Interactive Brokers forced transition to IBSJ / good alternative?

[smalldog]

As we know it looks like Interactive Brokers are finally going to force us to transition to IBSJ and in the process lose access to many products we can currently buy at the end of next month (August).

I have positions which I do not want to sell but are not offered on the new platform - so my only option is to transfer them to another US based broker.

So far I have found TradeStation which will at least let me open an account in Japan but seems more a product for day-trading and crypto rather than long term holding of ETF’s and equities as per my investing strategy.

Has anyone else found any good alternatives to Interactive Brokers or TradeStation for non-Americans in this situation?

(I am honestly wondering whether IB can actually/legally force close my positions if I refuse/ignore the request transition to IBSJ… but really prefer to not take that risk).

[TokyoBoglehead]

(I honestly wondering whether IB can actually/legally force close my positions if I refuse/ignore the request transition to IBSJ… but really prefer to not take that risk).

Don't try to call their bluff. They can forcibly liquidate your position and charge for the pleasure.

Request they journal your shares over to Tradestation and see how it goes.

If not you'll be forced to sell either way.

[smalldog]

Thanks for your comments. They actually just 20 mins ago phoned me to push me to confirm the transition to ISBJ ASAP…

Guess I have to go down the TradeStation route. Next stop Shiba Inu Coin.

[gaijin86]

Any reason why you are not opting for Firstrade?

[SLW]

Not the OP but probably because Firstrade wants nothing to do with US citizens living abroad.

https://help.en-us.firstrade.com/articl ... g%20abroad

[gaijin86]

OK, thanks.
I had no problem opening an account with Firstrade. (EU passport).
I plan to move my stuff to Fisrtrade if/when I get kicked out of IBKR.

[tokyolights]

What are some of the popular products that will no longer be supported by IBSJ? I've never used IB myself so I'm kind of curious about what's happening.

[smalldog]

Quick update on this one: after a pretty tedious process of form printing, sign and and scanning my ETF not supported by IBSJ are now safely lodged at FirstTrade.

I have now also approved the migration of my American IB account to IBSJ which seems fairly smooth.

Not sure how much I’ll use firsttrade beyond the current positions but I guess always good to have options - and managed to avoid their threat of forced closing out my positions.

[kanpanela]

I have never received an e-mail or a phone call about moving to IBSJ.
Am I misunderstanding something? Perhaps I was in IBSJ all-along? I opened my account after moving to Japan and being a tax resident here.

How can I recognzie what IB I am a member of? The website just says Interactive Brokers...
Does IBSJ handle taxes for you in Japan? If so I may wish to move (assuming I don't have stocks they don't offer)

[northSaver]

How can I recognzie what IB I am a member of? The website just says Interactive Brokers...
Does IBSJ handle taxes for you in Japan? If so I may wish to move (assuming I don't have stocks they don't offer)

Do you get a monthly activity statement? I do, and at the top it says "Interactive Brokers LLC, Two Pickwick Plaza, Greenwich, CT 06830". There is also a statement further down for a sub-account (not sure how I got it, but it's my main account number with an "F" after it) which has the address "Interactive Brokers (U.K.) Limited, 20 Fenchurch Street, Floor 12, London EC3M 3BY, UK". I'm sure that if you're in IBSJ then you'll have the Japanese address on your statement.

No, IBSJ don't handle your tax for you.

I've not had a migration email yet. I'm assuming it's taking longer than they planned to move everyone over.