Can you trade penny stocks in Fidelity cash management account?
Here’s a summary of the main problem and solutions discussed in the post:
- Main Problem: The user, Genkidin, is confused about the ability to trade penny stocks on a cash management account, as they received conflicting messages about whether penny stock trading is enabled.
- Solution: Fidelity representative clarified that Cash Management Accounts (CMAs) are not eligible for penny stock trading and suggested that the user check their other eligible accounts for the feature.
- Further Instructions: The user can confirm which account is signed up for penny stock trading by checking the account dropdown on their “Trading Profile” and viewing the “Account Features” on Fidelity.com.
This clarification helps the user understand the limitations of their cash management account regarding penny stock trading.
Here’s the full thread
Can you or can’t you, trade penny stocks on a cash management account type?
Says I must enable Penny stock trading for this account and when I try to add it, it says this feature is already enabled. So .?
Hey there, @Genkidin – (งツ)ว!
Fidelity Cash Management Accounts (CMAs) are not eligible for penny stock trading. It sounds like you’ve enrolled another eligible account, so that’s the one you’re seeing as enabled.
You can confirm which of your accounts is signed up by checking the account dropdown on your “Trading Profile.” While on Fidelity.com, view your “Account Features” and select the “Advanced Features in your Trading Profile” link. You’ll view the “Account Agreements” section for penny stock agreement details.
When completing the form to enable penny stock trading, your CMA will not be listed in the selector.
Let us know if we can clarify anything further! 🟢
Oh man. I figured as much. Ty for the confirm 👍 🙏