I am a noob but have been educating myself on options over the past couple of years. I decided that becoming debt free was a priority over trading so I have never had a brokerage account. I have paid off my home & am now 100% debt free. (mission accomplished) My credit rating is over 750 with two credit card accounts & a heloc. I use the credit cards on a regular basis for monthly expenses but they are paid off every month. I carry no balance on anything. I have built up a small amount of capital & I would like to try options trading. My "problem" is I am being laid off from my job at the end of the month. I look at it as an opportunity to give it my full attention for a while. I can survive on unemployment easily & will have a cushion with my severance. Question- Can I open an account with think or swim without employment verification?
Well done for you. I don't believe any firm requires you to have a job to open an account. You may be able to just put your current employer as your current position. You're in an ideal spot to begin trading, financially at least. No debt and a cushion to work with, that's very good.
I have not used Think or Swim but to my knowledge job verification is not necessary since you will be trading your own money. The only issue is that you may/may not be approved for margin.
No, job is not a requirement. This is not a loan application. They don't care if you have regular income or not. It's your money you're risking.
Thanks for the replies, I would hate to have to get another job right away in order to open an account. It is difficult to monitor things when you are preoccupied with working. BTW- When I was informed of being laid off it was a feeling of great relief. It's funny how much less stress a guy has when he is debt free. I was planning on working for another year or so to build up a cushion and then quitting to pursue this but it is SO much better this way. Severance, unemployment for two years due to it being a Nafta related closure, health insurance for six months & no more commutes to a job I only did for the money. I was on a shift that required me to wake at 3:30am and work a twelve hour day. I am one of the few guys there that took the news with a smile on my face.
yeah, the job requirement to open a brokerage acct is a bitch. my 93 yr old grandmother wanted to open a brokerage acct to buy treasuries. of course, she couldn't because she didn't have a job. she's now working in a meat packing plant so she can keep her brokerage acct. similarly, the same holds true for bank accounts (or really anywhere where you put your money). in fact, a friend of my grandmother needed to open a new checking account at Wells Fargo. again, being 94, she didn't have the job required to open it. to obtain and keep her checking account, she's currently working as a fluffer in geriatric porn.
I expected one or two "smart ass" responses, thank you for fulfilling my expectations. Now, how much does that "fluffer" job pay, it sounds like fun...........