I've been approved for the TD ameritrade margin account and tier threeâ¦.so now I just need to apply for the futures account and thought I could ask for some help on how. My question for anyone who has applied and been approved to use their futures account, what were the requirements/what were your answers throughout the questionnaire (if you don't mind sharing)? Does thinkorswim check for credit/look you up for employment and net-worth? By the way, this is the first time I'm trying to create an account for futures trading. I've been paper trading for over three years while in college, so I want try live trading. Thanks.
It's not that difficult to get a futures trading account with TOS. Their standards seem to be much looser than other brokers.
This must be a new thing. I didn't even know there WAS a requirement. I certainly never had to apply for anything. I imagine whatever the standards are it's just a formality i.e saying you have some trading experience and you know what margin is.
I've been trading futures with ThinkOrSwim for several years. I think their charting capabilities are unusually good. They're a good choice for people who swing trade off of daily charts or who trade options. They're not as good for intraday traders because commissions are higher than at other brokerages. A couple of years ago I created a second account with them specifically for trading stocks and ETFs only and I had to fill out all the forms and approvals all over again. I don't know how thorough their credit and other checks on me were, but both my initial and 2nd account were approved quickly and the whole process was pretty painless.
Yeah, I don't get what you mean by approval process either. Options brokers will ask your experience level, so that they don't get sued if you lose all your money on options. Just put 10 years plus experience. Again, this is just to cover themselves from a lawsuit. They may have a minimum account balance, and margin requirments. If you have a smaller account check out one of the brokers like AMP or Infinity. I don't recommend using them for a larger account though. If you have atleast ten grand, why wouldn't you use IB? Lower commissions and better execution than TOS.