One thing I liked about Robinhood was that as soon as I sold a stock, I could use that cash however I wanted and I don’t get any warnings. Fidelity seems not to have that unless I sign up for margin according to support. My understanding is that I will pay interest if I do that though. Is there no free way to get the same RH behavior on fidelity? #personalfinance #investments
You can definitely do that in Fidelity, don't need margin account. You can sell stock A and buy stock B immediately (in Balances tab, it will show the sold amount as "Cash available for trading"). With that amount you can immediately buy stock B (it will pop-up notice regarding good-faith violation but that can be ignored as long as you don't trade daily and wait for funds to settle which is typically 1-2 days)
Yeah that’s my point, I want to do whatever with that cash without warning like RH does. 1-3 days to settle is too long for me.
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How did RH do it without margin? Broker doesn’t matter, it’s a national settlement rule.
That’s what I want to know and if Fidelity provides a similar feature. Maybe it has something to do with day trading?
Covert your account to margin account, you can do the same in fidelity