Frequently Asked Questions
Got a question? Here are some answers.
Questions & Answers
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Can I reuse the same username?
No, it is not possible to reuse any username that is/was associated with either a canceled application or a closed account in a new application or as the second username on an existing account.
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What happens to my account if I move?
Life&Brain operates as an international broker, so unless an existing client relocates to a country where we are prohibited, by regulation, from doing business, there should be no problems with continuing your relationship if you move. Some points to consider: The client's country of legal residency is a key factor in determining the Life&Brain entity with which their account is maintained. As a result, the possibility exists that the account will need to be transitioned to a new IBKR entity, thereby necessitating the opening of a new application after which balances will be transferred and the current account closed. Moving to a new country may subject the client to different local regulations which, among other things, may impact the products you can trade. For example, U.S. regulations generally prohibit residents from trading non-U.S. securities options. Similarly, European regulations prohibit residents classified as Retail from trading certain packaged products such as ETFs where the issuer elects not to publish the required disclosure documents. Tax withholding rates on dividends are generally based upon the client's country of residency and the relocation to a new country may expose the client to withholding taxes that they were previously not subject to or withholding at a rate higher than that subject to previously.
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Why can't I complete my account application?
If you are in the middle of an application and cannot proceed, please first clear your cache (history and cookies) on your browser. If this does not resolve the issue, please try another browser.
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What documents are required to open an account?
1. Hong Kong Residents: 1.1 Hong Kong Permanent ID + Proof of residential address within the last 3 months 1.2 Hong Kong ID + HKSAR Document of Identity for Visa Purposes + Proof of residential address within the last 3 months 1.3 Hong Kong Resident Identity Card + Mainland China ID + Proof of residential address within the last 3 months 2. Mainland China Residents: Mainland China ID or Mainland temporary ID card (three-month validity period) + Mainland Bank Card (for verification purposes)
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Which currency can I withdraw?
Currently, only USD is supported.
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Are my assets and deposits safe?
Life&Brain is regulated by the Hong Kong Securities and Futures Commission (HKSFC). Client cash is under the custody of third-party banks. All securities are held in custody with Hong Kong Securities Clearing Company Limited (“HKSCC”) and licensed US custodian. It is a serious violation of the law to use client assets without the client's authorization. Therefore, unless the client's authorization is obtained, Life&Brain will not be able to dispose of any assets in the client's account.
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Is there any handling fee for deposit and withdrawal?
We do not charge any handling fee for deposit and withdrawal but clients are responsible for any bank charges.
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Can I deposit by credit card?
Life&Brain does not allow deposit of funds using a credit or debit card. Funds may be transferred from a bank or broker account of the same name. To obtain routing details, please complete a deposit notification through Client Portal by selecting Transfer & Pay followed by Transfer Funds.
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Why am I receiving an Authentication Error?
For security reasons, authentication errors do not identify the specific issue. They can range from incorrectly entering a password to being locked out due to too many failed login attempts. In any case, should you receive an authentication error it is required that you call Interactive Brokers using one of the numbers from our Support Page, to be verbally verified by one of our Client Service Team members before we can assist you further in addressing the error.
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Can I convert currency with a cash account?
Cash accounts are not allowed to trade Forex on a leveraged basis, but are allowed to convert one currency to another. As a Forex transaction represents the simultaneous purchase of one currency vs. the sale of another, that sale will result in a short (i.e., borrow) position unless it serves to close or convert an existing long position. Accordingly, Forex orders which would result in a short balance in any given currency, if executed, will not be accepted in a cash account.
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Is the Paper Trading free to use?
Yes, the Paper Trading system is completely free to use. The transaction fee of the Paper Trading does not involve real expenditures. This feature is for free, so please feel relieved to use it.
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What should I do if I believe that my account has been hacked?
If you believe that your account has been hacked or compromised it is critical that you contact your local Client Service Center immediately so that we may verify your identity and take the necessary actions to protect your account. These actions will generally include imposing restrictions upon the placement of new opening orders, a freeze upon funds withdrawals and asset transfers, issuance of a new password and a review to ensure that all account users are 2-factor protected while the incident is investigated. In addition, you will need to review your account to identify any unauthorized trades, withdrawals or information changes. A review of your account activity including login history will be then conducted by Life&Brain’s Compliance Department and you may be required to file a police report.
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How do I know if my order executed?
To see if your order executed, look at the Status column on your order line. If your order (or part of your order) has executed, you will see the number of executed shares/contracts in the Status field. You can also check the Trade Log to see all of your executed orders. Access the Trade Log in Trader Workstation by clicking the Account menu option followed by Trade Log.