Why cant I open a futures account ? WTF ?

Discussion in 'Retail Brokers' started by neveral0ne, Apr 22, 2010.

  1. I've had a retail TD Ameritrade account for over 2 years now ( opened when I was 23) However I want to day trade, and I wanted to open a low-cap futures account, but every broker I Apply to rejects my application because of some stupid reasons, last one was because my SSN did not make the "credit report". I dont work right now, thats why I am tryin to make some progress/learning making money trading more ( I traded prop for 5 months and stocks for 1.5 years). however I cant day trade sinec my stock account is under 25k.

    What am I supposed to be writing down on the applications to open a futures account ? I got rejected by some of the reputable firms that advertise on this site, and I am running out of choices quickly. Its not like Im asking to use their money or something I am funding my own account with cash so wtf is the problem ?
  2. don't admit to the felonies
  3. I dont have any felonies...Im clean.
  4. BSAM


    What did you put for annual income and net worth?
  5. Mirus and AMP didnt ask me for my income at all,, if I remember corrrently tried AMP with Dorman and Mirus with RCG.

    IB was 50k income, and net worth >20k.
    all others same parameters...I made them up after I found out putting "unemployyed" or " student" makes my chances even lower...
  6. This is the place where you have to lie ;-)
  7. BSAM


    Okay. What do you mean when you say that your SSN didn't make the credit report?
  8. I dont know I just emailed Mirus account manager back asking him to explain that to me, because this is just wierd. No reply as of yet.
  9. BSAM


    If they tell you that your credit score doesn't qualify with them, then ask what score they need to see to approve you. Then, fix it. May take a while, but be patient. Meantime find out from each firm you apply with, why you got rejected. You'll get there. Maybe not as soon as you would like. Do you think all these little screamers we have here on ET are much more qualified than you? I doubt it. Keep your head up and in the game. "Play" smart. There's a reason why these brokers make it appear difficult to get in. Think about it.
  10. Well Ill be honest - i dont even HAVE credit history because I never ever had a credit card lol, never thought about the need for one - since debit cards always all I needed.

    I actually tried applying for a credit card 6 months ago adn recently and got rejected as well.

    But what does my credit history have to do with opening a futures account founded with my own cash ?
    #10     Apr 22, 2010