IB account with as low as 500$ for day trading

[Konstantinos Spanos 1]

Hello everyone, can somebody tell me if I can open a Trading account for Day Trading in Interactive Brokers, with as low as 500$ for start? (I'm not in US so I'm not bound by the PDT rule).

[Abiel 475]

Hi Konstantinos. PDT rules apply to every broker based in the US, so if you are using an US-based broker, does not matter where are you based, you are subject to PDT. If you are using IB Canada, PDT rule does not apply, because IB Canada is a canadian company and PDT is a regulation of an US authority (FINRA) for US brokerage companies. 

IB US account minimum are here. 

[Konstantinos Spanos 1]

 

6 minutes ago, Abiel said:

Hi Konstantinos. PDT rules apply to every broker based in the US, so if you are using an US-based broker, does not matter where are you based, you are subject to PDT. If you are using IB Canada, PDT rule does not apply, because IB Canada is a canadian company and PDT is a regulation of an US authority (FINRA) for US brokerage companies. 

IB US account minimum are here. 

thank you very much for the answer. so the next best choice I guess would be CMEG? 

Edited November 27, 2019 by Konstantinos Spanos

[Abiel 475]

Yes that would be an option of offshore broker to avoid PDT. Just be mindful that if you choose DAS, monthly cost will be charged to your account so $500 will shrink too soon.

[Konstantinos Spanos 1]

1 minute ago, Abiel said:

Yes that would be an option of offshore broker to avoid PDT. Just be mindful that if you choose DAS, monthly cost will be charged to your account so $500 will shrink too soon.

Thanks again, I ll look it up further. I will only enroll in das simulator some time soon though, a broker and a real platform will take some time later, and my initial capital will be growing steadily for some time before a make an account. 

[Abiel 475]

You´re welcome, yes, take your time to build trading skills and consistency in the simulator at the time you grow your account capital. Good luck! 

[Carlos M. 232]

2 hours ago, Konstantinos Spanos said:

Thanks again, I ll look it up further. I will only enroll in das simulator some time soon though, a broker and a real platform will take some time later, and my initial capital will be growing steadily for some time before a make an account. 

That is the smart move! CMEG is great but you want to a min start with $2,500, we recommend $5K but $2,500 is ok. Anything less than that could be really difficult just to cover the cost of operations. 

But you can learn and practice in sim while you build the capital. That is a very smart move. 

[Fernando Samora 11]

Anyone know if we can open an IB account as non-US citizens with IB Canada or IB UK and not be bound by PDT Rule? 

[Abiel 475]

I guess they ask for proof of residence in the country (Canada). If not, there would be no need of offshore brokers, all would go to open accounts with IB Canada.