Selling puts or calls to open a position will generally require considerably more margin than buying puts or calls. Forex traders in the US are required to get approval for that level of options trading, across the following four tiers: Level one options trading: Default level, includes protective puts and covered calls Level two options trading: Buying options (puts or calls) Level three options trading: Credit and Debit spreads (defined risk/reward) Level four options trading: Naked position (undefined risk)