Which brokers do/don't allow trades in IRA before funds settle?
I'm not talking about doing an "exchange" of mutual fund shares within the same fund family, but actually placing sell and buy trades.
For example, lets say you want to rebalance from VWO into VTI. You sell VWO in your IRA, and buy VTI in the same IRA.
Some brokers allow you to place both trades on the same day, by placing the sell, waiting a moment until the sell happens, seeing the funds available, and placing the buy.
Other brokers make you wait three days before you can buy, because the funds from the sale aren't available yet.
It can get more complicated if you're switching between stocks which generally settle in three days, and mutual funds which generally settle in one day.
For example, if you sell VWO, and buy BRLIX, maybe some lax brokers would let you do it the same day, some would make you wait two days, and others make you wait three days.
Not sure, but I think if you sold VWO and bought BRLIX without waiting two days, you'd technically violate a rule about negative balances in an IRA, because the buy would settle before the sell.
I'm curious which of the good/cheap brokers do or don't allow same day trades in IRA.