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TD Ameritrade is taking too long to open. Short term alternatives?
Hello Community,
Have set up a TD account, intending to (manual) RSP into ARKK. However, due to the long set up time, I'm considering other short term options.
1) Switching to another broker (IB or Saxo) for the RSP - but higher monthly costs
2) Short-term lump sum purchase on oneFSM with my existing account (minimising impact of the $10 txn fee)
3) Short-term RSP on oneFSM on the equivalent Nikko-AM ARK ETF (but x2 expense ratio)
Advice would be appreciated!
Thank you!
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Tiger broker, usd1.99 commission. account opening within hours
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Hello,
Depends on your account size & whether you are intending to switch out to TDA eventually.
If you have USD100k, I would say go with IB and stick with IB because monthly account maintenance fees will be waived. Costs are low and FX rate is good too.
If you have less than that and/or if you are planning to switch out to TDA, you can consider doing RSP on FSMone first. Reason why I say RSP over Lump Sum is because from your question it seems like RSP was your planned strategy so I try not to deviate away from that.
P.S. Tiger Brokers is also another alternative; account opening is fast and costs are low. But if I am not wrong their share transfer fees are significant so do more research on that if you are planning to switch out (or you can simply sell away your holdings and buy again in TDA)
Hope this helps.