I didn't have a plan to reduce my existing holdings, neither from Baltic stocks, Mintos or crypto investments, but in order to keep up with my investment goals - I just have to
Long story short - I opened a low-cost European brokerage account at Lynx Broker, and despite it requires a minimum deposit of EUR 3,000 to open an account there, I asked could I do it in several batches. Turns out you can.
Low-Cost European Stock Broker - LynxBroker.com Review
Now, I decided to start small and deposited EUR 470 (~USD 550) to Lynxbroker, once money arrived I happily decided to buy first US stock. And here it was, warning saying:
The order on was rejected with reason: 'YOUR ORDER IS NOT ACCEPTED. MINIMUM OF 2000 USD (OR EQUIVALENT IN OTHER CURRENCIES) REQUIRED IN ORDER TO PURCHASE ON MARGIN, SELL SHORT, TRADE CURRENCY OR FUTURE'.
There is a good explanation for this warning on the Lynx broker website (Minimum requirements)
Minimum amount for trading in options
The total value of your portfolio (value of securities plus cash) must be at least $ 2,000 USD (or an equivalent amount of a different currency) in order to be able to trade in all options, futures and American shares. If your portfolio does not meet this minimum requirement, you will still be able to trade in European shares and options.
One option on how I could overcome this obstacle - I could transfer my existing Baltic Portfolio to the Lynx platform. But I still want to keep Baltic stocks separate from US stocks, and that's how I come up with a plan to reduce my existing holdings in the Baltic stocks, Mintos and crypto investments to quickly accumulate cash for funding the missing part on LynxBroker.
Until the end of May, I plan to sell off some low dividend paying Baltic stock worth around EUR 385 today, and also I plan to trim my investments on crypto, by cutting 10% off, as of today's exchange rates I could get around USD 443. Also, I have already stopped auto invest on Mintos.com peer to peer platform and hope to get around EUR 200 by the end of the month.
In total, by reducing my existing portfolio by 5-10% (in some positions) I could quickly accumulate ~ $1,120, the rest should be funded from additional cash investments.
2,000-550-1,120 = $380
Just $380 I should deposit additionally from my pocket to reach $2,000 minimum account balance to start acquiring US stocks.
