In the best of all worlds, every investor would find a commission-free online investing platform that suits their needs precisely.
There’s a growing list of new apps, and many that have been established for years are adding new features to their platforms. It’s a very competitive field and each one wants to bring you on as a new member.
So one of the smart ways to check out different apps is to try them out. Transferring from one platform to another takes several very specific steps, but we will break them down below to be fast and efficient.
Here are the steps to take if you want to transfer from Charles Schwab to Webull.
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Transferring your assets from Charles Schwab to Webull is actually pretty simple. Both platforms offer ACATS (Automated Customer Account Transfer Service). Not only is ACATS faster than selling your assets and transferring funds to your bank and then to the new platform, but also it avoids creating a tax event. With ACATS you are transferring the assets without ever selling them.
In order to execute the transfer, you will need to following the steps below:
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When you sign up for a Webull account, you will need to meet the following requirements:
If you meet these requirements, then setting up an account is quick and easy. Follow these steps to open a new Webull account:
Before initiating the transfer, there are a few things to be aware of. Schwab offers a number of assets that are not supported by Webull. If you own assets in Charles Schwab that are not supported by Webull, then you will need to sell those assets before conducting the transfer.
Assets not supported by Webull include OTC penny stocks, options, and a few other investments. You will need to sell these off for a full transfer. After selling these assets, you can transfer the funds to your bank account and then deposit them in your new Webull account.
Be aware that any profits you may have earned from this sale could result in capital gains taxes.
Additionally, you will be charged transfer fees. Schwab uses the Automated Customer Account Transfer Service (ACATS) and charges $50 for a full transfer to another platform and $25 for a partial transfer. This amount is in line with the range other investing apps charge for outgoing transfers.
In order for the transfer to go smoothly, make sure your name and type of account on Schwab is identical to the new Webull account’s name and type. The transfer may be delayed if your Schwab account name or type differs from your new Webull account type
To initiate the transfer, follow these steps in the Webull app:
In the world of online investing platforms, you are the customer, so it’s worth your time to shop around and see what works best for you. If you decide to transfer from Charles Schwab to Webull, follow the steps above.
Because both platforms offer ACATS, the process is actually pretty simple to initiate. After you have submitted the transfer, it can take up to 6 business days to complete.