Broker Summary - Interactive Brokers: Account Types And Minimum Deposits
  1. Broker Summary - Interactive Brokers: Introduction
  2. Broker Summary - Interactive Brokers: Account Types And Minimum Deposits
  3. Broker Summary - Interactive Brokers: Services Offered
  4. Broker Summary - Interactive Brokers: Commission, Fees And Customer Support
  5. Broker Summary - Interactive Brokers: Analysis And Trading Tools
  6. Broker Summary - Interactive Brokers: Conclusion

Broker Summary - Interactive Brokers: Account Types And Minimum Deposits

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
Individual, Joint and IRA Accounts
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.
ProTrack Application - for customers who

  • 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.
Friends and Family Group Accounts
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:

Note: To manage more than 15 multiple accounts from a single login, one must be a Registered Investment Advisor (RIA) or a Commodity Trading Advisor (CTA) and should open a Professional Advisor account.

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
Broker Summary - Interactive Brokers: Services Offered

  1. Broker Summary - Interactive Brokers: Introduction
  2. Broker Summary - Interactive Brokers: Account Types And Minimum Deposits
  3. Broker Summary - Interactive Brokers: Services Offered
  4. Broker Summary - Interactive Brokers: Commission, Fees And Customer Support
  5. Broker Summary - Interactive Brokers: Analysis And Trading Tools
  6. Broker Summary - Interactive Brokers: Conclusion
RELATED TERMS
  1. Joint Account

    A bank or brokerage account that is shared between two or more ...
  2. Chart Of Accounts

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  3. Linked Savings Account

    Any type of bank savings account that is linked by account number ...
  4. Retirement Money Market Account

    A money market account that an individual holds within a retirement ...
  5. Margin Account

    A brokerage account in which the broker lends the customer cash ...
  6. Forex Account

    The type of account a forex trader opens with a retail forex ...
RELATED FAQS
  1. What does it mean when the shares in my account have been liquidated?

    An account liquidation occurs when the holdings of an account are sold off by the firm in which the account was created. ... Read Answer >>
  2. How does a broker decide which customers are eligible to open a margin account?

    Learn how brokers have the sole discretion to determine which customers can open margin accounts, and understand the rules ... Read Answer >>
  3. What's the difference between a cash account and a margin account?

    Compare and contrast margin and cash accounts. Margin accounts offer short-term loans, leverage on existing portfolios, and ... Read Answer >>
  4. How does margin trading in the forex market work?

    When an investor uses a margin account, he or she is essentially borrowing to increase the possible return on investment. ... Read Answer >>
  5. What does it mean when I get a maintenance margin call?

    Understand how maintenance margin calls work, and learn about how margin requirements are different for trading stock versus ... Read Answer >>
  6. What types of accounts are available for forex trading?

    There are many different types of forex accounts available to the retail forex trader. Demo accounts are offered by forex ... Read Answer >>

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