Aikido Finance
Pricing
About
launch app
Opening an Interactive Brokers Account

3. How to open a broker account

Getting Started
Back to topic: 1. How to guides for Aikido Finance

Aikido

September 2022 · 5 min read

To get the most out of your Aikido Premium Account you will want to link to your online Broker.

Aikido Finance offers seamless integration with Interactive Brokers globally and for now you will need an account with them if you want to automate your trading with us.

If you are in the US ensure you have an IBKR Pro account, not IBKR lite.

In this post we go through some of the key steps to opening an Interactive Broker account. It should not take long to fill in the form, provided you have a few key documents to hand. Check the requirements for your domain here before you get started.

You would want to factor in a few days to a week before you have a fully approved and funded IBKR Pro account (this is fast compared to most comparable brokers today). Once you are up and running it is straightforward to link your broker account to your Aikido account.

At the end of this post there is a guide to opening sub-accounts, which you can use to host separate strategies if you wish.

Let's get started.

How do I open an Interactive Brokers account ?

Go to the relevant Interactive Brokers website for your region and click on "Open Account" and then "Start Application".

Head over to Interactive Brokers to open an account

Follow the on screen instructions to set up your username and password, as well as verifying your email address.

The next part is the Financial Questionnaire which may seem long, but we have some pointers for you below.

Once that part is complete, you will be asked to upload your documents for verification and need to wait a few days for the application to be reviewed.

The Interactive Brokers financial questionnaire

The questionnaire is well laid out and self explanatory for the most part. Here are a few pointers on the following questions.

  • Cash or Margin
  • Account Type
  • Source of Wealth
  • Trading Experience and Permissions
  • Verification
  • Funding

Cash or Margin

Up front you will have the choice of Cash or Margin. Cash requires you to have the funds available for all transactions and generally there are less trading experience requirements. It would be a good choice for a first time user.

Account type

Most users will likely choose an individual account, but you can also select a joint or retirement account. Note that a retirement account such as an IRA account, will require some extra information.

Interactive Brokers account type.
Interactive Brokers account type.

Source of Wealth

You will be asked to provide a breakdown of your sources of income. It could be that you select 100% as “Income from Employment” but there are many other options to choose from, including inheritance, property or even unemployment allowance.

Enter your income details for Interactive Brokers.
Enter your income details for Interactive Brokers.

Trading Experience and Permissions

If you are new to trading this section may seem daunting, so while you may have no experience in trading, even the limited knowledge that has got you to this point is relevant.

When selecting various asset classes of your choosing, bear in mind that to integrate your IBKR account with Aikido Finance, you will need to have permission for ‘Stocks’ and you may also want ‘Currency/Forex’ so they are both worth requesting now at application.

Interactive Brokers want to know about your trading experience.
Interactive Brokers want to know about your trading experience.

Verification

Hopefully you checked the Interactive Brokers link here before starting and you have all the documents to hand.

You will have the option to confirm your mobile number and it's useful to do it at this point.

Funding

Interactive Brokers say they will prioritise the review of applications that already have been funded, so it’s worth transferring your first funds while you are waiting.

As you will likely be wiring funds from your bank account, speed things up by having your mobile banking app or other authentication device provided by your bank.

Factor in that depending on how much you are transferring, you may exceed your daily transfer allowance and may need to break it down over a few days.

Depending on your location, the transfer may be an International Bank transfer which could take a day or so longer also.

Final steps to complete your application.
How do I open a sub account ?

Opening a sub-account allows an Aikido Finance user to allocate individual strategies to separate sub-accounts. Here are some easy steps to set up sub-accounts.

  1. Login to your live account on Interactive Brokers through the web portal
  2. Click the person icon on the top right corner and then click “Settings”.
Go into your personal settings to start opening a sub-account.

Under “Account Settings”, under “Trading”, click “Open an Additional Account”.

Navigate to the trading and additional account section.

Under “Individual Brokerage Accounts”, you will most likely be selecting “Individual”. In this example there is not an option for a retirement account as we are opening the sample sub-account is in Europe.

Select which type of interactive brokers account you would like.

Click “Finish Application” and then fill out the same financial questionnaire that you completed for the main account. Then you are all finished!

The application is process is complete, time for a short questionnaire from Interactive Brokers for regulatory purposes.
Back to topic: 1. How to guides for Aikido Finance

More in
1. How to guides for Aikido Finance
PreviousNext
1. How to create a manual stock portfolio
June 13, 2022 · 5 min read