If you’re investing with Acorns and want to try something very different, you may want to consider Webull.
The two platforms offer very different advantages, depending on what you are looking for. Acorns is a micro-investing app that can automatically invest your spare change. Webull, on the other hand, is an investing app designed for seasoned traders looking for more sophisticated tools than many free platforms are offering.
Even with all of the advanced trading features that Webull offers, the platform is still free to use. Additionally, Webull has no commissions on stocks or ETFs. However, Acorns does charge a monthly fee.
So, whatever the reason for transferring from Acorns to Webull, you've come to the right place. Here, we provide the step by step process to execute this transfer. Let's dive in!
Unfortunately, this transfer is not as simple as with other brokerages. While most platforms support ACATS (Automated customer account transfer service), Acorns does not, though Webull does.
Because of this, you can instead initiate a non-ACATS transfer. However, the steps to complete this process are a bit complicated. In order to get started, you will need to contact Webull to initiate the paperwork and then email it Acorns customer service team. You will also need to obtain a medallion signature.
Depending on your holdings, you may also rack up quite the fee. Each ETF you hold will trigger a $50 fee.
Acorns also supports whole shares only. This means that any partial shares you own will have to be liquidated. You will then transfer those funds to your bank and then to Webull.
Most investors are also disappointed to learn that this process can take 10+ business days.
With all of this in mind, we recommend liquidating your positions and transferring your funds first to your bank and then to Webull. You will have to do this process anyway with any partial shares. This process can be completed with the following steps:
Since you cannot directly transfer assets from Acorns to Webull, your best option is to sell your assets on Acorns and transfer those funds to your bank. Keep in mind, this could result in capital gains taxes should you sell for a profit.
If you just close your account, you will continue being billed for the subscription. So you need to ensure you both cancel your account and cancel your subsciption. You can do so with the steps below:
*Once you request to close your account, your funds will be liquidated and returned to your linked primary checking account in 3-6 business days. Closing your account DOES NOT cancel your subscription. You will continue to be billed for your monthly subscription until it is canceled.
If you don't already have a brokerage account with Webull, the next step is to open an account with them.
You will need to meet the following requirements to open a Webull account:
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In order to create an account with Webull, simply download the app and follow the in-app experience. You can create your account all from your phone and in a matter of minutes.
The next step is deposit your funds into Webull.
To transfer funds into Webull, you will also need a linked bank account.
With a linked bank account, you now just need to transfer your funds and rebuild your portfolio.
Now that you have cancelled your Acorns subscription, transferred your funds to your bank and then to Webull, you are ready to rebuild your portfolio.
In the Webull app, you can purchase stocks and ETFs with the steps below:
Most platforms today support ACATS transfers, which make transferring from one brokerage to another quite easy. Unfortunately, Acorns does not support ACATS transfers.
Instead, you will need to liquidate your positions and move those funds to Webull. This involves a few middle steps including cancelling your Acorns subscription and transferring funds to your bank.
Once you have cancelled your Acorns account, you will need to set up a Webull account and link a bank.
Webull is a top rated investing platform with a number of impressive features. If you are thinking about making the switch from Acorns to Webull, be sure to check out our full Webull review.