/biz/ - Business & Finance

If they are worth a fuck at all they'll just rape you on Wealthfinder.

>>8830365
I dont mean like a UHNW broker or something like that, I mean like all the regular brokers I was looking at like Interactive Brokers, TD Ameritrade ThinkOrSwim, etc all have income requirements in their application and if you dont meet that they deem you too high risk and deny opening account for you.

Bump

>>8831154
Thanks. Glad not the only one interested in this first step in transition into trading other stuff.

To show I'm not just coming hat in hand without attempting even any basic research, I guess I'll show some of the stuff I ran across while searching.
https://www.youtube.com/watch?v=VCS1J9Qa1QM
>Getting started with options: How to get approved for a margin account
>This tutorial explains how I got TD Ameritrade margin account approval in about 7 minutes as a beginner trader. This is the first step if you want to start trading options.
>The reality is that a brokerage like TD Ameritrade can't approve you to trade options unless you have experience, but you can't get that experience without an account. When I wanted to start trading options I noticed this very frustrating catch 22.
>This guide is specifically for Tier 2 TD Ameritrade margin account approval.
>Disclaimer: We do not suggest that you lie on your brokerage application. That would be wrong. This is simply a breakdown of how we filled out the application and got approved.

They might ask for proof. You probably won't go to jail over it though it is probably technically illegal.

>>8831300
I was wondering if there is a certain range that would be more reasonable and beyond that they would call bullshit. Like if you lie and say your occupation is computer programming rather than saying you are a NEET trader on biz and you put down on the form that your income is $200k per year but that falls outside the standard distribution of incomes for that occupation in this state, maybe in silicon valley that might be believable.

>>8831367
I bet if you fill exactly like the guy in the video
>>8831219 They won't ask any questions. It's enough they won't really worry that you have too much or too little. Basically a lot of money, but very believable.

is it more like a...

credit card application = lie
mortgage = don't lie

Anyway why not just use robinhood? Does it not offer the same thing. I don't use it, but people were complaining they allowed options trading but had replaced the terminology with "bet it goes up" or "bet it goes down" and people thought it was kind of sleazy.

>>8831451
The reason I was looking at TDA is because they seem to be the only brokers that offer every (grandpa) asset class (stocks, futures, forex, etc).

>>8831432
Btw IIRC that guy in that video put in something like $200k income and over $200k liquid networth which is why I said that as an example >>8831367

>>8831529
Do I have to be burger to open an account?

>>8831711
At TDA it says
What you'll need to open an account: Foreign tax ID, passport, or visa number (if you're not a citizen or permanent resident of the U.S.) that does seem to imply its possible rather than impossible.

>>8831662
Oh I doubt they're looking at cost of living in the state. He selected a range something like $100k - 250k.

Do you have any decent income now? If you submit and get rejected you could probably just try again later with better numbers the second time.

https://www.tdameritrade.com/investment-products/futures-trading/bitcoin-futures.page
>Bitcoin futures trading is available at TD Ameritrade. Quotes and trading capabilities for these futures products are available on our thinkorswim platform and TD Ameritrade Mobile Trader app.
>How can I trade bitcoin futures at TD Ameritrade?
>To get started, you first need to open a TD Ameritrade account and indicate that you plan to actively trade. There are certain qualifications and permissions required on your account for Cboe Futures Exchange, LLC (CFE) bitcoin futures trading (/XBT)SM, including:
>Margin enabled
>Tier 2 spread option approval
>Advanced features enabled
>Futures trading approval
>Account minimum of $25,000
>Once you are approved to trade futures, you still need access to /XBT to add bitcoin trading to your account. To request access, contact the Futures Desk

>certain qualifications and permissions are required for trading futures. Before you can apply for futures trading, your account must be enabled for margin, Options Level 2 and Advanced Features

Thought I'd give the example for btc since that seems to be this boards main interest but anyways for futures in general its all the same, basically in order to be able to get all those permissions approved, you need to tell them you have high income and if the income you tell them is too low they will deem you too high risk and deny you.

the absolute state of /biz/

just be rich lol

>>8832067
Well, I bought way back when was $20, $30, $40 and the last I was accumulating was around $100. Been cashing out and looking to diversify into other asset classes regardless of if you guys deride them as being grandpa tier.

>>8831219
they didnt want to give me options either. i told em i had been paper trading on the CBOE virtual trading platform (sadly discontinued), and convinced the guy i knew enough after calling up my broker. just tell him that the money you have in the account is all equity that you are willing to lose. that losing all of it wouldnt really affect your day to day life