Having problems with IB!

[Creech]

I set up my account with GBP base currency and i transfered in my cash. However, i tried to place a trade on YM (1 contract) but im getting the following error message:

order rejected - reason: No trading permission: account requirements

Im hoping someone could help me out on this. Is it because i need to buy USD? But i thought IB in a sense lent you USD to trade US products? I spoke to an IB customer service rep online and she said i needed to select "Forex permissions" in the account management window but i cant find that!

Thanks!

 

[frugi]

Login to www.interactivebrokers.co.uk, account management. Click Trading Permissions. Tick Futures>>United States and maybe Forex>>IB Forex and you're off, with luck.

 

[rossored]

Doesnt matter what your base currency is in.

Why did they tell you to select "Forex Permissions"? You need permission to trade futures, not forex. That message comes up only if you have the wrong account or if you havent gone through the various disclaimers etc for that instrument.

 

[Creech]

Yeah i know i thought that was odd too. I asked her what to do next and she said "i cant guide you though it, just look through everything and make sure forex is checked". How helpful!

Should i select 'Cash' then in the trading permissions section? At the momenet 'margin' is selected.

 

[frugi]

Margin

 

[Creech]

Margin was already selected so i guess its not that then.

Ive attached a screen shot of my account mgt window if that helps.

 

[frugi]

Click Trading Permissions. Tick Futures>>United States and maybe Forex>>IB Forex and you're off, with luck.

I take it this hasn't worked?

 

[Creech]

Ahh yeah thanks i think i sorted it out. I didnt select US futures for the products i wanted to trade when i opened the account! Oh well now i have to wait 24 hours till they approve it!

Thanks again for your help!