Problems trading futures in IRA accounts at IB?
- Thread starter chanelops
- Start date
Yes. This is accurate. I was told it was a sudden overnight decision, and that no communication was sent to IB customers. The trade desk can close your existing positions.
I was not that happy about it and had the following exchange with a Rep on chat this morning:
IB Rep: I know. It's just that there was an overnight change and as of now IRA accounts are no longer able to trade future contracts
me: huh?
IB Rep: I have no explanation as to the why. It was not communicated to us
IB Rep: if it was a policy change from IB or if it was a regulatory issue
me: so if i want to close an OPEN position, how do I do that?
IB Rep: The permission can be re instated for the closing process or the best way is to contact the trading desk and they will close it for you
me: and also, where is the communication of this policy change? I read my messages this morning from IB and saw nothing
IB Rep: there has been none as of the moment
me: that is almost impossible to believe. you have terminated, suddenly and without warning, people's ability to trade. Including those with open risk. And communicated nothing.
me: is that basically what you are telling me?
IB Rep: Unfortunately you are right. The ability to trade futures and future related products was terminated for IRA accounts without notice. The alternative offered is to contact the trading desk to close existing positions.
I am having the same problem. This is total disregard for customers by Interactive Brokers to make such a change without any notice. I have 2 accounts with IB, IRA and regular, and the regular account works, but the IRA will not enter a trade. Does anyone know the best alternative futures broker for trading in an IRA. IB was good because of the wide array of instruments available for trading in an IRA.
Yes, it is true. IB no longer allows futures trading in IRA accounts. The decision is one thing; the implementation was a complete customer service fail. There was no prior notice, all of my open orders were cancelled by IB and my existing positions were left in place. So, I wake up this morning and have positions on with no stops in place. Seriously! When I asked why I was told it "was a management decision." Extremely disappointed with IB - loved the brokerage, but this implementation was f'd up to the max. Will be moving my 5 figure commission business somewhere else, regrettably.
Yeah, they didn't close out your positions, just deleted your stops! Well thought out IB! Do you think you would get your money back if the market moved through your cancelled stop overnight?