Hello, I am thinking of transferring my futures acounts from one FCM to another. I am curious as to the logisitics of this: 1. How long does this typically take? 2. Do I get charged transfer fees by receiving FCM, transfering FCM or both FCMs? 3. Should I conitnue trading in the old FCM accounts until the transfer is complete or once the transfer order has been isused only trade in the new accounts 4. Any tips from others as to how to handle the process and things to be aware of to avoid pitfalls/mistakes? Thanks!
"Transferring your account could take up to a week. It would be more typical for the old account to charge a fee rather than the new account. I would not transfer position you might want to adjust in the next week. It would be safer to move cash. Then trade in the new account. You can wire money same day.
I have an active trading style, so I need to be able to continue trading without any interruption. If I issue an order to transfer the accounts, can I continue trading in the account pending transfer completion, or must trading end once I issue the request to transfer? I'm a little confused as the best way to go about it. Perhaps, I could fund the new account, start trading there , issue the transfer and just wait for the transfer to net out my positions in the new account? Would this work?
YES...that would be safer. Fund the new account with a wire from either the old account , or a checking account, trade in the new account, then transfer.