I have a long been a fan of my FCM but after some research, great customer comments I am REALLY wanting to switch over to Interactive. One qustion I have for anyone: Do they allow IRA futures accounts?
God Bless.
God Bless.
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Interactive Brokers and Futures
- Thread starter Quiet ButDeadly
- Start date
Many FCM's allow IRA futures accounts but I don't think IB does. Thanks for the replies.
The restriction is only 75% of the funds are available to trade futures with, they use J-Trader
A bit off subject, but related to the theme of this thread...Does anyone remember the name of that Trust company that basically held client assets for clients who were using their retirement plans to trade futures, options, etc...The companies' officers basically looted the accounts and spent the money and the case was a very big issue about a year ago...Many articles in Futures Magazine about this company...Supposedly, very few people received any of their money back...Another disaster story from the futures industry...
Actually it was http://www.intrust.com/ that it happened to, the customers ended up losing 8.69%.
http://www.mtrustcompany.com/ ended up being the winning bidder to take over Intrust (I currently us them as my Trust for my futures IRA). It use to be where the Trust would keep 30% and your brokerage (who needs to have a relationship with the Trust, most major FCM's & IB's do) account gets the other 70%. Now this Trust only holds $500 and the rest is sent to your futures broker.
Also before anyone asks let me tell you how it was explained to me. Margin with futures and margin with stocks are two different things. Margin with your stock broker is borrowwing funds and paying interest on it. With futures margin its considered money thats put up in case of loss (SPAN, ie: performance bond), your not borrowing money from your broker, clearing firm, or anyone.
Always caution to talk to a tax attorney familiar with futures IRA's, the few Trusts that handle them can most likely point you to someone.
http://www.mtrustcompany.com/ ended up being the winning bidder to take over Intrust (I currently us them as my Trust for my futures IRA). It use to be where the Trust would keep 30% and your brokerage (who needs to have a relationship with the Trust, most major FCM's & IB's do) account gets the other 70%. Now this Trust only holds $500 and the rest is sent to your futures broker.
Also before anyone asks let me tell you how it was explained to me. Margin with futures and margin with stocks are two different things. Margin with your stock broker is borrowwing funds and paying interest on it. With futures margin its considered money thats put up in case of loss (SPAN, ie: performance bond), your not borrowing money from your broker, clearing firm, or anyone.
Always caution to talk to a tax attorney familiar with futures IRA's, the few Trusts that handle them can most likely point you to someone.