You have to ask: What would have been the problem if IB gave, say, 30 days' notice before eliminating IRAs for futures trading after supporting them for decades? They just don't give a damn.
They explained to me that if you have open orders, you can hold through expiry and they will not liquidate or force you to liquidate open positions, but no further positions can be put on.
IB's communication with its customers in situations like this leaves a lot to be desired. I love trading through IB, but this kind of thing is getting old.
I traded futures in my IB IRA account this afternoon March 06 (sell and buy). I'll see if I can still trade futures in my IB IRA account on Monday. I have no account messages or emails from IB about this. IB has become tone deaf to customers.
Anyone have any opinions on why they would have even made such a "management decision" in the first place?
Same here. Was able to trade futures in 2 IRA accounts yesterday and no go this morning with the same story that others have posted. Pretty sad customer service. Any suggestions for another brokerage that allows futures to be traded in an IRA? Is there any pending legislation to restrict this type of trading?
Thinkorswim allows futures trading in IRA accounts. Many other brokers allow it through a trust account (such as Millennium Trust) but those are futures only. In that scenario, you act as your own custodian and can invest in virtually anything including RE, private equity, etc. I will probably look towards TOS because I also need to trade equities and they are the only one I know that allows both (like IB did). No legislation or regulatory changes that I find.
TOS webpages covering which products are available for trading in IRA accounts are offline as of this morning. Do you know if TOS allows options on futures trades such as short calls and long puts that are not fully cash-covered?