It did include previous jobs at banks and hedge funds and still does. The issue is that it also stated as current that I manage an algorithmic trading firm which is, however, not the case anymore for some time and I adjusted that in my LinkedIn profile. I exclusively manage my own funds and even did so when I ran a family office that exclusively traded my own funds. At no point did I ever manage others' funds as part of the "current" job description. I nor anyone else was or had to be registered with any regulatory body as part of that job. None of IB's data was ever used for anything other than my own personal discretionary trading. Here is the link to how IB defines the professional trader status and my profile at no point, while being IB's customer, met that definition. https://www.interactivebrokers.com/en/index.php?f=718
Another broker other than IB, about 6 months ago, was going after clients to impose the pro fees simply because they had a LLC or visited certain free websites containing company analytics which don't even require subscriptions. The broker stated they were being made to do this by the CME. By pushing back the broker did not impose the pro fees, seems like the thugs at the CME are fishing to see if they can blatantly break the rules to line their pockets from those that don't push back.
I agree that you should not pay the professional rate. I am just trying to pinpoint why IB (or the exchange) believed that you should. Was there something in the Linkedin profile that could leave the impression that the algorithmic trading firm did manage other people's money or had plans to solicit clients? If you can document that you only trade your own funds and are not registered with any regulatory body, you should be able to continue with the non-pro rates.
I think the pondering idea he posted earlier is better. Shift his funds to a different broker. So what if it is millions. It's just a few forms to sign, and a few keystrokes. Start fresh.
Seems good unless IB offers something or does something better than others that he needs/wants access to for his personal trading. wrbtrader
Correction - I went back to look over my emails , it was the NYSE thugs & not the CME instigating the pro fees. The NYSE was trying to charge pro fees if you visited any NYSE web site or had a LLC - no matter how long ago or the nature of the business the LLC is used for. It backfired in a big way - nearly every client hit up for pro fees when they clearly were not, dropped any additional NYSE market data they were paying for, opting to use only the free market data provided by the broker & made sure to never visit any NYSE web site ever again - I blocked the NYSE domain in my router. Some, or all brokers are dumbstruck in not following the clear definitions of what constitutes a professional trader when pressured by the exchanges, they know what they are doing is wrong, which is why they corrected it with some push back. There are brokers out their providing reliable market data at no cost to non professionals - my free market data is far more reliable than the IB data I pay for.
@GRULSTMRNN, you are using API for the data, right? Probably co-located as well. I am thinking that exchanges look at the activity of the account to flag people who are obviously running "non-retail" strategies. It doesn't mean they are professionals, but they are questioned first. Just my assumption. Nothing to do with your linkedin history, but with your trading.
Broker ideas please, I need a firm to cover fx, equities, options, and futures in the US, Europe, Asia. Not a whole lot of choices, unfortunately.
I would send a note or call the help desk. They may ask you to put in writing to declare you are not a professional.