Online Trading Broker

What are the margin requirements for commodity trading?

A person at Scottrade told me that you must have 1 million dollars in a margin account to trade commodities. Was he blowing smoke somewhere, or is this correct? What would be a good contact point to check this out for real? Who would you call?

Public Comments

1. Do not know your answer but I will keep tuned in for the answerer's. Peace!
2. Oanda allows trading of silver(XAG) and gold(XAU) with a regular forex account, i started with only $1000. Not sure about other commodities.
3. He's blowing smoke big time. Most traders start with $10,000. Margin is determined by the contract you want to trade. Oil margin currently is around $10,000 per contract. Corn is around 3,000. If you really want to learn how to trade commodities from a 35 year veteran I suggest you go to http://www.ChartingYourFutures.com The guy know what he's talking about and trades commodities the way they should be traded. (so you can sleep at night)
4. A few years ago it was a government law that you had to have $5,000 to open up an account. I am not sure if they increased that or not but if they did it would only be to $10,000. Although some brokers want more money to open up an account.