I currently live in Spain and am looking for a broker. However, I may move to another European country in the future, such as the UK or Netherlands.
IBKR seems to be the most recommended option, but I’m put off by how much personal and financial information/documentation they require, including things like net worth and liquid net worth, which I understand may need to be updated later. Since I mainly want to invest, I’d prefer a broker with less bureaucracy. Also, although my intention at the moment is to invest in ETFs for the long term, I might want to start trading at some point in the future, and I think that with IBKR it’s quite complicated because they require a lot of documentation and are more strict.
The brokers I’m considering are the following, but I’m open to other suggestions:
\- IBKR (although the above concerns me)
\- Saxo
\- Trade Republic
\- DEGIRO
\- Trading 212
\- XTB
The main questions I have are:
\- Can I keep my account if I move to another country simply by changing my country of residence?
\- Would I need to transfer my positions to another account/broker after moving? If so, is this possible and are there fees?
\- How safe and reliable is the broker, and who regulates it?
\- How much personal/financial information and documentation does the broker require?
I’d really appreciate any advice or personal experiences. Choosing a broker is becoming a real headache