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

  #31 (permalink)
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Big Mike View Post
Please post proof it is an IRA

Sent from my phone


geosing View Post
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.

I'm not sure what gives, but here's a screen pic of my account

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  #32 (permalink)
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Trading in my IRA accounts was re-enabled Friday afternoon and remains available. I suspected they were back peddling. That they'd allow it for some time, provide a proper announcement, and disable it again sometime soon. That way they don't upset anyone who hadn't noticed yet. I haven't been executing in them though, never know when your orders are going to go dead again.

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  #33 (permalink)
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danjurgens View Post
Trading in my IRA accounts was re-enabled Friday afternoon and remains available. I suspected they were back peddling. That they'd allow it for some time, provide a proper announcement, and disable it again sometime soon. That way they don't upset anyone who hadn't noticed yet. I haven't been executing in them though, never know when your orders are going to go dead again.

No such luck here. No permission. I also heard that Advisor accounts are still able to trade futures in clients' IRA. So, a real murky and uncertain situation and still no formal announcement of any kind that I know of.

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  #34 (permalink)
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geosing View Post
No such luck here. No permission. I also heard that Advisor accounts are still able to trade futures in clients' IRA. So, a real murky and uncertain situation and still no formal announcement of any kind that I know of.

I do use an Advisor account. So that would explain it.

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  #35 (permalink)
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All my IRA accounts can trade futures again as of this morning. Not sure for how long, though. At least, TWS is accepting orders. I am holding off till situation becomes clear.

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  #36 (permalink)
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IB Communication

I just received this communication from IB regarding this whole debacle.

Edit: I wonder how much capital they saw leave their books before they decided to restore trading permissions?

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  #37 (permalink)
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They didn't 'inadvertently' do it customer support have confirmed it was an intentional decision.
Who trusts a broker that treats their customers like idiots and lies directly to their face.

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  #38 (permalink)
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I'm sure quite a bit moved out...

As a follow up to the reversal policy e-mail, I called up IB customer support, and they are stunned at the CS team level.

On another note, I actually logged a ticket to speak with someone from management earlier this week. Amazingly someone did call (I cannot remember his name, except that he worked for Bear Stearns and traded the pits for 25 years). This was no more than 48 hours ago, and he emphatically told me in a polite way that this decision was final. The decision was made from one of the top three execs.

Well, it would appear that he got shot down by the other two... In any case, I told customer service today that their clients have got to be besides themselves on this insane move. There was no comment - which I took as tacit agreement.

-harvester

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  #39 (permalink)
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SMCJB View Post
They didn't 'inadvertently' do it customer support have confirmed it was an intentional decision.
Who trusts a broker that treats their customers like idiots and lies directly to their face.

Likely they were forced to do this...

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  #40 (permalink)
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Big Mike View Post
Likely they were forced to do this...

Sent from my phone

May be so; but would it be too much to ask for a bulletin and/or allow a trading day for traders to square open positions? Especially if they are not in any violation of margin requirements.

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