Accounts which have been set up as a 'Cash' type do not have access to the proceeds from the sale of securities until such time the transaction has settled at the clearinghouse and proceeds have been issued to IB. Securities settlement generally takes place on the third business day following the sale transaction. Providing access to the funds prior to settlement would constitute a loan, a transaction which is precluded from taking place within this account type.
The one exception is under the Free-Riding rule. Clients with a cash account can use the proceeds from the sale of a security to purchase a different security under the condition that the second security is held until settlement of the initial sale. If the client sells the second security prior to settlement of the initial trade, they will be in violation of the Free-Riding rule and will be locked for 90 days from utilizing this exception.
Account holders who wish to have access to settled funds prior to the settlement day may do so by electing an account type of 'Margin'. Under this account type unsettled funds may be used for trading purposes but may not be withdrawn until settlement. Account holders maintaining a 'Cash' account may request an upgrade to a 'Margin' type account by logging into Account Management and selecting the Trading Access and then Trading Configuration menu options. Upgrade requests are subject to a compliance review to ensure that the account holder maintains the appropriate qualifications.
IB requires that customers provide through the application process financial information including: 1) Investment objectives and intended purpose of trading; 2) Investment experience (by product type); and 3) Financial qualifications (e.g., net worth, liquid net worth, and annual income). Customers are also obligated to promptly notify IB of any changes and may do so through Account Management.
Customers may update their financial information by logging into Account Management and selecting the Account Administration and then Financial Info menu options. Note that any changes made to this information is subject to a Compliance review to ensure that account permissions remain suitable.
Why Your TIN May Be Considered as Incorrect
If you are a non-individual, such as a corporation, LLC, partnership, trust or similar entitiy, your TIN will usually be your Employer Identification Number (EIN). Often a non-individual taxpayer EIN does not match IRS records because you have provided IB with a “Doing Business As” name rather than the “Legal Name”. Similarly, the EIN will not match if it is not the number of the actual owner of the account (e.g. you have provided IB with the SSN of a partner rather than the EIN of the partnership).
What You Need To Do
You will need to compare the name and EIN per your records (e.g. recent business tax return) with the name and TIN on your IB account. Information regarding your IB account including a form for updating your information will be made available upon log in to Account Management. This comparison will require that you take one of the four actions outlined below. If you have any questions regarding your name and/or TIN as recognized by the IRS, please call the IRS Business and Specialty Tax Line at 1-800-829-4933 for assistance.
1. If the name and EIN on your account agree with the name and EIN per your records – Write the Internal Revenue Service Center where you file your income tax return and ask the IRS to send you a Letter 147C. This letter will confirm the name/TIN combination the IRS has on file for you. Once you are in receipt of this letter provide a photocopy to IB along with proof of identity and proof of address.
2. If the EIN on your account is different from the EIN through which you submit your business tax returns, but the name is the same - Update your EIN through the form made available upon login to Account Management. You do not need to contact the IRS.
3. If the name on your account is different from that through which you submit your business tax returns, but the EIN is the same on both
a. If the name on your account is correct, contact the IRS to correct the name. Request that the IRS to send you a Letter 147C and once you are in receipt of this letter provide a photocopy to IB along with proof of identity and proof of address;
b. If the name per the IRS records is correct, update your personal information through Account Management. Provide photocopies of supporting documentation (proof of identity and proof of address). You do not need to contact the IRS.
4. If both the name and EIN on your account are different from the name and EIN through which you submit your business tax returns
a. If the name and EIN per the IRS records is correct, update your personal information through Account Management. Provide photocopies of supporting documentation (proof of identity and proof of address). You do not need to contact the IRS;
b. If the name and TIN on your account is correct, contact the IRS to correct the name. Request that the IRS to send you a Letter 147C and once you are in receipt of this letter provide a photocopy to IB along with proof of identity and proof of address.
In order to effect this change you will first need to update your employment by logging into Account Management and selecting the Account Administration and then Account Information menu options. From there you may modify your personal information including employment. If the nature of your prior employment also involved membership in an exchange, regulatory or self-regulatory organization, or you were an associated person, affiliated person or employee of an exchange member, and these no longer hold true, you will need to change your answer to this question as contained within the Regulatory Info menu option also contained under Account Information.
Finally, please instruct your former employer to send an email to firstname.lastname@example.org in order to independently confirm this request to discontinue sending duplicate statements. If your new employer is also a financial institution which, for in-house compliance purposes and/or as a result of regulatory mandate monitors the trading activities of their employees, they will need email a request to email@example.com in order to receive duplicate statements and trade confirms.
Due to the generally unsecure nature of commercial email and the volume of SPAM it generates, IB's Customer Service does not support inquiries delivered via email. Clients who wish to communicate in a formal manner may do so through the secure webticket application available within your Account Management Message Center or through the Inquiry Form located on our website.
Please note that responses to formal inquiries, regardless of how delivered, will be made available via the secure webticket application. Clients who wish to also receive an email, SMS text message and/or TWS bulletin when a webticket response is generated may do so by setting their message preferences within the Message Center. Two message settings are made available:
1. Secure - under the secure setting you will receive a notification via email, SMS text message and/or TWS bulletin advising you when a ticket response has been provided. As this notification will not contain the contents of the response, you will need to log into your Account Management Message Center to read the message and/or post a follow-up response.
2. Non-Secure - under the non-secure setting you will receive a notification containing the full text of the ticket response within the body of the delivery option you've selected (i.e., email, SMS text message and/or TWS bulletin). While this doesn't require that you log into your Account Management Message Center to read the message, you will need to do so should you wish to post a follow-up response.
As no preferences are established by default within the Message Center, clients who wish to elect either the secure or non-secure option may do so by logging into Account Management, clicking on the Message Center icon and then the Preferences menu option at the top of the page. From there you may select any combination of delivery options and, for each delivery option selected, your secure or non-secure setting preference.
In the Transaction History section of Account Management, client accounts who are logged in and have requested a withdrawal, may see the status as 'Pending Advisor'.
In the advisor structure, client accounts can request withdrawals by logging into Account Management just as any individual account would. Once a withdrawal request is made by a client account, the advisor must consent to the request. If the Advisor does not consent to the request, the withdrawal will still be processed, but there will up to be a 3 business day delay.
Advisor Steps to Confirm:
Once a withdrawal request has been submitted by a client account, the advisor will receive an email notification, stating that a client has requested a withdrawal. In order to consent, the advisor must log into Account Management and navigate to Manage Clients then Dashboard and the Pending Items tab. The advisor would then click the 'Consent' button in order to expedite the processing of the pending withdrawal.
Note about hold periods:
In order to ensure the timely processing of client initiated withdrawal requests, the hold period for withdrawals where the amount of the request is greater than 80% of the amount available for withdrawal, will be held until consented to by the advisor or 3 calendar days, whichever comes first. For amounts representing less than 80% will be held until consented to by the advisor or the next business day.
These holds are in place to ensure that your advisor is aware of your withdrawal request and is afforded time to make funds available if necessary.
The account holder can do this through Account Management. Login to Account Management and select Trading Access, then click on Trading Configuration. From the Account Configuration/Trading Configuration page, the account holder can select the permissions they wish to obtain. Once they have selected all pertinent permissions the account holder can submit the request.
If the account holder also wants to subscribe for Market Data which applies to those new permissions, they can also do this from Account Management by again selecting Trading Access, then clicking on Market Data Subscriptions.
To upgrade trading permissions, log into Account Management and select the Trade, Configuration and then Trading Permissions menu options. You will be presented with a matrix listing the product types offered (e.g., stocks, bonds, options, futures, etc.) along with the countries in which trading in those products is offered. Your current permissions will be denoted by the checked boxes within the matrix. To upgrade or expand those permissions, simply check the box alongside the product and country combinations desired and select the Continue button at the bottom of the page. Your request will then be forwarded for Compliance review to ensure that the new permissions are consistent with your stated trading objectives, product knowledge & experience and financial qualifications. This review generally takes 24-48 hours and upgrade requests are reviewed in the order by which they are received.
In addition, once your request has been approved we recommend that you review your market data subscriptions through the the Trading Access and then Market Data Subscriptions menu options to ensure that you have the proper subscriptions for the products you intend to trade.
To provide an image of your full computer screen select and hold down the ‘Ctrl’ key and then the ’Print Screen‘ key (located in the upper right corner of the keyboard).
For an image of a single window within your screen select and hold down the ‘Alt’ key and then the ‘Print Screen’ key
Next, open a text or image editing program such as Microsoft Word to ‘paste’ and save the shot you’ve just created,. Once the program has opened select and hold down the 'Ctrl' key and then hit the “V” key. Verify that this is the image you wish to send and then save the document to your computer. Log into Account Management and select the Message Center from where you can create a new web ticket and attach your document.
Traders using the TWS software can use the keyboard combination Ctrl + Alt + H to create a snapshot of their TWS screen and upload their log file for the current day.
A window will appear allowing the trader to enter text and check the screenshot box to include an image of the computer screen.
After pressing submit, the following window will appear to acknowledge that the files have been uploaded.
By default, client accounts do not have Trading Access and cannot sign into TWS or Web Trader. They are limited to Account Management where they can view Statements and Trade Confirmations, as well as perform account administration tasks. However, there are occasionally requests by advisors that a client be given the ability to trade their own account.
There is a feature that allows the Advisor to give Trading Access to his Clients. This can be configured by the Advisor in Account Management -> Trading Access -> Client Trading. The Client would then need to subscribe to market data if they desire and would be able to trade only his own account.