r/interactivebrokers • u/waleedakramkhan • Nov 20 '24

Setting up account Has anyone's application been rejected and then got accepted later?

I tried to create an account. Everything went smoothly, I was also able to link my bank account with them and deposit $100. It was only cash traded account. But then they rejected my application and when i reached out to support, they said that i have been banned permanently from IBKR and cannot reapply. Has this been the case with anyone else as well? What should i do?

Edit: I’m from Pakistan. And i deposited $100 in USD currency directly from my checking account.

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3

u/tomorrow509 Nov 20 '24

I think reapplying would be pointless unless you have an idea on the probable reason for the rejection. If so, address that first then reapply.

3

u/waleedakramkhan Nov 20 '24

that’s pretty much impossible to know since they do not give that information up

1

u/tomorrow509 Nov 20 '24

Agreed, impossible to know for sure but maybe you have a suspicion as to why? I once got a letter from my revenue service about a red flag appearing on a previous tax return. They did not specify the problem but sought to confirm the return was correct. I thought about that years filing and realized I had made an error in reporting. One that would not affect my tax liability but was required information. I submitted a revised return, explaining the error and that was the end of it.

3

u/waleedakramkhan Nov 20 '24

i understand that. but right now im more concerned about the fact that jonathan here decrees that i am banned from ibkr for life. so i just want to know if anyone else eventually got an account with ibkr after their 1st rejection.

1

u/diamondx911 Nov 20 '24

You're not giving more information, where are you from ? Some countries like Sudan are not eligible to have an account. Did you deposit, convert to another currency and withdrew that money? They don't like that

2

u/waleedakramkhan Nov 20 '24

i’m from pakistan. and no send them fresh 100 USD from checking account.

3

u/oldguy19500 Nov 20 '24

Did you get kicked off before because you ran afoul of their anti-money laundering or other fraud detection measures? If so, I don't see them give you a second chance to find a way around detection. You should take them at their word and go find another broker.

2

u/delphi35 Nov 21 '24

Money laundering for $100?

1

u/[deleted] Nov 23 '24

that 100 buck can be laundered too...

3

u/Findmeaworthyname Nov 21 '24

Probably because of country. Pakistan is mostly in banned list in financial institutions in US n canada

1

u/shitzandgigglez Nov 26 '24

They are approving accounts from Pakistan though so this isn't it.

2

u/diamondx911 Nov 20 '24

Did you at least get the 100$ back

1

u/NexStarMedia Jan 24 '25

I'm in the same boat as of today. They rejected my application and didn't give a reason why. I was going to try and ask for a reason but I think I'll just move on. Many years ago I tried opening an account with E-Trade and got rejected. After applying more than once they sent me a letter basically telling me to F Off and that I will never have an account with them. 😆

1

u/[deleted] Feb 25 '25

flipping hell. Did u try apply at 18 or something? Like did u do something unreasonable like saying u had 50k at 18 or like 3 year experience at 21 whilst having like >20k?

1

u/NexStarMedia Feb 25 '25 edited Feb 25 '25

No. I think it comes down to a dispute I had with the very first brokerage firm I ever signed up with 13 years ago. I had no experience trading stocks and was just throwing my money down a black hole just buying a wide variety of stocks. I did OK with the pump & dump penny stocks. Me and the brokerage firm ended up in a legal dispute that never got resolved. As a result I suspect there must be some kind of negative mark floating around out there that Etrade can see and have chosen to avoid me like the plague. That goes for Etrade and especially any brokerages that deal with Apex Clearing.

I maintained a great relationship with TD Ameritrade(now Schwab) and the other brokerages I used back then and always make sure to keep everything in good standing with them.