Interactive Brokers not allowing futures trading in IRAs | Reviews of Brokers and Data Feeds


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Interactive Brokers not allowing futures trading in IRAs

  #4 (permalink)

Austin, TX
 
Trading Experience: Advanced
Platform: TradeStation, TWS
Broker/Data: TradeStation, IB .. for now
Favorite Futures: 6E, ES
 
Posts: 28 since May 2010
Thanks: 0 given, 28 received

I had the same problem.

They couldn't have screwed up this change any worse than they did. I have an advisor account that trades a mix of taxable and IRA accounts with a single order. I was in a trade overnight. When I went to exit it this morning it sold all the contracts that I was long, but since they had completely disabled futures trading in IRAs it sold the full position of all accounts and allocated them to my taxable account.

So not only had I reversed, but I was short 3x the size I had been long in the taxable account, and still long in all the IRAs.

I had to call in and close them out over the phone one by one.

How about a little notice IB, or how about at least allowing closing orders on open positions. What a mess.

Needless to say I've been shopping for a new broker this morning. If you want to trade futures and stocks in the same account TDAmeritrade/ToS is the only option I know of. If you are willing to split or only trade futures then most brokers allow IRA's.

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