Interactive Brokers Account Types

Interactive Brokers (IB) offers a variety of account types to cater to different trading needs, including:

• Individual Account: Best for casual traders, allowing access to over 10,000 assets with no minimum deposit requirement. Commissions start from $2 with floating spreads from 0.2 pips.

• IBKR Pro Account: Designed for active traders seeking advanced features and competitive pricing. There is no minimum order size, and leverage can go up to 1:50. Commissions start from $0.005 per share.

• IBKR Lite Account: Ideal for cost-conscious traders, offering commission-free trading on U.S. listed stocks and ETFs. Other markets have fixed pricing.

• MAM/PAMM Account: Tailored for money managers handling multiple client accounts, featuring the same extensive asset access as individual accounts.

• Cash Account: Allows trading only with deposited funds, with no borrowing allowed.

• Margin Account: Enables borrowing funds from the broker to trade, with a minimum balance requirement of $25,000 for certain day trading activities.

• Retirement Accounts: Includes IRAs, which are available only for U.S. residents.

Interactive Brokers Broker Account Opening Process

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

• Visit the Registration Page: Go to the Interactive Brokers website and click on "Start Application".

• Fill Personal Details: Provide your full name, email address, and phone number. Use a well-known email provider to ensure delivery of confirmation emails.

• Choose Account Type: Select the account type (e.g., Individual, IBKR Pro) that suits your trading needs.

• Provide Financial Information: Enter details about your annual income, net worth, and investment objectives. Be truthful to avoid complications.

• Upload Required Documents: Prepare and upload a high-quality scan of your passport and proof of residence (e.g., utility bill).

• Confirm Tax Residency: Complete the W-8 BEN form to confirm your tax residency and claim tax treaty benefits if applicable.

• Review and Submit: After filling out all information, review your application for accuracy and submit it for review.

• Account Approval: The review process typically takes 2-3 days. You will receive an email notification once your account is approved.

• Fund Your Account: After approval, fund your account to start trading.

For more details, you can refer to the official Interactive Brokers website.