Minimum Balance to Maintain in IB?

atticus · Jun 23, 2010

Quote from ammo:

i think if you had originally opened an acct with the minimum,and you took out most of the cash,you can go back in for less because your past that open an accct with $x minimum point

Yeah, you can reactivate a closed account with any amount, but required to maintain $500 to receive r/t quotes.

Rodney King · Jun 23, 2010

Isn't this supposed to be Elitetrader?.. All these posts about $500 or $2000 account minimums, or $10 or $20 fees -- WTF?

atticus · Jun 23, 2010

Quote from Rodney King:

Isn't this supposed to be Elitetrader?.. All these posts about $500 or $2000 account minimums, or $10 or $20 fees -- WTF?

Right, only those with at half a yard at Barings Bank are allowed to post.... oh wait, nevermind.

futuman · Jun 23, 2010

Quote from atticus:

lol wrong.

My brother had an account with $0.00 that he just put $500 in via ACH for quote access and it is open to trade. The account had been closed for a year. He had to reaffirm those suitability questions, but he ACH'd $500. He even bought a calendar spread with the $500.

IOW, you need at least $500 to sub to quotes, but that's it.

What about this statement from IB website:

Accounts that show no balance for 45 days will be closed. To reactivate an account that has been closed for having no balance, a new account deposit of USD 10,000 or non-USD equivalent is required.

atticus · Jun 23, 2010

Quote from futuman:

What about this statement from IB website:

Accounts that show no balance for 45 days will be closed. To reactivate an account that has been closed for having no balance, a new account deposit of USD 10,000 or non-USD equivalent is required.

Odd.

BigFunky · Jun 24, 2010

Quote from tyrant:

...I undertand that $10 will be charged monthly for data if no trades were done. So, will IB charge every month until the account is below a certain threshold? ...

If you go into account management and untick the data subscription for US equities (and everything else that isn't free) - you won't be charged anything per month.

tyrant · Jun 24, 2010

Quote from BigFunky:

If you go into account management and untick the data subscription for US equities (and everything else that isn't free) - you won't be charged anything per month.

Ok. Thanks guys.

pescador · Jun 24, 2010

Quote from BigFunky:

If you go into account management and untick the data subscription for US equities (and everything else that isn't free) - you won't be charged anything per month.

This is incorrect. Inactivity fee still applies.
$10 Inactivity fee will be charged if your account balace is above $2000
Below $2000 the inactivity fee will be $20

http://ibkb.interactivebrokers.com/node/314

d08 · Jun 25, 2010

Quote from Rodney King:

Isn't this supposed to be Elitetrader?.. All these posts about $500 or $2000 account minimums, or $10 or $20 fees -- WTF?

My thoughts exactly. Trading with only $500, that's kind of like betting on ponies.

Buzzed · Jun 25, 2010

Quote from futuman:

Bullshit. There's lots of brokers that let you trade on margin with 500 on your account. It's just that IB is overcautious.

You are misinformed. That is only allowed in accounts that do not have the ability to trade on exchanges regulated by the SEC.