One major benefit to using online investing platforms is that you are not required to sign a contract to stay with them for a designated amount of time. They allow you to be flexible. That’s a huge advantage for investors today.
This allows you to explore and find the features that are most important to you. Perhaps you are not interested in fractional shares or access to cryptos. Whatever the case may be, there's likely a platform best suited for your needs. The trick is finding it!
Perhaps you would like to give Webull a try. Webull was designed to equip investors with all the information they need to make informed decisions. The platform offers access to margin, options, paper trading, and a massive array of research tools and charts.
In this article, we cover the steps required to transfer from TD Ameritrade to Webull. Let's jump right in!
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Transferring your assets from TD Ameritrade to Webull is actually pretty simple as both platforms support ACATS transfers (Automated Customer Accounts Transfer Services).
An ACATS transfer is beneficial for a couple reasons. First, you are able to transfer your stock ownership to a new brokerage without ever selling the asset. This means that you do not create a taxable event.
Second, liquidating your positions, transferring to your bank, and then transferring those funds into a new platform can take a long time. With an ACATS transfer, you are working with one process only.
So, if you want to transfer from TD Ameritrade to Webull, then here are the steps:
Let's take a closer look at each of these steps.
If you already have an account with Webull, then you can skip this step. Otherwise, creating an account with Webull is quick and easy.
When you sign up for a Webull account, you will need to meet the following requirements:
If you meet these requirements, then setting up an account is just a few minutes away. Follow these steps to open a new Webull account:
In order to move your stocks from TD into Webull, you will need to find and copy some key details from your TD Ameritrade account for the transfer.
Specifically, Webull will need to know the following:
Here's how to get both inside your TD Ameritrade app:
If you have multiple accounts with TD, you'll have to perform a transfer for each.
Copy down the info for each account you want to transfer.
Before initiating the transfer, there are a few things to be aware of. TD Ameritrade actually offers a few assets that are not supported by Webull. If you own assets in TD Ameritrade that are not supported by Webull, then you will need to sell those assets before conducting the transfer. You can then transfer these funds to your bank and then move them to Webull separately.
Assets not supported by Webull include OTC penny stocks, options, and a few other investments. You will need to sell these off for a full transfer.
Be aware that any profits you earn when selling off particular positions could result in capital gains taxes.
Additionally, you will be charged transfer fees. While Webull does not charge for an incoming transfer, TD Ameritrade does charge $75 for an outgoing transfer.
In order for the transfer to go smoothly, make sure your name and type of account in TD Ameritrade is identical to the new Webull account’s name and type. The transfer may be delayed if your account name or type differs from your new Webull account type
To initiate the transfer, follow these steps in the Webull app:
This transfer can take a few business days to complete. As long as the account type and name match, then the transfer should have no problems.
Remember, you are the customer of online investing platforms, and you can pick and choose from the growing number of apps out there today. If you are looking to make the switch from TD Ameritrade to Webull, follow the steps as outlined above to make the transition run smoothly.
Before initiating the transfer, you ought to check that Webull supports the assets you want to move over. Additionally, as long as your name and account type match, then this transfer will be a breeze!