Minimum account balance and deposit at Davy Select
This article discusses what the minimum account balance (if required) and the minimum deposit (if required) at Davy Select stand for. Find out in which cases you must have a minimum balance at Davy Select.
Have you ever accidentally mixed up the minimum account balance with the minimum deposit? Rest assured, you’re not the only one. To prevent any confusion, we'll tell you what they are and how they differ from each other.
Davy Select does not offer margin or derivative trading: you can’t trade stocks/ETFs on margin and derivative products, such as futures or options, are also unavailable. In this case, no minimum account balance is required, you only have to fund your regular brokerage account with the minimum deposit.
The minimum deposit is the minimum amount required for opening an online brokerage account. While some brokers do not require a minimum deposit, others do. The minimum deposit requirement means that you will need to transfer this amount to your brokerage account from your bank account in order to start trading. You can check the minimum deposit at Davy Select here.
Minimum account balance at Davy Select
Minimum account balance for stock/ETF margin trading
When trading stocks and ETFs on margin, the broker itself determines the minimum account balance you must always maintain in your Davy Select margin account.
Minimum account balance at Davy Select
Minimum account balance for derivative products
Davy Select offers derivative products to its clients:
Minimum account balance at Davy Select
Minimum amount to open an account at Davy Select
The minimum amount needed to open a Davy Select account is $535. You can see in the table below how this amount stacks up against the competitors of Davy Select.
| Davy Select | DEGIRO | Interactive Brokers | |
|---|---|---|---|
| Minimum deposit | $535 | $0 | $0 |
Minimum account balance at Davy Select
Bottom line
Now you know what the minimum deposit and the minimum balance are at Davy Select and you understand the difference between the two. If you want to dig deeper, read our article on margin calls and short selling.
The minimum deposit is the minimum amount required to open a new online broker account.
The minimum account balance is not relevant at Davy Select as it doesn't provide stock/ETF margin trading or derivative products.
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