Help, anyone?
$Tesla (TSLA.US)$ I am a complete newbie here. I transferred in SGD, then I tried to buy Tesla shares and the platform said I’m buying on margin. I was in a hurry to get in so I just clicked ok. So fast forward a few days later I sold my shares and earned about 800USD, but I’m unable to withdraw my USD, can anyone help me understand how I can enable withdrawal? And buying on margin seems like too good a thing?
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hilohilo : Depositing SGD goes to your SGD account. Your USD account would be still zero. You need to exchange your currency from SGD to USD. Or deposit USD directly from your multi currency bank account. Buying on margin is dangerous as a newbie coz you are essentially taking a loan to buy the stock. U will be charged interest.
Bidadari : You need to convert your USD to S$ before you withdraw your money
hilohilo : And you can only withdraw after settlement which is T+2
ivanjh : After the shares are sold, you have to wait T+2 trading days
Jazzit : It needs two working day to settle the transaction. In this case, two US working days.
Hey13 OP : Thank you all so much for enlightening me. I figured there must be some sort of charges for lending me the money. How do I find out how much interest I’m being charged?