Does IB verify age?

O

og5

I tried to sign up for an account at IB, but I can't get past the signup page that asks for my date of birth because I'm just below their age requirement for margin accounts (21) I was just curious if IB asks this to covers their tail as I have read they do with other questions (like trading experience) or is date of birth something they actually verify?

Thanks
 
photoshop...oh my gawd! am I condoning fraud! Just because he is 8 years old shouldn't mean he cannot give his allowance away as the other "Adults" here!

I had a Sears and a Chevron card at 17...(and no, photoshop or the internet had not happened yet)
 
IB got back to me saying it's an exchange rule that margin account holders must be 21. Anyone know if this is true? My backup plan was MB and I don't see anything on their web site about this, but if if I run into the same issue with them I may as well open a cash account at IB

Thanks
 
Im 20 and tried to open an account with IB as well. I just got the same response as you did. They told me to wait until my birthday but I find their margin explanation interesting. I have a margin account with Scottrade right now and they didnt as much as bat an eye when I turned in my paperwork. I dont see why exchanges would require anyone to be over 21 for debt reasons. Whatever Im with Scottrade still for equities and now openecry for futures and Im happy. So much for IB.

j*mall
 
Quote from jackassery:

Im 20 and tried to open an account with IB as well. I just got the same response as you did. They told me to wait until my birthday but I find their margin explanation interesting. I have a margin account with Scottrade right now and they didnt as much as bat an eye when I turned in my paperwork. I dont see why exchanges would require anyone to be over 21 for debt reasons. Whatever Im with Scottrade still for equities and now openecry for futures and Im happy. So much for IB.

j*mall
More...


scottrade will love to hear you are publishing this on an internet board ...
 
I dont see why not. Nothing in Scottrade's margin requirement says I need to be over 21. Ameritrade, ETrade and Fidelity also dont mention a minimum age for a margin account. So I dont see why Scottrade wouldn't want me to post this. Also I'm at Open E Cry and trading futures with margin. So are all of these firms in the wrong. I did a quick search of the nyse site and saw nothing saying you must be 21. Really why would the age be 21 anyways? I can buy a car and sign a loan on my own when Im 18 but I cant have a margin account?
 
sorry, my fault. i thought someone had said there was an exchange rule. other thread. other topic. forget it.

peace
 
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