Best brokerage for margin loan?

[blortchplop]

I am considering investing a smallish portion of my income in equities in a taxable brokerage and would like the option to take out a margin loan against these holdings at some point in the future. This would let me cover unplanned expenses without selling anything, and I could pay back the loan over time from income.

I would buy and hold a tax efficient total market index fund and maybe a little BOXX, but that's about it. Margin loans would be temporary for lumpy expenses and not for leverage or other investing purposes.

Ignoring the wisdom (or lack thereof) of this strategy, what would be the best brokerage to use? I am considering Interactive Brokers and M1 Finance.

• IB has a higher margin rate than M1 for the lite account but a lower rate for the pro account. I hope to eventually get to pro account levels, but it will take several years.
• M1 looks easier to use.

Robinhood might also be an option, but their association with Wall Street Bets and related hooligans gives me negative vibes, deservedly or not.

[123]

Margin loan rates can frequently change. One's costs of using margin loans can end up being higher than anticipated.

[Tabulator]

Could one's costs still be competitive with going rates for a mortgage?

One's costs of using margin loans can end up being higher than anticipated.

[Minderbinder]

Why not use futures instead of buying etfs on margin? Way more leverage.

[MBB_Boy]

Maybe this changed, but you don't need an amount to be IBKR pro. You just make a selection when you open the account (that's how it worked when I opened mine).

M1 is definitely WAY easier to use than IBKR. I used to have both but eventually left M1 and retained an IBKR account for margin purchases. I don't have much there, but will ACATS funds over if I ever see the need to take a big margin loan.

Robinhood is also a possibility since they came out with their updated rates / capabilities. I'm sure it is very easy / straightforward as well

[blortchplop]

Maybe this changed, but you don't need an amount to be IBKR pro. You just make a selection when you open the account (that's how it worked when I opened mine).

Thank you! I confused the pro account with portfolio margin, which is a separate thing and has a $110k minimum.

M1 is definitely WAY easier to use than IBKR. I used to have both but eventually left M1 and retained an IBKR account for margin purchases. I don't have much there, but will ACATS funds over if I ever see the need to take a big margin loan.

Robinhood is also a possibility since they came out with their updated rates / capabilities. I'm sure it is very easy / straightforward as well

Given that IBKR pro doesn't have a minimum funds requirement and has better rates than M1, that looks the most promising. I would only need to figure out how to do very basic trades on IBKR, and there should be documentation.