ACATS Transfer

Here’s a post that’s more of a FAQ for newer or maybe even more experienced traders.

I recently made an ACATS transfer this week.  What is an ACATS you ask?  ACATS stands for Automated Customer Account Transfer Service.  In a nutshell, it is a transfer of your positions from one brokerage to another brokerage.  It removes the middle man of transferring from broker to your bank then to your new or other broker.

My old broker was Scottrade.  I was mostly doing swing trades and using my 3 day trades per week as well.  I’ve decided to take the plunge and fund a $25k+ account so that I can day trade freely without the PDT restriction.  The broker I transferred to was Interactive Brokers.

So I had 3 open swing trade positions in MU, S and AMD.  Each position transferred over without any hiccups.  The only thing to watch out for is that you cannot sell/buy during the transfer period which could take up to 4 days.  For me it only took 2 business days so it happened relatively quick.  And luckily none of those positions took any huge swings in the 2 days it took to transfer over.

For those of you looking to make a switch in brokers, I thin ACATS is the best and easiest way to do it since it removes the hassle of using wire transfers and losing a few dollars in fees and commission as well.

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3 thoughts on “ACATS Transfer

  1. hey man, been checking out your page for a month or so. great content and it’s a break from the “selling” type trading blogs i run into. i’ve collected a couple of other sites that i read through at the end of the trading day and it makes for a good reading list.

    anyway, thanks for taking the time to push out great content – it inspired me to create a blog. my url is : https://tradingandstuff.wordpress.com/ and my entry list is at the bottom of the page (i post everyday, but it’s not just trading). I’ll be checking in for updates again. good luck trading this week

    Liked by 1 person

      1. any person who’s in it for 24″ spinning rims and the playa lifestyle is a person speaking my language lol! market looks good today, hope you make out well

        Like

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