I got a further bit of clarification about the IRS ruling - this coming from Midland IRA:
That rule only applies to performing a rollover and taking possession of the funds for less than 60 days. If you are performing a trustee to trustee transfer, that actually has no limit on occurrences.
When simply changing the address of your IRA, the IRS doesn't have any issue with it.
The following 3 users say Thank You to harvester for this post:
I also have been trading equity ETFs and futures with IB in multiple IRA accounts and thought IB was the best thing going for pricing and execution - acceptable datafeed and trading platform, besides being well capitalized. It is unfortunate that IB chose to implement the new policy in such a cavalier fashion. Just like most, I am also looking for an alternative to trade equities and futures within a Traditional IRA account.
In my prior research, TradeStation came closest to IB in terms of pricing and products offered. Has anyone considered moving to TradeStation. I believe they do allow trading futures in an IRA account.
Comments from any current users of TradeStation (Brokerage, not the software) will be most welcome.
so weird. i'm afraid IB screwed up my IRA rollover...crap. i traded futures last night in my account.
I like tradestation a lot. Their fills are not quite as good as IB, but still very very good. It's also a bit more expensive than IB, but they have a bunch of promotions for free lifetime license and 500$ rebate when you transfer. I also like their UI and DOM much better than IBs, being a lot more intuitive.
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Ah!! That was very helpful. Thank you!
It says "direct rollover ira" as account type. At least that's correct. I'm not sure why I'm still able to trade. I'll try to get a screenshot posted later today.
"Please be advised that futures trading capabilities is no longer allowed in IRA accounts, per management decision. An IB customer will no longer be able to conduct futures trading in an IRA at IB. We apologize for not sending out a prior notice. "