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Ridiculous EU regulations are preventing me from trading ETFs in my InteractiveBrokers account. What should I do?
It took so much wrangling to open a business account with IB, only to find out that they are restricting me from trading exchange traded funds. It turns out even though it has 30k in it, the account is still classified as retail. The (2 out of 3) requirements than need to be met in order to upgrade from Retail to Professional are: 1) To have made 10 trades in a single quarter at some point in the past year with value exceeding 200k euros. 2) To have 500k euros in my company's main account. 3) To have worked for a year in a finance institution in the past. So I can trade highly volatile individual stocks and leveraged CFDs, but diversified ETFs are too dangerous aparently. I am pissed at this. I can't meet any of these requirements apart from potentially the first one, but I am not going to churn my account just to meet that one. I didn't expect this. I had a small personal account open with IB a decade ago and didn't run into any issues trading with them then. Any good alternative brokers that have access to EU and US markets that I could look into? What would you do in my shoes? I already sent them a ticket telling them I am going to close unless they upgrade. There is currently a bull market in Croatian (and Slovenian) stocks, and the one index fund that I found has ridiculous fees of like 3% per year to invest in them. It also has 1-2% front loads, so I want to buy the Expat ETF on Xerta instead. It has close to zero liquidity, so I am not sure I'd be able to find any CFD offerings for it. I've never traded CFDs before, so I could be wrong. I am just returning to trading after a decade of absence.5
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