IB just rejected my application today which I don't quite understand why... (If you have an idea, let me know) Must be my age (23), but I have about 40k positive net worth with only 9k in liability with a 720+ beacon. Anyways, now that IB has shown me personally what kind of brokerage they can be, I was wondering if there's another alternative that is per share commish, data feed that integrates with QT, decent execution and ability to use bracket orders. Also, I really don't want a huge monthly fee for non activity, i.e. TS is out. IB had the right price and the right features, but unfortunately that's not going to work out. @IB, you really shouldn't reject peoples' applications and THEN leave their pending ACH transfers OPEN. That just reeks of you wanting to have my money in your account while I go through the hassle of getting my money back with an account that was 'rejected'. Very disappointed.
How much money were you trying to deposit? I would think if you attempted to put in all of your $40k in, they might have rejected you based on that. Also, how did you describe the capital you were trying to fund your account with. Should be risk capital. Other than that I don't know whey they would reject you. Your age should not have been a problem.
There could be a number of reasons why they rejected your account. Would need more info than just your financial position. How about your experience? Number of trades you planned on doing or had done a month? Your social security number... valid? Might have another name under it. Check that out. Being 23 is no problem. <18 certainly. <21 in Canada maybe. BTW, first time ACH's can take a few days to process or cancel. But IB's not going to keep your money. They have no need to. That would be inconsistent with a broker who rejects your account. How many brokers you know reject an account? It's rare. And that's because they WANT your money. Anyway, there are some IB guys/gals who post here from time to time who might answer your question. Or you could simply give IB a call and ask. But probably Cust Srvc is gone for the extended holiday weekend in the states.
No, I wasn't going to put all 40 in, I just realized it might be that I only tried to put in 6k and was expecting to put another 5 in as I liquidated my other brokerage account at Firstrade. I realize I'm a little fish right now but their commisions are eating away at my profits. Oh well... Cybertrader basic looks like it might fit me... guess I need to go order a credit report to make sure nothing bad has happened recently.
I sent an email to IB and go this response back (not complaining, I respect their right to not disclose info) ----------------------- Dear Customer, IB does not disclose information regarding account rejections. Management reviewed your account and decided it was in IB's best interests to reject your account. Thank you for your time. Chris New Accounts Department Interactive Brokers, LLC-US ----------------------------------- My experience has been investing in various mutual funds since I was 15 with recently trading equities. With my current commisions I only trade 10-20 trades a month and still profit but with IB's rates I'd probably step that # up triple or so as I have a positive expectancy gameplan. Oh well... You can't win em all
What kind of experiences level did you check? Make sure to lie on that page with at least 3 years and hundred/thousands of trades a year.
If your rejection was based on information in your credit report, IB would have to inform you of this and you would have a chance to request a free report from the credit bureau providing the information. So it must be your experience level or account size. If you review their ratings on this board you will find numerous references like "not for beginners" and "must know what you are doing". Probably they have had bad experience (e.g. too much hand holding) with accounts with your profile and they've simply desided, as indicated in their response, to not do business with you. Nothing you should take personally.
You would also not be able to step up the number of trades you made a month unless you put in over $25K, unless of course you hold over night.
I'm an undergrad student, no day job but I do have about 18k yearly income from my rental assets. Starting dental school come Aug 07. Yeah, it must've been my trading experience years and # of trades... I was honest about them. Lol... It's funny that if I had lied I probably would've been accepted whereas me being honest screwed me. Any opinions on other places to do? Opinions on Cybertrader basic anyone? And this time I'm going to put 8 years for equities since i have been playing around with funds for a long time...