Individuals
Institutions
Advisors
Rollover IRA

Futures Investing Timeline

The timeline below provides an overview of the timing related to investing in Futures/Forex in your IRA or other account. To download a PDF version, click on the printable Futures Investing Timeline.   
 


2-4 Weeks
Choose your Futures Commission Merchant
  • Once you select your FCM, we need to confirm that we have an agreement with FCM, or put one in place.
2 Weeks
Complete Account Paperwork
  • Broker supplies you with necessary FCM documents to open an account trading in futures or foreign currency.
  • Client completes and returns documents to broker for review.
  • FCM pre-assigns an account number confirming FCM approval of the account.
  • FCM or broker forwards original documents to Millennium Trust Company (MTC) along with any other applicable documentation.
3 Days
IRA Establishment Process
  • Complete MTC New IRA Account Forms.
  • Download forms from Account Forms.
  • MTC reviews its forms for accuracy and completeness.
  • MTC establishes the IRA account and notifies the client via a welcome kit.
  • MTC initiates contact with any previous IRA custodian to transfer assets if so desired.

NOTE: There is a 7-day revocation period on IRA accounts. Investments are unable to be processed until the 8th day after establishment.

1-3 Weeks
IRA Transfer/Rollover Follow up
  • If IRA funds are not received, MTC follows up:
    • Account transfers after 10 days.
    • Rollovers from qualified plans after 10 days.
    • Transfers sent to the transferring Custodian by overnight delivery or fax after 5 days of the date submitted.
  • NOTE: to expedite the IRA transfer process, we encourage you to liquidate IRA assets prior to submitting the Transfer Form or Qualified Plan Direct Rollover Authorization Form. You should also check with your previous IRA custodian to determine if a Medallion Signature Guaranteed is required to transfer IRA funds.
1-2 Days
IRA Account Funding
  • Funds are received from the transferring IRA custodian and posted to the IRA account. Funds received without identifying paperwork can cause delays.
  • Note: the following items are held for 5 business days before funds are available for investment:
    • Checks – Personal, Institutional, Corporate, Cashier's and Certified
    • Money Orders
  • The following are available for investment upon deposit:
    • Wires
2-7 Days
Opening/Funding IRA's FCM Account
  • MTC executes the FCM new account applications and documentation as the IRA custodian, then forwards to the FCM by fax, email, mail or overnight delivery.
  • The FCM opens the IRA's trading account and faxes or emails confirmation to the MTC Futures Department.
  • MTC transfers funds to the IRA's new trading account at the FCM.
  • FCM notifies the broker that funds are available for trading.