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    • Intro to futures
      • Futures investing basics
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    • Futures contracts & positions
      • Futures margin: capital requirements
      • Mark-to-market adjustments: end of day settlements
      • Delivery: physical vs. cash-settled
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      • Stock index & Micro E-mini index futures
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TD Ameritrade
Education & resources
  • Education & resources Overview
  • Intro to futures
    • Intro to futures Overview
    • Futures investing basics
    • Maximizing capital efficiency
    • Comparing futures with stock trading
    • Comparing options on futures with stock options
  • Futures contracts & positions
    • Futures contracts & positions Overview
    • Futures margin: capital requirements
    • Mark-to-market adjustments: end of day settlements
    • Delivery: physical vs. cash-settled
    • Understanding the futures roll
    • Hedging your portfolio with futures
  • Types of futures
    • Types of futures Overview
    • Stock index & Micro E-mini index futures
    • Energy
    • Metals
    • Treasury & interest rates
    • Agriculture
    • Currency
    • Micro Futures
    • Bitcoin Futures
  • Placing futures trades
    • Placing futures trades Overview
    • Trading futures in thinkorswim
    • Trading on the go with the thinkorswim Mobile app
    • Active Trader tab
    • Futures video library
  • Futures trading FAQ
How to start trading
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Why trade futures through us
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Education & resources
  • Intro to futures
  • Futures contracts & positions
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  • Futures trading FAQ
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Futures trading FAQ

Your burning futures trading questions, answered.

How do I place a futures trade on thinkorswim®?

Watch this video to learn how to trade futures on the thinkorswim platform. For help on how to trade them using the thinkorswim Mobile app (formerly TD Ameritrade Mobile Trader), check out these tutorials for iOS and Android.

What types of futures products can I trade?

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.

What are the trading hours for futures?

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.

How do I apply for futures approval?

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.

What are the requirements to get approved for futures trading?

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)
  • 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.

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.

How can I tell if I have futures trading approval?

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.

What account types are eligible to trade futures?

  • 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)

How do I view a futures product?

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

Where can I find the initial margin requirement for a futures product?

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.

What is a futures contract?

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.

What is tick size?

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.

How much does it cost to trade futures?

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

Can I day trade futures?

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

How are futures trading and stock trading different?

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.

 

Do I have to be a TD Ameritrade client to use thinkorswim?

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.

What are the requirements to open an IRA futures account?

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.

TD Ameritrade
  • FAQ
  • Contact us
  • Log in
  • Education & resources Overview
  • Education & resources
  • Intro to futures
  • Futures contracts & positions
  • Types of futures
  • Placing futures trades
  • Futures trading FAQ
  • How to start trading Overview
  • How to start trading
  • Why trade futures Overview
  • Why trade futures
  • Why trade futures through us Overview
  • Why trade futures through us
  • Available products Overview
  • Available products
  • Latest insights Overview
  • Latest insights

Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement prior to trading futures products.

Futures accounts are not protected by the Securities Investor Protection Corporation (SIPC).

Futures and futures options trading services provided by Charles Schwab Futures and Forex LLC. Trading privileges subject to review and approval. Not all clients will qualify. Prior to a name change in September 2021, Charles Schwab Futures and Forex LLC was known as TD Ameritrade Futures & Forex LLC.

Charles Schwab Futures and Forex LLC, a CFTC-registered Futures Commission Merchant and NFA Forex Dealer Member. Charles Schwab Futures and Forex LLC is a subsidiary of The Charles Schwab Corporation.

Diversification does not eliminate the risk of experiencing investment losses.

Options on futures are not suitable for all clients and the risk of loss in trading futures and options on futures could be substantial. Additionally some options expire prior to the final settlement or expiration of the underlying futures contract. Option writing as an investment is absolutely inappropriate for anyone who does not fully understand the nature and extent of the risks involved and who cannot afford the possibility of a potentially unlimited loss.  It is also possible in a market where prices are changing rapidly that an option writer may have no ability to control the extent of losses.

The paperMoney® software application is for educational purposes only. Successful virtual trading during one time period does not guarantee successful investing of actual funds during a later time period as market conditions change continuously. To receive real time quotes on a paperMoney account, the paperMoney account must be linked to a TD Ameritrade account funded with at least $500.

Third-party research and tools are obtained from companies not affiliated with TD Ameritrade, and are provided for informational purposes only. TD Ameritrade does not guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with respect to the results to be obtained from its use. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision. Past performance does not guarantee future results.

TD Ameritrade Network is brought to you by TD Ameritrade Media Productions Company. TD Ameritrade Media Productions Company and TD Ameritrade, Inc., are separate but affiliated subsidiaries of TD Ameritrade Holding Corporation. TD Ameritrade Holding Corporation is a wholly owned subsidiary of The Charles Schwab Corporation. TD Ameritrade Media Productions Company is not a financial advisor, registered investment advisor, broker-dealer, or futures commission merchant.

TD Ameritrade does not provide tax advice. We suggest you consult with a tax-planning professional with regard to your personal circumstances.

Market volatility, volume and system availability may delay account access and trade executions.

Waiver of NASDAQ Level II and Streaming News subscription fees applies to non-professional clients only. Access to real-time market data is conditioned on acceptance of exchange agreements. Professional access differs and subscription fees may apply. For details, see our commissions and rates.

Research provided by unaffiliated third-party sources. TD Ameritrade is not responsible for the products, services and policies of any third party.

Apple, the Apple logo, iPad, iPhone and iTunes are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a service mark of Apple, Inc.

Android is a trademark of Google, Inc.

This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to persons residing in Australia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, UK, and the countries of the European Union.

Brokerage services provided by TD Ameritrade, Inc., member FINRA/SIPC, a subsidiary of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2022 Charles Schwab & Co., Inc. All rights reserved.