I have traded with Interactive Brokers for several years, having tens of thousands of dollars in my account at one time. With the recent market turmoil, now my account is less than $500, so they turned off my market data. There was no notice beforehand that my account had to have at least $500 in order to get market data. On occasion, when I did not do the minimum trades per month to get the data free, I gladly paid $10 a month. However, this is unscrupulous. It's nothing more than an excuse for them to get people with low balances to close their accounts. When did they add this NEW RULE that you had to have no less than $500 in order to receive market data? I will report them to the SEC and consult a securities attorney. This is not the first time IB has changed the rules to the customer's disadvantage without first notifying me. I've had enough. --Mary
It says right on the "Market Data, Fundamental Analysis and News Subscriptions" page: "8. Trading accounts with less than USD 500 (or USD equivalent) in equity will have their market data turned off. "
You agreed to those conditions when you opened the account. Have you thought of adding more money to the account rather than helping some lawyer make his yacht payments?
I can't see why anyone would want to use IB if they're trading with only $500. But regardless, their business model isn't set up for small retail accounts and they're within their rights to pull the plug on such accounts. Please let us know if the SEC or your attorney decides to pursue the matter.
if you don't even have $3000 in risk capital. you should just shut down your account. it means you don't have money to risk.