A question about opening an account with interactive broker

jjoll · Oct 23, 2015

Hello everyone,

I just want to open an account with interactive brokers. I know the minimum balanced required to open an account is $3000 ( I am under 25). I currently have $2000 to invest but I can borrow another $1000 for a short period of time. I was just wondering if I can open an account with $3000 (my $2000 + borrowed $1000) then after a week withdraw $1000 to pay back my loan and keep my account balance at $2000? I am planning to open a margin account that is why I am planning to keep the $2000.
Can I open a account in IB with $2000 using this trick?

thanks

soro · Oct 31, 2015

How about if you lose > $1000 after one week? It's impossible, but you should roll the dice by contacting the CS for your issue. Maybe they give you an exception.

galeonbaster · Jan 4, 2016

jjoll said:
Hello everyone,

I just want to open an account with interactive brokers. I know the minimum balanced required to open an account is $3000 ( I am under 25). I currently have $2000 to invest but I can borrow another $1000 for a short period of time. I was just wondering if I can open an account with $3000 (my $2000 + borrowed $1000) then after a week withdraw $1000 to pay back my loan and keep my account balance at $2000? I am planning to open a margin account that is why I am planning to keep the $2000.
Can I open a account in IB with $2000 using this trick?

thanks

There is no minimum required balance by IB.

hhiusa · Jan 9, 2016

galeonbaster said:
There is no minimum required balance by IB.

I do not know what country you live in but there is definitely a minimum balance in the US.

It is $3,000 for persons 25 & under and $10,000 for everyone else. To answer your question, you can open the account with the required minimum and then withdraw the $1,000. I do not think you will be able to do that in only week though. Withdrawing funds from an initially opened account takes a bit longer.

progix · Mar 18, 2016

soro said:
How about if you lose > $1000 after one week? It's impossible, but you should roll the dice by contacting the CS for your issue. Maybe they give you an exception.

I guess more important is to conclude the consequences in the event of loss, and it would be more appropriate to ask their customer support for further help.

A question about opening an account with interactive broker

jjoll

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soro

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galeonbaster

Junior member

hhiusa

Senior member

progix

Well-known member

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