UPDATES: I am completely frustrated by this trash support. There seems to be nothing but obstacles fo r to get in touch via chat, web ticket, email and even phone. I have to tell you IB is way worst to get basic questions. I am learning to completely dump this broker if they are not equipped to handle basic queries. I have tips listed below to hopefully help but it is frustrating indeed.
I just got this comment from someone on Youtube on Interactive Brokers
Regulations have changed a lot. I just checked (May 2022). To get trading permissions for forex, options,futures nowadays. You must submit documents to prove you have at least : Yearly income 50k. Net worth 75k Liquid assets 75k.
This seems to be verified by this Reddit post
Yes, you have to provide proof of your liquid net worth if your annual net income and liquid net worth are below the required threshold. Read the prompt when you enter your trading permission info.
“To be approved to trade Options, your Liquid Net Worth must be at least USD 25,000.00 and your Annual Net Income must be at least USD 22,500.00 or your Liquid Net Worth must be at least USD 50,000.00.” – This is the info they provide. And liquid net worth is not the same as income. Just because you earn a certain amount does not mean you have that much liquid assets and vice versa.
IBKR could get more restrictive as their primary threat Robinhood just laid off 9% of their staff
I hope that Cannon Trading does not have this requirement which handles both option and futures
Learn how to preserve your wealth and build it by watching this video
The comment is from this video
Additional tips you might want to read before applying your first time
I did manage to get a live person but here are the tips to help here:
Can you confirm if it is true that I you need prrof of annual income and networth to trade retail forex, futures, options, and other asset classes?
All this info depends on when you apply to Interactive Brokers the first time.
It depends on compliance for each asset class
1877 745 4222→ General #4 off the menu (from Canada)
Dept: General Service or search for under bot support options
When logged in Click Person (top right) →Settings → Assistant Management → Financial Information (Investment Experience or Configure Financial Informationir Account Configuration) or Trading Permission to set permission and see if you have access.
In bot or ticketing system, I would search for the terms in bold to get more info.
GotoAssist can be used to share screen but only supports Windows or MacOS so no Linux
8-5 EDT time they are open
If so, can yon you list out the requirements for each asset class. Also, what kind of documents do you need to show net worth and annual income?
Requirements depends on age
40K USD converted to local
Document account: tax return or bank statement or source of income
Net worth proof: investment account statement
More tips on annual income and net worth. The younger you are the more strict. He did say 40K USD sounds about right to meet these requirements.
For retail forex, they might need to see 2 years exeprience with over 100 trades per year. These requirements dependif the account is cash or margin. I would go with cash to keep it simple at the beginning and add margin/leverage to show postive activity before applying.
Retail forex fee: 0.2 basis points or $2 minimum each side of the trade.
ETF: minimum half penny per share or $2 minimum each side
For subscription retail data:
$500 USD mimimum for the ability to subscribe to real time data then you pay subscription fee per month for each asset class.