Hi, I have a cash account. Today I closed a largish LSE stock (ETF) position. Then I tried buying EUR.USD (not CFD as far as I know) just so I would have an EUR balance in my account. I ultimately discarded this order before transmitting it. Now, I'm not sure whether this has anything to do with my attempt to buy EUR with USD but when I go to my account window I see I have a negative "Settled Cash" and I can't actually buy EUR with USD if I try to now. Maybe this has something to do with the LSE sell order and I have to wait for a bit for something to "settle" in my account? Thanks!
Could be due to settlement time for cash accounts: https://www.google.com/search?q=trading+cash+account+settlement+time
You should work with a Tier1 PB who offers real time settlement. Of course, this service is only being offered to the "preferred addresses" of this world....;=)
They got back to me and apparently I was in violation of the free riding rule. About real time settlement, I understand I will no longer be constrained by such rules anyway if I switch to a margin account.