Can I transfer my positions from another broker to baraka?

It is possible to transfer your securities from another broker to baraka. You will need to contact your current broker and ask which method of transfer they support. Depending on the transfer method, you will need to fill an initiating form and send it to our support team, along with a recent account statement from your current broker (that is not older than 90 days). Once initiated, the transfer process will take up to 5-7 business days.

 

Why Transfer Your Securities to baraka?

Transferring your securities to baraka offers a variety of benefits, including:

• Access to trade over 8,500 US stocks and ETFs.
• Cashback rewards, you can earn 1% cashback on the total value of your security transfer up to $1,000.
• Explore a wide range of halal investment options.
• 24/7 customer support, get fast and easy solutions with round-the-clock customer support.
• Regulatory assurance, baraka is regulated by the DFSA.

Type of Transfer: 

ACATS
ACATS is a common transfer method for brokerages as it allows customers to transfer their entire account with one form, including stocks, bonds, cash, mutual funds, unit trusts, and options.

To transfer assets via ACATS, you will need to complete an LOA document and send it with your recent account statement to us.

DTC
DTC transfer enables clients to transfer full stock positions between brokers electronically without physical certificates. It is faster than ACATS transfer and preferred when moving only one stock.

To process an incoming DTC transfer, you will need to complete a DTC Letter of Authorization and return it to us.

DRS
A DRS (Direct Registry System) transfer allows the electronic transfer of stock shares between a broker-dealer and transfer agent. DRS allows investors to directly register shares in their name rather than have shares in “street name” registration. Instead of holding a physical stock certificate, investors will have stock electronically registered in their name with the transfer agent.

To transfer stocks to DriveWealth through DRS, you will need to complete an Incoming DRS Transfer Form and transfer statement to us.

DWAC
A DWAC transfer allows electronic transfer of stock shares between a broker dealer and transfer agent. DWAC transfers will be processed within 1-2 business days from when they are received, and are settled on the same day they are processed.

To process an incoming DWAC transfer, you will need to complete the DWAC Letter of Authorization and return it to us.

Terms and Conditions

To be eligible for a securities transfer cashback reward, you must be a registered Baraka user. 

1. You must have successfully completed the securities transfer initiation process above.
2. Cashback is via a credit rebate of 1% of the confirmed and verifiable value of the securities transferred at the time we process your request. Rebates are credited as stock credits, which can be used for purchasing additional stocks on the baraka platform or can be withdrawn as cash. Your cashback reward is locked in for a minimum of 180 days and may not be withdrawn before this. The total cashback reward possible under this promotion is capped at $1,000.
3. Only securities supported by our broker can be transferred. Non-supported securities, such as non-US listed securities cannot be transferred and will be rejected.
4. Minimum portfolio value requirements may apply.
5. Transfer fees may apply, which must be available in your cash balance (e.g., if the transfer fee is $65, you must have an additional $65 cash balance).
6. Only whole shares can be transferred; partial shares must be liquidated or converted to whole shares.
7. Baraka Financial Limited reserves the right, in its sole discretion, to vary or withdraw the Securities Transfer Program at any time, or to decline requests to participate in the Securities Transfer Program.
8. By participating in the Securities Transfer Program, you acknowledge and accept these conditions.
9. Cashback offer valid until 28 February 2025.