Interactive Brokers not allowing futures trading in IRAs - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


Interactive Brokers not allowing futures trading in IRAs
Updated: Views / Replies:14,330 / 59
Created: by davespain Attachments:3

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 3  
 
Thread Tools Search this Thread
 

Interactive Brokers not allowing futures trading in IRAs

  #11 (permalink)
Elite Member
barcelona spain
 
Futures Experience: Beginner
Platform: ninja, investor rt, ts
Favorite Futures: ES and NQ
 
Posts: 31 since Jun 2011
Thanks: 10 given, 23 received

cost estimates of different IRA broker options

Thanks everyone for your feedback. I spent some time Friday speaking with different brokers and IRA trustee companies. It seems to me that there are two options to use for me to continue to trade futures in my IRA. One is to move to a broker similar to IB such as TOS that does not use a 3rd party trustee company and also offers stock and option trading at a reasonable cost. The other is to use a trustee company with a discount futures trading company. Total cost seems to be lower with the later option. However, I still may not go that route simply due to the lower complexity of using a single source broker such as TOS.

Anyhow, below is a comparison I did to get an understanding of the different cost options in case you are interested.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Reply With Quote
The following 5 users say Thank You to davespain for this post:
 
  #12 (permalink)
Trading Apprentice
Northern California
 
Futures Experience: Intermediate
Platform: IB
Favorite Futures: Futures
 
arrowTrader's Avatar
 
Posts: 12 since Feb 2014
Thanks: 2 given, 2 received

That's a nice comparison chart. One key feature of IB is their Universal Account where you can trade futures, stocks, and options from the same account. I'm not aware of another retail broker that offers this capability. in this case, if you wanted the flexibility to trade both futures and stocks from your IRA, moving your IRA from IB to another broker could mean splitting your funds into two separate accounts (might be with the same broker) and paying two sets of fees.

Reply With Quote
 
  #13 (permalink)
Market Wizard
Cleveland, OH
 
Futures Experience: Advanced
Platform: QST
Broker/Data: QST, DeCarley Trading, Gain
Favorite Futures: Options on Futures
 
Posts: 2,720 since Jul 2011
Thanks: 792 given, 4,763 received
Forum Reputation: Legendary



arrowTrader View Post
One key feature of IB is their Universal Account where you can trade futures, stocks, and options from the same account. I'm not aware of another retail broker that offers this capability.

OptionsXpress offers all three types of trading in one account. But they don't allow any futures trading in IRA accounts as of a couple of years ago.

Reply With Quote
The following user says Thank You to ron99 for this post:
 
  #14 (permalink)
Elite Member
NC
 
Futures Experience: Advanced
Platform: Ninja
Broker/Data: DTNIQ
 
Posts: 21 since Aug 2010
Thanks: 12 given, 3 received

IB, REALLY?

I can't believe how IB has handled the policy change.

They have a bulletin for each and every hiccup in data drops, trading hours, etc. yet they didn't even bother to tell anyone about the change in policy. That lack of communication is what leads me to not trust them.

What a pain it has been trying to get a custodian, etc. A nice 300 per year charge on top of all of the headache.

Thanks IB. Really appreciate it.

Reply With Quote
 
  #15 (permalink)
Elite Member
Kansas City, MO
 
Futures Experience: Advanced
Platform: N/A
Favorite Futures: ETF
 
Posts: 2 since Jun 2012
Thanks: 0 given, 1 received

Thinkorswim is an option that allows futures, options and stocks as far as I know. I applied last night and waiting for approval before transferring my IB account over to TOS.

I think they act at their own custodian, or maybe have an arrangement with a custodial company, so there are no large fees that I know of.

Reply With Quote
 
  #16 (permalink)
Elite Member
NC
 
Futures Experience: Advanced
Platform: Ninja
Broker/Data: DTNIQ
 
Posts: 21 since Aug 2010
Thanks: 12 given, 3 received

fees

Thanks for that information.

Please be careful.

The fees are outrageous

our standard rate is $2.25 plus exchange fees is what they quoted me at TOS.

The 300 custodian fees are just going to have to be overhead now. One good trade.

Still annoying.

Reply With Quote
 
  #17 (permalink)
One day...
SF, CA/USA
 
Futures Experience: Beginner
Platform: SC
Broker/Data: Stage 5 Trading/Gain
Favorite Futures: CL, NQ, ES, EUR
 
jackbravo's Avatar
 
Posts: 1,041 since Jun 2014
Thanks: 2,447 given, 1,652 received
Forum Reputation: Legendary

uh....i'm still trading futures in my IRA account with IB.......what gives ???

Reply With Quote
 
  #18 (permalink)
Elite Member
Houston, Texas USA
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts, TradeStation, NeuroShell, AmiBroker
Broker/Data: Interactive Brokers, TradeStation, DTN/IQ
Favorite Futures: TF, EMD, NQ, CL
 
harvester's Avatar
 
Posts: 30 since Mar 2011
Thanks: 12 given, 82 received


jackbravo View Post
uh....i'm still trading futures in my IRA account with IB.......what gives ???

Not sure how that is still possible?? For me, I was shut down last Friday executing auto-trades from MultiCharts. I started receiving pop-up messages out of MultiCharts telling me that I didn't have the proper account permissions.

That's when I called IB, and started asking questions. They told me that any open futures trades would be allowed to continue past the March 6/Midnight decision point, but once closed that would be the final trade allowed. Ongoing, no subsequent trades would be allowed.

Did you already have something open, or did you actually initiate something since the cutoff time?

Thanks,
-harvester

Reply With Quote
 
  #19 (permalink)
One day...
SF, CA/USA
 
Futures Experience: Beginner
Platform: SC
Broker/Data: Stage 5 Trading/Gain
Favorite Futures: CL, NQ, ES, EUR
 
jackbravo's Avatar
 
Posts: 1,041 since Jun 2014
Thanks: 2,447 given, 1,652 received
Forum Reputation: Legendary


harvester View Post
Not sure how that is still possible?? For me, I was shut down last Friday executing auto-trades from MultiCharts. I started receiving pop-up messages out of MultiCharts telling me that I didn't have the proper account permissions.

That's when I called IB, and started asking questions. They told me that any open futures trades would be allowed to continue past the March 6/Midnight decision point, but once closed that would be the final trade allowed. Ongoing, no subsequent trades would be allowed.

Did you already have something open, or did you actually initiate something since the cutoff time?

Thanks,
-harvester

I didn't even know about it. I've probably traded around 100 round trips in various futures since Friday.

Reply With Quote
 
  #20 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,078 since Dec 2013
Thanks: 1,723 given, 3,279 received
Forum Reputation: Legendary


Be careful when transferring your IRA's.
There were new US IRS Tax Rules that came into effective in 2015 which I believe only allows individuals to make one transfer a year. Additional transfers I believe can be taxed.

IRS Clarifies Application of One-Per-Year Limit on IRA Rollovers, Allows Owners of Multiple IRAs a Fresh Start in 2015
"Although an eligible IRA distribution received on or after Jan. 1, 2015 and properly rolled over to another IRA will still get tax-free treatment, subsequent distributions from any of the individualís IRAs (including traditional and Roth IRAs) received within one year after that distribution will not get tax-free rollover treatment. "

NOTE: I'm a trader not an accountant. While I believe this information to correct it actually may not be so you should probably check with your accountant.

Reply With Quote

Reply



futures io > > > > Interactive Brokers not allowing futures trading in IRAs

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

Dec 7

Linda Bradford Raschke: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Ninja for Interactive Brokers (automated trading of portfolio) quantum777 NinjaTrader 1 January 5th, 2015 05:26 PM
Sugar Futures/Interactive Brokers/IQ Feed zuska Commodities Futures Trading 1 November 13th, 2014 09:42 AM
Futures Trading w Self-Directed IRAs JTurner77 Reviews of Brokers and Data Feeds 12 June 23rd, 2014 10:50 PM
Ninjatrader Forex / futures EUR/USD commision help for (Interactive Brokers ) wallsteetking NinjaTrader Programming 6 April 4th, 2012 01:45 AM
Interactive Brokers Versus Optimus Trading Fills tradetree Reviews of Brokers and Data Feeds 14 October 9th, 2011 05:17 PM


All times are GMT -4. The time now is 03:24 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
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.
no new posts
Page generated 2017-11-24 in 0.13 seconds with 21 queries on phoenix via your IP 54.198.221.13