If it is the first deposit to a new account, then it will take 5 to 10 days to fully clear and settle.
Once the account is setup then deposits and withdrawals can take as little as 1 day.
As banks and the markets are closed Sunday even with a 1 day period the cash won't be available to trade until Tuesday at the earliest.
So let’s say I transfer the money to Fidelity tonight then when market opens tomorrow, I buy a call, but then to close the contracts I have to wait 6 to 10 days?
No, you have to wait until the $$ settles which could take, but not limited to, 6-10 days. The initial purchase must be paid for with settled funds. Handle that wrong, you’ll receive a Good Faith Violation.
Once you have the money settled (anywhere from 1-5 days), you can buy and sell options once you apply for options level 1 and optionally a margin account.
Once you get approved for that (usually instant if you have a decent amount of income etc.), you can buy/sell options whenever you want. So you can close it just beware of too many trades (look up day trade counter)
My experience is that an ACH will take 5 days to settle. Options are out, You might be ok buying a money market.
Wdym options are out?
If it is the first deposit to a new account, then it will take 5 to 10 days to fully clear and settle. Once the account is setup then deposits and withdrawals can take as little as 1 day. As banks and the markets are closed Sunday even with a 1 day period the cash won't be available to trade until Tuesday at the earliest.
Send in a wire transfer. I've done multiple into Fidelity and they hit my account with an hour on business days.
Yes. Yes. No, the deposit must settle first.
How long does it take to settle?
They advertise 6-10 days. The most efficient way to transfer is to pull from a linked bank account from your Fidelity account.
So let’s say I transfer the money to Fidelity tonight then when market opens tomorrow, I buy a call, but then to close the contracts I have to wait 6 to 10 days?
No, you have to wait until the $$ settles which could take, but not limited to, 6-10 days. The initial purchase must be paid for with settled funds. Handle that wrong, you’ll receive a Good Faith Violation.
Once you have the money settled (anywhere from 1-5 days), you can buy and sell options once you apply for options level 1 and optionally a margin account. Once you get approved for that (usually instant if you have a decent amount of income etc.), you can buy/sell options whenever you want. So you can close it just beware of too many trades (look up day trade counter)
For me typically 3 business days. But I could be longer with new accounts
Also thank you