facebookHelp! Moomoo charged me $ because I bought with margin, how to stop interest? - Seedly

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Anonymous

10 May 2023

āˆ™

Stocks

Help! Moomoo charged me $ because I bought with margin, how to stop interest?

I was new and trying out moomoo and bought a stock with margin. I don't understand this at all, how to stop interest?

Discussion (6)

What are your thoughts?

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Take it as a learning experience. My suggestion is to play with paper trading first.

Tan Choong Hwee

11 May 2023

Investor/Trader at Home

When you buy stock with margin, you are borrowing money from Moomoo to pay for the stock. Of course you would be charged some borrowing cost and you can't stop it as long as you still owe them money.

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To stop paying margin interest, you either have to top up your account with cash as suggested by @1M45, or you sell the stock you bought with margin. For the latter case, if your sales proceeds are not able to cover your buy price and margin interests, your account will have negative balance, meaning you still owe Moomoo money, and you have to top up your account to return the balance to zero or positive.

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Top up your account with cash, return the amount you own the brokerage....

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