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Open an Account| Can I transfer my margin account from another broker? |
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Margin accounts can be transferred as long as the account is in good standing and has equity of at least 50% of market value. There are several methods for transferring an account. The first, is "ACAT", which is basically an order to your old brokerage firm to transfer everything in your account to TurboTrade. The second method, "DTC" can only be used when you wish to transfer individual shares from your old account, while leaving the old account open. DTC cannot be used if you are closing the old account. The third, and certainly the most straightforward way to transfer your account to TurboTrade is to liquidate all holdings and wire the proceeds to fund your new TurboTrade account. Doing so may trigger significant tax consequences, if applicable to your specific situation. Please consult with a tax attorney and/or accountant to determine which method is most appropriate for you.
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