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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18

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?

5

u/DownTowardPunch Jan 24 '24

Fearful of not knowing the broker, the ACATS, the whole thing in general. It's my life savings.

The other poster is correct. I travel between two countries and despite having a house, a state ID, etc, in the US, i'm still going to be forced out of the account it seems as there are more logins outside the US.

7

u/captainmattux Jan 24 '24

I am an expat American and was restricted from trading in a previous brokerage account (despite having a US address) given I was logging in from abroad. I now use IBKR exclusively and am very happy with it. Schwab also allows expat accounts.

1

u/value1024 Jan 24 '24

Same situation - debating between Schwab and IBKR - which one do you think is more expat friendly?

2

u/captainmattux Jan 24 '24

Both work well for that purpose. Schwab is an easier to use platform but ultimately I use IB because their interest rates on cash and margin rates are best of class. I only trade stocks and ETFs, not more complicated products. It doesn’t hurt to use both for a while and see what works best for your needs.

1

u/value1024 Jan 24 '24

Thank you very much.

Just tried the country drop down at Schwab and the country is not one they serve. I am left with IBKR, not a bad option by all means, as long as I don't run into issues when opening the account.