Transfer eToro Account to E*TRADE in 2024
Transfer Your eToro Account to E*Trade
If you have a brokerage account at eToro but want to move to ETrade, you might be curious about how to transfer your account. There are two ways to move an eToro account to ETrade, each with its own pros and cons.
Read about the methods below to see which one is best for you.
Available Transfer Methods
When moving your eToro account to E*Trade, you can either do it yourself or use the Automated Customer Account Transfer Service (ACATS).
ACATS Transfers
One way to transfer your eToro account to E*Trade is by using an ACATS transfer.
Here’s how to do it.
First, make sure you have an open and funded ETrade account. You need this because the ACATS transfer request must be started from your ETrade account.
When opening an E*Trade account, make sure it's the same type as your eToro account. eToro offers a limited range of investment and retirement accounts, and ACATS only works when the accounts are similar.
E*Trade's ACATS Transfer Tool
To use ETrade’s ACATS Transfer Tool, log into your ETrade account and click on the dollar sign icon near the search bar at the top-right corner. Then, go to the 'Transfer Money' tab, select 'Transfers,' and then 'Account.'
ETrade's ACATS broker selection page has a search tool and links to popular brokers. However, eToro is
not on the list, nor does it appear in the search results.
Requesting an ACATS Transfer
eToro uses Apex Clearing to handle its backend processes, including account management. So, transfer
requests are made to Apex Clearing, not directly to eToro.
E*Trade Promotion
Get up to $600 cash bonus at E*Trade.
Open Etrade Account
ACATS Requirements and Reminders
ACATS transfers are a convenient way to move funds, but it's important to understand the process to
avoid problems. Here are some things to remember:
ACATS transfers can be partial or full. If you do a full transfer, your eToro account will be closed
during the process.
The account you're transferring to should be the same type as your eToro account.
Both accounts must be under the same name.
eToro charges a $75 fee for ACATS transfers, whether partial or full.
Also, you can't transfer cryptocurrencies using ACATS.
Manual Account Transfer Process
Because setting up an ACATS transfer can be complicated, we'll explain how to move your account to E*Trade manually.
First, sell the assets in your eToro account so it's all cash. Settlement usually takes one day (T+1), except for cryptocurrency sales, which also settle in one day.
If you've recently made deposits or received bonuses, those amounts also need to settle. New deposits can't be withdrawn for five days, and bonus funds may have a waiting period of up to two months.
To make sure your balance has fully settled, check the "Withdrawable Cash" in your account settings. If it matches your total balance, you're ready.
Once you're ready, withdraw your money to your bank. Then, fund your new account with money from your bank.
Alternatives
Which Account Transfer Method is Best?
Choosing the best way to move your eToro account to E*Trade depends on several factors. Here are the main things most investors think about:
Reasons to avoid ACATS:
E*Trade makes requesting an ACATS transfer from eToro somewhat complicated. Having to download, fill out, and submit paperwork makes the process harder than it should be.
eToro charges $75 for each ACATS transfer.
Reasons to avoid manual account migration
Even though it's easier, manually moving your account means you'll have to pay capital gains tax (this is more of a concern for larger, complex accounts).
Selling all your holdings means you lose your trade history and cost basis. You'll have to rebuild your positions from the beginning.
Because of transaction times, settlement periods, and holds on funds, manual transfers can take much longer than ACATS transfers.
|