Individuals
Institutions
Advisors
Rollover IRA

Priority Services for Clients Seeking a New FCM

In light of the current industry news, Millennium Trust is providing priority services to IRA account owners seeking a new Futures Commission Merchant (FCM). It is important to remember that the movement of funds from your IRA’s current FCM trading account to a new FCM should flow through Millennium Trust as IRA custodian in order to avoid a possible taxable event within your self-directed IRA. 

 

You can move your IRA's funds and/or Positions in two ways:

  1. Redeem Funds from your IRA’s FCM Account.
    If you would like to redeem your FCM trading account and return cash funds back to your Millennium Trust IRA, you must first contact your broker to liquidate any open positions in your IRA’s trading account. To request the redemption of funds back to your Millennium Trust IRA contact Millennium’s Futures Client Service Department by phone 800-932-0053 or by email. Upon receipt of your funds, Millennium Trust will hold the cash in your IRA in an FDIC-insured demand deposit account* until you submit new investment directions. For more information on Millennium Trust’s cash investment program, click here.

    2.  

  2. Broker Initiated Bulk Transfer of Client Accounts
    If you have been informed that your broker is transferring their entire client base to another FCM (bulk transfer of accounts), have your broker contact Millennium Trust prior to initiating the transfer. The new FCM must have an agreement in place with Millennium Trust and be a registered member with the National Futures Association (NFA). As the broker’s client, you will not be required to liquidate positions in your trading account unless you have chosen to have funds returned to your Millennium Trust IRA rather than transferred to a trading account with the new FCM.


Note:  Any ‘bulk transfer of accounts’ from one FCM to another FCM must be coordinated with Millennium Trust on behalf of each Millennium Trust IRA to avoid a possible taxable event. We will make best effort to establish a relationship with the new FCM, however, we cannot guarantee an agreement will be put in place. Futures/Commodity trading accounts are unable to transfer to a foreign currency dealer that specializes only in Forex trading. Transfers can only occur between like accounts.

 

Questions - Contact Millennium Trust Today

If you have questions or require assistance, please contact Millennium’s Futures Client Service department by phone 800-932-0053 or by email. For more information on Millennium’s services concerning futures, click here. 

*For important details on the investment of idle cash, please refer to the Cash Investment Program section of your Millennium Trust Custodial Agreement.