I called IB yesturday because I was curious about this. The rep "Crystal K" informed me IB has gotten rid of their minimum account balance of 10k. It's only 2,000 now. Like the guy above me said, it comes down to wether you can do 10$ in commissions a month. They realize they are missing out by having a high minimum with all these guys going to robinhood and tastyworks. Nice change im glad they did it.
Minimum Account for IB?
- Thread starter GotherL
- Start date
I just visited their site - I think they eliminated the minimum to fund an account. I get the impression it is 0.
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FAQ: Is there an account minimum
IBKR does not implement a minimum funding requirement to maintain an account. Clients however should be aware that IB does not offer an "Inactive Account" status. All accounts which remain open and funded will be subject to monthly activity fees as outlined
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FAQ: Is there an account minimum
IBKR does not implement a minimum funding requirement to maintain an account. Clients however should be aware that IB does not offer an "Inactive Account" status. All accounts which remain open and funded will be subject to monthly activity fees as outlined
So I was right in spotting this? Anyone else confirm that you don't need 10k anymore?
Also, the pdt rule only applies for US clients right? Man, gotta just send them an email on this just to make sure.
Edit: Just googled this bummers....
How does the SEC day trading rule affect Canadians?
Because your U.S. securities exchange trades are cleared in the US, the SEC Pattern Day Trading rules are applicable. In this regard, if you effect 3 stock or equity option "day trades" on a US securities exchange within a 5 day period, IB Canada will designate you as a "pattern day trader". The "pattern day trader" designation will require that you maintain a minimum of $25,000 (US dollars) to continue trading.
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Well it was confirmed to me on the phone from an IB rep. About the day trading you get 3 daytrades a week till 25k. No way around that unless you use cash.