Interactive Brokers is a well-established brokerage firm known for its comprehensive suite of trading tools and access to global financial markets.
If you're currently with Firstrade but wish to make the move to Interactive Brokers without liquidating your existing stocks and ETFs, you're in luck.
In this article, we will guide you through the process of transferring your assets seamlessly.
The first step in transferring your assets from Firstrade to Interactive Brokers is to open an account with Interactive Brokers if you haven't already.
To do this, visit the Interactive Brokers website and follow their account opening procedure, which typically involves providing personal information, verifying your identity, and agreeing to the terms and conditions.
Once you've successfully opened your Interactive Brokers account, log in to your account dashboard.
From the top menu, navigate to the "Transfer & Pay" section. This is where you'll initiate the process of moving your assets from Firstrade.
Within the "Transfer & Pay" section, you'll find a menu with various options.
Look for and select "Transfer Positions."
This is the key step that will allow you to start the asset transfer process.
In the "Transfer Positions" menu, you'll be presented with a list of popular brokers.
Scroll through the list and locate Firstrade.
If you don't see Firstrade listed, don't worry; there should be a drop-down menu or an option to search for more brokers.
Select Firstrade from the available options.
To initiate the transfer, you'll need to input your Firstrade account number.
You can find this information on your Firstrade account statements.
Double-check the accuracy of the account number to ensure a smooth transfer process.
Before finalizing the transfer, it's crucial to be aware of the fees associated with the process.
Firstrade utilizes Apex Clearing for their clearing services, and they charge a fee for transferring assets.
Specifically, there is a $55 fee for partial transfers and a $75 fee for full ACAT (Automated Customer Account Transfer) transfers.
Ensure you have the necessary funds available in your Firstrade account's cash balance to cover these fees.