddit comment sums it up succinctly:

So even if you withdraw margin cash, once you deposit it into another brokerage, you’ll need to use that cash to pay for any long options—there's no leveraging of those contracts themselves.

---

Example to Illustrate:

1. You borrow $5,000 via margin at IBKR, creating a negative cash balance in your account.

2. You withdraw that $5,000 and deposit it into Broker B.

3. In Broker B, you cannot borrow further to buy options—you must use the $5,000 in real settled cash to pay for the premiums in full.

Bottom Line

Yes—you can borrow via margin, withdraw the funds, and use them for other purposes. But this does not equate to buying options on margin. To purchase long calls or puts, you must use actual available cash, not borrowed funds. The borrowed money may finance your broader strategy, but the options themselves must still be fully funded with cash.

IB这么松的吗，我其他券商的margin账户买call/put只能用cash balance，一旦cash balance用完option buying power就会自动降为0

margin还能直接取钱？闻所未闻，那开一个margin account，假装存入1万可以取出4万？如果有人这样搞然后直接跑路，券商不亏大发了

回归主题，俺觉得股价在支撑线时做牛扑 spread 比较好，尤其前景不明万一大跌亏得也不多，收益也还行，大涨别眼红就是了。只要赢面大，多赚几次跟大涨效果差不多。

biggestballs 写了： 2025年 8月 17日 03:16

IB这么松的吗，我其他券商的margin账户买call/put只能用cash balance，一旦cash balance用完option buying power就会自动降为0

margin还能直接取钱？闻所未闻，那开一个margin account，假装存入1万可以取出4万？如果有人这样搞然后直接跑路，券商不亏大发了

我感觉你取不出4万 lol

oxo 写了： 2025年 8月 17日 02:47

那么这就是用你的股票做put的抵押物？如果被assign的话，就得卖出一些股票来购入UL？

是的，股票是抵押物。如果被assign，会是用margin买入。如果margin额度不够了，就会接到马静的电话。这个应该在被assign之前就会发生。

sdogdog 写了： 2025年 8月 17日 00:16

谢谢。fidelity马金不能用来卖葡萄，买正股倒是没问题。但是利息也高。

我用的就是fidelity。要么你还没有完全理解如何操作，要么你账户权限不够。

goFan 写了： 2025年 8月 17日 03:30

回归主题，俺觉得股价在支撑线时做牛扑 spread 比较好，尤其前景不明万一大跌亏得也不多，收益也还行，大涨别眼红就是了。只要赢面大，多赚几次跟大涨效果差不多。

是的，找到一种适合自己的稳定的赚钱方法就好。在股版，给人的印象是，每个人都是大牛，搞的年收益率没有30% 50%都不好意思发帖似的。所以多数人还是需要静下心来，把目标定低一点，比如比sp 500高个3-5百分点，甚至不亏钱就是胜利，这样心态就会平和很多，从而避免极端操作。

LC1 写了： 2025年 8月 17日 10:26

是的，找到一种适合自己的稳定的赚钱方法就好。在股版，给人的印象是，每个人都是大牛，搞的年收益率没有30% 50%都不好意思发帖似的。所以多数人还是需要静下心来，把目标定低一点，比如比sp 500高个3-5百分点，甚至不亏钱就是胜利，这样心态就会平和很多，从而避免极端操作。

感谢认真分享的ID。能稳定战胜sp500就非常厉害了，同时还能保证一定的diversification就无敌了。

网络的一个问题就是会偏向爱发言的聒噪的ID，他们的发言不一定靠谱，但是会占据大量版面，就会产生版上都是资产10M+，年收50%+起的印象。有些看着很厉害的post，仔细一看，那个ID才刚开始做股票，或者还在别的帖子问一些非常入门的问题

biggestballs 写了： 2025年 8月 17日 03:16

IB这么松的吗，我其他券商的margin账户买call/put只能用cash balance，一旦cash balance用完option buying power就会自动降为0

margin还能直接取钱？闻所未闻，那开一个margin account，假装存入1万可以取出4万？如果有人这样搞然后直接跑路，券商不亏大发了

Margin有collateral，存一萬股票能取幾千現金，跟抵押貸款類似

Therespne’sm 写了： 2025年 8月 15日 23:25

我下周就试试然后来汇报。 就选TMDX ， 正好是我想要持有的股票

我来汇报一下这贴之后的实验性操作和结果：
CRWV 卖了120 和110 的put , 目前在不停roll far and down 中。 premium 越滚越高， 不知道什么时候是个头
BMNR 卖了50 ITM 的put, 股价立即下跌，目前也在roll far and down 中
TMDX 卖了120 ITM 一个月后到期的put , 也已经under water 很多。

看来真是的只有横排卖ITM put 才行。

Therespne’sm 写了： 2025年 9月 4日 21:57

我来汇报一下这贴之后的实验性操作和结果：
CRWV 卖了120 和110 的put , 目前在不停roll far and down 中。 premium 越滚越高， 不知道什么时候是个头
BMNR 卖了50 ITM 的put, 股价立即下跌，目前也在roll far and down 中
TMDX 卖了120 ITM 一个月后到期的put , 也已经under water 很多。

看来真是的只有横排卖ITM put 才行。

你选了三只下跌股卖put，能有什么好结果？

Therespne’sm 写了： 2025年 9月 4日 21:57

我来汇报一下这贴之后的实验性操作和结果：
CRWV 卖了120 和110 的put , 目前在不停roll far and down 中。 premium 越滚越高， 不知道什么时候是个头
BMNR 卖了50 ITM 的put, 股价立即下跌，目前也在roll far and down 中
TMDX 卖了120 ITM 一个月后到期的put , 也已经under water 很多。

看来真是的只有横排卖ITM put 才行。

CRWV波动大，premium高，但下降趋势，根本不知道哪里是底，操作风险大。

卖一般尽量选横盘或者上升趋势的，这样赚钱的概率高。

最近市场有可能回调，我都是尽量收，很少卖新的。

Therespne’sm 写了： 2025年 9月 4日 21:57

我来汇报一下这贴之后的实验性操作和结果：
CRWV 卖了120 和110 的put , 目前在不停roll far and down 中。 premium 越滚越高， 不知道什么时候是个头
BMNR 卖了50 ITM 的put, 股价立即下跌，目前也在roll far and down 中
TMDX 卖了120 ITM 一个月后到期的put , 也已经under water 很多。

看来真是的只有横排卖ITM put 才行。

短期期權風險特別大，幾天就會損失50％，這是我做長期期權的原因。。。

RIA用margin 额度卖put，我被推销过这个产品.他们收55bps费用，宣称平均净收益4到6%. 都是以整个账户做分母。考虑他们用的margin顶多是账户额40%， 大概按notional 10%收益, 还好吧。