Because Lightspeed doesnt clear themselves, you cant buy anything at all if fully invested at the prior day close, even if set up with a Limited Margin IRA, because buying power only resets during the night only. Are there any brokers that offer Limited Margin IRAs that add to buying power during the trading day that use the Lightspeed Trader software? OR Any brokers that use the Lightspeed Trader software that still only update buying power during the night, BUT, give more than NEAR NOTHING which is what Lightspeed gives on uninvested cash? Thank you
Hi David, Lightspeed uses Wedbush Securities as our clearing broker. They set Day Trading BP for Limited Margin IRA and any Margin account from your overnight house excess. So if on one day you use up all your margin and do not exit until a later date, you do not get back that BP same day, as you did not have that excess overnight. Lightspeed Financial Services Group is the only US Broker that offers Lightspeed Trader. And one of the few brokers offering Blue Ocean overnight trading of equities.
Are there any options for uninvested cash so it will earn closer to 3-4% in an IRA account so that you can place trades in an IRA yet arent earning near 0% by holding cash overnight in order to place trades the next day? Getting near 0% is pretty expensive compared to Fidelity which offers close to 4% for uninvested cash in an IRA.
We offer access to T-bills and the Vanguard Treasury Money Market Fund but the MMF is not a sweep. For an active trader in a CASH account or even limited margin IRA, these do not work as well as a larger account where the T-bill has a 10% requirement and the MMF has a 1% requirement after 30 days. So if you are looking for a place to save, they are a better offering. We cater to active customers where in an IRA these make little sense as our customers want the max available BP while trading but might want T-bills or MMF in an IRA while taking time off from trading for part or all their cash, they do have access.