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Anonymous
What's the best way to switch from SAXO to IBKR?
So, i've been on SAXO and just created and funded an IBKR account, as the fees in SAXO are $^@&#*! I would like to move my portfolio over to IBKR. Would it be advisable to:
1) Perform a securities transfer. If so, do they have a rebate up to a certain amount? As I enquired with TD Ameritrade and they have a rebate of up to USD$100 rebate on securities transferring in.
2) Close my positions on SAXO and buy them again on IBKR?
They're all US positions and I'm gonna hold for a long time.
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You have to check which is more cost efficient for you. Security transfer out incurs a fee of CHF 50 / EUR 50 / USD 50 / GBP 50 for each security position. Contrast this with the transaction costs of selling on SAXO and buying back on IBR. Do also note that it is not entirely possible to get back at the same price and you should be prepared to buyback at a higher/lower price.