Robinhood is a popular commission-free brokerage platform which is the most beginner friendly investing app out there.
You may at some point decide you want to try a different platform for various reasons. One example is that Robinhood does not offer Individual Retirement Accounts (IRAs) at this time. Other reasons may include looking for a platform that’s less or more sophisticated, seeking a larger array of financial products, or simply wanting to try something new.
For those reasons and many others, some choose to switch over from Robinhood to E*TRADE. Whatever your reason may be, we will show you how to complete the transfer.
Be sure to take care of any account restrictions or negative balances in your Robinhood account prior to requesting a transfer, or your transfer may be delayed.
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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.
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:
You may need to reference a DTC number for your transfer. Robinhood’s DTC number is 6769.
E*TRADE may also ask for a copy of your most recent brokerage statement from Robinhood, so it may be a good idea to have this on hand as well.
Any full, settled 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.
Instead, you will need to liquidate it into cash before initiating the transfer. Keep in mind, this could result in paying taxes on capital gains.
When you transfer stocks or cash from Robinhood to an outside brokerage such as E*TRADE, Robinhood will charge you a $75 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.
If you’ve made the decision to move your money from Robinhood to E*TRADE, there are several steps, including settling any negative balances in your Robinhood account before you take action. It will end up costing you $75 as well, which is the transfer fee that Robinhood charges.