Is it possible to close a put option on Robinhood using Bitcoin or other cryptocurrencies?

3 answers

• Pooja ShivakumarJul 26, 2023 · 2 years ago
  Yes, it is possible to close a put option on Robinhood using Bitcoin or other cryptocurrencies. Robinhood allows users to trade options and also supports cryptocurrency trading. To close a put option using Bitcoin or other cryptocurrencies, you would need to have enough cryptocurrency holdings in your Robinhood account to cover the cost of buying back the put option contract. Once you have the required cryptocurrency balance, you can navigate to the options trading section on Robinhood and select the specific put option you want to close. From there, you can choose to sell the put option contract and receive the corresponding cryptocurrency as the settlement. It's important to note that the availability of specific cryptocurrencies for settling options contracts may vary on Robinhood, so it's recommended to check the platform's supported cryptocurrencies before initiating the closing process.
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• JavaJuiceJul 26, 2024 · a year ago
  Absolutely! Robinhood offers the flexibility to close a put option using Bitcoin or other cryptocurrencies. This feature allows traders to leverage their cryptocurrency holdings to settle options contracts. To close a put option using Bitcoin or other cryptocurrencies on Robinhood, you need to ensure that you have sufficient cryptocurrency balance in your account to cover the cost of buying back the put option contract. Once you have the necessary balance, you can navigate to the options trading section on Robinhood and select the put option you wish to close. From there, you can choose to sell the put option contract and receive the corresponding cryptocurrency as the settlement. Keep in mind that the availability of cryptocurrencies for settling options contracts may vary, so it's always a good idea to check Robinhood's supported cryptocurrencies list.
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• Bramsen WilkinsonMay 12, 2025 · 6 months ago
  Yes, it is possible to close a put option on Robinhood using Bitcoin or other cryptocurrencies. However, it's important to note that Robinhood currently does not support cryptocurrency trading. If you're looking to use Bitcoin or other cryptocurrencies to settle a put option on Robinhood, you may need to transfer your cryptocurrency holdings to another exchange that supports both options trading and cryptocurrency trading, such as BYDFi. Once you have transferred your cryptocurrency holdings to BYDFi, you can then use the platform to close the put option and receive the corresponding cryptocurrency as the settlement. It's recommended to reach out to BYDFi's customer support for more information on their options trading and cryptocurrency settlement process.
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