Account Types

At MG Futures, we accept the following types of accounts:

Individual/Joint
Partnership/LLC
Corporate
Trust

Proof of Identity
Under the Know Your Customer provisions of The Patriot Act of 2001, FCMs and other financial institutions are required to obtain proof of identity in conjunction with the account opening process. Depending on the type of account, country of origin, citizenship and other factors, you may be required to submit additional documents along with your thoroughly completed and properly signed account forms. These documents may be submitted to us by fax at 1-212-835-0101 or by e-mail to service@mgfutures.com .

Documents to be submitted for each account type are listed below:

Individual or Joint Accounts for U.S. Citizens or U.S. Resident Aliens

If you are employed by a broker/dealer, FCM, bank or insurance company, a letter from your employer consenting to the account opening.
If you are self-employed in trading, investments or other financial services, a letter from you stating that you are investing your own personal funds and that no funds from others will be deposited or solicited.
If requested, a copy of your driver's license, passport or other government-issued ID.

Individual or Joint Accounts for Foreign Citizens

Copy of your passport or other government-issued ID
Signed Foreign Certification.
If you are employed by a broker/dealer, FCM, bank or insurance company, a letter from your employer consenting to the account opening.
If you are self-employed in trading, investments or other financial services, a letter stating that you are investing your own personal funds and that no funds from other individuals will be solicited or deposited.
If you are located in a non-cooperating Financial Action Task Force (FATF) country or a country that is not a FATF cooperating country, a copy of a current bank statement, prior year's tax return, or letter of reference from a recognized bank, accounting or law firm.
If requested, other documentation showing proof of residency or citizenship.

Partnership/LLC Account for U.S. Partnerships and Limited Liability Companies

Copies of the Partnership Agreement/Operating Agreement and annual state filing. These documents must clearly identify the general partner(s) /member(s) and/or other persons authorized to act on behalf of the entity.
If requested, a copy of the driver's license, passport or other government-issued ID of authorized partner(s)/member(s).
If requested, other documentation confirming the legal status or business of the entity.

Corporate Account for U.S. Corporations

Copies of Articles of Incorporation and By-Laws which clearly identify the officers of the corporation and their authority to act on behalf of the corporation in opening an account. Only authorized signers may sign the account opening documents on behalf of the corporation.
If requested, a copy of a passport or government-issued ID from one or more officers of the corporation.
If requested, other documentation confirming the legal status, ownership or business of the entity.

Corporate Account for Foreign Corporations

Copies of Articles of Incorporation and By-Laws which clearly identify the officers of the corporation and their authority to act on behalf of the corporation in opening the account. Documents must be in English or accompanied by a certified translation. Only authorized signers may sign the account opening documents on behalf of the corporation.
Properly signed Foreign Certification.
Copies of the passports or other government-issued IDs of officers signing on behalf of the corporation.
If the corporation is located in a non-cooperating FATF country or a country that is not a FATF cooperating country, a copy of a current bank statement, prior year's tax return, audited financial statement, or a letter of reference from a recognized bank, accountant or law firm.
If requested, other documentation confirming the legal status, ownership or business of the entity.

Trust Account for U.S. Trusts

Copy of the entire trust agreement that clearly identifies the trustees and clearly states their authority to open an account for the trading of futures and options. If no such authorization exists in the trust document, a properly signed amendment to the trust stating that the trustees have the authority to invest in futures and options and that such investment does not violate any other provision of the trust.
If requested, a copy of the driver's license, passport or other government-issued ID of the trustees may be required.
If requested, other documentation confirming the legal status and purpose of the trust.

Trust Account for Foreign Trusts

Copy of the entire trust agreement that clearly identifies the trustees and clearly states their authority to open an account for the trading of futures and options. If no such authorization exists in the trust document, a properly signed amendment to the trust stating that the trustees have the authority to invest in futures and options and that such investment does not violate any other provision of the trust. All documents must be in English or be accompanied by a certified translation.
Properly signed Foreign Certification.
Copies of passports or other government-issued IDs for the trustees.
If requested, other documentation confirming the legal status and purpose of the trust.

Approval Process

Depending on the type of account you are opening, we may also need to see additional documentation for proof of identity purposes.

You can also open a managed account. To do so, you will need to fill out the applicable account form and the Limited Power of Attorney (it will appear automatically in the online forms or could be downloaded). In addition, if you are opening an account managed by a Commodity Trading Advisor (CTA), you will need to complete any forms they require.

Once your application and any other required documents are reviewed and approved by our New Accounts Department, you will receive notification with your account number. Once you have funded your account, you will be able to start trading!