Interactive Brokers Account Type

Interactive Brokers offers a variety of account types designed to meet the needs of different traders and investors. The main account types include:

1. Individual Account: Owned by a single individual, allowing full access to account functions. Margin options available include cash, Reg T, and portfolio margin.
2. Joint Account: Owned by two individuals, with options for tenants with rights of survivorship, tenancy in common, or community property. Both account holders have access to all functions.
3. Trust Account: Managed by a trustee for the benefit of another party. The trustee has access to all functions.
4. IRA Account: Individual retirement accounts available for U.S. tax residents only. Controlled by a single account holder.
5. UGMA/UTMA Account: Custodial accounts for minors, allowing a custodian to manage assets until the minor reaches a specified age. Cash accounts only, no margin.

Additional account types include non-professional advisor accounts, family office accounts, small business accounts, advisor accounts, money manager accounts, broker & FCM accounts, proprietary trading group accounts, and hedge & mutual fund accounts.

Interactive Brokers Broker Account Opening Process

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

1. Start the Application: Click on the "Open Account" button on the Interactive Brokers website and select "Start Application." You'll need to create a username and password.
2. Enter Personal Information: Provide your legal residence, personal details (name, address, etc.), and employment information. You will also need to indicate whether you want a cash, margin, or portfolio margin account.
3. Regulatory Information: Answer questions regarding your tax residency, net worth, and investment objectives. You may also need to provide information about your employment and sources of income.
4. Fund the Account: Once you’ve completed the application, you can fund your account with cash or from another brokerage account. The account is typically approved within one to two business days.

Required documents include a government-issued ID (passport, driver's license) and proof of address (utility bill, bank statement).