WW, yes, it's possible, but there's a limit and it varies for bluechips and speccies. If you do an "estimate" buy you'll find out. You may be told "deposit" required, but if you lower the amount a little you may find you can buy them, even though you don't have.
This is where the T+1 comes in that people talk about. If you sell at a profit the next day, nice work. You can do it without having the funds in your account. However, if you can't sell the following day, or have to sell at a loss, then you need to make up the shortfall either by selling something else or depositing funds. Hope that makes sense.
Cheers! JW
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