Trade Date + plus 3

[GTS]

Quote from manlycure:

I clearly prefer using cash accounts and with an IRA account, margin is not even an option.

False

I have an IB IRA account and it is designated as a margin account. I am able to use the proceeds from the sale of stock immediately to purchase another stock (and have done this).

From IB's Account Configuration/Account Capabilities page (Trading Access -> Trading Permissions, 1st page)

Choose margin or cash trading permissions for your account.

Margin
Immediately use cash proceeds for trading, and limited option spread combinations. Borrowing is never allowed, and for non-base currency trades you must have enough cash in the currency of the trade (you can convert base currency before entering an order in a non-base currency).

 

[manlycure]

Since I'm overseeing multiple accounts, IRA being only one of them, it would really matter if all accounts could have that T+0 ability (without the borrowing).

Statistically speaking, the opportunity cost due to T+3 restriction, is quite higher than interest IB would pay me for those 3 days till settlement (if indeed they pay interest on that, which I need to check with them).

I'm out for a week without a laptop... I'll be back to check on the thread next week. Thanks to y'all !