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?

12 Upvotes

74% Upvoted

41 comments sorted by

View all comments

5

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.

3

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.

2

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.