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I saw a thread awhile back on trading restrictions in an IRA. IB
brokers by far has the least restrictive rules but still has some
restrictions. Below is my chat log IB Broker.
I am not sure if there are less rules if you put the IRA in a trust
acct. I know there are companies who will create a trust acct for
$300/yr. Any other pieces to the mystery will be helpful....
Tod
Nov 5, 2008
Chat with IB Broker ? IRA trading restrictions.
Robin R: This is Robin R. How may I help you?
Tod : Hi I am thinking about transfering an IRA acct to IB Broker.
Would I be able to short stock, write naked puts and buy and futures
and forex? What would be different than my margin acct? Thanks.
Tod : buy and Sell futures/ forex
Robin R: one moment pls
Robin R: you will not be able to short stock
Robin R: you can buy forex, but you cannot do any transactions that
result in a debit cash balance
Robin R: you can buy and sell futures
Robin R: you can write naked puts
tod: Forex - What is a debit cash balance?
Robin R: a negative cash balance
tod: Do any of the above transactions require cash deposit or reserve
IE selling naked puts
tod: How would i get a negative cash balance?
Robin R: selling something you don't have in the account
Robin R: selling puts requires cash to cover stock that might be
assigned to you
tod: I quess i never thought of selling when the cash balance was 0.
Does forex require cash to cover?
Robin R: i don't understand "cash to cover"
tod: So - no real restrictions on futures or forex trading in an IRA?
Robin R: no
Robin R: at our website
Robin R: type ira faqs in the search box
Robin R: and click on what can i invest in
tod: Anything else and or restrictions i should be aware of when
trading in an IRA ?Accouct?
tod: Ok - I see your link..
tod: OK - I see the link - Also forex is ok in IRA- It doesn't say
that in faqs
Robin R: yes. basically you can only go long.
tod: only go long in futures and forex?
Robin R: forex
Robin R: you can buy or sell futures
Robin R: as long as they are us dollar denominated
tod: Huh...Doesn't make much sense. I could go short with futures?
Robin R: short means you borrow and sell
Robin R: a future is not an asset
Robin R: it is a contract
tod: What do you mean forex us dollar denominated -- example?
Robin R: futures us dollar denominated
tod: eur.usd?
tod: usd.chf?
Robin R: right
Robin R: if your base currency is usd
Robin R: you cannot trade eur.chf
tod: not eur.chf?
tod: ok
Robin R: unless you have chf in the account
Robin R: then you can buy eur.chf
tod: weird rules. Is there anywhere where this is written and more
clarified?
Robin R: look at what can i invest in
Robin R: look at it this way
Robin R: if you have no chf in the account
Robin R: and you buy eur.chf
Robin R: you will have a negative chf balances
Robin R: and that is not allowe
Robin R: d
tod: ok
tod: So - to clarify and finalize - In an IRa I can trade options at
level 5 (cash secured puts)- trade only forex with usd in the pair
and futures there are really not any restrictictions..... Sound about
right?
tod: Oh and only long forex?
Robin R: yes
todpe726: Thank you for your help Robin
Robin R: have a pleasant day
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