How To Transfer TD Ameritrade Stocks To Interactive Brokers: A Simple Guide

Introduction

With recent changes to TD Ameritrade's Singapore services for non-accredited investors, many are scrambling to find alternative platforms to keep their assets. One such viable option is Interactive Brokers (IBKR). If you're among those who are considering making this move, this article provides a detailed guide on how to transfer your stocks and assets seamlessly.

A Brief About TD Ameritrade and Interactive Brokers

TD Ameritrade is a renowned broker-dealer that offers an electronic trading platform for trade in financial assets. On the other hand, Interactive Brokers is a multinational brokerage firm known for its advanced trading platform and comprehensive offerings. Both brokers have garnered respect and trust for their adherence to regulations and their commitment to providing robust platforms for traders and investors.

TD Ameritrade

Interactive Brokers

The Need to Transfer

The recent announcement about TD Ameritrade Singapore discontinuing services for non-accredited investors has made it imperative for many to seek an alternative. IBKR stands out as a promising option.

Setting Up an IBKR Account

If you're new to Interactive Brokers, you'll first need to set up an account. For a detailed tutorial on how to do this, refer to expert videos or the official IBKR guide. Once your account is active, the transfer process can commence.

Steps to Transfer Your Assets

1. Accessing the IBKR Web Portal: Begin by logging into your IBKR account. Navigate to the 'Transfer & Pay' section, and from there, click on 'Transfer Positions'. You'll see an option to 'Transfer Assets into your IBKR account' - select it.

2. Choosing the Transfer Region: Despite transferring from TD Ameritrade Singapore, select 'United States' as the region. This is because TD Ameritrade uses the Automated Customer Account Transfer Service (ACATS) for transferring USD assets like US equities, US options, and US fixed income.

3. Inputting TD Ameritrade Details: Upon selection, choose 'TD Ameritrade' and then enter your TD Ameritrade account number. You can find this number in the 'Account Statements' section of your TD Ameritrade account.

4. Further Details: For account type, most individuals will select 'Individual Account'. Skip the tax identification number section, and when asked about saving broker information, choose 'no'.

5. Transfer Details: To ensure that TD Ameritrade waives the fees, select 'Yes' for transferring all assets. Mutual funds not supported by the transfer will be removed, so authorize this action. Make certain that you aren't transferring any US micro-cap stocks, as IBKR doesn't support them. If in doubt, you can verify whether your stocks fall under this category.

6. Finalize the Transfer: After ensuring all information is accurate, digitally sign to confirm the transfer. The transfer typically takes between 4 to 8 business days.

7. Checking Transfer Status: To monitor the transfer progress, navigate back to 'Transfer & Pay' and then to 'Transaction Status & History'.

A Few Tips

During the transfer period, it's advised not to make any buy or sell transactions on both TD Ameritrade and IBKR to avoid complications.

In Conclusion

The transfer process from TD Ameritrade to IBKR is quite straightforward. With a little care and attention to detail, you can easily move your assets and continue trading without any hitches. Safe trading!