Investing today looks very different than it did just 10 years ago. Today, investors have a plethora of investing platforms to choose from, all with various features and benefits.
E*Trade is a popular option for many investors with its advanced app, zero commissions, and more. Some beginner investors might find the app too complicated. Or perhaps you just want to switch to another platform.
Robinhood was built for investors of all levels! Though the cryptocurrency offering on Robinhood is light, they do support 18 coins and have plans to add more. In addition to commission free trades, Robinhood offers cash management, options, margin, and more. Recently they also launched their latest feature, retirement accounts.
For whatever reason, if you are interested in making the switch, then this is the article for you. Here, we cover all the steps required to transfer from E*Trade to Robinhood. Let's jump right in!
Transferring assets from E*Trade to Robinhood is actually quite simple as both brokerages support ACATS (Automated customer account transfer service).
With ACATS, you do not have to liquidate your positions and create a taxable event. Instead, you transfer the asset ownership to a new brokerage.
This process can be completed in just a few minutes, though the assets may take up to 7 business days to appear in your Robinhood account.
Robinhood does not charge for this type of transfer, though E*Trade does. Full transfers cost $75 while partial transfers cost $25. Robinhood will actually reimburse you for this fee. In order to get the reimbursement, you will need to reach out to Robinhood's customer service team. You can do so in the customer support center in the Robinhood app.
In order to transfer from E*Trade to Robinhood, you will need to follow the steps below:
Let's jump into each of these steps in more detail!
Opening an account with Robinhood is fairly simple. If you already have an account, you can skip to the next step!
To apply for a Robinhood account, you’ll need to meet the following requirements:
Use the button above to get a completely free stock when you sign up!
If you meet these requirements, you are then ready to open a Robinhood account. The process is pretty simple and can be completed by submitting an application in the app. After downloading the app, you will select the register option. The application will then be reviewed and takes a few days for review. You will either receive an email confirming your account or asking for more information.
In order to initiate the ACATS transfer from E*Trade to Robinhood, you will need to find your account number. Follow the steps below to access your 8-digit account number:
With the account number, you are all set to initiate the transfer.
Once you have your account number, the transfer is pretty simple. If you are creating a new Robinhood account, then one of the options for funding your new account will be an account transfer.
If you select this option, you will need to input the E*Trade account number and follow the steps as prompted.
For those that already have an account with Robinhood, you will perform the steps below within the Robinhood app.
This process can take up to 7 business days.
If you select the partial account transfer, then you will be able to select which assets you want to move.
You ought to be aware that you are not able to transfer the following assets:
These types of assets will need to be liquidated prior to requesting the transfer.
Because both brokerages support ACATS transfers, this process is actually pretty easy.
After locating your E*Trade account number, you will simply follow the steps in the Robinhood app as highlighted above.
Before initiating this transfer, be sure to double check which assets cannot be supported and liquidate those positions first.
After you complete this transfer, the funds will appear within 7 business days. You can actually track the progress of the transfer in your account when logged into the app.
If you have any questions, you can reach out to the Robinhood customer service team.