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

  #21 (permalink)
Elite Member
Houston, Texas USA
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts, TradeStation, NeuroShell, AmiBroker
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harvester's Avatar
 
Posts: 30 since Mar 2011
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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

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  #22 (permalink)
Elite Member
Atlanta, GA
 
Futures Experience: Advanced
Platform: IB TWS
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geosing's Avatar
 
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Any opinions on TradeStation

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.

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  #23 (permalink)
One day...
SF, CA/USA
 
Futures Experience: Beginner
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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.

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  #24 (permalink)
Elite Member
Atlanta, GA
 
Futures Experience: Advanced
Platform: IB TWS
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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?

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  #25 (permalink)
Elite Member
Bend, Oregon
 
Futures Experience: Intermediate
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More complaints from Elite Trader

Problems trading futures in IRA accounts at IB? | Elite Trader

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  #26 (permalink)
One day...
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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).

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  #27 (permalink)
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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

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  #28 (permalink)
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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.

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  #29 (permalink)
One day...
SF, CA/USA
 
Futures Experience: Beginner
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Broker/Data: Stage 5 Trading/Gain
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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.

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  #30 (permalink)
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Atlanta, GA
 
Futures Experience: Advanced
Platform: IB TWS
Favorite Futures: YM, Grains Futures
 
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Posts: 12 since Dec 2011
Thanks: 4 given, 6 received


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.

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