Yep, and also know that shares you think are in your name in all the brokers (TD Ameritrade, Fidelity, Vanguard, etc.) are actually held by the brokers for you in your "Street Name".
Ultimately, if the broker goes bankrupt - basically the SIPC (sort of like the FDIC) will only insure your holdings up to $500,000. And, that's all you'd get even if you had millions of dollars in stock holdings.
Yep, and also know that shares you think are in your name in all the brokers (TD Ameritrade, Fidelity, Vanguard, etc.) are actually held by the brokers for you in your "Street Name".
Ultimately, if the broker goes bankrupt - basically the SIPC (sort of like the FDIC) will only insure your holdings up to $500,000. And, that's all you'd get even if you had millions of dollars in stock holdings.
Here's this info straight from SIPC's website:
https://www.sipc.org/for-investors/what-sipc-protects
Here's a bit more info:
https://old.reddit.com/r/Superstonk/comments/sza1wm/drs_is_the_way_if_you_want_your_shares_to_sell/