I wonder if this might have something to do with the level of access that you were looking for? For example, I was browsing through Questrade's website and application form (www.questrade.ca), and it appears that they handle the issue of varying levels of options risk by approving a trader for various levels of trading. Writing covered calls and purchasing puts/calls is at a low risk level, and writing naked calls etc. is at the high end of the risk spectrum. If I was looking at opening an options account, I would personally only seek to be allowed to purchase puts and calls. This might be a factor in your own app? (There is usually something on the app saying something along the lines of "proposed options activity")
Low income and a student. I understand the rejection. Look at it this way. You can se this time to paper trade your system until you are approved. That's what my friend did. And guess what? His system failed miserably...meaning he would have lost money. So take the time and paper trade. If it's a good system, it will always be there. You're still young, right? How old are you? And what experience do you have with options?
I just want to trade. I'm 20 years old and I have a mentor. I would have made like 10,000 dollars in the past 3 weeks doing the same trades he did. That is why I am god damn pissed off. Chagi... I only applied for level 2: to buy puts and calls and I still got rejected. What would be the repercussions if I lied and said I had high income and high net worth?
I am sure that with time you will find a good broker that will be more than willing to take your money. I opened my first acct with Datek, now Ameritrade. I remember it was very easy to open even if I had "limited" experience. But IB is where you want to end up at. Good luck...
I hear you on this one, I'm a university student, itching to have a go at a "real" trading account, but it's going to take time to work up to that level. At least I'm fortunate enough to have an excellent level of income while in school, has helped to keep my student loans very low.
I don't know. My friend was rejected, but that's it. Nothing else. But I don't know. 20 years old? My God that's young. I bet you THAT is the reason. And that's why they won't tell you. They don't want to say that it's because of your age, but I bet you that's it. Because they told my friend the reason for HIS rejection. I am almost sure it's your age.
O... Ameritrade seems easy to get approved. I have 2 buddies with limited capital that have done options with them. Any input on Ameritrade versus Etrade? Is Ameritrade more lenient? It appears this way.