Futures brokerage with low net worth requirements.

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KageRyu

Is there a brokerage with low net worth requirements? Interactive Brokers requires that you have a liquid net worth of at least $100K. Also, can someone recommend me a good futures broker besides IB. Thanks.
 
Quote from KageRyu:

Is there a brokerage with low net worth requirements? Interactive Brokers requires that you have a liquid net worth of at least $100K. Also, can someone recommend me a good futures broker besides IB. Thanks.
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You have a net worth of at least 100k. Everybody that trades with IB has a net worth of at least 100k. Who else in their right mind would put up the minimum 10k to open an account to trade on margin?

Heck, I have an old rocking chair on my porch that is worth at least $100,000.
 
Thanks for making me feel poor. I detect massive sarcasm in your post though. I was going trade futures with $26K but I guess I don't have enough liquid net worth. Anyone else have any good suggestions?
 
Quote from KageRyu:

Thanks for making me feel poor. I was going trade futures with $26K but I guess I don't have enough liquid net worth. Anyone else have any good suggestions? [/QUOTEok, you have 26k. Anything else? Do you own any clothes? Any food in your pantry? Any old cds? Now with Ebay, everything is liquid.

I'm pretty sure you qualify. Just don't go blaming them for allowing you to trade when you were really not suitable.

Open an account and wait a few days and see if they say anything.

Asking a man what his net worth is is sort of like asking a woman how much she weighs.
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Quote from KageRyu:

Thanks for making me feel poor. I detect massive sarcasm in your post though. I was going trade futures with $26K but I guess I don't have enough liquid net worth. Anyone else have any good suggestions?
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For the most part, very few brokers will check the accuracy of the financial info you claim when you submit a new brokerage application. That number you quote from IB is just there for THEIR protection in case you blow up - you can't claim after the fact that you shouldn't have been trading when you claimed that you were worth far greater than you actually were. Hell, IB doesn't even pull a credit inquiry before opening an account. Just check off the minimum amt necessary when going thru the application process if you really want to trade with them.
 
Quote from JamesL:

For the most part, very few brokers will check the accuracy of the financial info you claim when you submit a new brokerage application. That number you quote from IB is just there for THEIR protection in case you blow up - you can't claim after the fact that you shouldn't have been trading when you claimed that you were worth far greater than you actually were. Hell, IB doesn't even pull a credit inquiry before opening an account. Just check off the minimum amt necessary when going thru the application process if you really want to trade with them.
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that's what I was trying to tell him. 26k is more than enough to start trading with and at least at IB he will get good fills and low commissions. I get a little concerned though if someone is too timid to be creative on an account application. That really should be the easiset part of trading. It gets a little more difficult after that.
 
Thanks for the advice guys. I'm kinda surprised that brokers don't check the accuracy of the financial info their customers submit. I guess they just want to protect themselves and get paid commissions/fees.
 
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