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Futures IRA account and the fees


#1

Hello Optimus Futures,

Thank you for the time on the phone today explaining the different options I have.
But, I am not clear on the process of transfers between custodians, and the entire variety.
Why do I have to pay the custodians fees, are they charged by Optimus?
Greg


#2

Hi Greg,

Optimus does not charge for IRA custodians accounts. The actual custodians are the ones who are charging for it directly.
Some brokerage (those in equities) are also the custodians, so they do not have separate fees.
As far as the transfer: First you have to establish your account here: Open Commodity Futures Trading Account

Once you choose your custodian of choice you can request to move from your current custodian.
Most custodians are very accommodating with such transfers.
The last part would be to take the funds from the custodian and send them to the FCM to allow you to trade.

I hope this clarifies the process of IRA accounts for you.

Thanks,
Matt


#3

Good information. What are my options as far as custodian?


#4

Advanta IRA.
Millennium Trust
Entrust IRA
Midland IRA

There may be others we can accommodate, but these are the main ones we are working with.

Matt


#5

Thank you for your answers! Your staff guided me through the application.