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Tip #3: The transfer process can take several days.

Keep in mind that the ACATS process can take several days, and it is not uncommon (although they won't admit it) for your old broker to drag their feet a little.

During the transfer process you will have limited or no access to your open positions.

For long-term traders, this is probably not a big deal, but short-term traders may want to make sure they have appropriate risk coverage or have exited open positions.

NEXT: Tip #4: Your old broker will charge you for this service.