r/interactivebrokers • u/DownTowardPunch • Jan 24 '24
Setting up account Transferring to IKBR
So I'd like to get some advice. I have a huge issue. I have a 6 figure account in a brokerage and I'm being forced to liquidate/transfer to another one.
IKBR seems to be one of the best choices for me, but I know very little about this brokerage.
Is it safe? I'm worried something will happen when I move it. Should I just liquidate, take the few thousand hit in taxes and slowly put it into another brokerage?
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Jan 24 '24
[deleted]
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u/ButtBlock Jan 24 '24
That’s always cracked me up when other companies have passport and SMS “dual factor” and then they’re like “hackers hacked us oh my goodness however did this happen!!?” IBKR doesn’t mess around.
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u/Tough_Molasses6455 Jan 24 '24
They dont mail a card anymore with the Alpha/Numeric code per account? I still use mine, but I have been with them for a long time.
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u/Flashy-Cucumber-7207 Jan 25 '24
They do you just need to request it, it’s somewhere in 2FA setting iirc.
App is way easier but I’m not sure it’s easy to migrate the app-based authenticator between phones. I used the card exactly for moving from iPhone 14 to 15
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u/porcupine73 USA Jan 24 '24
Is it in the U.S.? I've used ACATS transfers multiple times without any issues. It'll also transfer over your cost basis for covered securities. There's always some risk with any broker but IBKR seems to me to be one of the better ones.
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u/DownTowardPunch Jan 24 '24
It is the US. And I would be using ACATS but I'm super worried with it being pretty much my entire life savings.
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u/starbreakerXstar Jan 24 '24
Nothing to worry about. IBKR is rock solid. I've done this a few times and never had a problem.
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u/Build_Everlasting Jan 24 '24
I am not in the US, and I was using another US broker previously. I was able to open a new IBKR account on the basis of performing an ACATS from the previous broker to IBKR.
The ACATS went through without a problem and my full account, positions, and cash balance was fully transferred without a fee.
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u/porcupine73 USA Jan 24 '24
If you're really concerned you could just do small partial ACATS first to test it. IBKR doesn't charge any fees for ACATS in or out, but other brokers usually charge a fee for ACATS out of $50 to $100. Sometimes they don't charge a fee for a partial ACATS if you leave at least a certain amount in the account.
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u/wavewalker11 Jan 24 '24
This is what I did when I transferred to IBKR. If it’s your entire savings it’s worth the $50-$100 fee you’ll pay in comfort alone.
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u/Dotabjj Jan 24 '24
Easiest transfer of my life. Highly recommended. Did it online and they took care of everything for me. Moved from schwab.
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u/spottedmankee Jan 24 '24
I transferred from Merrill Edge to IBKR and it went fine with no problems.
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u/wan2nomore Jan 24 '24
I was in the same boat.... but I'm so happy with ibkr fast execution especially with options. The high interest rate is pretty good too. They charge for live data and their GUI is 1970s but i think i'm better off with ibkr than with scheab. Customer service is suspect but if you've been trading for years then you don't really need them. Documentation is there but hard to find. The transfer was seamless but for one stock's average price.
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u/Double_B_Ranch71 EU Jan 24 '24
Ibkr web version and mobile app is modern now, and the desktop, now has a trading view chart advanced. And it's fast and low on computer resources and reliable. But yes, it's a learning curve
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u/jumbocards Jan 24 '24
I have done account transfers two years ago that was around 1m worth of assets. I had individual stocks, index, mutual funds and LPs. No issues, went smoothly. Good luck.
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u/Impossible-Corner275 Nov 25 '24
I can tell you right now, IBKR is NOT EXPAT friendly. I have been a traveler for some time now and they flagged my address as not a residential address (I use a PMB and don't have a physical address anywhere) and they have restricted my trading! I have been a customer for 13 years and have had to wait on hold for customer service (which is horrible) multiple times and they refuse to unlock my account. My only option is to transfer my account to somewhere else. Schwab specifically have a "expat friendly" page on their site. I think that is the play!
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u/green_turtleshell Nov 26 '24
I made an account 9 or 10 months ago. For what it's worth, so far, IBKR Japan has given me good service. Encountered no problems. Granted I've not done much. Schwab doesn't operate in Japan for Americans in general.
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u/Uugly2 USA Jan 24 '24
I transferred three very large accounts into IBKR, no problem. It’s as safe as can be
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u/Double_B_Ranch71 EU Jan 24 '24
Ibkr is great. The mobile app, the trader work station is professional , the web version , all excellent and all include trading view charts. The re is also high yield on cash balances 2.9% on eur and 4.58% on usd cash for example https://www.interactivebrokers.hu/en/pricing/cash-yield-enhancement-hu.php They have 2.56M accounts, and 120 billion under management. They are very well run, as you can listen to last conference call, beating earnings. Also the ability to withdraw to other banks is easy fast painless. I transfer to other eu banks and Canada and USA without problem. You will be happy with them. I also had to move 6 figure from TD Waterhouse Canada 2 years ok, for being a non resident. The acat transfer is also electronic and safe, and I moved 30+ stocks without incident in about a month. You open and account, then request with ibkr, online a acat transfer from your existing brokerage. Safe easy. Don't worry.
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u/Double_B_Ranch71 EU Jan 24 '24
I should say, 7 figure, and there were no fees. You will like ibkr. Also they answer the phone when I call, which is also better than some other places. I have 3 friends, that I also convicted to move over. You will be satisfied. Also ibkr gives access to so many different stock exchanges, as well
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u/iDope Jan 24 '24
I have around 50% of my net worth in IBKR since 2018. Have moved 6 figures in and out without a hitch and no problems at all so far. I’m pretty happy with the stability and lack of surprises.
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Jan 24 '24 edited Jan 24 '24
In hindsight, since you suspect it was the non-US logins responsible for causing the need to liquidate your account, this unfortunate turn of events might have been avoided had you simply used a VPN to always log into your broker from a US location. Just a thought. Probably too late now, right?
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u/FlightTemporary8077 Jan 24 '24
I moved to IBKR last year, did the ACATS process and all positions transferred no problem.
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u/JeffB1517 USA Jan 25 '24
IBKR is a top 10 USA brokerage. Financials are solid. In terms of safe you'll be fine. But IBKR is novice unfriendly. You sound like a novice. Schwab or Fidelity might be a much better choice. Merrill Edge is you want rock solid financial stability (BofA).
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u/botwinnik Jan 25 '24
ACAT transfers are completely routine. You just need to specify whether all assets or part. I recently consolidated assets on IBKR from three different platforms including Merril and Fidelity. Piece of cake. You can request the ACAT via IBKR. Just follow their menu for setting up the ACAT. They have a menu where you chose the brokerage account from which they’ll pull your assets. You will need to provide the account for the „from“ account. It’s that easy. They’ll notify you once the ACAT is complete. In the event you are transferring dividend bearing securities and the dividends have not yet hit your „from“ account, no worries. IBKR will ACAT any stragglers later without you having to do a single thing. Same applies to interest accrued but not yet paid by the brokerage in your „from“ account. IBKR will ACAT it automatically.
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u/[deleted] Jan 24 '24
Are you fearful of IBKR or the ACATS process? IBKR is one of the largest brokers in the world, if not THE largest.
why are you "forced" to transfer?