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I'm a new trader =D

  • #1
  • First Post: Apr 7, 2009 11:53am Apr 7, 2009 11:53am
  •  sloof
  • | Joined Apr 2009 | Status: Birejji (ビレッジ) ►FOREX◄ | 141 Posts
So here's the situation....

I just turned 18, live in the US, and want to start trading. I've got enough capital to trade and know all the ins and outs of trading (I've been studying forex since I was 14)

Now that I'm 18 I can finally open an account... problem is... I can't =(

Whenever I try to open an account the brokers keep saying my SSN is invalid and I am 100% sure it is valid. I lost my SS card some time ago and will not get a new one ever as it is not needed, but the brokers are requesting it. According to IBFX they say they've got some kind of internal verification thing and my SSN isn't checking through and they request a copy of my SS card which I will never give to anyone.

I've talked to someone and they've said that it's because I don't have any credit, but they don't know for sure.... any advice out there?

Thanks! (:{>
  • #2
  • Apr 7, 2009 1:02pm Apr 7, 2009 1:02pm
If you can get Ronald Raygun's attention, he might be able to offer some advice. I think he had to jump through some hoops to open an account too.

Good luck and welcome to the forum.
  • #3
  • Apr 7, 2009 1:06pm Apr 7, 2009 1:06pm
  •  sloof
  • | Joined Apr 2009 | Status: Birejji (ビレッジ) ►FOREX◄ | 141 Posts
I think I'll give MBT a try

lol alright I'll see if I can talk to Ronald Raygun thanks
  • #4
  • Apr 7, 2009 2:43pm Apr 7, 2009 2:43pm
Quote
Whenever I try to open an account the brokers keep saying my SSN is invalid and I am 100% sure it is valid. I lost my SS card some time ago and will not get a new one ever as it is not needed, but the brokers are requesting it. According to IBFX they say they've got some kind of internal verification thing and my SSN isn't checking through and they request a copy of my SS card which I will never give to anyone.

You are going to need a new SS card. You will need it for ID when applying for jobs, when opening a number of different accounts, when working with gov't agencies of all sorts. In theory you shouldn't, but in the real world it's either you coorperate with them or they won't help you. You can be denied all sorts of things if you won't provide the required ID documents. Welcome to the 21st century.

While you're at it, check your credit. Make sure your credit report has some information on it. Since you're so young, you might find that you don't have any established credit history... and without that they might not be able to verify your SSN.

If you don't want to send a copy of your SS card and you can't pass their verification, then, simply put, you can't get an account with them. This is not uncommon, as many federal laws now require this information to prevent money laundering. The only alternative would be to have your parents do it, but then the account (and it's P&L, along with tax liabilities) would be in their name and not yours.

Different brokers may have different internal verification procedures tho. Some may be less strict. Foreign brokers will be completely different, so you could always sign up with a company in the middle east if you need to.

Quote
I've talked to someone and they've said that it's because I don't have any credit, but they don't know for sure.... any advice out there?

This is very likely. It's very likely that they are running a credit-based ID check that checks your last known address with the one you're currently at. But unless you want to apply for a credit card (which will require proof of SSN anyway) and wait 6 months for it to reflect on your credit report, you're pretty much SoL.
  • #5
  • Apr 7, 2009 5:29pm Apr 7, 2009 5:29pm
Yup what he said
  • #6
  • Apr 7, 2009 5:30pm Apr 7, 2009 5:30pm
  •  sloof
  • | Joined Apr 2009 | Status: Birejji (ビレッジ) ►FOREX◄ | 141 Posts
Thank you very much for the information. I appreciate it.

I guess I'll have to get a new card. I took a look at the SS website and according to that I shouldn't need the card, but w/e I guess I should get one. They do ask for a lot of documentation and it I wouldn't want to send it through snail mail so I'll try going to one of their offices. I'm in a major city so there's gotta be one close by. If this doesn't work out I'll just have to wait =( I was really hoping to jump in while currencies were at these low/high levels

Thanks Again!
  • #7
  • Apr 7, 2009 5:40pm Apr 7, 2009 5:40pm
Quote
I took a look at the SS website and according to that I shouldn't need the card, but w/e I guess I should get one.

In a perfect world we wouldn't need to identify ourselves w/ potentially sensitive information. SSNs weren't intended for that use, but unfortunately that's how they're used today.

Quote
They do ask for a lot of documentation and it I wouldn't want to send it through snail mail so I'll try going to one of their offices. I'm in a major city so there's gotta be one close by.

I had my wallet lost/stolen years back. I went down to an SS office about 30 miles away, filed out some paperwork and had one sent to me. Took a few weeks to arrive. It wasn't too bad, took about an hour for my number to get called. Since then I stopped carrying it in my wallet and put it in the file cabinet instead.

Linky:
http://www.ssa.gov/ssnumber/

Quote
If this doesn't work out I'll just have to wait =( I was really hoping to jump in while currencies were at these low/high levels

Opportunities come and go. The market is always moving. There'll be another right around the corner.
  • #8
  • Apr 8, 2009 4:44pm Apr 8, 2009 4:44pm
  •  sloof
  • | Joined Apr 2009 | Status: Birejji (ビレッジ) ►FOREX◄ | 141 Posts
Thanks Again for all the help! Do you think student loans for college can build credit? I'll be graduating from HS in a few months
  • #9
  • Apr 8, 2009 5:35pm Apr 8, 2009 5:35pm
Quote
Thanks Again for all the help! Do you think student loans for college can build credit? I'll be graduating from HS in a few months

Yeh, they'll go on your credit report. Just be careful, you can't discharge student loans (ever) so any money you borrow will have to be repaid with interest.
  • #10
  • Apr 8, 2009 6:32pm Apr 8, 2009 6:32pm
If all the advice you have been given fails, then, just open an account with a foreign broker. i.e. Alpari UK Limited. I think you just need to send via email a copy of your passport and proof of address.

Having said that, you will only be allowed to deposit/withdraw monies using bank transfer. not debit or credit card. Also, i dont know, maybe the IRS will cause problems because your not using a USA broker. But worth a try.

You could try FXCM, who i believe have large operations in the USA and UK.

Different note but I had major problems with PayPal because of European money laundering regulations, meaning they froze my account for 3 months, even though i had £3,400 in it and had supplied ID, Address details.

As someone already said, its the world we now live in.

Hope this helps.
  • #11
  • Apr 8, 2009 7:03pm Apr 8, 2009 7:03pm
  •  zykas
  • | Joined Oct 2008 | Status: ... measure thrice, but cut once | 196 Posts
Good luck boy. Welcome to the club!
I like the Big Dogs because I trade like them
  • #12
  • Apr 9, 2009 11:47am Apr 9, 2009 11:47am
I don't understand, do you need good credit to trade or are they using your SS# to verify where you live and what not? My credit is shot because of some various issues but I planning on opening a $100 account and trade pennies to get an idea of what to do. Getting verifed via S.S card, phone bill, and driver's license isn't the problem but if getting a credit check done will be all my scores are under 500
  • #13
  • Apr 10, 2009 2:13pm Apr 10, 2009 2:13pm
  •  sloof
  • | Joined Apr 2009 | Status: Birejji (ビレッジ) ►FOREX◄ | 141 Posts
I tried opening an FXCM Micro account and the same thing happened.

@TimmyZ1
They don't look at the credit score. Credit is attached to your SSN and if you have credit then a broker can verify your SSN.
  • #14
  • Apr 10, 2009 2:14pm Apr 10, 2009 2:14pm
  •  sloof
  • | Joined Apr 2009 | Status: Birejji (ビレッジ) ►FOREX◄ | 141 Posts
Quoting Rabid
Yeh, they'll go on your credit report. Just be careful, you can't discharge student loans (ever) so any money you borrow will have to be repaid with interest.
I guess I could try the smallest loan possible and pay it off right away =P
  • #15
  • Apr 10, 2009 5:59pm Apr 10, 2009 5:59pm
Quoting sloof
I tried opening an FXCM Micro account and the same thing happened.

@TimmyZ1
They don't look at the credit score. Credit is attached to your SSN and if you have credit then a broker can verify your SSN.
Thanks I was getting worried for a sec, couldn't figure why I need to have good credit to burn up my own money
  • #16
  • Apr 10, 2009 8:34pm Apr 10, 2009 8:34pm
the brokers and ecn's rarely, if ever, check your credit, so forget all that --- what they ARE interested in is your SS# for money laundering homeland security and IRS taxes in case you do well.,

relax, its perfectly normal even for a bank account !

enjoy and trade well

mp
  • #17
  • Sep 14, 2020 8:04am Sep 14, 2020 8:04am
If you are new in this market, you need to have proper education about forex trading. Good knowledge and Experience can be the weapon to make money from this market.
  • #18
  • Oct 3, 2020 12:46pm Oct 3, 2020 12:46pm
First trade and learn trading in demo account. Then invest small capital in micro or cent account. If you feel confident then go for big investment.
  • #19
  • Oct 7, 2020 6:51am Oct 7, 2020 6:51am
Quoting Niels.Lar
First trade and learn trading in demo account. Then invest small capital in micro or cent account. If you feel confident then go for big investment.
Yed demo is very important. In demo we can test our theoretical knowledge in practical. We can know how the strategy is working without investing real money. It's important that we use demo in a good way not just random trading.
  • #20
  • Oct 7, 2020 9:41am Oct 7, 2020 9:41am
True. Frankly, otherwise there is really no point in trading on demo.
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