Frequently Asked Questions
An account is not uploaded with buying power for two reasons:
- The account is coded as a pattern day trader and the account equity is below $25,000 (pattern day traders must have a minimum balance of $25,000)
- The account currently has a margin call.
A pattern day trade account is an account that has exhibited day trading tendencies (traded more than 3 day trades in a rolling, 5 business day period).
If your account is a pattern day trading account and is below $25,000, you must deposit funds into your account in order to be able to trade again.
The only other alternative would be to change to a non-pattern day trade account. To do this you must send an email to [email protected] with your account number and request to change to a non-pattern day trader. This can only be done once every 90 trading days. Note that if an account exhibits pattern day trade activity after being moved to a non-pattern day trader, then the account will be coded as a non-pattern day trade account again and will be required to meet the $25,000 equity minimum
To view your account equity and any margin calls, go to the secure Lightspeed site (go to staging.lightspeed.com and click on Log In From the upper right corner. Once you are logged in, from the left hand navigation bar, click on My Account, then go to Trading Reports, Account View. this will take you to our firm site which offers a battery of trading reports so you can keep track of your account.
To learn more about the different margin calls that can be assessed to an account, click here.
Sometimes a computer can go offline and stop connecting to a quote server. Lightspeed suggests performing the following steps if you are not getting quotes:
- Log off your trading platform, then log back on. This will re-establish your connection to our quote servers. If this does not work, then perform the next step:
- Shut down computer, turn off modem and/or router. Keep them off for 60 seconds. Then turn on your modem/router and then start up your computer.
If neither of the above work and you are still not getting quotes, please call our tech support team at 1-888-577-3123, and press option number 4 so they can help you troubleshoot further.
The cutoff time for same day processing of a withdrawal request is 2:30pm ET. If you submitted your request after this time, it will not be processed until the next business day.
Provided the funds are available to be withdrawn, below is a general guideline for how long it takes to process and complete a withdrawal request.
Check: Same day processing if submitted before the cut off time. US mail can take up to 10 business days to deliver a check.
Wire: Same day processing if submitted before the cut off time. A wire should be received in the recipient bank account that same afternoon.
ACH: Same day processing if submitted before the cut off time. An ACH transfer can take from 24-48 business hours for the funds to hit the recipient bank account.
To submit a withdrawal request, login to the secure client area. Once logged in, look in the left hand navigator bar for ‘Transfer Funds’. Click on this link to submit an online withdrawal request.
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