Your current broker no longer fits? A depot transfer sounds complicated but is easier than you think. Here is the step-by-step guide.

Why Switch Brokers?

The most common reasons for a depot transfer:

Fees too high: Switching from a direct bank to a neo-broker often saves 80-90% on order costs
Missing API access: For AI trading you need a broker with API — if yours does not have one, switching is unavoidable
Better tools: Professional charting, better app, advanced order types
Security concerns: Switch to a regulated broker with better deposit insurance

Step 1: Open New Depot

First open the new depot before initiating the transfer. Opening takes 5-30 minutes depending on broker (online identification via video or postal verification).

Step 2: Request Depot Transfer

You request the transfer from the new broker — not the old one. You need:

Name and BIC of the old broker
Your depot number at the old broker
Which securities to transfer (all or specific ones)

Step 3: Waiting Period

The transfer typically takes 2-6 weeks. During this time:

You cannot trade the securities
Dividends and distributions are preserved
Your old depot continues to operate (no obligation to close)

Step 4: Verify Acquisition Data

After transfer: Check the cost basis in the new depot. Sometimes acquisition data gets lost during transfer, leading to incorrect tax calculations. If data is missing, complain immediately and provide purchase receipts.

Step 5: Close Old Depot (Optional)

You do not have to close the old depot. Some traders keep it as backup. If you close it, ensure no remaining balance exists and the tax exemption order is cancelled.

Transfer Costs

In the EU, depot transfers are free (German Federal Court ruling from 2004). Some foreign brokers still charge fees — check the fine print. Some new brokers even offer switching bonuses.

Special Cases

Fractional shares: Fractional shares cannot usually be transferred. They must be sold at the old broker.

Crypto: Crypto positions are generally not transferable between brokers. You must sell and rebuy — caution: tax-relevant event!

Bottom Line: A depot transfer is no rocket science. 30 minutes of effort today can save you thousands in fees over the years. Most important tip: Plan 4-6 weeks lead time and do not trade the positions being transferred.