Robinhood is a popular commission-free brokerage platform which is one of the most beginner friendly investing apps out there.
However, if you're looking to switch things up, here's how to transfer your assets from Robinhood to E*TRADE.
Any full shares in your Robinhood account can be transferred to E*TRADE.
If you have any fractional shares during a full account transfer, they will be sold, and the resulting funds will be transferred to the other brokerage as cash.
Cryptocurrency held within Robinhood cannot be transferred. It will be sold, and the cash balance will transfer.
When you transfer stocks or cash from Robinhood to an outside brokerage such as E*TRADE, Robinhood will charge you a $100 fee (whether you are doing a full or partial transfer of your account).
This will be debited from your Robinhood account’s available cash balance.
There is some information needed from Robinhood as well. The most crucial is your account number at Robinhood.
You can find this information in your Robinhood mobile app:
The first step is to open an E*TRADE account if you don’t already have one. Then, log on with your user ID and password.
There’s a simple Transfer An Account Feature for the quickest way. It will guide you step-by-step through the process and ask you for your Robinhood account number.
Don't forget to grab your free stock worth up to $200 from Robinhood today!