If you're looking to switch brokerage platforms, the ACATS transfer makes things simple.
In this article, we will discuss how to transfer from E*TRADE to Robinhood, as well as any applicable fees.
Don't forget to grab your free stock worth up to $200 from Robinhood today!
If you transfer an existing brokerage account to Robinhood through January 31st 2024, you can get an Unlimited 1% Transfer Bonus.
For example, if you transferred a brokerage account worth $50,000 - that would be a bonus of $500.
In addition, Robinhood offers a free stock for new users as well as a 1% IRA match for retirement accounts.
E*TRADE supports account transfers through the ACATS service. This type of transfer is also supported by Robinhood.
For a full account transfer, E*TRADE charges a $75 one time fee deducted from your brokerage account cash balance.
The good news is, Robinhood will reimburse you this transfer fee up to $75 if your transferred account value is $7,500 or more.
The first step you need to take is setting up your new brokerage account with Robinhood.
Use the button above to get a completely free stock when you sign up!
Once you download the app on your phone or begin creating an account on their website, you will be prompted to provide basic information.
In order to transfer your account, you will need your account number.
You can view this by logging on to your E*TRADE account.
Robinhood may also ask you to upload or email a copy of your most recent statement, so it is a good idea to have this on hand.
Once you have opened a brokerage account with Robinhood, the next step is to initiate the transfer within Robinhood.
Follow the steps below to initiate the transfer:
Robinhood enables users to track their transfer requests through the app's history section.
Upon initiating a transfer request, it typically takes 5-7 business days for the assets to settle in the Robinhood account. During the transfer period, users will be unable to access the positions being transferred from the external brokerage.
Account transfer requests can face rejection due to various reasons, including incorrect account numbers, the presence of ineligible assets, unmet margin balance requirements, or a lack of approved options trading status.
In such instances, users may need to resubmit their transfer requests to initiate the process again.