Hi all fellow traders. I have a noob question regarding the minimum funding on IB for new account. Let say I fund the account today for USD10 k to open the new account, and later I withdraw USD 7k, (leaving only 3k in the account), will IB still let me trade? IB insist me to open new account since my old one have been closed since Feb 14'. I got no choice but to open new one but the 'minimum fund' for new account policy was a bit hard for me. Please help.Thanks
https://ibkb.interactivebrokers.com/article/819 Can I withdraw funds from my account once I've met the minimum deposit requirement? IB's intent with respect to the minimum is for account holders to maintain at least USD 10,000, or equivalent, although it's understood and accepted that equity may fall below that level due to trading losses and/or fees. Account holders are not, however, allowed to fund an account at a level sufficient to meet the minimum threshold and subsequently withdraw funds in an effort to circumvent the minimum. and To Trade a margin account you must maintain at least USD 2,000 or non-USD equivalent.
They also hold your funds and prevent withdrawals for a certain time period. They also have higher requirements to get permissions to trade certain instruments. If you want options and futures, you have to meet certain income requirements. They basically don't want to play with small accounts. If you can not meet the minimum requirements, go with some of the smaller shops out there.
I see.. I trade options but I can't find anyone who offer lower commission or atleast close to what IB had..Care to give some suggestion of 'smaller shops' out there?
Try MBTrading, Speedtrader, and Trade King, to name a few. Think Or Swim has one of the best platforms in my opinion.