Thanks! I've been leaning towards Midland. I will probably make the move later this year. There is no annual custodian fee. There might be a monthly fee if your account is not active and does not meet a min. balance requirement. IB allows one free cash transfer out per month (wire, check, or ACH), I would assume that you could withdrawal from an IRA like any other account with the free transfer. The only fee I am charged is for some add-on market data, but that comes out of an ordinary account. Standard non-pro market data is waived after $30 in commissions is reached in a month.
@abc1234 Hey abc - I am looking at options to setting up/moving a traditional IRA over to a broker or perhaps custodian like Midland so that I can day trade index futures with the account. Did you ever set up an account with Midland? I am looking into it but the fees and information that I've been able to find have been kind of vague. Thanks!
I have been exceptionally pleased with them on pretty much every level, in fact they are now the only broker I use. ACH withdrawals and additions to a Roth are a snap, just requires two factor for withdrawals. Another advantage is that you will be able to trade Options on Micro Futures such as MES and MCL, very few brokers allow that. This increases your capital efficiency greatly. In fact I like them so much, I recently opened an additional margin account. Tom Sosnoff is a true innovator and there are frequent webinars, etc. The only thing I am hoping for is eventually be able to trade right off the chart like I did with some platforms. In summary, I think you will be extremely pleased with them and their customer service.
My IRA is at IB. Everything is good except commission can be lower and irrationally large margin. Let's ignore the commission. The delta is not much. As a futures trader, my workaround is to trade 30+ dte futures options (I also do 0-1 dte coz why not) when I am looking for multi day hold. This completely bypasses the margin issue. The markets I am interested in (equities, rates) have a very liquid options market (plus spx instead of ES). Between long call/put or long call/put verticals, I am finding it tolerable. I am allergic to muti-legged structures and a fly is the most complicated thing I will ever trade. With this, situation in IB is not ideal, but tolerable. Edit: To be clear, IB's margin is fucking atrocious. They will sometimes charge me double of my max loss on a vertical. But, their braindead-ness extends to my taxable a/c as well, not just my IRA. Like I said, tolerable.