Ready to say goodbye to your Webull account? Whether you're consolidating your investments, switching brokers, or simply stepping away from trading for a while, closing your Webull account is a straightforward process, but it requires a few important steps to ensure a smooth transition.
Let's dive right in and get you started on closing your Webull account!
How to Cancel Your Webull Account: A Step-by-Step Guide
Cancelling your Webull account involves several key stages, from preparing your account to submitting the final closure request. Follow these steps carefully to ensure a hassle-free experience.
Step 1: Prepare Your Account for Closure
Before you even think about hitting that "delete account" button, there are crucial preparatory steps you need to take. Skipping these could lead to delays or complications.
Sub-heading 1.1: Close All Open Positions and Orders
This is perhaps the most important initial step. You cannot close your Webull account if you have any active trades or pending orders.
Sell all your stocks, ETFs, options, and any other securities. Make sure all your investment positions are closed out.
Cancel all outstanding orders. This includes limit orders, stop-loss orders, and any other buy or sell orders that haven't been filled yet. Check your "Orders" tab in the app to ensure there's nothing pending.
Sub-heading 1.2: Withdraw All Remaining Funds
Once all your positions are closed, you'll likely have a cash balance remaining in your account. You need to withdraw this before you can close the account.
Initiate a withdrawal to your linked bank account. Webull generally supports ACH transfers for withdrawals.
Be aware of withdrawal limits and processing times. ACH withdrawals typically take 2-3 business days to process and appear in your bank account. There might also be daily withdrawal limits (e.g., $50,000 for ACH).
Ensure your linked bank account is verified. If you're trying to withdraw to a new or unverified bank account, this can cause delays. Webull will only allow withdrawals to individual or joint bank accounts in your name; third-party accounts are not permitted.
Account for any pending deposits. If you recently deposited funds, there might be a hold period (e.g., 5-6 business days) before those funds are available for withdrawal. Assets transferred via ACATS might be subject to a withdrawal hold of up to 30 days.
Sub-heading 1.3: Download and Save Important Documents
Even after you close your account, you might need your trading statements and tax documents for future reference.
Access your account statements and trade confirmations. These are vital for tax purposes and your personal records.
Download all necessary reports. You can typically find these in the "Account" or "Documents" section of the Webull app. We highly recommend saving copies of your statements and trades executed reports for your records.
Step 2: Navigate the Webull App for Account Closure
With your account prepared, you can now proceed to the actual closure request within the Webull app. Please note that this process is primarily available on the mobile app, not the web platform.
Sub-heading 2.1: Access the Settings Menu
Open the Webull App on your mobile device.
Tap the Menu button (often represented by three horizontal lines or your profile icon) at the bottom right of the screen.
Sub-heading 2.2: Find the Account & Security Section
From the menu, tap on "Settings."
Within the Settings menu, look for and tap on "Account & Security" or "Manage Brokerage Account." The exact wording might vary slightly based on your app version or region (e.g., Hong Kong vs. US).
Sub-heading 2.3: Initiate Account Deletion/Closure
Within "Account & Security" or "Manage Brokerage Account," you should find an option to "Delete Account" or "Close Brokerage Account." Tap on this.
Webull will likely present you with a series of prompts and warnings. Read these carefully. They will remind you of the requirements, such as having no open positions or cash.
Follow the on-screen instructions. You may be asked to confirm your identity or provide a reason for closing the account.
Step 3: Confirm and Finalize Your Request
After initiating the closure, there's usually a final confirmation step.
Review the information presented. Ensure you understand the implications of closing your account, such as losing access to your trading history and platform.
Confirm your decision. You might be asked to enter your password or a verification code to finalize the request.
Be patient. Closure requests typically take 1-3 business days to process and finalize. For Webull Pay (crypto trading accounts), it can take up to 48 hours.
Step 4: Monitor and Verify Closure
Once you've submitted your request, keep an eye out for confirmation.
Check your email and Webull app notifications for confirmation that your account has been successfully closed.
If you don't receive confirmation within the stated timeframe, or if you encounter any issues, contact Webull customer service. You can usually find their contact information (email or in-app help center) within the Webull app.
Frequently Asked Questions (FAQs) about Webull Account Cancellation
Here are 10 common questions related to closing your Webull account, with quick answers:
How to check if I have open positions on Webull before closing?
You can check for open positions by navigating to your "Account" tab in the Webull app and reviewing your "Positions" section. Any held stocks, ETFs, or active options contracts will be listed there.
How to withdraw all my funds from Webull?
Go to the Webull app, tap the Webull logo (center bottom), then "Transfers," and then "Withdraw." Select your linked bank account and enter the amount you wish to withdraw.
How to download my past statements from Webull?
Access your "Account" section in the Webull app, then look for a "Documents" or "Statements" tab. You should be able to download your monthly statements, tax documents, and trade confirmations from there.
How to contact Webull customer service for account closure issues?
You can contact Webull customer support via their in-app Help Center or by emailing customersupport@webull.com.
How to know if my Webull account closure request was successful?
Webull will typically send you an email or an in-app notification confirming the successful closure of your account once the process is complete.
How to reopen a Webull account after closing it?
Generally, once a Webull brokerage account is closed, you cannot simply "reopen" it. You would likely need to apply for a new account. For Webull Pay (crypto accounts), once closed, they cannot be reopened at this time.
How to transfer my stocks from Webull to another broker instead of selling?
You can initiate an ACATS (Automated Customer Account Transfer Service) transfer from your new brokerage firm. This allows you to transfer your existing securities directly to the new broker without selling them. Contact your new broker for their specific ACATS transfer instructions.
How to close a Webull IRA account?
Closing an IRA account on Webull will follow a similar process within the app, but be mindful of the tax implications and rules surrounding IRA distributions. It's often advisable to consult a tax professional before closing an IRA.
How to deal with outstanding or pending requests when closing Webull?
You must ensure there are no pending requests, such as cash management enrollments or fund transfers, before initiating account closure. If you have any, you'll need to resolve them first.
How to ensure no hidden fees are charged when closing my Webull account?
Webull generally does not charge inactivity or account closure fees. However, ensure all funds are withdrawn before closing to avoid any potential small balances that might remain, and be aware of any standard regulatory or transfer fees if you choose to transfer assets.