Is it legal for IB to do this? Considering pressing a charge...

Thanks badger, but to be honest I don't have a freaking clue what you were ranting about there. Are you a broker rep or something? What the hell does my age have to do with the commissions they can earn?

I know more about options and all the different strategies than most of the "professionals" sitting there taking calls from customers, and that's not empty talk, I've come across that several times when calling Ameritrade.

All I ask for is for them to stop thinking like my money ain't good for them just cause I'm not 21 yet.

But yeah, I'll consider the TOS strategy.
 
Quote from peilthetraveler:

I remember some years back i wanted to open an account (I think it was with scwab) But it was a commodities account. They said I had to open an account with a minimum of 200,000 dollars. I remember the commissions for each contract was 135 dollars per trade. This was right before online trading. man those guys made alot of money back then.

I also remember wanting to open a margin account a few years later and one brokerage told me i needed a net worth of at least 50,000 dollars.
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This is not about commissions. If I didn't like the commissions they charged, then I wouldn't be right in contesting their policy.

Age discrimination is a whole other fruit.

I already shot a few e-mails to lawyers, will see what they say or if they even respond.
 
Quote from Gubinec:

Thanks badger, but to be honest I don't have a freaking clue what you were ranting about there. Are you a broker rep or something? What the hell does my age have to do with the commissions they can earn?

I know more about options and all the different strategies than most of the "professionals" sitting there taking calls from customers, and that's not empty talk, I've come across that several times when calling Ameritrade.

All I ask for is for them to stop thinking like my money ain't good for them just cause I'm not 21 yet.

But yeah, I'll consider the TOS strategy.
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No Gubinec, I am not a rep. I actually trade for a living. (believe it if you wish)

Actually, I thought I was clear that I despise reps. That was my point.

You just touched a nerve when I read what it takes to get an account open when the customer usually knows more than both the broker, and the options principle combined.

Sorry for being unclear.

But yes, TOS is much more lenient when approvals are concerned, but I believe their coms are a bit higher than IB.
 
LOL. Sorry about that. I wasn't sure if you were the "customer" or the "rep" when you mentioned telling them to call you back.

Yah, TOS charges more than IB and about the same as Ameritrade.

To the person who mentioned doing the "better rates" strategy with TOS, are you sure it's gonna work out? Where can I read up on that or you speak from experience and they'll lower their fees to 1.50 if I just mention that other firms have lower fees? THanks.
 
Fair enough.

This usually happens over the phone when someone talks about being an "options broker" or "options principle", when I'm asking general options questions.

It always gets to the point where I have to challenge them a tad. Just can't help it.

You seem to be way ahead of most, and it IS important to learn, even if you know you're going to lose money.

Been there, done that.

Best of trading to you.

Jeff
 
The simple answer is the minimum age of legal majority in all fifty of the states and IB a brokers ability to bring a legal action against you. Some states are 18 a few are 19 and a handful are still 21. The brokers concern is simply if you move to a state where 21 is legal age they couldn"t bring a legal action against you. You'll find it's ofter common that when a persons moves to a state where they are a minor the broker has to close their account. So many just set the bar at 21 to be conservative.
 
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