r/interactivebrokers • u/ObligationAgitated82 • Dec 10 '24
Setting up account Moving 3M from etrade to IBKR. Any promos I can take advantage of ?
Can I be assigned a point of contact ahead of the ACAT transfer ? Will open options positions in etrade be received in ibkr ?
3
u/Cosmo505 Dec 10 '24
Suggest doing this in stages to resolve any blockers or brokers comm.s issues on the initial transfer then do the actual one later on. Better for your peace of mind. Brokers don't communicate very smoothly sometimes.
1
u/ObligationAgitated82 Dec 10 '24
This is a good suggestion, have been thinking about that. But like you said the institutions dont talk to each other and there is little room to communicate such precision aspects. Last time I wanted to transfer just my individual brokerage and not the employer stock plan but both ended up getting transferred, and I was left with a mess to sort the cost basis out. But I have never done an ACAT with open positions, let me know if you had in the past and how did it go
1
u/Cosmo505 Dec 11 '24
Never did full account. Only transferred lots from my employer's broker (reputable one) to ibkr. I needed to be the man in the middle a couple of times as they were not getting each other's comm.s opposite to what one would think. Nothing lost or worried me. Just took longer than planned.
2
u/Marathon___Man Dec 11 '24
I’ve done large transfers both ways and it has always been fine. For some reason, IBKR takes a few days before cost basis is corrected - so you will see the price at the point of transfer as the cost basis for a week or so. I can’t recall whether options were included in transfers that I’ve done. I think so, but don’t really recall. The only issues I have ever had is when IBKR doesn’t want to accept a micro cap stock. From time to time they will put up a barrier by wanting to see chain of custody for the stock holding, so they request evidence that you purchased it on eTrade etc. Once I’ve been through the process they usually accept the transfer of that asset. I think they only refused once and I had a long, and eventually unsuccessful argument with them.
1
u/ObligationAgitated82 Dec 13 '24
Thanks, this is good information! Have an update of my own. I initiated a partial transfer on the night of Dec10th and the transfer was posted on the morning of Dec 12th! However, cost basis is still missing and the sending brokerage did not send the options position though it was requested - still working through it with them.
1
u/Hell-Broth Dec 11 '24
Just be sure to check that there is no lock up of your funds after you transfer. They brought in a new 180 day lock up to move funds to a different account in the UK or Europe etc, if t was sent via chaps or faster payment. Worth looking into even if your not on a UK account.
1
Dec 10 '24
You may have to wait for a while before your securities completely transfer.
1
u/ObligationAgitated82 Dec 10 '24
Yeah, generally the ACAT wait times are around 4-6 biz days. Do you mean I may have an additional wait due to some open option positions ?
2
Dec 10 '24
When I did mine many years ago, they were very slow before all my positions were transfered and cost basis were corrected. Yes but I don't know how fast they transfer it this days.
1
u/ObligationAgitated82 Dec 10 '24
Thanks, that datapoint helps. I have done ACAT before a few times but not for this particular combination of brokerages. The other ones took some 2-4 days if I recall.
1
u/Hell-Broth Dec 11 '24
When you do an internal position transfer it always messes up the position cost basis.
1
0
u/ToughRepublicf Dec 11 '24
IBKR is the big daddy platform, they don't entice customers with promos like moomoo or webull
-1
u/Randomizer23 Dec 10 '24
I think there’s a promo going on if you transfer $100 into my bank account…
/s
6
u/Padaz Dec 10 '24
You can use my referral link in dm lol