do i have to use the same broker to sell stock that i bought it from?
I want to sell some stock but i do not want to go thru the same broker i used to buy it. can i do this? how?
- A nobodyLv 78 years agoFavorite Answer
It depends on who is holding the stock.
If you are holding the physical certificates for a stock, you can sell it any where you want.
If the brokerage firm is holding the stock for you, you have two choices
1- sell the stock with the firm holding it for you - it's easier and faster.
2- you can open an account with another broker/dealer, have your new B/D submit an ACATS form to the other firm for you, when the new firm receives you stock position then you can sell it through the new firm, however this is time consuming and can be expensive.Source(s): from the street
- JSGeareLv 68 years ago
If you hold actual certificates, you can walk them into any broker you like. Otherwise, if your shares are in a street name, you'll need to establish an account with the new broker and transfer your shares across from the old.
- John WLv 78 years ago
You would have to transfer the stock from your account at the first broker to your account with the second broker and you may pay a fee for doing so. It won't be worth it.
- Common SenseLv 78 years ago
No. You can use any broker that you'd like to. Call the new broker & they'll walk you through the paper work (this can also be done on line). This is called an ACAT Transfer.
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- Jim ZLv 68 years ago
Check with your bank, sometimes banks trade for very low transaction prices. You will need your statement. Next any broker either full service or online discount broker. You will need to open an account using a different broker, usually a minimum of $2000. deposit.
- GregLv 78 years ago
bite the bullet and sell through the same guy. If you can't, email me and I'll do it for you as a rep.