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Written by Cari Scribner on December 31, 2021
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How To Transfer From Webull To M1 Finance 2022

If you are looking for more features from your investing app, or even if you’ve grown bored with its interface, the time may have come to move your portfolio over to another platform.

If you’re currently investing with Webull, one of the moves you may be considering is transferring your financial assets to M1 Finance.

This can be done with just a handful of steps as outlined below. There are a few key differences between the apps that you need to be aware of.

Webull is an advanced trading platform designed for active traders. M1 Finance, on the other hand, is really designed for long term portfolio based investing. There are more differences too. Check out our full comparison article on M1 Finance vs Webull here to learn more!

Whatever your reason may be for making the switch, we will show you how to transfer from Webull to M1 Finance step by step. 

What Assets Can You Transfer

M1 Finance supports 6,000+ stocks and ETFs that are listed on NYSE and the NASDAQ exchanges.

However, M1 does not support options trading at this time.  Because Webull supports options trading and M1 Finance does not, you will need to sell your options before making the transfer.

In addition, M1 Finance does not offer cryptocurrencies for trading.

Therefore, you will need to liquidate your crypto before you make the transfer from Webull to M1.

NOTE: If you profit in this sale of the cryptocurrency/options, this could result in capital gains that you will be required to pay taxes on.

Another important note, you must pay off any Webull margin balance before transferring your assets to M1.

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1. Gather Information From Webull

The first step needs to be done by you.

Look at your most recent Webull statement and organize the necessary information, which includes your account number and account type. 

M1 will need these details to process the transfer. In addition, they may ask you to upload a copy of the statement, so be sure to download a copy. 

2. Open An Account With M1 Finance

M1 Finance Robo Advisor

Once you have gathered the required information from Webull, the next step is to open a brokerage account with M1 Finance.

Keep in mind, the account type you are looking to transfer needs to match the account type you open with M1 Finance.

You must meet these qualifications to open an account with them:

  • Be a US citizen or permanent resident
  • Be over the age of 18
  • Have a current US residential address and US phone number
  • $100 minimum for taxable accounts
  • $500 minimum for retirement accounts

Here's the steps involved with opening an account:

  1. Download M1 Finance here
  2. Create an account with an email and password
  3. Log on to the M1 Finance platform
  4. Submit an application
  5. You’ll receive an email within one business day either confirming your application has been approved or asking for some more information
  6. If M1 requests a document to verify your identity, they will include instructions for uploading these details securely

3. Initiate The Transfer

The third and final step is to initiate the transfer into M1:

  • Log into the platform
  • Click “Transfer”
  • Fill out the fields giving your Webull account info and indicating whether you are making a full or partial transfer
  • Upload your Webull documents securely through M1’s encrypted form
  • At this point, funds in your Webull account will be restricted from trading
  • The transfer from Webull to M1 takes five to seven days
  • Webull will charge you a transfer fee of $75

M1 Finance 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

Conclusion

There are several key reasons why you may be considering a switch to a different online investing platform. If you decide to transfer from Webull to M1, the steps are fairly simple and outlined step-by-step for you in this article.

Keep in mind, the transfer will end up costing you $75 paid to Webull. This will be deducted from your cash balance within Webull. However, M1 Finance is frequently running transfer promotions so you might get a cash bonus based on the size of your account transfer.

how to transfer from webull to m1 finance
Article written by Cari Scribner
Cari Scribner is a career journalist with 20 year’s experience writing for newspapers and magazines. Now a freelance writer, she is also a published fiction writer with more than 15 short stories in literary mags. She recently completed a novel that is on the desk for consideration at two publishing houses. She lives with her two small dogs, Miloh and Lucy, in Upstate NY.

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