Investing in futures
Step 1: Select Futures Commission Merchant (FCM) and/or Introducing Broker (IB)
- Once you select your FCM and/or introducing brokerage firm, contact Millennium Trust to determine if we have an existing agreement with the FCM.
- To obtain a list of FCMs that we currently have an agreement with, send an email to FCMSupport@mtrustcompany.com.
- If no agreement is in place, the FCM will need to contact Milllennium Trust to process this request. (Note: it may take up to 4 weeks to put the agreement in place and to guarantee the FCM will be approved.)
Step 2: Complete FCM's required paperwork
- Contact your introducing broker or FCM to obtain the documents required to open a new trading account.
Step 3: Establish a Millennium Trust IRA
- Complete the Account Opening forms by either using the online application or downloading the forms and completing by hand. Both options require that you physically sign the adoption agreements and send in original paperwork.
- Mail the original Millennium Trust new account forms and your FCM new account application for processing.
- For transfers-in-kind you must submit a copy of your most recent statement from the current custodian reflecting the asset.
We establish the IRA and help initiate the transfer or rollover of assets to Millennium Trust. We then work with your FCM to setup and fund the futures or forex account. The
whole process takes from 2 to 4 weeks to complete (due to dependencies on transferring custodian’s processing timeframe).