FAQs
FUTURES ACCOUNT OPENING
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If you are a US domiciled resident, the minimum initial deposit to open an account is $5,000 US. If you are a non-US domiciled person, then your minimum initial deposit is $5,000 US. Of course, depending on what you are trading, you will be required to deposit additional amounts of Initial Margin for the different products that you trade.
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You can open Individual, Joint, Corporate, LLC, LLP, Trust, IRA, Pension Plan and Discretionary Trading accounts.
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We pride ourselves on typically responding to any requests within one business day. The total time it takes to open an account would depend on the type of account you would like to open. If we receive all the necessary documentation, we can typically open an individual account within one business day.
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You can fund your account by wire, check, or ACH transfer.
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For segregated accounts, we accept:
US Dollar, Canadian Dollar, Swiss Franc, Japanese Yen, Euro, Chinese Renminbi, British Pound, Australian Dollar & New Zealand Dollar.
For secured accounts, we accept:
US Dollar, Japanese Yen, Singapore Dollar, Hong Kong Dollar, Australian Dollar, Euro, British Pound, Malaysian Ringgit & Chinese Renminbi. -
In addition to commissions, we also charge exchange, NFA and platform fees. We pass on these costs respectively. Please see our fee page for an updated list of these fees.
ABOUT YOUR 1099
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Form 1099-INT is an annual tax statement that summarizes your interest income for the tax year. Interest reported on Form 1099-INT includes interest paid on savings accounts, interest-bearing checking accounts, and US Savings bonds. All information provided on Form 1099-INT is reported to the Internal Revenue Service (IRS).
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1099s are sent to customers' address of record. If your address has changed, please email us at support@phillipcapital.com.
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Total Realized P/L on open contracts on the last trading day minus the Unrealized P/L on open contracts on the last trading day of the prior year plus the Unrealized P/L on open contracts on the last trading day; or calculated as follows:
+ Total Realized Profit or Loss as of last trading day
- Prior year’s Unrealized Profit/Loss on open contracts
+ Current year’s Unrealized Profit/Loss on open contracts
= Aggregated Profit/Loss on contracts
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Profits or losses are realized when a futures or options position is closed. Profits and losses are unrealized when a futures or an option on a futures position is held open. The amount of unrealized futures profit or loss is the difference between the initial purchase or sale price and the settlement value of the position on the last trading day.
The amount of unrealized options on futures profit or loss is the net value of the long and short option value on the last trading day. The unrealized profit or loss for futures and options positions is the sum of the open trade equity and net option value on the last trading day.