I am new to trading. I want to make a one time small purchase on a Canadian penny stock (otc). I already have money in my account that I transferred in from checking account. I can’t buy the stock though because I have to “wire” the money in instead?.......
I'm not sure I understand you. You already have money in your brokerage account that you transferred from your checking account. You're claiming they want you to deposit the money via a different method instead? Are you sure you're understanding why your brokerage won't let you purchase the stock? Is it possible you transferred money from your checking account and that money has not settled yet? If you just transferred it today, there may be a few trading day waiting period before you are able to purchase stock. Also, welcome to the forums! Hope to see you around more, we can all learn from each other and make some money in the process!
I have transferred the money. I guess it shows as pending in my bank account, but shows to be active on my trading account. So until that clears,...I can't make the buy?
Since its an OTC stock, it can only be traded with settled cash, unless you have a margin account I think its 6 or 7 business days for any cash deposit to settle with TDA.... watch the "stock buying power" on your account, that should tell you when your deposit is settled Also, if you'r new to trading, make sure you understand how penny stocks work... know what youre getting yourself into.... totally different game
