If you want to transfer your brokerage account to Public, but have crypto holdings or fractional shares, the best option may be to start a Partial Transfer. With a Partial Transfer, instead of sending your whole portfolio to Public, you get to choose which stocks are transferred.
Why can’t I transfer my Crypto?
Crypto itself is not eligible for ACATS transfers, on Public or via any other brokerage firm because it is not regulated in the same way as regular stocks. If you do have crypto you’d prefer not to be liquidated, you can proceed with a Partial Transfer. You’ll just need to list out the securities (Stocks and Funds) you wish to transfer and leave your crypto holdings in your old account. You can also liquidate your crypto as part of a Full Transfer, and those funds will appear in your new Public account as cash.
What about fractional shares?
Some fractional shares cannot transfer from one brokerage to the next. If your fractional shares are with a brokerage that uses a clearing firm that is not the same as ours (Apex Clearing), those shares will be liquidated and will transfer as cash to your new Public account. Or you can choose a Partial Transfer and leave those fractional shares in your old brokerage account.
What about options and mutual funds?
Currently, Public does not offer options trading or mutual funds. If you have options or mutual funds, you can leave them in your old brokerage account by choosing a Partial Transfer. Please note that any Full Transfer initiated will be rejected should the portfolio include options or mutual funds.
If you ever have questions, the team is always here for you, so feel free to give us a shout on the app’s Chat or via email at firstname.lastname@example.org.