How To Transfer From Merrill Edge To Robinhood 2023

In the ever-evolving landscape of online brokerage services, Robinhood has emerged as a beacon of accessibility.

With its user-friendly interface, commission-free trading, and a growing suite of financial products, Robinhood has garnered a dedicated following of investors looking to take control of their financial futures.

If you're considering making the switch from Merrill Edge to Robinhood, this guide will walk you through the process step by step.

Limited Time: Robinhood 1% Transfer Bonus

If you transfer an existing brokerage account to Robinhood through January 31st 2024, you can get an Unlimited 1% Transfer Bonus.

For example, if you transferred a brokerage account worth $50,000 - that would be a bonus of $500.

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• Learn more about Robinhood here!

In addition, Robinhood offers a free stock for new users as well as a 1% IRA match for retirement accounts.

What is Robinhood?

Robinhood, founded in 2013, is a fintech company that has democratized investing.

It allows individuals to trade stocks, ETFs, options, and cryptocurrencies without paying commissions, making it an attractive platform for both beginners and seasoned investors.

Robinhood's intuitive mobile app and web platform provide real-time market data, news, and educational resources to empower users to make informed investment decisions.

Here's how to transfer your assets from Merrill Edge to Robinhood.

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Robinhood Free Stock

Robinhood offers new users a completely free fractional share worth between $5 and $200.

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1. Sign up for Robinhood

First, if you haven't already, sign up for a Robinhood account.

The process is straightforward and can be completed via their website or mobile app.

2. Open the app and click on the Profile Icon

After logging into your Robinhood account, click on your profile icon to access your account settings.

3. Click on the Menu Bar

From the account settings, locate the menu bar on the screen.

4. Select Transfers

Within the menu options, select "Transfers."

5. Select Transfers Account Into Robinhood

Under the "Transfers" section, choose the option to transfer your account into Robinhood.

6. Select your brokerage account or search for it

You will be prompted to select your brokerage account, and you can search for Merrill Edge.

7. Enter your current brokerage account number found on your statement

Input your Merrill Edge account number as it appears on your statement.

8. Confirm the name on the account, it must match

Ensure that the name on your Merrill Edge account matches the name on your Robinhood account.

9. Answer the questionnaire

Robinhood may ask you to complete a brief questionnaire about your incoming assets.

10. Continue with Full or Partial Transfer

Choose between a full or partial transfer of your assets.

Note that there is a $49.95 fee for a full account transfer from Merrill Edge, while partial account transfers are fee-free.

Important Information to Consider

• Transfer Timeframe: The transfer process typically takes 5 to 7 business days. During this period, you won't be able to trade the assets being transferred.
• Reimbursement of Transfer Fees: Robinhood will reimburse the transfer fee that Merrill Edge may charge, up to $75 for transfers of $7,500 or more.