Investors occasionally find themselves stuck between a rock and hard place. Maybe they signed up with an investing app only to find that it was not the right fit for them.
Fortunately, the process of switching brokerage accounts and transferring stocks is relatively simple. You may be considering switching from Robinhood over to Webull. A lot of beginner traders start their investing journey on Robinhood, but find it is lacking in the research and analysis department.
Webull is a more advanced commission free trading app with a lot more tools for both fundamental and technical analysis. They also offer unique features such as paper trading which are not found on Robinhood. In addition, they also offer retirement accounts which is something Robinhood has yet to offer.
In this article, we will address the steps necessary to transfer your stocks, options or crypto from Robinhood to Webull.
If you are still on the fence between these two brokerages, check out our helpful article on Robinhood vs Webull.
To transfer stocks in-kind to another brokerage from Robinhood you will use an ACAT Transfer (Automated Customer Account Transfer Service). This will transfer your Robinhood holdings in-kind to the receiving brokerage.
After gathering the necessary information from Robinhood, you will need to assess the assets you are planning to transfer and ensure they are supported by Webull. Webull currently does not accept bonds, mutual funds, pink sheets, and penny stocks on the OTC market.
If you own any fractional shares within your Robinhood account, the whole shares will transfer but the fractional shares will be sold off. The cash balance will instead be transferred over to your new Webull brokerage account.
One final caveat, options can be transferred from Robinhood to Webull. However, options expiring within 5 business days do not transfer.
Ok, so to transfer from Robinhood to Webull, you will follow these 3 steps:
The key piece of information you will need is your Robinhood account number. You can find this by tapping on the "Account" icon on the bottom right corner of the app. You can then click "Investing" and your account number will be located at the top of your screen.
Webull may also ask you for your most recent statement, which contains all of the information they will need including your account number. Robinhood delivers these statements electronically, but you can retrieve them from within the app or on the web platform easily.
Just to have it handy, it's a good idea to have a downloaded copy of your most recent Robinhood statement.Â
If you already have a Webull account, then you can skip this step.
Use our Webull download button below for 2 free stocks!
Opening a new Webull account is fairly straightforward. You can either go to their website or download the app. In order to create an account with Webull, you need to be at least 18 years old and have a social security number.
You will need to supply information such as name, email, phone number, SSN, and address.
The whole process can be completed in just a few minutes from your phone. Once you complete the application, your new account will be ready typically in one day.
Once you have gathered the required information from Robinhood, it's time to move on to Webull.
Webull will not perform the transfer unless the account type and name on the account is identical to the newly created Webull account. So, you will want to open a taxable brokerage account with Webull to transfer over your Robinhood account.
You also ought to be aware of transfer fees. While Webull will not charge you for an incoming transfer, Robinhood will charge $75 for an outgoing ACATS transfer.
You also need to ensure that the transfer is at least $500 in value or else the transfer will be rejected.
A transfer into Webull is estimated to take 5 to 7 business days to come to completion.
If you want to transfer your cryptocurrency from Robinhood to Webull, you can do so. However, at this time, Webull supports transfers of a few coins only.
The process is pretty straightforward.
Crypto transfers are quick and easy when both platforms utilize crypto wallets. When performing a crypto transfer, you must ensure you copy and paste the correct wallet address. Each crypto has a unique wallet address in a given platform. For example, Bitcoin has a wallet address in Webull but a different wallet address in Robinhood. Likewise, Bitcoin and Ethereum have different addresses.
If you use the wrong wallet address, the transfer may not go through or you could lose your crypto.
Moving assets from Robinhood to Webull is actually a pretty simple process. In fact, the entire transfer can be completed from your phone.
If you run into any problems, be sure to reach out to Webull's customer service team.
If you want to learn more about Webull, check out our complete Webull review!
