$NVIDIA (NVDA.US)$ Do you need to have a margin account to b...
$NVIDIA (NVDA.US)$ Do you need to have a margin account to buy options, or would any account work with MooMoo?
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obliging Liger_8165 : Yes, I traded option with margin.
YEGMaestro OP : Oh really... So what do you need to get an account started? I currently just joined MooMoo and started with a TFSA account. Tried to pick up some options on COIN today and notification said I needed to have a margin account!
obliging Liger_8165 : I not sure about crypto, I traded stocks and option with margin.
YEGMaestro OP : No, Coinbase stock (COIN). So do you have to have a certain amount of money before you can trade in a margin account; I meant with your own funds?
YEGMaestro OP : Sorry about the question. New with this broker. Switched from Wealthsimple
71842747 YEGMaestro OP : it will take the funds a minute to settle before you can do options and I thought w Moomoo, you are automatically put into a margin acct unless you choose otherwise.
Avengers 2023 YEGMaestro OP : U can call moomoo to find out.
73843949 YEGMaestro OP : They're new in CA and some features are not available yet. I'd recommend you call them. That being said, I can't find a Margin account to even open. I'm interested in knowing why you switched from Wealthsimple. I use Wealthsimple for most of my trades but Moomoo for stocks that aren't available on Wealthsimple as well as L-2 data etc.
160xreturns : be careful tho. option trading can wipe out alot of money. my advice. 1. option trade ONLY when it's obvious what's going on. 2. always leave a backup amount that u can restart gaining back small profits to build up Ur account again. just in case things get really bad. 3. when it's obvious ur gonna lose more money just sell. limit Ur loss to about 15-17%. instead of just losing half or all of it
YEGMaestro OP 71842747 : I chose TFSA when I joined. Then realized I can't do options within it unless you have a margin account. How much would you need to deposit before you can do anything within the margin account?
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