MARGIN ACCOUNT

Hi everybody!
I have a cash account in Tradeking. I applied for MARGIN, but they denied to add MARGIN to my account(I have more than $2000 in my account), because they need my employment information. Actually I have no job now.
What brokers can open margin account without checking of my current employment ?

Comments (5)

mfoste1

Rank: Gorilla
610

Oct 13, 2011 - 2:10pm

uhh just about any retail FX....you can get 50:1 leverage( in the US, if you like that sort of maniacal risk)....why didnt you just say you were self employed on the trading app lol? I have never heard of a retail broker actually verifying your employment info.

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sn0wie

Rank: Monkey
48

Oct 20, 2011 - 9:30pm

mfoste1:
uhh just about any retail FX....you can get 50:1 leverage( in the US, if you like that sort of maniacal risk)....why didnt you just say you were self employed on the trading app lol? I have never heard of a retail broker actually verifying your employment info.

50:1 leverage in the FX market isn't maniacal risk at all..you trade spot forex, it's impossible to make any money even if you have 5:1 leverage. The moves are small, and the profit is even smaller.

50:1 isn't crazy at all in a market that moves such small basis points~

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Eddie Braverman

Rank: The Pro
21,104

Oct 13, 2011 - 2:24pm

Yeah, I just spoke to OptionsHouse (where I have my account) and the customer service guy said he'd never heard of someone being denied a margin account due to unemployment. It's really pretty impossible to get yourself in over your head when margining equities.

Anyway, this was his follow-up email to me:

Ted at OptionsHouse:
When assigning trading/suitability levels, there are 3 categories we consider: Financial Status, Investment Objective, and Trading Experience. We have thresholds for each category that we use as a guideline to determine the trading level. Please remember that these are guidelines and each account's trading level is determined on its own merit.

Based on that, I'd say they wouldn't hassle you over not working at the moment (as long as you met the minimum account requirements). Here's a link to them if you want to check them out:

OptionsHouse

I've been really happy with them.

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