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Written by Cari Scribner on March 15, 2022
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How To Transfer From Fidelity To Webull 2022

One of the good things about using online investing platforms is that you do not need to sign any kind of contract that requires a minimum term of use.

Instead, you can come and go as you choose. In fact, it may be a good idea to shop around and see if another app better suits what you’re looking for. The field is crowded with investing apps vying for your business, and they are constantly making upgrades and adding features you may find useful.

If you have a Fidelity account and want to switch to Webull, then you have come to the right place. In this article, we highlight the steps required to transfer from Fidelity to Webull.

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1. Gather Info From Fidelity

Fidelity does offer numerous assets that are not supported by Webull.

fidelity-logo-PNG

You will need to sell off these assets if you are making a full transfer and reinvest the cash in your new Webull account.

The assets you will need to sell off from your Fidelity account for a full transfer to Webull include:

  • Futures
  • Mutual funds
  • OTC penny stocks
  • Bonds and CDs
  • Pink sheets

Keep in mind that when you are selling off these assets, you may see a profit, which could result in capital gains taxes.

Webull supports:

  • Listed U.S. stocks, ADRs, options, and ETFs
  • Individual cash accounts
  • Individual margin accounts
  • Traditional IRAs, Roth IRAs, and Rollover IRAs.

To make sure the specific security you want to transfer out of Fidelity is tradable on Webull, use the following method on the mobile Webull app:

  1. Search the symbol or company name and move to the stock detail page
  2. If there is a Trade button on the bottom left, the stock is tradeable on Webull
  3. Next, tap the "Options" button next to the Chart in the stock detail page
  4. Tap any bid or ask on the options quotes page
  5. If there is a Trade button on the bottom left, then it is tradeable on Webull

2. Open A Webull Account

In order to apply for a Webull account, you will need to meet the following requirements:

  • Be 18 years or older
  • Have a valid Social Security Number or Taxpayer Identification Number
  • Be a U.S. citizen, U.S. permanent resident, or have a valid U.S. visa
  • Provide a legal physical address within the 50 states or Puerto Rico (there may be exceptions for active U.S. military personnel stationed abroad) for the home and/or company address listed on your brokerage account. You can use a PO address for your mailing address only.

There is no initial deposit requirement for Webull.

To open your account:

  1. Go to Webull official website
  2. Click "LOG IN"
  3. Click "Sign up Now"

3. Initiate The Transfer

Ready for some good news? Webull can do ACATS (Automated Customer Account Transfer Service) for transfers. And, Fidelity does not charge for an ACAT transfer, so it won't end up costing you anything.

In order to perform the transfer, the name and type of the Fidelity account must be identical to the Webull account's name and type. The transfer may be delayed if your outgoing account type differs from your Webull account type.

In the Webull app:

  • Tap on "Transfers" on the Webull account page.
  • Tap on "Transfer Stocks into Webull".
  • Read the Transfer Tips and Tap on "Transfer Stocks to Webull".
  • Choose the broker to transfer from.
  • Enter the information as prompted and click on the “Transfer Now” button.

A stock transfer usually takes 5-7 business days to complete. However, delays can occur if the Fidelity account type differs from your Webull account. Delays can also occur if you have had any activity in your Fidelity account (unsettled stocks from recent trades, ACH transactions, etc.) recently. Contact Webull if your transfer is pending for longer than 7 business days.

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Conclusion

There’s no golden rule that you have to stick with one online investing platform or another. It’s your option as an investor to explore what’s out there. Each app offers its own bells and whistles. Additionally, established platforms are constantly updating their services. Perhaps Webull is better suited for your needs!

Article written by Cari Scribner

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