Can I transfer my stock portfolio to another trading platform?
Asked 4 years ago
After this sudden "maintenance," I'm going to change platforms as soon as I can. Is there a way to move my portfolio without closing the trades? I have opened so many trades recently, and I'd be loathed to lose them. Also, are there any trustworthy and user-friendly platforms that you recommend? I'm so disappointed by this.
Andrew Moran
Monday, July 05, 2021
Yes, you can certainly transfer an entire trading portfolio to another account without closing the positions.
This is primarily done through the Automated Customer Account Transfer Service, also known as ACATS.
That said, here is a step-by-step breakdown:
- Complete your Transfer Initiation Form (TIF). This includes your name, address, SSN, and details of your assets.
- Confirm or validate your request as soon as possible.
- You might wait up to five business days before the process is complete.
- Keep tabs on your new account and hold onto your TIF.
Although banks are always competing for new clients, you might encounter fees of up to $100 to make the transfer or close your account. But you get reimbursed by the other party.
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