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Account Types

We accept futures trading account types including; individual, joint, trusts, IRA accounts, corporations, partnerships, limited liability companies and sole proprietorships. We can help and assist you in opening your new trading account today.

Individual & Joint

In an individual account there is only one beneficial owner, the only person who can control the investments within the account and request distributions of funds from the account. There is only one person under one Social Security Number allowed. Account holders requiring more than one owner need to apply for a joint account.

Trust

Trust accounts are opened under the legal name and date of the trust. "Revocable" Trusts are opened with a Social Security Number. "Irrevocable" Trusts require a Fed ID number. A trust is a legal entity created by a grantor for the benefit of designated beneficiaries. A copy of the trust agreement must be submitted.

Individual Retirement Account (IRA) and Roth IRA

An IRA allows you to enjoy the benefits of tax-deferred investment growth, so you can generate additional earnings without tax consequence each year your funds remain within the IRA. Retirement accounts can be opened for domestic accounts directly with the IRA Custodian, Inspira Financial (formally Millennium Trust Company). Please check their website at www.inspirafinancial.com or contact us for additional information. You can also utilize EquityTrust (formally Midland Trust) as an IRA Custodian. Roth IRA is a specific type of individual retirement account created by the Taxpayer Relief Act of 1997. A Roth IRA can also be opened with IRA Custodian, Millennium Trust Company.

Corporate or Limited Liability Company (LLC)

Discount Trading has plenty to offer your Corporation or Limited Liability Company. Corporate accounts or LLCs are opened under the legal corporate name, along with a short description of the nature of the corporate business. The Articles of Incorporation must be submitted.

Sole Proprietorship

A sole proprietorship is a business owned by one individual and conducted under a company name. An example of how the name of a sole proprietorship is expressed is: "John Smith dba ABC Company." The abbreviation "dba" means "doing business as." There is no entity of any kind associated with a sole proprietorship; it is simply an individual owning 100% of a business.

General Partnership

Partnership accounts are registered in the name of the partnership. Principal partner personal information and a copy of the partnership agreement will be required. At least one person must be granted trading authorization. A Fed ID Number is required to open the account.

Hedge

If you are a farmer looking to hedge your crop, or in an industry requiring hedging of your product, we can help you open a hedge account. Businesses that produce or consume raw materials can remove commodity price risk by hedging in the commodity futures market. Long hedges are utilized to lock in the future purchase price of a commodity. Short hedges are used to lock in a selling price for a commodity to be sold in the future.

Foreign

We accept accounts from most countries. We open accounts from other counties including Canada, Australia, Europe, Asia, and more. We will need a copy of your passport or other government-issued ID. If requested, other documentation showing proof of residency or citizenship. There are very few countries that we cannot accept accounts.

*The above are brief description of the account types we accept. Please consult with your tax advisor and broker to help you plan and select the best account type for you.