Frequently Asked Questions

Simply click on any of the questions to view the answer, or if you want to review the whole list, just scroll down the page.

Futures

How do I apply for a futures account?
For existing account holders, simply login to the account you want to enable for futures trading and click on the Futures link under the Trade tab then click on Start Futures Trading. Clicking this link will direct you to the futures account application. Complete the application and sign electronically and we will review your request in one to two business days.
For new customers, a securities account must be opened before applying for a futures account. When completing the application for the securities account, simply check the box next to "I want to trade futures." Your futures account will be opened in conjunction with your securities account.
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Can futures be traded in an IRA?
Yes. But, if you would like to trade futures in your IRA account, first think carefully and understand the risks. Futures trading is highly speculative and involves the potential for loss. If you have considered the risks, the answer is that futures and futures options can be traded using qualified assets, including those held within an IRA plan. However, in order to trade these products, you will need to establish a relationship with a Custodian who will allow you engage in this activity.
While brokersXpress neither endorses nor recommends any third party provider to act as a custodian for your IRA assets, we are aware of a few companies that permit self-directed trading in certain leveraged financial instruments in IRA accounts. Below is one choice available to you that you may wish to consider:
Millennium Trust
(800) 258-7878

Once you have selected a custodian, you can expedite the account opening process by completing a new account application at brokersXpress and sending the completed paperwork to the Trust company for processing. Please be sure to select "individual" as the account entity, as this is how the account will be registered at brokersXpress.

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How long does it take to open a futures account?
Providing that all documentation is completed and returned to brokersXpress correctly, a futures account may be opened by the next business day.
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Are there any special requirements to open a futures account?
Futures products involve substantial risk and are therefore available only to customers who meet a select set of financial and experiential criteria. Prospective futures traders are reviewed on a case-by-case basis in terms of the following requirements:
  • Minimum liquid net worth of $25,000*
  • Checked an investment objective of "Speculation"
  • A brokersXpress securities brokerage account with a signed margin agreement on file
* For business accounts, minimum net worth of $25,000 is required.
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How do I deposit funds into my futures account?
We've made it easy for you! Futures accounts can be funded in the same manner as securities accounts. Moreover, any funds deposited will be available for both securities and futures transactions. For more information on making a deposit, please read our Transfer Funds FAQs.
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Can I open a futures account only?
No, at this time we require all future accounts to be established within an existing securities account.
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Will I be notified when my futures account is open?
Yes, you will receive an e-mail stating that the account is ready to trade futures.
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How can existing futures accounts be transferred to brokersXpress?
To transfer your futures account to brokersXpress, login to the brokersXpress account you wish to receive the transfer and click on the Account tab, then Transfer Funds. In the Related Links box, click Account Transfer Application. Simply complete the form and follow the instructions provided. Once we receive and review the account transfer form and statement we will initiate the transfer request.
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What futures products does brokersXpress offer?
We currently offer futures trading in the following six categories (symbols in parentheses):
Currency Futures
  • Australian Dollar (AD)
  • British Pound (BP)
  • Canadian Dollar (CD)
  • Chinese Renminbi (RMB)
  • Mini Euro FX (E7)
  • Euro FX (EC)
  • E-mini Japanese Yen (J7)
  • Japanese Yen (JY)
  • Korean Won (KRW)
  • Mexican Peso (MP)
  • New Zealand Dollar (NE)
  • Polish Zloty (PLZ)
  • Russian Ruble (RU)
  • South African Rand (SA)
  • Swedish Krona (SEK)
  • Swiss Franc (SF)
Energy Futures
  • Heating Oil (HO)
  • Crude Oil (CL)
  • RBOB Gasoline (RB)
  • Natural Gas (NG)
  • Propane (PN)
  • miNY Crude (QM)
  • miNY Natural Gas (QG)
  • miNY Gasoline (QU)
  • miNY Heating Oil (QH)
Food and Fiber
  • Sugar #11 (SB)
  • Cotton (CT)
  • Orange Juice (OJ)
  • Coffee (KC)
  • Cocoa (CC)
Grains
  • Wheat, KC, Hard Red (KW)
  • Wheat, Spring (MN)
  • Rough Rice (RR)
  • Soybeans (S)
  • Wheat (W)
  • Oats (O)
  • Soybean Oil (BO)
  • Soybean Meal (SM)
  • Corn (C)
Housing Futures
  • Boston Housing Index (BOS)
  • Chicago Housing Index (CHI)
  • Composite Index (CUS)
  • Denver Housing Index (DEN)
  • Las Vegas Housing Index (LAV)
  • Los Angeles Housing Index (LAX)
  • Miami Housing Index (MIA)
  • NY Commuter Housing Index (NYM)
  • San Diego Housing Index (SDG)
  • San Francisco Housing Index (SFR)
  • Washington DC Housing Index (WDC)
Interest Rate Futures
  • Eurodollars (ED)
  • 30 Day Fed Funds (FF)
  • 5 Year Treasury Note (FV)
  • 2 Year Treasury Note (TU)
  • 10 Year Treasury Note (TY)
  • 30 Year Treasury Bond (US)
Metal Futures
  • Gold (GC)
  • Silver (SI)
  • Copper (HG)
  • Platinum (PL)
  • Palladium (PA)
  • miNY Gold (QO)
  • miNY Silver (QI)
  • miNY Copper (QC)
  • CBOT Gold (ZG)
  • CBOT Silver (ZI)
  • Silver Mini (YI)
  • Gold Mini (YG)
Stock Index Futures
  • MSCI EAFE Index (EFE)
  • Dow Industrial Index Mini $5 (YM)
  • E-mini S&P Asia 50 (SP5)
  • E-mini S&P Midcap 400 (EMD)
  • E-mini Russell 1000 (RS1)
  • E-mini S&P Russell 2000 (ER2)
  • E-mini S&P 500 (ES)
  • E-mini Nasdaq (NQ)
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How much will it cost to trade futures through brokersXpress?
Please check with your Rep or Advisor regarding commissions. Exchange fees vary by product and exchange. Fees can run over $2.00 per contract, which may impact your overall transaction cost.
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What are the margin requirements on a futures trade?
The initial margin requirement for a futures contract is different for each product.
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What types of orders do you accept on futures?
We offer both market and day limit orders on futures trades. In addition to these, we offer stop limits on eligible futures products. We currently do not offer orders explicitly related to futures trading such as Market If Touched (MIT), Limit or Market on Close, Fill or Kill (FoK), Opening order, and Closing orders. Our goal is to offer this functionality in the near future.
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Can futures be traded in a Virtual Trading account?
Yes, futures are available in our Virtual Trading platform. Just click on the Futures link under the Virtual Trade tab on the virtual platform.
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When do futures contracts expire?
Futures contract expiration varies per underlying product. Please consult the futures expiration calendar for details.
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How do you determine a futures ticker?
To determine a futures ticker you will need the root symbol for the underlying contract followed by the month + year. The root symbol may be found in parenthesis following available products listed above. So for example a 2005 September E-mini S&P Contract ticker is: ESU5.
As you will note, futures contracts use a unique monthly letter code. The monthly codes are as follows:
  • F = January
  • G = February
  • H = March
  • J = April
  • K = May
  • M = June
  • N = July
  • Q = August
  • U = September
  • V = October
  • X = November
  • Z = December
For your convenience you may also locate futures chains on our website by entering the root symbol in the quote field.
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How do I find the value of a futures contract?
To determine the actual value of a futures contract (a.k.a. the notional value), you will first need the contract specifications and a current quote on the future. For example, the September E-mini S&P is determined by the following:
ESU5 = 1221.25
ES = $50.0 * S&P Index
Notional Value = Current quote of future * Contract Size * Number of Contracts
$61,062.50 = 1221.25 * $50.00 * 1
Notional Value of 1 September S&P E-mini is $61,062.50.
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How do I get a quote on a futures contract?
Futures symbols are designed on the following convention:
Underlying Futures Symbol + Month (code) + Year
So, the symbol for the September E-mini S&P would be:
ESU5
Please remember that all months will not have a futures contract. In order to determine which month's trade, please consult the contract specifications page.
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Does brokersXpress offer options on futures?
Yes, brokersXpress offers options on a wide variety of futures products including: metals, energies, grains, indexes, currencies, interest rates, livestock, and tropical softs. To find our optionable futures contracts, select the trade tab and the futures sub tab. Then, select the options tab at the top of the page and enter a futures contract (if you do not know the futures symbol, click on the "find futures" link below the futures symbol box.) If the contract is optionable, the futures option chain will appear on the right side of the page."
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Does brokersXpress offer real time quotes on futures and will you charge for them?
Yes, we offer real time quotes on futures. While we will not initially charge for real time quotes, customers must have a funded account to be eligible to receive them. brokersXpress reserves the right, at its discretion, to pass on any fees and costs associated with futures quote requests originating from the associated account. Execution of the futures account application constitutes assent and authorization for brokersXpress to deduct these fees directly from this account.
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Do you support futures trading for the full trading session?
brokersXpress supports futures trading for the full exchange session. Session times vary by product and run from Sunday at 6:00 PM ET through Friday at 5:15 PM ET. The exact session times are detailed below:
Product Session Start Time Session End Time
(following day)		 Sunday/Holiday
Start Time
Currencies 6:00 PM 5:00 PM 6:00 PM
Financials* 4:30 PM 4:15 PM 6:00 PM
Metals 7:16 PM 5:00 PM 7:16 PM
Interest Rate** 7:00 PM 5:00 PM 7:00 PM
Energy 6:00 PM 5:15 PM 6:00 PM
Housing 6:00 PM 3:00 PM 6:00 PM
* Session times for mini Dow contract (YM) begin at 7:15 PM EST and end at 5:00 PM the following day.
** Session times for 2 YR Treasury Note (TU) and 30 Day Fed Funds (FF) begin at 7:01 PM ET and end at 5:00 PM the following day. Session times for the Eurodollar interest rate (ED) begin at 6:00 PM and end at 5:00 PM the following day.
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If I enter a futures order with the duration “Day,” when is my order cancelled?
Futures Orders that are entered with the duration of “Day” are good until the close of the current session.
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Does brokersXpress offer customer support during the full futures trading session?
Yes, a dedicated phone number and futures live help link will be available only to our futures customers.
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Futures involve substantial risk and are not appropriate for all investors. Futures on Single Stocks, ETFs and Sector Indexes use a greater degree of leverage and involve high degree of risk. Please read Risk Disclosure Statement for Security Futures Contracts available by calling (888) 280-7030.

* Single stock futures offered through brokersXpress are considered a security and are governed by SEC rules and covered by SIPC. Futures contracts are governed by the CFTC and are neither considered a security nor covered by SIPC.

Any futures contracts displayed are for illustrative purposes only and are not intended to portray a recommendation to buy or sell a particular contract.

brokersXpress, LLC. Member NFA.