How’s it going with the investing app you are currently using? Are you finding all the features you are looking for?
If the answers to these questions are “no,” there’s no reason to stick with a platform that isn’t working for you.
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 will automatically invest your spare change. Webull is an investing app designed for seasoned traders looking for more sophisticated tools than many free platforms are offering.
Another thing to consider if you’re preparing to move your assets out of Acorns and into Webull is the fact that Acorns charges a monthly fee. Webull does not charge commissions for trading stocks, ETFs and options.
Below are the steps you will need to take to transfer from Acorns to Webull. They are a bit complex because Webull only accepts Automated Customer Account Transfer Service (ACAT) transfers, and Acorns only offers Non-ACAT transfers.
ACATs are much simpler, whereas a Non-ACAT transfer generally takes between 30 to 40 days.
Since you cannot directly transfer assets from Acorns to Webull, your only option is to sell your assets on Acorns and transfer funds via the bank. Keep in mind, this could result in taxes owed on investment gains if your Acorns investments are sold for a profit.
If you plan on keeping your Acorns account, you would just sell off the amount you would want to transfer to Webull. If you are looking to transfer all of your assets, you would want to close your account to stop paying the monthly subscription.
To close your investing account and cancel your Acorns subscription, follow the steps below:
Once you request to close your Acorns account, your funds will be liquidated and returned to your linked checking account in 3 to 6 business days.
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:
Use our Webull download button above for 2 free stocks!
The final step is deposit your funds via the bank from Acorns once your Webull account is approved.
At that point, you can then decide what to invest in over on Webull. While Acorns was limited to just portfolio investments, Webull offers stocks, options and even crypto trading.
