If you're currently using Public and are interested in making the switch to Interactive Brokers without selling your stocks or ETFs, you're in luck.
This article will guide you through the process of transferring your assets seamlessly from Public to Interactive Brokers.
Interactive Brokers, often referred to as IBKR, is a popular online brokerage firm that provides traders and investors with access to a wide range of financial assets.
With low commissions, advanced trading technology, and a comprehensive suite of research tools, it's a top choice for both seasoned traders and newcomers to the investment world.
One of the key advantages of transferring your assets is the ability to do so without liquidating your stocks or ETFs.
This means you can move your holdings to a new brokerage without incurring capital gains taxes or disrupting your investment strategy.
Here's a step-by-step guide on how to initiate the transfer.
If you haven't already, you'll need to create an Interactive Brokers account.
This can be done easily by visiting their website and following the account setup process.
After successfully setting up your Interactive Brokers account, log in and navigate to the top menu.
Hover your cursor over "Transfer & Pay" to access the dropdown menu.
From the dropdown menu, choose the option labeled "Transfer Positions."
This is the gateway to initiating the transfer of your assets from your current brokerage, in this case, Public.
Within the "Transfer Positions" section, you'll find a list of popular brokerage firms.
If you don't see Public listed, don't worry. Use the dropdown menu to explore more brokerage options.
To ensure a smooth transfer, you'll need to provide your account number from Public.
You can typically find this information on your statements or within your Public account.
It's important to note that Public charges a $75 account transfer (ACAT) fee for all outgoing transfers, including partial and full account transfers.
Be prepared for this cost when initiating the transfer.
Follow the on-screen instructions to complete your transfer request.
You may be asked to provide additional information or documentation, so make sure to have all the necessary details at hand.
Transferring your assets from Public to Interactive Brokers is a straightforward process.
Remember to review the fees associated with the transfer and ensure you have all the required information readily available.