Tradestation Reimbursing ACAT Transfer Fees
Unfortunately, Tradestation at this time does not reimburse ACAT (transfer) fee for moving
an account from another brokerage firm. As an alternative, Webull will
reimburse up to $100 of your current broker’s transfer fee
if your transfer is at least $2,500.
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Guide to Transfer Brokerage Accounts Between Tradestation and Charles Schwab
If you have a TradeStation account and want to transfer it to Charles Schwab, or if you have a Charles Schwab account and want to give TradeStation a try, this article will show you how to make the switch.
How to Move from TradeStation to Charles Schwab
Moving a TradeStation account to Charles Schwab is easier than you think. All you need to do is
use the Automated Customer Account Transfer Service (ACATS). This will speed things up quite a
bit and make everything as simple as possible. It will not eliminate fees, however. More on that
later.
The ACATS electronic network doesn’t actually move an account from one brokerage firm to another.
Rather, it takes assets from one account and puts them into another. So you need two accounts,
and that requires opening a Charles Schwab account if you don’t have one open yet. The two accounts
should be of the same type (for example, both are traditional IRAs) and should have the same name
on them.
Once you have your Charles Schwab account open, it’s time to prepare your TradeStation account for the upcoming transfer. You can’t just start an ACATS transfer without prepping the outgoing account because some things simply can’t be moved, while other things can cause problems.
For example, if you’re going to do a full transfer, you need to close out open orders and allow all trades to settle. You may also want to eliminate margin balances. Although Charles Schwab might accept a margin debit, this would only be possible if your Charles Schwab meets all margin requirements with the margin balance.
Choosing a partial transfer can help to eliminate some of these problems, although margin balances could still be a problem at TradeStation if you attempt to transfer securities that are serving as collateral on a margin balance.
Cryptocurrencies and futures contracts can never be transferred through the ACATS system, so you’ll either need to do a partial transfer and not specify them or do a full transfer and close out positions beforehand.
If you have option spreads in your TradeStation account, you’ll want to be sure your Charles Schwab account is margin enabled before sending them over. Also, if any contracts expire in less than 2 weeks, that could be a problem. It’s best to wait until they expire or close out the positions before starting a transfer. A transfer of any option positions at all will require options approval on the new Charles Schwab account, of course.
When both accounts are fully ready, log into your Charles Schwab account. This is where you’ll submit the ACATS transfer request. TradeStation does not need to be notified.
Charles Schwab’s transfer form will be found on the old website, the new website, and the mobile app. On the mobile app, tap on the More icon, then Transfer funds, then Account transfer. Specify TradeStation as the outgoing broker and supply the requested details, such as TradeStation account number. It’s that easy.
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How to Move from Charles Schwab to TradeStation
The same rules will apply going in the other direction, especially in this case because both firms offer trading in a lot of the same asset classes (currencies being the lone exception).
First up is opening a TradeStation account. This process begins on the TradeStation home page. The journey is a little different at TradeStation compared to Charles Schwab. For example, you will be assigned a representative at TradeStation who will finish the account opening procedure.
Once you have your TradeStation account open, go through the same procedures described above, getting your Charles Schwab account prepped and ready to go. This is especially important if you plan on doing a full account transfer.
With both accounts set up and ready to go, it’s time to pull the trigger. Once again, this will be a slightly different experience at TradeStation. The brokerage firm does not have a simple online transfer form like Charles Schwab. Instead, you’ll need to fill out a hard-copy transfer request and email it to TradeStation (the appropriate address is ClientServices@tradestation.com). The brokerage house does require an account statement from the outgoing firm, so be sure to attach one in your email.
If you need any help at any point in this process, give TradeStation a call at (800) 822-0512 or click on Transfer Account underneath the TRANSFER FUNDS tab on the broker’s website.
Cost of Transferring
TradeStation charges $125 for an outgoing account transfer. If it’s an IRA, there’s also a $50 termination fee. Charles Schwab will reimburse the transfer fee (up to a $100 maximum) but not the termination fee. Save your final statement that shows the transfer fee, submit it to Charles Schwab and request a refund. You should see the credit in your Charles Schwab account within a few business days.
Charles Schwab charges $75 for a full outgoing transfer. Although TradeStation does not have a transfer fee reimbursement program, it does currently have a special that offers cash bonuses for transferred funds. The lowest prize is $50 (for a $5,000 transfer), while the largest bonus is $5,000 (for a transferred account valued at $5 million). Use promo code CASHAFRV when opening your new TradeStation account.
How Long Does a Transfer Take?
Expect an ACATS transfer to take anywhere from 6 to 9 business days. This could vary based on a variety of factors, but is likely not to be any shorter. Expect a timeframe of more than 9 business days if there are any mistakes or complicated issues in your transfer.
Updated on 11/1/2024.
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