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Non-Tech : CYBERTRADER
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To: Colin Cody who wrote (939)7/2/1998 12:16:00 PM
From: Tanner  Read Replies (1) of 3216
 
This has nothing to do with T+3...and this really has nothing to do with "buying on credit".... I will explain this one more time... I am not suggesting that CyberBroker allow someone to trade before they fund their account... I am suggesting that they allow someone to trade once they fund their account with a check... Just like if you went to the store and wrote a check for a purchase... The store owner wouldn't say, "come back in 10 days and I'll give you what you just purchased then."

This is not an unusual request... Like I said, EVERY trading firm that I know of, regardless of the market they cater to, allows you to trade once you fund your account...even if you send them a check. Just because they don't wait 10 days for the funds to clear, does not mean they are allowing you to buy on credit, and it has nothing to do with T+3 because the funds are in the account before a trade has ever occurred (remember, even though the funds may not have cleared, Penson Financial considers the account to have funds in it).
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