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What is the difference between an independent IB and a guaranteed IB?

An independent IB must maintain adjusted net capital of at least $45,000 but may introduce business to any registered FCM/RFED.  A guaranteed IB does not have to maintain a particluar level of net capital but, instead, is guaranteed by a particular FCM/RFED and is generally required to introduce all its business to that FCM/RFED.

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