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Written by Cari Scribner on March 21, 2022
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How To Transfer From M1 Finance To Webull 2022

If you’ve been investing through an online platform for a while now, and are less than satisfied, perhaps it’s time for something new. Why not look into a different platform that may have more of the features you want to try?

In a crowded playing field, both new and established platforms are actively competing for your business, and that’s good news for you. One platform may offer enhanced real-time data, while another may have different financial asset accounts. Webull may be a great option for you!

Transferring assets can be confusing at times. In this article, we highlight the steps required to transfer from M1 Finance to Webull.

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1. Open a Webull Account

In order to be eligible for a Webull account, you will 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

To open a new Webull account, follow the steps below:

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

2. Initiate The Transfer

Transferring your assets to Webull is actually quite simple. The platform does support ACATS (Automated Customer Account Transfer Service) for transfers. Additionally, they do not charge for ACATS transactions; however, M1 Finance does charge a fee of $100 for both partial and full account transfers.

With an ACATS transaction, you can transfer your stocks directly without selling them first. This is highly beneficial as it does not create a taxable event.

In order to initiate the transfer, you ought to be aware of the following:

  • Make sure your name and type of account is identical to the Webull account’s name and type. The transfer may be delayed if your M1 account type differs from your new Webull account type
  • Both M1 and Webull offer the standard, taxable individual investment account as well as non-taxable IRAs. Be certain you are transferring your assets into the same type of account.

To execute the transfer, follow the steps below in the Webull app:

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

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We put together a free 30 minute video training that walks you through the entire process, step by step. This training will help you get up and running in no time at all.


Transfer From M1 Finance To Webull: Final Thoughts

One of the great advantages of online investing apps is that they are constantly undergoing change to better meet the needs of investors. If you’re no longer completely satisfied with your platform, try something different. Follow the steps above if you decide to switch from M1 Finance to Webull.

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Article written by Cari Scribner

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