Tradovate quadrupled margins on IRA accounts without notice

Discussion in 'Retail Brokers' started by Artech, May 4, 2023.

  1. Artech

    Artech

    Today I get this message from Tradovate

    "It looks like you have an IRA account.
    With IRA accounts margins are always 4X the day margin.
    Thank you for using Tradovate!
    Tradovate, LLC"


    This is totally not true. I opened IRA accounts with Tradovate because of their low margins. Has anyone else been surprised like this by Tradovate?
    What other IRA-friendly brokers are out there that I can move my IRA accounts to?
     
  2. CannonTrading_Ilan

    CannonTrading_Ilan Sponsor

    We have NOT increased margins for IRA accounts specifically.
    Our margins are the same today as they were yesterday.
    Happy to provide specifics if interested.
     
  3. Robert Morse

    Robert Morse Sponsor

    Is this a futures account or an equity account? If futures, who is the custodian of the IRA?

     
  4. Artech

    Artech

    The custodian is Midland Trust.
     
  5. destriero

    destriero


    Cannon is referring to their margins, not tradovate's (margins).
     
    jys78, CannonTrading_Ilan and Artech like this.
  6. Artech

    Artech

    I see. Thank you.
     
    CannonTrading_Ilan likes this.
  7. Robert Morse

    Robert Morse Sponsor

    We use Wedbush Futures as the FCM. We offer CQG and EZE EMS with CME margin and I have a number of Midland Trust accounts. Email me directly if you want to set up a time to talk.

     
  8. Artech

    Artech

    Tradovate is going sour on many fronts lately. Unreliable with the system being down recently, then they choose to increase commissions, and now they increase margins by 300%. I am done with this broker!
     
  9. NorgateData

    NorgateData Sponsor

  10. Artech

    Artech

    Ah... The WayBackMachine... I had forgotten about that site. I used to use it years ago.
    Anyway, the other thing that is terrible about Tradovate is that they mention nothing about their IRA margin hikes on the page you have linked. So there is no telling when they hiked the margins.
     
    #10     May 4, 2023