Frequently Asked Questions
- What is a Futures Contract?
- How do I avoid making/taking delivery?
- What are your commission rates?
- What are the Market Hours for Futures?
- Are there any minimums to open a Futures Account?
- Who is Phillip Capital Inc.?
- What is an Introducing Broker/IB?
- How do I find Futures Month Symbols?
- How do I open an Account?
- Can I trade Futures from my PDA/Phone?
- How do I make a deposit/withdrawal from my futures account?
- Are accounts insured by SIPC?
- How are Futures taxed?
- Can I receive my statements and trade confirmations electronically?
Futures are contracts between a buyer and seller of a Commodity, Stock Index, or other underlying instrument. The contract obligates the buyer to take delivery of the Commodity, and obligates the seller to make delivery of the Commodity at a specified time in the future at the agreed upon price at the time the transaction is executed.
To avoid taking delivery on a long futures contract you would need to sell the position in the futures market prior to first notice day. To avoid making delivery on a short futures contract you would need to purchase that contract in the futures market prior to expiration of that contract.
We typically charge $1.00 per contract, per side. This rate for self directed trading. Additional Exchange and Regulatory fees will also be passed on to the customer. Platform fees may also apply, contact Customer Service for details. Customized commission schedules may be negotiated.
Futures trading is generally available from 5:00PM Sunday Evening to 4:00PM Friday Afternoon, all times Central. As an AGN client you will receive access to a 24-hour trade desk to assist you. See our Contract specifications page for detailed times.
Yes. All new Futures Accounts must deposit a minimum of $5,000.00 to have their accounts activated for trading. You do not need to maintain that balance; it is just an initial deposit requirement.
Phillip Capial is our Futures Commission Merchant, FCM, and Clearing Firm. They handle all monies deposited and withdrawn from your AGN Futures Account. They insure all margin deposits are processed correctly and provide position maintenance for all of our customers. AGN is an Introducing Broker, IB, for Futures.
Introducing Brokers, IB’s, are firms that are organized to service customers looking to trade Futures and Futures Options. We handle customer communications and account services for our FCM/Clearing Firm. IB´s are not members of any exchange and are NOT set up to handle money movement functions in customer accounts.
Month Codes for Futures Contracts are as follows:
Please go to www.agnfutures.com and Click “Open an Account” and complete the online new account application. Additional information will be required. Please contact support for more information.
Yes, but not all of the platforms we offer this capability. Please check with your broker for more information on which trading platforms offer this technology.
Certified checks PAYABLE TO “Phillip Capital Inc. CUSTOMER SEGREGATED FUNDS ACCOUNT,” are considered Cleared funds and allow you to trade immediately. Generally, a transfer from another brokerage firm will be considered as cleared funds. All other instruments including bank/cashier checks/personal checks may require up to ten (10) days for bank clearance. Any checks made payable to AGN Futures LLC will NOT be accepted.
Please send checks to:
Phillip Capital Inc.
141 W Jackson Blvd, CBOT Building, Suite 3050
Chicago, IL. 60604
Attention: customer Service
DO NOT SEND CHECKS DIRECTLY TO HARRIS BANK.
You May Wire US Dollar Funds To:
111 West Monroe
Chicago, IL 60603
ABA number: 071000288
For: Phillip Capital Inc.
Customer Segregated Funds Account
To Further Credit:
For International Wires, include the following Swift Address to the above wire instructions: HATRUS 44
For more information on funding, contact firstname.lastname@example.org
Withdraw request can be done by filling out a Funds Withdraw Request from our web-site or submitting your request to email@example.com
No, Futures and Futures options are not securities and therefore wouldn´t be covered by the Securities Investor Protection Corporation. All Clearing Firms and Futures Commission Merchants are required to segregate customer deposits from the firm´s capital. No Insurance Coverage exists for Futures/Commodity Accounts.
Gains from Futures Accounts are handled and taxed differently from Securities Accounts. You should consult your accountant/tax advisor or the relevant IRS Publication for more information. Phillip Capital Inc. will provide for 1099 to all AGN Futures Customers that have had trading activity in that tax year.
Yes. Futures accounts receive Daily Statements that show trade activity, balances, buying power, positions, and P&L from the previous day. These are delivered electronically as are Monthly Statements. You also have access to the Customer Portal which gives detailed trade reports and much more.