OK, apparently IB is clueless...

Discussion in 'Retail Brokers' started by Ticktaker, Sep 9, 2008.

  1. I used to have an IB account back in '05 when all you needed was 2k to open an account and trade any futures contract you wanted.

    After seeing all the complaining about their current structure, I took a look at their site and called customer service. 1) You now need a 10k minimum to open an account; fine. 2) They have no answer as to the margin requirements vs. cash accounts. All they'll tell you is what you can't trade without margin.

    My question is:

    Three years removed from IB, I would like to open an account where I can trade futures with about a 15k deposit. Does anyone who is doing something similar know who is best to go with these days? And, does their software include a market depth option (where I can see the product trading, similar to X-Trader)?

    Thanks, guys.
     
  2. Look son, the problem here is not that IB is clueless, it's that YOU are clueless.

    So that you know, you can't trade on margin in a cash account. You can't trade futures in a cash account.

    You can open a futures account with $15K. The margin requirements for futures are all listed on IB's website.

    OldTrader
     
  3. Well said.

    Granted, IB customer service is about as newbie-friendly as a pubic hair, but the information is all there, if you can find it.
     
  4. They are so clueless, that half the people here who have accounts use IB. They have 311 comments on the broker page; the next highest is 54. People complain so much, because people use them so much. They definitely must be doing something wrong.
     
  5. Really? Captain obvious you are my hero. No joke you can't trade margin in a cash account. Any other genius tips you want to hand out?
     

  6. Seeing you are in need of eternal wisdoms:

    Steam rollers can't roll steam; and
    Hedge Hogs don't hog hedges.

    Hope this helps.
     
  7. Yes. Wash your hands after you finish picking your newbie nose.
     
  8. Cant trade futures in a cash account??

    Since when. Thought you could trade futures in an IRA.
     
  9. ib is only fur pros like me who never loose moneey.
     
  10. IB margins are non-competitive. They were fine when I was new and needed a large net, but seasoned pros with IB are cheating themselves out of leverage.
     
    #10     Sep 9, 2008