Closing an online brokerage account is easy. With just the click of a button, you can shut down your account and transfer your cash. However, before you do this, it's important to know what you will do with that cash once it's transferred.
Often users will need the cash for emergency expenses or planned purchases. Whatever your plan, remember your original goals for investing. It is likely those goals were to turn a smaller amount of money into a larger sum over time. As we’ve said many times, investing isn’t a get-rich-quick scheme.
The most successful investors map out their long-term goals and don’t make rash decisions. Investing is a process in which you don’t have to take large actions on a regular basis. Let your wealth accumulate for you over a long period of time.
Keep this all in mind when deciding whether or not to close your account. It’s best practice to research other platforms and see if they offer what you are looking for before taking the plunge. If you find one, you can easily close your Webull account and sign up with a different app that suits you better.
If you have money or investments within your Webull account and you'd like to switch to a new platform, you have two options.
Once this is complete, you can then delete your Webull account.
Once all the money has been moved from your account to another, all that is left to do is delete your account. This is done relatively simply in just three steps.
Once you click on the 'Delete Account' option, you will confirm your decision and just like that, your account is gone. Now, it is important to note that your information and past trading history will still be stored within Webull's servers in order to report taxable events. However, nothing new will take place on your account since it is no longer active.
Robinhood, the popular platform known for launching commission-free trading, is a great alternative to Webull. While Webull is focused on intermediate to advanced traders, Robinhood has its focus on new or beginner traders. This is evidenced by the sleek platform and lack of detailed trading data.
It is meant to be one of the simplest trading platforms out there.
As a result, intermediate to advanced traders often find this platform to be lacking when it comes to research tools, order types, and technical indicators. Still, if you are looking for an uncomplicated platform to trade commission-free, it is an excellent option.
Just like with Webull, this is a completely free trading platform.
They do not charge any hidden fees and there are no strings attached. If you don’t feel you have the cash to open a sizable account, don't worry, Robinhood doesn’t have an account minimum. This means you can get started investing right away.
Robinhood, similar to Webull, offers fractional shares so you won't even need the full amount to purchase the shares you want. On the Robinhood platform, you are able to purchase in dollar amounts instead of in whole shares. This means you can own a piece of Apple or Amazon for as little as you can afford.
With Robinhood, you can start out small and gain momentum as you go along and become more confident and acquire more know-how.
Closing your Webull account can be done at the touch of a button. Whether you want to sell all your assets and then transfer them yourself, or pay for Webull to do it for you, be sure you do the adequate research before deciding. Selling your stocks will trigger a taxable event whereas transferring will not.
Whatever you do, have a plan for what to do with your money next. If you are going to reinvest/transfer your funds, Robinhood may be a good option for you.