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A question about opening an account with interactive broker

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  • Oct 26th, 2015 8:25 am
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[OP]
Newbie
Jan 22, 2015
5 posts
Toronto, ON

A question about opening an account with interactive broker

Hello everyone,

I just want to open an account with interactive brokers. I know the minimum balanced required to open an account is $3000 ( I am under 25). I currently have $2000 to invest but I can borrow another $1000 for a short period of time. I was just wondering if I can open an account with $3000 (my $2000 + borrowed $1000) then after a week withdraw $1000 to pay back my loan and keep my account balance at $2000? I am planning to open a margin account that is why I am planning to keep the $2000.
Can I open a account in IB with $2000 using this trick?

thanks
9 replies
Deal Addict
May 28, 2006
2389 posts
181 upvotes
10k minimum deposit and some income level threshold can't remember what it was think $50k.
[OP]
Newbie
Jan 22, 2015
5 posts
Toronto, ON
Psycho44 wrote: 10k minimum deposit and some income level threshold can't remember what it was think $50k.
SamuelB806560 wrote: I think the minimum with IB is 10k for a margin account.
It actually is $3k for people who are under 25 years old.
https://www.interactivebrokers.com/en/index.php?f=4969
I am under 25, and I was wondering if I can open an account with 3k then after a week withdraw 1K out of it.
Deal Addict
May 28, 2006
2389 posts
181 upvotes
jj574pts wrote: It actually is $3k for people who are under 25 years old.
https://www.interactivebrokers.com/en/index.php?f=4969
I am under 25, and I was wondering if I can open an account with 3k then after a week withdraw 1K out of it.
My first deposit was more than $10k. Than I withdrew money until it was around $6k. So I don't think you will have a problem.
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
OP, how about questrade?
or a different broker?
why interactive brokers? Just wondring if theres a reason to go with that broker over a different one?
Rogers
$35 Unlimited Local Calling
$30 6GB Data
$10 Retention VP (2500sms/CID/VM)
$75 + GRRF 2.13 + 5% GST = $80.99 :|
Deal Addict
Jan 3, 2013
2513 posts
859 upvotes
Sidney
ELiTE KiLLaH wrote: OP, how about questrade?
or a different broker?
why interactive brokers? Just wondring if theres a reason to go with that broker over a different one?
Questrade minimum to start any account is $1000. Margin gives you 30% of whatever you're leveraging, but the interest rate they charge is bunk.
Deal Addict
May 28, 2006
2389 posts
181 upvotes
favelle75 wrote: Questrade minimum to start any account is $1000. Margin gives you 30% of whatever you're leveraging, but the interest rate they charge is bunk.
Questrade difficult to short too. I tried it few times and always get this message that they have to physically review my short trade. And if they put it through manually I don't know if I'll be charge extra so I cancel it.
Member
Oct 11, 2015
302 posts
24 upvotes
Depends what you are trading. I opened an account with IB just for futures trading. and their commision rates are very low.
[OP]
Newbie
Jan 22, 2015
5 posts
Toronto, ON
ELiTE KiLLaH wrote: OP, how about questrade?
or a different broker?
why interactive brokers? Just wondring if theres a reason to go with that broker over a different one?
I want to go with IB because of their super low commission fees. Especially since my account is very small I dont want to spend like $10 for each trade.

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