Account application process - newbie

Discussion in 'Retail Brokers' started by drtdajt, May 29, 2005.

  1. drtdajt


    I apologize in advance if this appears to be a dumb question to most seasoned traders.

    I've been training on a demo platform for a couple of months and wish to get my feet wet with emini's (s&p 500). I've looked at various broker applications and it appears as if they want your DNA in order to open an account. I realize it's only prudent and smart business practice on their part to look at customers as financial risks, and I'm also aware of the Patriot Act's involvement with some of the rules. However, out of curiosity, and to avoid any surprises, how do the brokers process the applications? Do they run credit reports or background checks? Do they contact your bank or employer? There was one broker who even wants you to list your level of education (college, etc.) and other personal information which, I suppose, could be for their own marketing purposes.

    I'd appreciate it if anyone (broker, etc.) could run down the application process for me so I'll know what to expect.


  2. nkhoi

    nkhoi Moderator

    none as far as I know, apply on-line in 5m and you have an account.
  3. most of the time they dont verify the info you give but you do have to provide a copy of your drivers liscence and sometimes even a utility bill with your address on it.
    they do not verify asset and income but if you enter a very low amount, you will have trouble getting an account with some brokers. Get used to it if your going to open up these accounts. There is no way around it and some of these required signatures are non negotiable except the arbitration.