Sell off portfolio and rebuy or just suck it up and deal with the transfer fees?
Hopefully I'm in the right place to be asking this. If not, a little direction would be nice.
TLDR; I want to transfer my stock portfolio from Cashapp to a Schwab brokerage account, but want to spend as little as possible. Should I just sell off what I have and rebuy through Schwab or just do the account transfer?
I've been trading (not day trading) stock through Cashapp shortly after COVID started. So far I have built up a pretty good portfolio. Recently, and due to the PDT rule change, I would rather use Schwab as my brokerage instead of whatever Cashapp is considered. But here's the catch--Cashapp charges $75/stock transfer. I'm ignorant and am assuming this means per stock, and not per instance. If this is the case, I'd be spending a little over $600 just to transfer my account. So there is option 1.
The other option I was thinking was selling off the entire portfolio, and just hoping to have a little loss or gain (<1-2%) when rebuying through Schwab. I’m not entirely sure what would be the most cost effective solution. Any advice or guidance on the topic would be greatly appreciated!