How To Transfer From E*Trade To Robinhood 2023

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!

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Transfer From E*Trade To Robinhood

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:

1. Open a Robinhood Account
2. Gather Information From E*Trade
3. Initiate an ACATS transfer

Let's jump into each of these steps in more detail!

1. Open A Robinhood Account

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:

• Be 18 years or older
• Have a valid Social Security Number (not a Taxpayer Identification Number)
• Have a legal U.S. residential address within the 50 states or Puerto Rico (there may be exceptions for active U.S. military personnel stationed abroad)
• Be a U.S. citizen, U.S. permanent resident, or have a valid U.S. visa.

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.

2. Gather Information From E*Trade

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:

1. Log in to your E*TRADE account.
2. In the main menu, under “Accounts” — click “Complete View”.
3. The last 4 digits of your account number is available next to the account name on the following screen. Click “Show Number” to reveal the full 8-digit account number.

With the account number, you are all set to initiate the transfer.

3. Initiate ACATS 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.

1. Tap the person icon along the bottom navigation menu
2. Tap the three lines icon in the top left
3. Select "Transfers"
4. Choose "Transfer accounts into Robinhood"
5. Select E*Trade by typing it in the search bar
6. Enter in your account number
7. Confirm your account name
8. Answer whether or not your E*Trade account has mutual funds or bonds
9. Choose full or partial transfer
10. Review the transfer and submit

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:

• Fractional shares
• Cryptocurrencies (you can transfer cryptos through the new Robinhood crypto wallet, though crypto cannot be transferred with an ACATS transfer. You will need to transfer any crypto prior to requesting an ACATS transfer)
• Options contracts expiring within 7 days
• Unsupported options strategies
• Mutual funds
• Bonds
• Futures
• Annuities

These types of assets will need to be liquidated prior to requesting the transfer.

Transfer From E*Trade to Robinhood: Final Thoughts

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.