• The account has settled funds to cover the withdrawal
• The withdrawal will not create a margin call
• The withdrawal does not require compliance review
• The withdrawal is not a third-party transfer

The cost to borrow located shares overnight for the 1st night will be 5x times the market rate cost. The market rate cost will be equal to the highest rate that the client paid for locating the shares during the day. For example, if 100 shares were located for 0.01 per share and another 100 shares is located for 0.02 per share, the cost to borrow 200 located shares overnight will be 200 x 0.02 x 5 = $20.00. If only 100 located shares are borrowed overnight, then the cost will be 100 x 0.02 x 5 = $10.00.

The cost to carry an overnight borrow for every night after the 1st night will be charged at 1x the market rate cost. The market rate cost will be the highest rate paid for the located shares when the shares were initially located.

Yes. Pattern Day Trader(PDT) restrictions apply to stock and options trading. A Pattern Day Trader is a FINRA designation for a margin account that executes four or more day trades in five business days, provided the number of day trades are more than 6% of an accounts total trading activity for that same five-day period. These accounts need to maintain a daily equity balance of $25k or more and receive 4:1 Day Trading Buying Power from the clearing house. When the Starting Day Equity Balance is below $25k, the Day Trading Buying Power is reduces to zero (0).

Margin accounts receive 2:1 margin and must adhere to the PDT restrictions when the Starting Day Equity Balance is below $25k.

Cash Accounts are not intended to be day trading accounts. A cash account must have settled funds before a purchase can be made and before a security can be sold. If a cash account trades daily and liquidates long term positions, it is possible for the account to receive a "Good Faith Violation". Cash accounts are not allowed to short stock.

TradeZero America, Inc., like all other registered Broker Dealers in the US, enforces the Pattern Day Trading (PDT) rule as defined by FINRA Rule 4210 (Margin Requirements).

The PDT rule generally states that a customer is limited to three (3) round trip trades in any consecutive five trading day period unless maintaining a daily equity balance of $25,000.

If a customer creates a fourth (4) roundtrip trade, the account is classified as a pattern day trading account for ninety days. During this time, the account is restricted from day trading unless the equity balance is $25,000 or more.

Click here to read FINRA Rule 4210 on Pattern Day Trading (PDT Rule).

The short list is a proprietary tool on the trading platform that queries all TZA locate required securities for availability and price per share to locate.

 The easy to borrow list (short list) is imported daily into the trading platform.  If the stock is easy to borrow the trading platform will show a green "S" next to the symbol box. This means a locate is not required.

Locate fees are quoted per share.  The rate is determined by the supply and demand to locate the shares on that day.  The fees can vary during the day depending on market conditions.  Locate fees are charged only after the price for the locate is accepted. If the locate shares are declined, then no fee is charged.

TradeZero America can force the sale or cover of equities positions in a customer’s account(s) without prior notice. If during the trading day, the equity in a customer’s account:

• Falls between 15-20%, TradeZero America may, at its discretion, buy-in or liquidate the customer’s position in order to raise account equity up to 25% or more;
• Falls to 15% or below, TradeZero America may, at its discretion, buy-in or liquidate the customer’s entire account.

After buy-in or liquidation, it is the customer’s responsibility to maintain or increase account equity to meet the requirements stated in the Apex Clearing (“APEX”) Margin Form.

Likewise, If APEX cannot continue to borrow the securities in which a customer has a short position, TradeZero America may notify customers to cover their short positions during trading hours.

Furthermore, if the customer receives a margin call and fails to fund his/her account, TradeZero may liquidate any positions in the account to satisfy the maintenance margin call.

• Win7 SP1+ (no Mac)
• .Net Framework 4.6.2+

Margin requirement will be 100% of $2.50.  ex:  if you  short 1000 shares of stock at $1.00, the cost to carry the position will be $2500.

• Options Clearing Corp (OCC) fee :  $0.055 per contract; $55 cap
• Options Regulatory Fee (ORF):  $0.0388 per contract
• Options Exercise or Assignment:  $35
• SEC Fee:  $0.0000221 x dollar amount, sell side only

• TZA will liquidate positions based upon certain expiration or corporate action related events which, after giving effect to, would create undo risk and/or operation concerns.  
• If TZA deems the exposure of exercise/assignment will create undo risk then TZA has the right to either liquidate options prior to expiration, allow the options to lapse or allow delivery and liquidate the underlying at any time.  Also, the account may be restricted from opening new positions to prevent an increase in exposure.  
• If TZA determines the exposure is excessive, TZA may liquidate positions in the account to resolve the projected margin deficiency.
• If the exercise or assignment of an option would result in a short position in a cash account, the option position may be closed by TZA on the expiration date.