Do Students get Margin account??

Discussion in 'Professional Trading' started by bender271, Aug 1, 2007.

  1. bender271


    I know it might seem a stupid question, but I'm really bogged with this. I'm a full time college student and have been trading stocks for about nine month now. So I decided to go from cash to margin. But nobody approves me for margin account.
    I always get the response that I'm not knowledgeable enough or not financially suitable for margin account.
    My question is this: What should be my financial status to be able to get margin account?? How much should I make per year... what should be my net worth...

    Thanks in advance,
  2. petteri


    How old are you?

    If you are under 21, it can be difficult.

    And how much equity do you have?
  3. I did when I was in your situation. It all varies by broker....for instance if you are going to "day trade" in a margin retail account you generally need 25k.
  4. you need good credit. Sounds like you're either under 21, don't have any credit, or have bad credit.
  5. petteri


    I am not sure, but I think Interactive Brokers does not make strict credit checks.

    But you need to be 21 in order to get margin account and minimum initial deposit is 5k$.

    In order to day trade you still need 25k$
  6. Hedge22


    schwab approved me for leverage when i was 18 with an account around 10k, but unfortunately refused to let me have any options approval besides covered calls, not even long calls or puts. hope that gives you some help.
  7. Beast84


    Try a prop shop. I am 23, I trade with Cygroup. They gave me 20 to 1 margin. Use cautiously.
  8. i am 20 got my account open when i was 19 with just under 4k @ questrade (i live in canada) im prety sure they dont even enforce the pdt rule
  9. yes it is a stupid question. what does being a student have to do with it? all your broker should care about is your age and account size.

    i know a student who's 26 and was able to open an account. now do you see how your question is stupid?
  10. bender271


    I thought they refused to give me margin privilege because i am a full time student and don't have a job. Yes, I am 20- will be 21 in a month or so.
    It's just so hard not having margin... Have to wait 3 days for the funds to clear and can't even short a stock!
    #10     Aug 18, 2007