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Written by Taylor Danielle on October 28, 2023
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How To Transfer From Firstrade To Fidelity 2023

Making the decision to transfer your investment assets from one brokerage to another is a common occurrence.

This article will guide you through the steps to initiate and complete a transfer from Firstrade to Fidelity.

Understanding the Transfer Process

Before delving into the details of how to transfer your assets, it's crucial to understand the process and timeframes involved.

The transfer of assets typically takes 3–5 business days, depending on the rules of your current firm, as well as the type of accounts and investments being transferred.

Here's how the asset transfer process works.

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1. Submit Your Transfer Request

Initiate the process by submitting a transfer request to Fidelity. This can be done easily through Fidelity's online platform and usually takes just 5-7 minutes.

Make sure you have all your relevant account information on hand to streamline the process.

2. Fidelity Contacts Your Current Firm

After you've submitted your request, Fidelity will reach out to your current brokerage firm to request the transfer of your account assets.

This step ensures a smooth transition of your investments.

3. Your Current Firm Processes the Request

Your current firm will process the request and prepare to transfer your account assets to Fidelity.

The time it takes for them to complete this step may vary, so patience is essential.

4. Fidelity Deposits Your Assets

Once your current firm has prepared the necessary assets, Fidelity will receive them and deposit them into your selected Fidelity account.

You will have the peace of mind that your investments are in the right hands.

Fees and Charges

It's essential to be aware of any fees associated with transferring assets from Firstrade to Fidelity.

Apex Clearing, the clearinghouse for Firstrade, imposes two main fees for transferring assets:

  • Partial Transfer Fee ($55): This fee applies when you transfer only a portion of your assets from Firstrade to Fidelity.
  • Full ACAT Transfer Fee ($75): This fee applies when you decide to transfer your entire account from Firstrade to Fidelity.

Conclusion

Transferring your assets from Firstrade to Fidelity can be a straightforward process when you understand the steps involved and any associated fees.

Article written by Taylor Danielle

Read more

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