Interactive Brokers Account Types

Interactive Brokers offers a variety of account types tailored to different trader profiles, including:

• Individual Account: Ideal for casual traders, this account provides access to over 10,000 assets with floating spreads starting from 0.2 pips and a $2 commission. There is no minimum deposit requirement, and trades can start from one unit.

• Joint Account: Designed for two individuals, this account allows both account holders to access all functions and manage the account together.

• IRA Account: A tax-advantaged account for retirement savings available only to U.S. residents. It includes traditional, rollover, and Roth IRA options.

• UGMA/UTMA Account: A custodial account for minors, allowing a custodian to manage investments until the minor reaches a specific age.

• IBKR Pro Account: Tailored for active traders seeking advanced features and competitive pricing, with no minimum order size and leverage available up to 1:50.

• IBKR Lite Account: Best for cost-conscious traders, offering commission-free trading on U.S. listed stocks and ETFs.

• MAM/PAMM Account: Designed for money managers handling multiple client accounts, offering the same extensive range of assets as individual accounts.

• Family Office Accounts: A master account linked to multiple client accounts, allowing family office managers to manage investments efficiently.

• Small Business Accounts: For small business entities, this account holds assets owned by the business and allows various trading functions.

• Money Manager Accounts: For registered advisors managing client funds, these accounts allow for fee collection and trade allocations.

Interactive Brokers Broker Account Opening Process

To open an account with Interactive Brokers, follow these steps:

• Start the Application: Click on the "Start Application" link on the Interactive Brokers website.

• Create an Online Account: Enter your email address, choose a username and password, and provide your legal residence. Confirm your email to proceed.

• Enter Personal Information: Fill out your personal details, including name, address, employment information, and select your account type (individual, joint, or retirement).

• Select Account Type: Choose between cash, margin, or portfolio margin accounts. Cash accounts require no minimum balance, while margin accounts may require a minimum of $25,000.

• Regulatory Information: Answer questions regarding your employment status and investment objectives. Provide details about your net worth and annual income.

• Fund the Account: After completing the application, you can fund your account with cash or from another brokerage account. Select the currency for funding.

• Upload Required Documents: Attach a high-quality scan of your identification (passport or drivers license) and proof of residence (utility bill or bank statement).

• Submit the Application: Review all information for accuracy and submit your application. Most accounts are approved within 1-2 business days.

By following these steps, you will successfully open an account with Interactive Brokers and gain access to a wide range of trading options.