Investing

Opening a margin account while getting a mortgage

  • Last Updated:
  • Jan 28th, 2021 5:24 pm
[OP]
Newbie
Jan 15, 2021
3 posts
GTA

Opening a margin account while getting a mortgage

Hi all, does anyone know if applying for a margin account (at IB) will negatively affect my credit rating? I am planning on purchasing a home (20% down) in the spring so I'm trying to keep credit applications to a minimum. Is this something to be concerned about or am I worrying about nothing?
3 replies
Member
May 2, 2019
467 posts
526 upvotes
Vancouver
holdthedoor wrote: Hi all, does anyone know if applying for a margin account (at IB) will negatively affect my credit rating?
No. IB does not care about your credit score. They won't check it.
Deal Addict
User avatar
Apr 24, 2009
1653 posts
1130 upvotes
AB
How's IB compared to Questrade and Wealthsimple? Heard with IB you have to pay $10 monthly or so and you don't pay conversion fees. Is that true?
Member
May 2, 2019
467 posts
526 upvotes
Vancouver
.fess wrote: Heard with IB you have to pay $10 monthly or so and you don't pay conversion fees. Is that true?
Not exactly but close, on both counts. You can avoid the $10 USD inactivity fee if you either trade somewhat actively ($10 USD or more in commissions a month) or hold over $100,000 USD in the account.

The currency conversion is extremely cheap. Converting $100,000 would cost you less than $10 (including commission and a small spread between buy and sell prices).

There's a big Q&A thread Interactive Brokers is so good, why anyone still bothers to use bank’s trading platform?

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