Bypassing IB minimum deposit by opening account in wife's name
- Thread starter Pizda
- Start date
at anyrate, you need to get that account opened in your wife's name before she turns 26. You'll be glad you did. I have been with ib for many years. Just be careful and you'll have the 10k min in no time (not from trading, but from deposits from your real job) and you can close her account and open a new legit account in your name.
Was trading for a family member and they called him due to a CS ticket I had open, he foolishly mentioned that he isn't the one doing the trading and they should contact me as he didn't understand it's a big deal to tell them to contact a third person whose name isn't anywhere in the account, the next day the account was closed and I had to contact IB for clarification. They have regulations about this and it's not up to their discretion whether to keep the account open or not.
I hear ya, I manage some money for my mother and it is a real bitch if I have to talk to somebody on the phone at one of her ancient non online accounts. I have managed some money at ib for friends and family, but they were all men so it was not problem on the phone.
Others more knowledgable than me may comment, but it is my understanding at ib you can't set up a "friends and family" account unless you first have an account there yourself.
to OP:
Big deal about nothing in my opinion. Open an account in your wife's name. What's the worse that can happen? Just make sure she knows how to call and close everything out in an emergency. In a few years or less you will have the 10k. But only 50% are still married.
I just verified with support. You need to have an account.
IBKR should have a full time rep on the site considering the amount of commissions generated and frequency of discussions by ET members.
I think Barron should look to increasing this synergy.
yeah, but those of us that are long time loyal customers bitch a lot also. ib isn't for everybody, but it's for the guy that really cares and is willing to learn. I think 10k min is about right, although this site was a lot more active when the min was 2k.
My family member was also male, that wasn't the issue. If you do this then make sure you don't reveal you're not the name on the account or an user with valid rights.
yes, the first time I accidently did that at ib I was told they can't talk to me. So I hung up and called back and claimed I was the guy and they took care of the problem. Not exactly kosher is it really? But this is a guy with a young wife who can qualify him for an opening account of less than 10k, so I would say go ahead and open it in her name. I think she would like the comfort. She now knows he aint going to leave until he at least has 10k to open his own account.