Opening IB account requires more than 10k?

Discussion in 'Retail Brokers' started by deerpark, Apr 14, 2010.

  1. deerpark


    I was trying to open IB since i finally saved enough for the 10k min opening requirement. Well, one of the question it ask when signing up was i need a NAV for 40k or something and liquid assets.

    I just a college student and my annual income is less than 20k. Can i just lie on these questions or i really need some 40k of assets.
  2. lol, at least you've been raised correctly :D
    yes, bs, its more of a required "survey".
  3. When I was very young I once opened an account with a very prestigious fund by lying about my assets

    by 1000% :eek: :D
  4. deerpark


    i guess the consensus is ignore it :)
  5. Broker asks these questions so they know your pain threshold when they go against you in the market... LOL :) Just kidding
  6. cstfx


    It's part of the "know your client" practice of brokerage houses used to determine whether or not you can handle averse changes in your account due to trading/price moves. In light of that practice, it is nearly impossible to verify that information. Some brokers (not IB) may pull a soft credit pull of your file to see if you would honor your trading obligations, but this is mostly from futures shops.

    Just go ahead and fill in what you are comfortable "declaring". Worst case is the say no (highly unlikely) and you are no worse off then where you are now.

    You also say you are a college student: if 21 or younger, you only need 3k to open an account.
  7. You can lie.

    I don't say you should, but you can.

    They want people to join who make 30k/year and have 50k in savings, and put in 10k to trade with. If you meet those requirements, you will most likely be accepted, unless you're blacklisted
  8. Most people make up there worth and whether they have a job, otherwise most brokerages wont give you margin or accept you as a client.