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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Transferring assets from M1 to Webull is actually pretty simple as both platforms accept ACATS transfers (Automated customer account transfer service).
The process takes just 3 simple steps:
Let's take a closer look at each step in more detail.
In order to be eligible for a Webull account, you will need to meet the following requirements:
To open a new Webull account, follow the steps below:
Though the transfer is completed in the Webull platform, you do need to gather 2 pieces of information from your M1 account.
When performing an ACATS transfer, you will need to know your account type as well as the account number.
Here's how to find your account information in the M1 Finance app:
If you have multiple accounts with M1 Finance, you'll have to perform a transfer for each. Make sure you copy down the information for each account you want to transfer over.
Now that you have a Webull account and have found your M1 finance account number, you are ready to initiate the transfer in the Webull platform.
However, before you do so, you ought to be aware of a few things. First, Webull does not charge for ACATS transactions; however, M1 Finance does charge a fee of $100 for both partial and full account transfers.
Second, in order for the transfer to go smoothly, be sure your accounts match:
And third, your transfer must be worth at least $500 or the transfer will be rejected.
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.