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Configuration: How to Configure/Set Up your Online Trading Account

 

Trading Configuration - Requirements for Online Trading Clients

 

Overview Configuring Your Account Trading Requirements Trading Permissions Market Data Required Minimums
 
 

 

 

Financial & Information Requirements

 

Am I eligible to open an account? What are your age, experience and financial qualifications for trading approval?

The following table lists the eligibility requirements that you must meet in order to trade each product within an online trading/brokerage account. Please note that these requirements are different for full service and mutual fund account clients. To learn more about full service investing, please call us at 1-800-50- PLACE or 1-919-719-7200 and ask to speak with an advisor. Please be sure to read the notes at the bottom of the table, as they contain important additional information. 

 

Important: To qualify as an PT brokerage account/online trading client, you must meet these requirements:

  • You must have executed at least 100 prior trades for any product type (Stock, Options, Bonds, Mutual Funds and so on).
  • To trade any product, you must have a Good or Extensive Knowledge Level for that product.
  • To trade options you must have a minimum of two years trading experience with that product.
  • Your Net Worth cannot be less than your Liquid Net Worth.
  • To qualify for a Portfolio Margin account, your Net worth and Liquid Net Worth must each be greater than 100,000 USD.

 

Stocks, Bonds, Warrants, Mutual Funds1

 

Account Type

Investment Objectives

Liquid Net Worth / Income Minimums Age

 

>50 or ORG 41-50 31-40

21-30

Cash Account

Income or

Growth or

Trading Profits or

Speculation or 

Hedging

>20,000/Any
(Customers aged 18-21 are eligible to trade stocks
if they meet all other requirements)

Reg T Margin Account

 

Growth or

Trading Profits or

Speculation or 

Hedging

 

>20,000/>40,000

Portfolio Margin Account

 

Trading Profits or

Speculation 

 

>100,000/Any
 
 
 

Options - (Stocks are automatically selected when you select Options)2, 3, 4

Account Type

Investment Objectives

 

Liquid Net Worth / Income Minimums Age

 

>50 or ORG

41-50

31-40

21-30

 

Cash Account

 

Trading Profits or
Speculation

 

>100,000/Any

 

>75,000/>50,000

 

>50,000/>45,000

 

>20,000/>40,000

Reg T Margin Account

Trading Profits or
Speculation
>100,000/Any >75,000/>50,000 >50,000/>45,000

 

>20,000/>40,000

 

Portfolio Margin Account

Trading Profits or
Speculation
>100,000/Any >100,000/Any >100,000/Any

 

>100,000/Any

 

 

Please Note:

  • [1] Only applicants with US accounts and US residence can trade Mutual Funds.  These mutual fund requirements only pertain to mutual funds that are held within your brokerage account.  Mutual funds held fund direct may have less strict requirements. Please call your advisor at 1-800-50- PLACE or 1-919-719-7200 for more information.
  • [2] If you select only Options, Stocks will automatically be selected as well.
  • [3] For Options, in addition to the Years Trading and Trades per Year requirements, your Total lifetime Options trades must equal 100. For options, this is defined as stock trades + options trades + futures trades = 100 total trades lifetime.
  • [4] Applicants who have completed the teaching exam for Options are exempt from the two years of experience requirement to trade Options.

When considering fees please consider the overall low cost of trading, ultra low margin rates, access to experienced financial consultants and great customer service that you enjoy at Place Trade. We believe that we offer the lowest overall trading cost of any full service broker. 

For information regarding fees please review our pricing pages, other potential fees page and as always, you may feel free to call us at 1-919-719-7200.

 

 

 


 

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Learn more about retirement planning by visiting some of the links below:

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SEP IRA

SIMPLE IRA

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