There comes a time when many decide to transfer out of one brokerage account and into another.
If you've found yourself wanting to explore new opportunities or services, such as forex trading or mutual funds, TD Ameritrade might be the next logical step.
In this guide, we'll walk you through the process of transferring your stocks from Webull to TD Ameritrade, ensuring a smooth transition.
Check out my video on how to transfer your brokerage account below, let's dive in!
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The easiest and quickest method to transfer your Webull account to TD Ameritrade is by utilizing the ACAT system.
ACAT, or Automated Customer Account Transfer, is an electronic service designed to seamlessly move securities between brokerage accounts. This method eliminates the need for physical paperwork, making the transfer process efficient.
Webull supports outbound ACAT transfers, but be aware that there is a $75 fee for this service.
TD Ameritrade, however, will reimburse you for this fee once the transfer is complete, provided you submit proof of payment, such as a statement.
You can transfer stocks, options, ETFs and other assets into your TD Ameritrade account from another firm.
However, you are unable to transfer cryptocurrency out of Webull. If you have any, you will want to liquidate it into cash.
That cash will transfer into your new TD account. Keep in mind, this could result in a capital gain which you would have to pay taxes on.
The process is simple from the TD Ameritrade platform:
Look at your most recent Webull statement and organize the necessary information, which includes your account number and account type.
TD Ameritrade 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.
Finally, initiate the ACATS transfer within TD Ameritrade.
The standard time period it takes for the transfer into your new TD Ameritrade account is about a week.
Once the transfer process begins, your Webull account will be restricted from placing new trades.