Well... not all... but many. Nobody is completely without fault but there are still the rare animals that work very hard at going through life without cheating, lying, and taking advantage of others. And you would be surprised how well they are doing, call it a blessing or protection...
Trying to open an Interactive Brokers account
- Thread starter bubu
- Start date
I don't cheat. I don't take advantages of others, other than trading against anonymous counter parties and sometimes they take advantage of me. Markets obviously can't exist otherwise.
But I do lie on occasion. Just like everyone else. Though some of us (if the shoe fits maybe) don't admit to it.
As another poster already said, if the OP doesn't mishandle his account and lose more than his equity, who is harmed? More than likely they will tap out and move on to try again in the future in better financial position after gaining some trading experience at the moment.
$10 per month with minimum data subscription.
Low Income and High Income should have same opportunities. Your mora standard excludes them. Mine includes them.
Is your moral compass defined by a regulatory body or common sense?
My moral compass is defined by the truth and facts.
What you are essentially saying is that every person should have an equal opportunity to buy a 1 million dollar yacht. If one cannot afford one then it's justified to steal one or lie on the loan application to obtain one. What you are in effect asking for, however, is equal outcomes for everyone and I am strictly against that because it would create absolute chaos, unfairness, and a morally corrupt society. A strive for equal opportunities VS equal outcomes should never ever be conflated. They are essentially opposing and mutually exclusive ways of life.
What you are essentially saying is that every person should have an equal opportunity to buy a 1 million dollar yacht. If one cannot afford one then it's justified to steal one or lie on the loan application to obtain one. What you are in effect asking for, however, is equal outcomes for everyone and I am strictly against that because it would create absolute chaos, unfairness, and a morally corrupt society. A strive for equal opportunities VS equal outcomes should never ever be conflated. They are essentially opposing and mutually exclusive ways of life.
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Affordability is a different concept and nobody talked about stealing or equal outcomes.
Opening the account hurts nobody and gives the man the same chance as an accredited investor like me. The OUTCOME of their trading is up to them.
The "Know your Client" questions are not IB's way of screening out clients - regulations require IB and all brokers to collect that info.
If IB wanted to screen out clients they would have maintained the minimum $10,000 USD deposit for new accounts - instead they eliminated that requirement and lowered it to 0.
Yes it does hurt other IB customers. The level of wealth and income also determines whether IB gives trading permissions for options, futures, and other products like currencies. Reckless people who trade beyond prudent risk levels and owe more than they have left in the account can't be covered by someone who lied on their application. Subsequently the broker has to cover the debit balance and that is money that is not available to improve products and services for other customers. So yes, those lies do affect others and harm the broker and its clients.
Those questions by regulatory order must be used to determine whether certain products are suitable to be traded by a client or not. Those among other questions such as the experience a client has with certain products.
If what you say was correct then clients would be able to open accounts with zero income and no wealth. There would be no incentive for people to lie about those numbers.
If what you say was correct then clients would be able to open accounts with zero income and no wealth. There would be no incentive for people to lie about those numbers.
Yes ..... I know that.
What did I post that says clients can open accounts with zero income and no wealth?