Best Brokers for IRA Accounts

Discussion in 'Retail Brokers' started by bent_prop, Sep 6, 2011.

  1. I busted my ass to sock away money in my Roth IRA over the years and now it's significant enough that I would like to trade it more aggresively. Transactions in an IRA are not taxable and there is no IRS accounting requirement BS - Nirvana!

    Problem is, many brokers require the most draconian cash account policies requiring a hold on funds for 3 days for full closure. It's an ancient self serving policy considering electronic trading. Considering how excellant brokers are at protecting their back sides, I'm really miffed at this policy considering it is NOT an SEC regulation if the broker has a reasonable expectation of collecting funds from buyer or seller. It's the broker call.

    In the past the only brokers with progressive policies were IB and ThinkorSwim. I'm not current on current policies.

    Anyone know of Progressive brokers that keep the electronic buying current with your electronic trades?
  2. At IB you can trade futures in the IRA and you can avoid the 3-day hold on stock trades.

    So I think IB is the best choice.

    Maybe TOS too - I do not know.

    Almost all other brokers, though, will not allow futures trades except with an expensive third-party custodian and insist on the 3 day holds.

    IB does have a small minimum fee though.

    In accounts under $25,000 though you probably want to make it a cash-only account in order to avoid the pattern day trader rules, and if you do that, then you will have the 3 day hold at any broker under SEC rules.