Futures trading FAQ

Through the thinkorswim® platform and Mobile app, qualified traders have the ability to trade futures on three different exchanges: Chicago Mercantile Exchange (CME), ICE Futures U.S. (ICE US), and CBOE Futures Exchange (CFE).

We offer over 70 futures contracts and 16 options on futures contracts.

Here’s a list of all tradeable products.

Futures markets are open virtually 24 hours a day, 6 days a week. But keep in mind that each product has its own unique trading hours. See the trading hours here.

Visit tdameritrade.com and log in to your account. Go to Client Services > My Profile > General. 

Under Elections & Routing, look for Futures, and click Apply.

To apply for futures trading approval, your account must have:

• Margin approval (to apply: Log in > Client Services > My Profile > General > Advanced Features, click Apply)
• Advanced Features enabled (to enable: Log in > Client Services > My Profile > General > Advanced Features, click Enable)
• Tier 2 or 3 options approval 
  
• An account minimum of $1,500 is required for margin accounts.
• A minimum net liquidation value (NLV) of $25,000 to trade futures in an IRA. Only SEP, Roth, traditional, and rollover IRAs are eligible for futures trading.
  

Additionally, IRA accounts must maintain a minimum net liquidation value (NLV) of $25,000 to trade futures. Only SEP, Roth, traditional, and rollover IRAs are eligible for futures trading.

Please keep in mind that not all clients will qualify, and meeting all requirements doesn't guarantee approval.

If you'd like more information about requirements or to ensure you have the required settings or permissions on your account, contact us at 866-839-1100.

Go to tdameritrade.com and log in to your account. Select Client Services > My Profile > General. Under Elections & Routing, look for Futures. If you are already approved, it will say Active.

• Individual and joint (both U.S. resident and non-U.S. resident)
• Entity-Trust, Corporation, Partnership, LLC, Sole Proprietorship
• IRA accounts (SEP, Roth, rollover, traditional)

Futures are traded exclusively on the thinkorswim® platform and Mobile app (available on iPhone®, iPad®, and Android™).

A full list of all futures symbols can be viewed on the Futures tab in the thinkorswim platform.

For illustrative purposes only.

How to read a futures symbol:

For illustrative purposes only. 

Slash (/)
This is used to identify that the product is a futures product in the thinkorswim platform.

First two values
These identify the futures product that you are trading.
ES = E-mini S&P 500

Third value
The letter determines the expiration month of the product.
F = January, G = February, H = March, J = April, K = May, M = June, N = July, Q = August, U = September, V = October, X = November, Z = December

Fourth value
The year of expiration
20 = 2020

You can view initial margin requirements in several different sections on the thinkorswim® platform. They can be found under the Futures tab as well as the Trade tab in the Futures Trader section. All you need to do is enter the futures symbol to view it.

For illustrative purposes only.

For illustrative purposes only.

A futures contract is an agreement to buy or sell a financial instrument, such as the E-mini S&P 500 (/ES), or a physical commodity, such as crude oil, for future delivery on a regulated commodity futures exchange.

Visit the Education & resources section to explore more on futures contracts, including how they work, their specifications, and individual contract types.

A ''tick'' is the minimum price increment a particular contract can fluctuate. Tick sizes and values vary from contract to contract. For example, a tick in E-mini S&P 500 (/ES) is 0.25 per point. Since /ES represents $50 times the S&P 500 Index, every 0.25 move in /ES equals $12.50.

Visit the Education & resources section for more information on tick size and other contract specifications.

Fees for futures and options on futures are $2.25 per contract, plus exchange and regulatory fees. 

Note: Exchange fees may vary by exchange and by product. Regulatory fees are assessed by the National Futures Association (NFA) and are currently $0.02 per contract.

Learn more about fees

Yes. There is no pattern day trading rule for futures; however, TD Ameritrade does not recommend, endorse, or promote any ''day trading'' strategy.

Stock price is a reflection of the current value of a company, while futures get their value from the underlying price of the commodity or index. Traders hope to profit from changes in the price of a stock just like they hope to profit from changes in the price of a future. 

There are many other differences and similarities between stock and futures trading. Visit the Comparing futures with stock trading page to learn more.

Yes, you do need to have a TD Ameritrade account to use thinkorswim. Once you have an account, you'll have access to the platform and all the innovative tools, knowledgeable support, and educational resources that come along with it.

First, you need to make sure you have a qualified IRA account type: traditional, rollover, Roth, or SEP. Then, make sure that the account meets the following criteria:

• Minimum net liquidity of $25,000
• Margin and options level 2 approval
• Enable advanced features during the futures application process
• If you already have these requirements, you will go straight to the futures application. If you do not, you will be prompted to enable one or both requirements prior to applying.
  

Please keep in mind that not all clients will qualify, and meeting all requirements doesn't guarantee approval.

Please note: IRA accounts are held to 125% of the initial margin requirement.