Over the last ten years, numerous investing platforms have surfaced. Webull is one of these newer platforms that was launched in 2017.
The company has gained significant popularity due to its wide array of options for advanced traders.
ETrade, on the other hand, was founded in 1982 and has a proven track record. In addition to commission free trades, the company also offers clients access to a powerful trading platform as well as high quality educational content.
If you want to switch to ETrade, then you are in luck. This article covers the steps required to transfer from Webull to ETrade. Let's get started!
Transferring assets from one platform to another can seem like a challenge, but it's actually pretty simple. In this case with Webull and ETrade, the process is quick and painless.
Both platforms support ACATS (automated customer account transfer service). This is an in-kind transfer of your account. In other words, you are not actually liquidating your positions and potentially triggering capital gains. Instead, you are simply moving your account to a new brokerage.
To execute this transfer from Webull to ETrade, you can follow the steps below:
Let's take a closer look at each of these steps.
If you already have an ETrade account, then you can skip to the next step!
ETrade is one of the most popular investment platforms on the market today due to excellent client experience and product offerings.
The first step to transfer assets into ETrade is to create an account. It's important that this new account matches your Fidelity account type (Individual, Retirement, etc). If the account types do not match, then transfer may be delayed or canceled.
To create an ETrade account, you will need to provide your name, email, phone number, SSN, address, and employer information if applicable.
You can create an account with their online application on their website. The entire process takes just minutes to complete online. After submitting your application, ETrade will verify your account, which generally takes 2-3 business days.
To move your account to ETrade, you will need a few pieces of information from Webull: your login information and account number. You can find your account number on a recent statement or in the app.
Here's how to find your Webull statements:
In the app, you can also view your account number and account type:
Webull's DTC number is always the same, which is 0158. You shouldn't need this number as you can simply search for Webull on the ETrade platform.
With an ETrade account all set up and verified, you are ready to initiate the transfer within their platform.
While ETrade does not charge a transfer fee, Webull does. Webull charges an outgoing ACATS fee of $75 (this is typical for most brokerages).
To actually initiate the transfer, follow the steps below:
The process can be completed on the ETrade website in just a few minutes, though the funds will take about 10 business days to appear in the account.
Moving your assets from one platform to another is actually pretty easy when both companies support ACATS.
All you will need to execute this transfer is a matching account type, your Webull account number, and a few minutes online.
Once you submit the transfer, it will take around 10 business days to complete. You can track the progress of the transfer in the app.
If you have any questions, you can also reach out to the ETrade customer service team.