Here is a decent chat with an Interactive Brokers sales rep about simple queries. I am still waiting for anwers with other brokers. IB make these others look really Mickey Mouse so I am pretty happy with the pro responses of IB. I see no reason to use any one else as a future/options broker. I just wish the other brokers were better than IB. It seems it might be wise to try out the Dow Jones Russell 2000 to start with. You would only need $300 USD to meet minimum margin requirements plus monthly subscription fee. As suggest by the rep said, you should try to aim to start with 2000 USD to do everything comfortably.
Status: Connected | ELAPSED TIME: 00:14:53
ChatSys: This chat is associated with ticket #695509. Please record this number for use in future inquiries. You are currently in room ‘General Assistance’.
Me: What is the minimum deposit required to open a futures account?
Rohit D: Hello, this is ‘Rohit D’. Please allow me a moment to read the question you submitted to iBot and I’ll respond to you shortly.
Me: hi rohit
Rohit D: Hi
Me: i have seen the min amount for emini micros
i am trying to understand it. i am wanting to know more about emini micro for gold
Rohit D: There is no minimum deposit required as such. However to obtain Margin capabilities the account value (Cash + Securities) should be greater than USD 2,000 or equivalent in other currencies.
Me: what is the min amount needed in a new account to trade just emini micro gold?
i saw it was around 450 usd, is this correct?
Rohit D: Let me check.
Me: ok thanks
Rohit D: Can you provide me the ticker please.
Rohit D: I’m still working on this
Rohit D: Thank you for waiting.
Below are the requirements to trade in MGC
Intraday Initial – USD 401.625
Intraday Maintenance – USD 321.30
Overnight Initial – USD 573.75
Overnight Maintenance – USD 459
You can get more details here: https://www.interactivebrokers.com/en/index.php?f=26662&hm=us&ex=us&rgt=0&rsk=1&pm=0&rst=101004100808
Me: M2K i just see 225.317 for minimum margin requirement. is this correct ?
Rohit D: Yes that is correct
It keep changing daily and hence it is important that you keep a track on this website.
Me: ok. if that is the case, can i not just open account with let’s say 300 USD to focus on this symbol, i should be ok to trade in a live account?
Rohit D: Yes you can do that.
Me: but i do not get any historical data right? i only get real time data ?
Rohit D: Yes that is correct
You would not get live data
You will need to subscribe to it.
Me: what are the fees for that monthly?
i get this here? https://www.interactivebrokers.ca/en/accounts/fees/marketData.php?ib_entity=ca
Rohit D: To subscribe to Market data you will need to have an account value (Cash + Securities) of USD 2,000 or equivalent + the cost of the Market data subscriptions.
You can get the charges here: https://www.interactivebrokers.com/en/index.php?f=14193#data-selections
Is there anything else I can help you with?
Me: so to confirm, i just need the $300 to trade that Dow Jones, pay the monthly fee for it and i should be ok. is this correct ?
Rohit D: Yes
Me: ok. is there a way to get historical data ?
Rohit D: Let me check
Without market data you will not be able to get historical data
Me: i get that, this is why i am asking for the fees for historical
Rohit D: There is no fees as such. The fees are only for Market data.
Me: never mind i can get it else where. thanks for the really good helpNOTE I now post my TRADING ALERTS into my personal FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!