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Written by Cari Scribner on September 6, 2022
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How To Transfer From Acorns To Webull 2022

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!

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How To Transfer From Acorns to Webull

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:

  1. Cancel Acorns Subscription
  2. Open a new Webull account
  3. Transfer funds to Webull
  4. Purchase Investments on Webull

1. Cancel Acorns

Acorns Logo

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:

  1. After logging in to your account, tap or click on the menu (avatar) in the upper corner of the screen
  2. Tap ‘Settings’ or click on 'Profile & Settings'
  3. Select ‘My Subscription’
  4. Scroll down to "Manage" and tap or click on ‘Cancel subscription’
  5. Follow the instructions to liquidate and close accounts

*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.

2. Create A Webull Account

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:

  • Be 18 years or older
  • Have a valid Social Security Number
  • Have a legal residential address in the US or outlying US territories
  • Hold US citizenship, a US permanent residency card, or a valid US visa

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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.

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3. Transfer Funds To Webull

The next step is deposit your funds into Webull.

To transfer funds into Webull, you will also need a linked bank account.

Link Bank Account To Webull

  1. Login to your account in the Webull App
  2. Tap the Webull Icon in the middle of the bottom navigation menu
  3. Across the top, you will see a menu of options starting with "Assets." To link a bank account, tap "Transfers" in this horizontal menu
  4. Tap "Bank Account" near the bottom.
  5. Click on the "Add Account for ACH Transfer"
  6. There are two options. You can either instantly add your bank account using Plaid, or you link your bank using 2 micro transfers.
    • If you select the "Real-Time Verification" method, you will login in to your bank account using Plaid, a third party security company. After logging in to your bank account, you will simply select the account you wish to connect
    • If you select the "Micro-Deposit Verification" method, then you will need to enter in your enter in your routing number, account nickname, and bank account number
      • Webull does not currently accept credit cards to transfer money into your account
      • Webull will then send you two micro deposits less than a dollar. Once you receive these two deposits, you will log back into Webull and verify the account by entering in the amounts that were transferred in. These two micro deposits will be transferred back out of your account. They are only for verification purposes.

With a linked bank account, you now just need to transfer your funds and rebuild your portfolio.

Transfer From Bank To Webull

  1. Login to your account in the Webull App
  2. Tap the Webull Icon in the middle of the bottom navigation menu
  3. Across the top, you will see a menu of options starting with "Assets." To initiate a deposit, tap on the "Transfers" option
  4. Tap on the "Deposit" option
  5. The account that you added in the previous step will automatically show, unless you previously added in a different account. Be sure to select the bank account you want to transfer from
  6. Enter in the amount that you would like to transfer
  7. Tap on "Transfer to Webull"

4. Purchase Investments on Webull

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:

  1. Login to the Webull app
  2. Tap on the "Markets" option in the bottom navigation menu
  3. Use the search icon in the top right to search for the investment you want
  4. Tap the "Trade" option in the bottom left
  5. Select your order type, price, and quantity
  6. Tap "Buy"
  7. Review the details on the order and confirm

Transfer From Acorns to Webull: Final Thoughts

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.

Article written by Cari Scribner

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