I want to open a trader account at Degiro/InteractiveBrokers but I’m always afraid one of these institutions will someday close my account.
Let’s say I have a bunch of stocks/ETFs stored in one of these accounts, my account gets closed and they ask me to transfer my assets to another bank/broker. How does this work exactly? With money it’s easy, you have EUR or USD you can just transfer EUR or USD to a bank accepting these currencies by giving your IBAN/ACH number.
But in the case of a Broker, how does it work, how the transfer is supposed to be done? And in the case if I don’t have a Broker to fall back on, will they give me paper stocks or something?
This is really a mystery to me. Thanks for your help.