Interactive Brokers offers customer accounts for individuals, families and small businesses. In addition, IB offers a variety of customer account structures to meet the specific needs of institutions, such as professional advisors, registered brokers, futures commission merchants (FCMs), money managers, and hedge and mutual funds. Most individual accounts require a minimum equity deposit in cash or stock of USD 10,000 (or USD equivalent) or USD 5,000 for IRA Accounts (or USD equivalent); the following minimums are required to open an account:
Figure 1: IB account minimums
Interactive Brokers offers Individual, Joint and IRA Accounts that are structured as single accounts with a default single user. Customers must be 21 or older to open a margin account, and 18 or older to open a cash account. An optional second user with Power of Attorney can be added. Two "tracks" for Individual, Joint and IRA Accounts are offered:
FastTrack Application - for customers who:
- Want to start with trading stocks only, and
- Want to trade in a single country with a single currency, and
- Want a cash or Reg T Margin account but not a Portfolio Margin account, and
- Are not a professional for purposes of market data subscriptions, and
- Do not want to subscribe to news and information services, and
- Do not require Non-Resident Indian status.
- Want to start trading multiple products in addition to stocks (including options, futures, forex, bonds, mutual funds, and CFDs), or
- Want to trade in multiple countries and multiple currencies, or
- Want to choose among multiple commission plans, or
- Want a Portfolio Margin account.
Customers must be 21 or older to open a margin account, and 18 or older to open a cash account. Parents who wish to trade on behalf of their children can open a Friends & Family Advisor Account with a Trust client account for each child. IB offers Friends and Family Group Accounts for managing multiple accounts (15 or fewer) of varying types under a single login, including:
- Limited Liability Corporation
- Unincorporated Legal Structures
SEE: 10 Steps To Building A Winning Trading Plan
Small Business Accounts
IB offers account structures for corporations, partnerships, limited liability corporations and unincorporated legal structures.
- One or more users manage a single account
- Must be 21 or older to open a margin account; 18 or older to open a cash account
TradingFollow these steps to pick the right options brokerage account depending on your trading needs and style of trading.
TradingThe line between profitable forex trading and ending up in the red may be as simple as choosing the right account.
InvestingA trading account enables an investor to buy and sell securities.
Financial AdvisorEver wondered about how to calculate required minimum distributions on multiple accounts? Here's a quick primer.
Personal FinanceDiscover what the job description of an accountant entails, along with education and training, salary and skills necessary for success.
Personal FinanceIs this the savings route for you? Read on to find out what these accounts have to offer.
InvestingFind out which type of account suits your specific needs.
TradingThe online trading broker market is becoming more and more competitive. Small differences between them can add up to big fee savings for you--or losses.
Managing WealthLearn about the average salary of an accounting research manager as well as the necessary skills, experience and education, and licenses to hold this position.
Personal FinanceFind out about some of the most profitable available alternatives to depositing money in a traditional bank passbook savings account.