They won't let me open an account since Im not 21 but 18. I have a many times their minimum deposit to put in and would be a great customer. I am sure I know more about trading products than a large percentage of their older customers. Just because I'm 18 its age prejudice. Anybody know of a good IB alternative. My current broker is TOS and they are good for options but their commissions are high. They charge 1.50 per contract, 3.50 per side futures, 5-7.50 for stocks but really expensive per share commission for penny stocks, and ultra expensive margin interest. I am thinking about going Etrade maybe. Maybe I should try and convince them to let me open an account worth a try?
I have my accounts at IB. If you try lying about your age with them, you'll regret it. Sorry I can't give you more concrete suggestions about which broker you can use. Someone will be along shortly to do that. All I can say is, do not lie about anything on your IB application. ---------------------------------------------------------------------------------- I see you edited the question about lying out of your OP. Good idea. Trying to convince them isn't going to get you anywhere, I assure you.
Open the account in one of your parent's name. I also think it's ridiculous. IB is making things very complicated these days it seems, they are good at what they do but they will aggravate the hell out of you.
Maybe if I had a multimillion $ account I could convince them. But yeah, they are not going to change policy for a low 5 figure account. With my current broker I feel like I'm just getting them rich. It makes me unhappy when I see all the things I could buy with the commission I paid. I know IB has a razor think profit margin 4.91%, so you are really getting the best deal anywhere. I am sure 'ultra' low commissions would make a humongous difference over years of trading. Even over the short term, it puts hundreds more dollars a month in your pocket. Maybe what I'll do is open an account at velocity or another dirt cheap futures broker. Then open an account at a cheap options broker/ stock broker. I would much rather have everything together at IB obviously. Somebody should start a brokerage that fills the gap between overpriced discount like optionsxpress, thinkorswim, and the teeth pulling king interactivebrokers.
"razor think profit margin 4.91%" ??? Maybe you should learn how to read a financial report. IB's brokerage business has a 47% pre-tax margin. When it comes to futures commissions it is very easy to find brokers with lower commissions than IB. It is on the equity side that IB is hard to beat.
Have you asked them if you can have a joint account with a person of age? Is there anyone in your family you could do that with?
Absolutely. IB doesn't need immature 18 year olds. I'd be happy if they raised the age to 25. Too many kiddies trading these days. Trust me you don't know as much as us older traders do. You could probably get a job in IB's customer service dept though.