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.