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Old 16.02.2021, 13:07
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Re: Transfer securities to another broker

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Robin Hood. Awesome broker.
A while ago there were the news that 1. some hacker was able to get some users' passwords in unencrypted form; 2. a guy was able to exploit an infinite margin bug and used $4k to buy $1M worth of AMD and blew the account. These two news suggest there are some fundamental problems in this platform (some CS intern writing unreviewed codes in their core or something??). They might or might not have fixed the problems and do better by now. If I were to make a choice I'd rather not to take the chance.

I use IB and Tastyworks. Tastyworks has everything I personally need (stocks, options, futures, cryptos) and has a very awesome customer service. Honestly it's very bad for day trading but I don't do it anyway. It doesn't have access to pink sheet OTC but I never want to trade those. I saw the option of trasfering security in the account page but I never used it.
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  #42  
Old 16.02.2021, 13:54
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Re: Transfer securities to another broker

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My plan is to move my current securities to Swissquote (unfortunately, I am in the weird position at my current broker that it is way cheaper for me to transfer rather than sell) and buy some new ones on Interactive Brokers, which is very convenient but, as you said, also leaves me quite skeptical. From one side, maybe it really is just a temporary problem, as everybody online talks great things about IB. From the other side, now it is 2.5 months that I wait and it should be in their best interest to make the transition as smooth as possible for new customers...
Silly question - have you started the transfer process at the other end? Transferring stocks takes two different actions: initiating the transfer at your existing broker, and informing the receiving broker that the stocks are coming. In my case, I needed to fax a signed authorization letter to the originating broker before they would transfer the stocks.

Once the transaction is set up, the actual transfer typically takes 3-4 days. If it's taken more than this, I suspect that you've missed a step somewhere along the way and one party or the other is waiting for something before taking action.
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  #43  
Old 16.02.2021, 16:00
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Re: Transfer securities to another broker

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Silly question - have you started the transfer process at the other end? Transferring stocks takes two different actions: initiating the transfer at your existing broker, and informing the receiving broker that the stocks are coming. In my case, I needed to fax a signed authorization letter to the originating broker before they would transfer the stocks.

Once the transaction is set up, the actual transfer typically takes 3-4 days. If it's taken more than this, I suspect that you've missed a step somewhere along the way and one party or the other is waiting for something before taking action.
It's a valid question and yes, I did. Actually, my current broker told me that they tried to get a hold on IB for at least six times, but they never replied. When I inquiried IB on this, they just told me that they will send a remainder to the backoffice...
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  #44  
Old 16.02.2021, 16:34
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Re: Transfer securities to another broker

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It's a valid question and yes, I did. Actually, my current broker told me that they tried to get a hold on IB for at least six times, but they never replied. When I inquiried IB on this, they just told me that they will send a remainder to the backoffice...
Wouldn't just selling and rebuying be cheaper than using Swissquote?
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  #45  
Old 16.02.2021, 18:18
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Re: Transfer securities to another broker

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Wouldn't just selling and rebuying be cheaper than using Swissquote?
Unfortunately, I am in the weird position with my current broker that it is way cheaper for me to transfer rather than sell and buy. Of course, one option would be to do this at Swissquote.
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  #46  
Old 17.02.2021, 13:44
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Re: Transfer securities to another broker

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I bump my own thread because Interactive Brokers has not yet initiated the transfer process and I would like to have an alternative broker ready in case IB does nothing in the next 30 days.

I am looking for a trustworthy and cheap trading platform based in the US, with a responsive customer service and no fees on incoming securities transfer. For example, I have heard good things about Charles Schwab: can someone confirm it?

Many thanks.
Tastyworks

The best customer service in the business......
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