Thinking of saying goodbye to Webull? Whether you're consolidating your investments, switching to a different platform, or simply taking a break from trading, closing your brokerage account requires a few important steps. It's not just about clicking a button; there are financial implications and necessary procedures to ensure a smooth transition.
So, you've decided to close your Webull account. Ready to get started? Let's walk through the process together, step by logical step, to make sure you don't miss anything crucial.
Step 1: Prepare Your Account for Closure
Before you even think about hitting that "delete" button, there are a few essential things you need to do to prepare your account. This ensures a clean exit and prevents any complications down the line.
Sub-heading: Settle All Open Positions and Orders
Close out any open trades: This is paramount. You cannot close your Webull account if you have any active stock, ETF, or options positions. You'll need to sell all your holdings. Make sure to factor in market hours and any potential settlement times for these sales.
Cancel all pending orders: If you have any limit orders, stop-loss orders, or any other pending buy or sell orders, you must cancel them before proceeding. An open order will prevent your account from being closed.
Sub-heading: Withdraw All Remaining Cash
Empty your cash balance: Any uninvested cash in your Webull account needs to be withdrawn. You can typically transfer these funds to your linked bank account via ACH transfer.
Important Note: ACH withdrawals usually take 2-3 business days to process and appear in your bank account. Be patient!
Consider this: If you recently deposited funds, there might be a hold period (e.g., 3-5 business days for ACH deposits to fully clear, or up to 60 days if you're withdrawing to a different bank account than the one you deposited from). Ensure all deposits have settled before attempting to withdraw.
Check for any pending deposits or withdrawals: Make sure no funds are in transit to or from your Webull account. These will need to clear before closure is possible.
Sub-heading: Download and Save Important Documents
Tax documents: Webull provides various tax documents like Form 1099. It is highly recommended that you download and save all your tax statements for current and previous years. You'll need these for tax filing purposes, even after your account is closed.
Account statements: Download all your monthly and annual account statements. These provide a comprehensive record of your trading activity, deposits, withdrawals, and account balances.
Trade confirmations: Save confirmations of all your trades. This can be useful for your personal records and for any future reference.
Where to find them: You can typically access these documents in the "Documents" or "E-Document Center" section within the Webull app or web platform. Even after your account is closed, you may be able to access these by verifying your identity, but it's far easier to download them beforehand.
Step 2: Initiate the Closure Process within the Webull App
Once your account is prepped and ready, you can proceed with the actual closure request. Webull primarily facilitates account closure through its mobile application.
Sub-heading: Navigate to the Account Closure Option
Open the Webull App: Launch the Webull application on your mobile device.
Tap on "Menu": Look for the menu icon, usually located at the bottom center of the screen (it might be the Webull logo or a circular icon with a person).
Go to "Settings": Within the menu, find and tap on "Settings."
Select "Account & Security" or "Manage Brokerage Account": The exact wording might vary slightly depending on your app version, but you're looking for a section that deals with your account management and security.
Choose "Delete Account" or "Close Brokerage Account": This is the option you're looking for to initiate the closure.
Sub-heading: Follow On-Screen Instructions
Review the prompts: Webull will likely present you with several prompts or questions before allowing you to proceed. These might include:
Confirming you have no open positions.
Confirming you have withdrawn all funds.
Asking for the reason for your closure.
Be honest and thorough in your responses.
Confirm your decision: You'll likely need to confirm your intention to close the account, possibly by entering your password or a verification code.
Step 3: Awaiting Confirmation and Finalization
After you've submitted your closure request through the app, there's a waiting period for Webull to process and finalize it.
Sub-heading: Processing Timeframe
Expect a few days: Webull generally states that closure requests will take 1-3 business days to process and finalize. This timeframe allows them to ensure all internal checks are complete.
Monitor your email: Keep an eye on the email address associated with your Webull account. You should receive a confirmation email once your account has been successfully closed.
Sub-heading: What Happens After Closure
Loss of platform access: Once your account is closed, you will no longer be able to log in to the Webull platform or perform any transactions.
No access to trading information: You won't be able to retrieve information directly from the trading platform after closure. This is why downloading your documents in Step 1 is so crucial.
Step 4: Consider Alternative Options (If Applicable)
Before fully committing to closing your account, it's worth considering if an account transfer might be a better fit for your needs.
Sub-heading: Transferring Assets to Another Brokerage (ACATS)
Initiate from the receiving brokerage: If you want to transfer your securities (stocks, ETFs, etc.) to another brokerage firm, you generally initiate this process from the receiving firm, not Webull. This is done via an Automated Customer Account Transfer Service (ACATS).
Webull's role in ACATS: Webull will then receive the transfer request from the new brokerage and facilitate the transfer of your assets.
Potential fees: Be aware that Webull may charge an outbound ACATS transfer fee, which can be around $75 for both partial and full transfers. Factor this into your decision.
Hold periods: Assets transferred into Webull via ACATS may be subject to a withdrawal hold period of up to 30 days. This applies if you're trying to quickly transfer assets out after a recent ACATS transfer in.
Advantages of ACATS: Your assets remain invested, avoiding potential tax implications from selling and then repurchasing. It also means you don't have to wait for funds to settle before moving them.
Frequently Asked Questions (FAQs)
Here are 10 related FAQs to help you navigate the process of closing your Webull brokerage account:
How to check if my Webull account is fully settled before closing?
You can check for open positions and pending orders within your Webull app under your portfolio or order history sections. For cash, navigate to the "Transfers" or "Withdraw" section to see your available balance and any pending transactions.
How to download all my Webull statements for tax purposes?
In the Webull app, typically go to "Menu" > "Settings" > "Documents" or "E-Document Center." From there, you should be able to select the type of document (e.g., tax statements, monthly statements) and the desired period to download.
How to transfer my stocks from Webull to another brokerage?
Contact your new brokerage firm and initiate an ACATS (Automated Customer Account Transfer Service) transfer. They will provide you with the necessary forms and guide you through the process of pulling your assets from Webull.
How to withdraw all my cash from Webull?
In the Webull app, go to "Menu" > "Transfers" > "Transfer Money." Select the "Withdraw" option and enter the amount you wish to transfer to your linked bank account.
How to contact Webull customer service for account closure issues?
While the in-app closure is preferred, if you encounter issues, you can typically reach Webull customer service through their in-app help center, email (support@webull.com), or by phone. Check the "Contact Us" section on their official website for the most up-to-date contact information.
How to reopen a closed Webull account?
According to some information, once a Webull crypto trading account is closed, it cannot be reopened. For brokerage accounts, it might be possible to re-open a previously closed account by contacting customer support, but this is not guaranteed and would likely involve a new application process and verification.
How to avoid fees when closing my Webull account?
To avoid the outbound ACATS transfer fee (approx. $75), you would need to sell all your assets, withdraw the cash, and then close the account. If you transfer assets "in-kind" to another brokerage, the ACATS fee will likely apply.
How to know if all my funds have settled before withdrawal?
Webull typically has clear indicators within the app regarding the settlement status of your funds. ACH deposits generally take 3-5 business days to clear. If you initiate a withdrawal before funds are fully settled, it may be rejected or delayed.
How to delete my Webull Pay ID after closing my brokerage account?
Once your crypto trading account (and presumably the associated Webull Pay ID) is closed, you may have the option to delete your Webull Pay ID. Refer to the Webull Pay section of their FAQs for specific instructions.
How to ensure all my personal data is removed after closing the account?
While Webull will cease providing services, they are legally obligated to retain certain personal and transaction data for regulatory compliance. However, closing your account will stop any further data collection related to your active trading. You can review their privacy policy for details on data retention.