I know that if you setup a Margin account for as little as $2,000, you often will get an account with 2x buying power (so you can buy $4,000 worth of equities for $2,000).
I've also heard, though, that you can get up 4x buying power if you're a day trader with a larger account balance (say: $100,000).
Does anyone know what the typical "minimum" account balance you need to maintain to get up to this 4x level? Can you often get it with a $25,000 deposit (minimum amount needed for pattern day trading) or do you need to deposit six figures?
Thanks!
You need to maintain a minimum of $25k in your account to get 4x buying power. If you're deemed a pattern daytrader (4 daytrades in 5 business days), you HAVE to have that ($25k, that is).
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