With the wide array of investing apps available today, it is not uncommon to switch from one to the other. Usually, this is based on features or functionality of the brokerage account.
In this article, we will be outlining the steps involved with transferring your brokerage account from Webull to Robinhood. Both of these apps offer commission free stock, options and crypto trading.
However, Webull is more of an intermediate trading platform while Robinhood is more beginner friendly.
One of the most common reasons for switching from Webull to Robinhood is users being overwhelmed with the amount of research tools and data available on the Webull app.
Whatever your reason may be, we will show you how to transfer step by step. If you are still on the fence, check out or article comparing Robinhood vs Webull here.
Robinhood allows users to transfer in eligible assets through the Automated Customer Account Transfer Service knowns as ACATS.
Currently, only full account transfers are supported when moving assets over to Robinhood.
That means you have to transfer all of the assets held within your Webull account over to Robinhood. This will result in your Webull account being closed after the transfer is completed.
Many brokerages charge a fee to initiate a transfer, however Robinhood will reimburse that transfer fee back to you up to $75.
In the case of Webull, the ACATS transfer fee is $75. So, it won't end up costing you anything to transfer your assets.
At this time, the only account types offered on Robinhood are cash or margin.
As a result, these are the only account types you can transfer in from Webull or other brokerages. If you have a retirement account with Webull, for example, you would not be able to transfer that account over to Robinhood at this time.
The following assets can be transferred over from Webull to Robinhood:
Unfortunately, these assets are not supported by Robinhood:
However, most of them are not supported by Webull either, so you likely do not have them within your account.
Now that you have a general idea of the guidelines surrounding a full account transfer from Webull to Robinhood, let's cover the steps involved.
In order to transfer your Webull account over to Robinhood, you will need your Webull account number. This is something you can retrieve from within the app, or it is on all of your statements.
You will most likely need your most recent brokerage statement from Webull, so it is a good idea to retrieve a downloaded copy of this.
Here's how to find your Webull statements:
There is also some information you may want to have handy just in case, including the account ID, account type and Webull's DTC number.
Here's how to retrieve that information:
Webull's DTC number is always the same, which is 0158. You most likely won't need this though.
The next step is to ensure that your Webull account has no balances that are due. If you have a margin account, you have to pay interest on the money that is borrowed.
Not to mention, with instant transfers, it is possible to have an account deficit related to banking issues.
You want to ensure that your Webull account is in good standing with no balances due before initiating the transfer. If not, it will likely delay the process.
In addition, cryptocurrency assets cannot be transferred at this time. If you own any crypto within your Webull account, you will want to liquidate this into cash before initiating the transfer process.
The next step you need to take is setting up your new brokerage account with Robinhood.
Use the button above to get a completely free stock when you sign up!
Keep in mind, the account type you open has to match the account type you are transferring in. For example, if you are looking to transfer a margin account from Webull to Robinhood, you need to open a margin account with Robinhood.
The initial requirements are as you would expect; an email, password, as well as your investing goals, and Social Security Number.
Once you have opened a brokerage account with Robinhood, the next step is to initiate the transfer within Robinhood. This is only possible via the Robinhood app, so you will want to download this onto your phone.
One of the options for funding your new Robinhood account will be to transfer in an existing brokerage account. That is the option you will want to select.
At that point, you will need to provide Robinhood with the information you gathered from Webull earlier on.
Those are the simple steps involved with the transfer process from Webull to Robinhood.
Once you initiate a transfer, your Webull account will be restricted from trading.
Upon completion of the full transfer from Webull to Robinhood, your Webull account will be closed. This process usually takes around one week. You will be able to keep track of the transfer process by logging in to your Robinhood account on desktop.
If you are looking to learn more about Robinhood, check out our full Robinhood review here!