Should I worry that an online broker I buy securities from might not be in business when I want to sell them?
I would like to buy ETFs via an online broker in Denmark that is not affiliated with the bank that manages my regular deposit. Is there a possibility that this broker might not be in in business several years from now if I want to sell these ETF?
Questions:
What happens if the broker closes its operations after I bought these ETFs?
Can I transfer the ETFs to another broker platform in the future?
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In the US we have SIPC insurance which covers the custodial function of a brokerage firm as well as as protection against unauthorized trading or account theft. It provides up to 0,000 in total coverage per customer for lost or missing assets of cash and/or securities. It covers up to 0k of cash.
Securities can be transferred from broker to broker though some brokers charge a transfer fee.
Since you live in Denmark, you should contact the brokers that you're interested in doing business with as well as your financial regulatory authority to see if they provide similar services and protection as we have in the US.
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