Do NOT make a post asking for advice, that belongs as a comment in the "Daily advice thread". Keep discussions civil, informative and polite. Off topic comments, attacks or insults will not be tolerated. Strictly no promotional threads.
Do not post your app, tool, blog, event, etc. A hedge fund analyst explains his stock research process. Full of excellent links to videos, articles, and books. Should i lie to my broker to open an account Interactive Brokers self.
Reddit I need your two cents on this; I want to open an account with Interactive Brokers, I know what I'm doing, but I don't meet some of their requirements For a regular cash account you need a net worth greater than 25k and annual income greater than 50k I think , more than trades done with 2 years of experience and you have to be at least 21 to trade options I'm a student and not 21 yet, nor have I had a real broker before.
I know IB has a high learning curve, however I've traded virtually before so i know what I'm getting into.
What do you guys think I should do? I should add that I'm studying finance and want to go into a career in capital markets. I don't really mind loosing money because I think of it more as a cost for education, and besides whats the fun in being young if you're not going to take risks.
Seems to me like you're the one focusing on money as both of your comments were pertaining to it. I'm not doing it for the money, it's what I'm interested in and an area that I want to learn more about, and maybe have a career in later.
As for ethics, I think its unethical for them to discriminate me by age and not give me an equal chance.
Don't know why this community for the most part, not everyone likes to stick so much to the norms and everything outside of that gets down voted. So often I see people with interesting investment ideas get down voted and encouraged to buy etf's instead. It's ridiculous how I came here looking for insight and advice, and my genuine content filled comments are being downvoted, while shit like "lol" and and bs about a fool loosing money gets up votes You'll have no career without ethics.
Learn some of that first, without spending time in a jailhouse. As long as you're just trading in a cash account, they don't give half a fuck about your financial situation or experience level. Their minimum age is only I'm fairly sure the 21 requirement is unique to IB. Aside from the age component, how can they actually check my trading experience and i didn't see them specify anywhere that virtual does not count and for the assets part if need be, can't I just I inherited a portion from my parents?
What sort of legal trouble? I'm Canadian, so I can't use OptionsHouse. I really just want to jump in the game and thought I might as well start with a broker that provides every product and for a discounted price. Not sure about IB in particular but I'm also Canadian and had to submit number from drivers license or passport, upload a scan of license or passport, and verify info from credit check, as well as a couple other things I can't think of atm.
IIRC there was a form where you certify that information provided was truthful, not sure if there were any consequences, didn't read it through since I wasnt lying. They likely can't really check anything besides your age, but there's no way around that that I can see, you likely need to upload scan of your ID and if you dont then I believe it would be caught anyway when they verify your SIN.
I probably will have to do a lot of that stuff including sending them my sin number, but like you said, that would probably only verify age and not the other requirements. Option commissions are fairly high but the benefit of Tax Free outweighs it in my opinion. Their option requirments are lax though, just based on account balance.
IIRC it's 1k level 1, 5k level 2, 10k level 3, 25k lvl 4. A place to look into at least. If you sign up you can pm me and I can give you a referral code if you'd like. Gives us both a few free trades IIRC. If your account is not approved for trading options, complete the options trading agreement. You can either mail in the agreement or upload it to myQuestrade by following the instructions on the upload documents page. Once your account has been approved, subsequent changes to your option level can be requested through myQuestrade.
With level 1 you can place: With level 2 you can place: With level 3 you can place: With level 4 you can place: You need to send ID to any brokerage you sign up with. They'll see he lied about his age, which will then prompt a manual background check into his finances. When they see that he doesn't have a full-time job they can come after him for credit fraud, even if it's just a cash account.
The reason for this is that, after being approved for a cash account, all a customer has to do to be approved for margin is sign a release form and fax it. He'll be approved for margin based on the false information he gave when he filled out his cash account application. You can lie about experience "Oh, sorry, I counted the years I spent paper trading as experience.
The contract never said I couldn't do that" , but finances aren't subjective. OP, open an account at one of the literally dozens of discount brokers that don't ask for your financial information.
I've used IB for years and was a bit creative on the application for my wife and myself. These brokers don't care if you're lying or not. They just need to meet certain federal requirements.
This has been asked and answered many times in the past. Use the search function or check out this , this , this , this , this or this thread. Useful Online Resources A guide to stock research!
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Want to add to the discussion? Unlike most brokers, they actually check. You can wind up in legal trouble. Level 4 Minimum balance required to place a trade: They can't check a damn thing. Besides, you need a margin account to profit from lending shares. Any broker of any value does.More...