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Written by Logan Robison on April 20, 2021
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How To Transfer From Robinhood To Webull 2021

Investors occasionally find themselves stuck between a rock and hard place.

Maybe they signed up for a brokerage, only to find that it was not the right fit for them.

So you may be asking...

What does the process look like for transferring out of Robinhood?

In this article, we will address the steps necessary to transfer your stocks or cash in-kind from Robinhood to Webull.

Check out our Robinhood full review

Check out our Webull full review

If you are still on the fence between these two brokerages, check out our helpful article on Robinhood vs Webull.



 

Step #1: Gather Transfer Information From Robinhood

Robinhood conveniently provides the information necessary to complete transfers from Robinhood to another platform.

Robinhood Account Number

One important piece of information you will need is your 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 likely need.

Robinhood Free Training

We put together a free 30 minute video training that walks you through the entire process, step by step. This training will help you get up and running in no time at all.

GET THE GUIDE

DTC Number

On the off chance that the receiving firm will require Robinhood’s DTC (Depository Trust Company) number, insert the number 6769. This number will remain the same for every transfer.

Transferring Assets

After gathering the necessary information from Robinhood, you will need to assess the assets you are planning to transfer and ensure they are acceptable to Webull. The platform currently does not accept bonds, mutual funds, pink sheets, and penny stocks on the OTC market.

Any stock you are planning to transfer to Webull must also be trade-able on Webull. Search the stock on Webull’s platform. If you are able to buy shares of this stock, it is trade-able and will therefore be accepted by Webull.

Step #2: Initiate The Transfer to Webull

First of all, you need to open a Webull account.

Use our link below for 2 free stocks!

Using the Webull app, initiate the transfer by following these steps:

  1. Navigate to the Webull logo page or the deposit page and hit ‘Transfer’
  2. Tap on ‘Transfer Stock into Webull’
  3. Choose the broker to transfer from (in this case, it’s Robinhood)
  4. Enter the necessary information as provided by Robinhood
  5. Initiate transfer

Webull Transfer Facts

Transferring cash or stocks from one brokerage firm to another can cause some anxiety. Let’s try to calm that with some useful information about transferring to Webull.

Transfer Minimum

Webull has a $500 tranfser minimum for transfers into the Webull app.

Due to the fees that are sometimes charged by the transferring brokerage company, Webull does not perform any transfer (full or partial) for an amount less than $500. This is to protect you, the investor, from paying large fees despite small balances.

If you are interested in a free way of transferring, the best way would be to liquidate your assets, withdraw the funds to your bank account, and then open an account with Webull. This is time consuming but can save you the transfer fee.

Keep in mind, this could result in a taxable event.

Webull Free Training

We put together a free 30 minute video training that walks you through the entire process, step by step. This training will help you get up and running in no time at all.

GET THE GUIDE

Transfer Fee

Webull does not charge a transfer fee but as you’ll soon find out, Robinhood charges $75 for full or partial transfers.

ACAT Transfers

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.

Webull will not perform the transfer unless the account and name on the account is identical to the newly created Webull account. Any differences in the account type and account name might delay the transfer.

How Long Will The Transfer Take?

A transfer into Webull is estimated to take 5-7 business days to come to completion. This time might be expanded if you have activity that is ongoing or your account is unsettled meaning there are stocks that are in the process of being purchased or sold or cash that has not fully transferred.

Robinhood Transfer Facts

robinhood website image

Transfer Fee

Here’s the kicker, Robinhood charges $75 to do either a full or a partial transfer. This can really be a large percentage of your assets if you are a small-time investor. That is why Webull does not let you transfer into their app unless you have over $500 you are planning to transfer.

Full Or Partial Transfer

Robinhood supports both full and partial transfers. Once you initiate a full transfer, your account will be restricted (meaning you can’t buy or sell) in order to help the transfer run smoothly. If you receive assets, say a dividend, these funds will be transferred as well through what is called residual sweep distributions.

Once all assets have been transferred from Robinhood, your account will be closed.

Once you initiate a partial transfer, the process is mostly the same except the only stocks affected are those which you intend to transfer. Your account will remain open and active and you can trade unrestricted upon completion of the transfer.

Transferable Assets

Transferring stocks and options should be straightforward without many questions. Fractional shares, however, are a different story.

Fractional shares will be sold upon the initiated transfer and the funds resulting from the sale will be transferred to your new account through the residual sweep distributions.

Because cryptocurrencies are held in a separate Robinhood account, these are not transferable to any brokerage account. You will need to sell the asset and transfer the cash.

Transferring Out of Robinhood to Webull

In deciding whether or not to complete a full or partial transfer from Robinhood to Webull, you need to weigh the costs versus the benefits.

If you have yet to open up a brokerage account, it is important to recognize the transfer costs associated with each brokerage platform before you make your decision. Let this information help you make that decision!

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Transferring Assets from Robinhood to Webull
Article written by Logan Robison
Logan graduated with a degree in finance from Brigham Young University and currently works as a financial analyst for a large retailer. In his free time he loves to hike and camp with his wife and son. Logan is also heavily involved in real estate investing and owns rental properties in Utah and Arkansas.

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