How can I find out more about the fees associated with specific investment products on the baraka platform?
Are there any penalties for closing my baraka account or transferring my funds to another investment platform?
The Pattern Day Trader (PDT) rule is a rule designed by the Securities and Exchange Commission (SEC) for traders who make four or more day trades in their account over a five business day period. A day trade is buying and selling the same stock on the same day. Only users who maintain a portfolio value of over $25,000, can engage in day trading, however, if it is less than $25,000, you are not allowed to day trade.
Kindly note that we count the day trades for you, and set a warning in the app before you are flagged as PDT. If you have received this warning, it means you will be able to resume trading after 5 business days since your first-day trade.
According to FINRA the minimum equity requirement for a "pattern day trader" is $25,000. Read more