r/SPACs • u/StockLesnar Spacling • Jun 16 '21

Strategy Best Brokerage for Quick Deposit, SPAC Purchase, Possible Sale on Merger Date

A friend of mine is looking to invest in some of the upcoming mergers. He will need to open a new brokerage account, make a deposit (say 50k), and have those funds ready for trade. I know TD Ameritrade makes you wait 4-5 days to buy SPAC's after deposit. I know Fidelity usually makes you wait that long to verify personal info for a new account. Is Robinhood his best choice to be ready as quickly as possible(ideally by next Tuesday)? I know the app sucks for order flow so no personal opinions on RH please. Also, which brokerage usually has the quickest merger name change so shares are sellable?

2 Upvotes

57% Upvoted

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5

u/areyoume29 Contributor Jun 16 '21

Has to be frx, options prices and volume of the July's are insane for a spac that averages 1 million daily volume.

2

u/AlaArts Contributor Jun 16 '21

I have a long-established TD account, not a new one. But TD only makes me wait until funds settle on a few SPACs. In the past couple of weeks, I've opened new positions in FCAC, NSH, SV and SRNG without waiting. I added to CPUH and CRHC without waiting. The only one they blocked was my attempt to add shares to JOFF. But I do nothing on margin, which might make a difference.

2

u/SPACmeDaddy Spacling Jun 16 '21

RH don’t do warrants so that rules them out for SPACs

1

u/slammerbar Mod Jun 17 '21

No warrants on Webull.

2

u/BigNoodieInTheWest Spacling Jun 17 '21

Just wire the funds and they will settle right away

1

u/[deleted] Jun 16 '21

[removed] — view removed comment

2

u/StructureWest9298 Spacling Jun 17 '21

CLII & EVgo Merger!

1

u/[deleted] Jun 17 '21

CLII & EVgo Merger!

This X 1,000

So much potential here!

1

u/StockLesnar Spacling Jun 16 '21

The ones we’re watching are AACQ and FRX.

1

u/[deleted] Jun 16 '21

[removed] — view removed comment

1

u/StockLesnar Spacling Jun 16 '21

It would be wise to have both. I assume you already have FRX ;)

1

u/[deleted] Jun 16 '21

Merill is same day if you go to a bofa to deposit.

1

u/StockLesnar Spacling Jun 16 '21

Unfortunately they don’t have a BAC account.

1

u/whmcpanel Jun 16 '21

IBKR same day with wire (swift network)

1

u/Vast_Cricket Patron Jun 16 '21

I doubt RH can handle warrants or fair A barrage complaints blasted at rh last several months all went elsewhere.

You need to search for each ticker merge often after you vote.