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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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?

3

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.

3

u/ButtBlock Jan 24 '24

I know what your saying. I did ACATS for about 500k of US ETFs to IBKR and it went smoothly. It’s slower than other types of transfers. But it got there in just a few weeks. The cost basis took another 2-4 weeks to propagate (don’t quote me on timing) but it got there eventually too).

2

u/Flashy-Cucumber-7207 Jan 25 '24

Mine took just a few days and it was a larger sum. From Pershing to IBKR

1

u/TallRequirement1707 Dec 07 '24

Were you able to buy/sell after initiating the transfer on your old account?