I only have $5000 to trade and i'd like to open an IB account. Their initial minimum is $10000, so I was hoping to borrow $5000, open the account, and withdraw $5000 immediately. Will this work, or do they restrict such withdrawals? Thanks.
Unbelievable!! The same ET-IB evangelists who chastise small-time, undisciplined, un-knowledgeable traders, in many cases applauding IBs efforts to weed-out such traders, are giving the nod of approval to the under-capitalized, unknowing newbie. What a bunch of hypocrites. Osorico
wht does IB need a minum of 10K to open in account does not matter what are you trading - ? I am thinking of opening an account with IB to trade futures and stocks
My thought is that they cater to professional traders and assume you have a minimum capital base. It is one way to prevent too many undercapitalized and inexpereinced traders to the platform. This is different than whether or not you need 10K to trade.
I have kept an account with them since 1998, opened with $5k and immediately withdrew $4k since I only needed $1k to trade what I liked. I am not surprised to hear they raised the minimum opening deposit requirement, and would not be surprised if they simply raised all new account deposit minimums to $25k.