hello,
So I use IB, and today I attempted to make a trade but it was rejected immediately saying I had no "settled cash", when I had 3,200 as my balance. I had not made any trades prior. How can I fix this?
hello,
So I use IB, and today I attempted to make a trade but it was rejected immediately saying I had no "settled cash", when I had 3,200 as my balance. I had not made any trades prior. How can I fix this?
Well, from what I can see you may have been saved, but that doesn't really help explain why you can't make a trade. Your best bet is to contact IB because there is no apparent reason as to why you can't trade.
Trades made in a cash or margin account take T+3 days to settle. In a cash account, you have to wait T+3 days until you can trade. Margin accounts still take T+3 days to settle but overcome the restriction because a margin account is like a credit line you borrow from while the trades settle.
Homework: About Settling Trades in Three Days: T+3 https://www.sec.gov/investor/pubs/tplus3.htm
The IB platform should have T counter on it. Just enable it.
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