Hi Def, maybe you can advice me too, I personally know several high net worth individuals who are very close to me and live in Middle east and they wanted to open account, but every time their account got rejected from IB compliance department. They are just normal people , does IB have any office in middle east where these kind of people can visit IB office and can personally apply for account? ... Just a head up that IB is losing a lot of money rejecting these protentional customers everyday with no reasoning behind it by not telling the customers what exact docs IB needs to see
I have read quite a few testimonies echoing your words and not only from people of the Middle East. IB has its own policies. Luckily, there is competition. The power is where the money is so all is good. If IB were perfect there would be no space for the competition and competition we need in this space. I tend to avoid old and large businesses in general. I prefer young and dynamic new comers who work hard to gain and keep customers, this is always where the best opportunities lie. Your friends who got rejected by IB can find better. Better is not always bigger. The customer is the boss.
I can't speak for any individual case but AML/KYC in high risk jurisdictions can be an issue. If you have a specific account in question, feel free to email or PM me and I'll do my best to ensure a careful compliance review/consideration. We do have a significant number active and well-established clients from the Middle East so if you know of anyone specific I'll do my best to see if anything I can do to assist.
I have tried to open an Interactive Brokerage account for a Family Trust that I established in NEW ZEALAND to transfer some investments for my children. I'm not sure when NZ became a high risk jurisdiction?? But it has been rejected three times over the last 18 months. My wife and I have a joint account with IB and we have an IB account for a British Virgins Island company (both for over 10 years). The latter is perhaps a higher risk jurisdication but IB is happy with that! So can you look into this for me?? Or anyone else tell me other brokers that are good for international investing (US, but alos other markets)? I've been investing/trading for over 50 years, so we are talking about a sizeable amount of assets here.
James63. If your Trust is located in NZ with trustees from NZ, we might be able to accommodate you. We only offer access to US Listed Stocks, options and Futures with Futures separate. My contact info is below if you want to chat.