NexusFi: Find Your Edge


Home Menu

 





Interactive Brokers not allowing futures trading in IRAs


Discussion in Brokers

Updated
      Top Posters
    1. looks_one jackbravo with 12 posts (3 thanks)
    2. looks_two ge55 with 7 posts (2 thanks)
    3. looks_3 harvester with 5 posts (17 thanks)
    4. looks_4 ron99 with 3 posts (2 thanks)
      Best Posters
    1. looks_one pedalon with 8 thanks per post
    2. looks_two davespain with 4.5 thanks per post
    3. looks_3 harvester with 3.4 thanks per post
    4. looks_4 Big Mike with 1.7 thanks per post
    1. trending_up 27,171 views
    2. thumb_up 64 thanks given
    3. group 18 followers
    1. forum 59 posts
    2. attach_file 3 attachments




 
Search this Thread

Interactive Brokers not allowing futures trading in IRAs

  #21 (permalink)
 
harvester's Avatar
 harvester 
Houston, Texas USA
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts, TradeStation, NeuroShell, AmiBroker
Broker: Interactive Brokers, TradeStation, DTN/IQ
Trading: TF, EMD, NQ, CL
Posts: 30 since Mar 2011
Thanks Given: 12
Thanks Received: 91

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.

-harvester

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
Exit Strategy
NinjaTrader
Deepmoney LLM
Elite Quantitative GenAI/LLM
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
61 thanks
Funded Trader platforms
38 thanks
NexusFi site changelog and issues/problem reporting
27 thanks
GFIs1 1 DAX trade per day journal
18 thanks
The Program
18 thanks
  #22 (permalink)
 
ge55's Avatar
 ge55 
Atlanta, GA
 
Experience: Advanced
Platform: IB TWS
Trading: YM, Grains Futures
Posts: 15 since Dec 2011
Thanks Given: 4
Thanks Received: 6

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.

Reply With Quote
  #23 (permalink)
 
jackbravo's Avatar
 jackbravo 
SF, CA/USA
 
Experience: Beginner
Platform: SC
Broker: Stage 5
Trading: NQ...uh..ES actually
Posts: 1,337 since Jun 2014
Thanks Given: 4,362
Thanks Received: 2,400



geosing View 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.

Reply With Quote
  #24 (permalink)
 
ge55's Avatar
 ge55 
Atlanta, GA
 
Experience: Advanced
Platform: IB TWS
Trading: YM, Grains Futures
Posts: 15 since Dec 2011
Thanks Given: 4
Thanks Received: 6


jackbravo View Post
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.

Yes, it is real strange if you were able to trade futures last night in an IRA account. I believe they revoked trade permissions on all IRA accounts across the board.

Are you still using TradeStation Brokerage?

Reply With Quote
  #25 (permalink)
 
Powdrpig's Avatar
 Powdrpig 
Bend, Oregon
 
Experience: Advanced
Platform: Sierra Chart
Broker: Edge Clear
Trading: MNQ/NQ
Posts: 41 since May 2011
Thanks Given: 621
Thanks Received: 66

Problems trading futures in [AUTOLINK]IRA[/AUTOLINK] accounts at IB? | Elite Trader

Reply With Quote
  #26 (permalink)
 
jackbravo's Avatar
 jackbravo 
SF, CA/USA
 
Experience: Beginner
Platform: SC
Broker: Stage 5
Trading: NQ...uh..ES actually
Posts: 1,337 since Jun 2014
Thanks Given: 4,362
Thanks Received: 2,400


geosing View Post
Yes, it is real strange if you were able to trade futures last night in an IRA account. I believe they revoked trade permissions on all IRA accounts across the board.

Are you still using TradeStation Brokerage?


I just just sold some bond futures a few minutes ago! I want to call them and ask and also don't.

Yes, I'm using tradestation brokerage (well, i was until last month).

Reply With Quote
  #27 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,397 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,537


jackbravo View Post
I just just sold some bond futures a few minutes ago! I want to call them and ask and also don't.

Yes, I'm using tradestation brokerage (well, i was until last month).

Please post proof it is an IRA

Sent from my phone

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #28 (permalink)
 clacy 
Kansas City, MO
 
Experience: Advanced
Platform: N/A
Trading: ETF
Posts: 2 since Jun 2012
Thanks Given: 0
Thanks Received: 1


jackbravo View Post
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.

Under the "Manage Account" tab go to < Account Information < Details < Account Details

On the right hand side of that page, under Account Configuration it should give you a "Customer Type" which would say "IRA" or "Roth IRA" etc.

That is something you should definitely confirm.

Reply With Quote
Thanked by:
  #29 (permalink)
 
jackbravo's Avatar
 jackbravo 
SF, CA/USA
 
Experience: Beginner
Platform: SC
Broker: Stage 5
Trading: NQ...uh..ES actually
Posts: 1,337 since Jun 2014
Thanks Given: 4,362
Thanks Received: 2,400


clacy View Post
Under the "Manage Account" tab go to < Account Information < Details < Account Details

On the right hand side of that page, under Account Configuration it should give you a "Customer Type" which would say "IRA" or "Roth IRA" etc.

That is something you should definitely confirm.

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.

Reply With Quote
  #30 (permalink)
 
ge55's Avatar
 ge55 
Atlanta, GA
 
Experience: Advanced
Platform: IB TWS
Trading: YM, Grains Futures
Posts: 15 since Dec 2011
Thanks Given: 4
Thanks Received: 6


Email from IB on an email query:

"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. "

They said Sorry. Everything is okay now.

Reply With Quote




Last Updated on April 29, 2015


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts