Considering closing your Webull account? Perhaps you're consolidating your investments, moving to a different platform, or simply taking a break from the market. Whatever your reason, closing an account requires a systematic approach to ensure a smooth transition and avoid any unexpected issues. This comprehensive guide will walk you through every step, ensuring you understand the process fully.
How to Close Your Webull Account: A Step-by-Step Guide
Closing a brokerage account like Webull isn't as simple as clicking an "unsubscribe" button. There are important considerations, especially regarding your assets and any outstanding obligations. Let's break it down.
Step 1: Engage with Your Current Holdings and Pending Activities
Before you even think about hitting that "close account" button, we need to address any open positions or pending actions. This is the most crucial preliminary step! Ignoring this can lead to delays, complications, or even unintended losses.
Sub-heading 1.1: Close All Open Trade Positions and Orders
Action: You must sell all your stocks, ETFs, options, or any other securities you hold in your Webull account. Also, cancel any pending buy or sell orders.
Why it's important: Webull cannot close an account with active investments or unfulfilled orders. These need to be cleared out first.
How to do it:
On the Webull App:
Tap the "Menu" icon (usually at the bottom right).
Navigate to your "Account" or "Positions" section.
Individually sell each security you own. For open orders, go to your "Orders" tab and cancel them.
On Webull Desktop/Web Platform:
Log in to your account.
Find your "Positions" and "Orders" sections.
Execute sell orders for all holdings and cancel any outstanding orders.
Important Note: Be mindful of market hours and potential trading fees or commissions (though Webull is generally commission-free for stocks and ETFs, regulatory fees may apply).
Sub-heading 1.2: Withdraw Any Remaining Cash
Action: Ensure your Webull account has a zero balance. This means withdrawing all your cash.
Why it's important: Any cash left in your account will need to be withdrawn before closure.
How to do it:
On the Webull App:
Tap the "Webull logo" (bottom center) to access your account.
Select "Transfers" then "Transfer Money."
Tap the switch button to change the transfer direction, ensuring the "To:" field shows your linked external bank account.
Enter the withdrawal amount and tap "Review and Submit."
On Webull Desktop/Web Platform:
Hover over the icons on the left and click "Account" (if hidden, click on "More").
Within the Banking widget, select "Withdraw." This will take you to the Transfer Money page.
Choose your linked bank account in the "To" field, enter the amount, and submit.
Things to remember:
Linked Bank Account: Make sure you have a verified bank account linked to Webull for withdrawals.
Processing Times: ACH withdrawals typically take 2-3 business days to process.
Withdrawal Limits: There may be daily withdrawal limits (e.g., $50,000 for ACH).
Recent Deposits: If you've made recent deposits, there might be a holding period (e.g., 5-6 business days) before those funds are available for withdrawal.
ACATS Transfers: If you transferred assets into Webull via ACATS recently, those assets might be subject to a withdrawal hold of up to 30 days.
Sub-heading 1.3: Settle Any Outstanding Debts or Margin Calls
Action: If you were trading on margin, ensure you have no outstanding margin loans or margin calls.
Why it's important: An account with debt cannot be closed.
How to do it: Deposit sufficient funds to cover any margin debt or liquidate enough assets to clear the debt.
Step 2: Retrieve and Save Important Documents
Once your account is clear of assets and cash, it's time to gather your records. You'll want these for tax purposes, personal record-keeping, or in case you need to reference your trading history in the future.
Sub-heading 2.1: Download Account Statements and Trade Confirmations
Action: Download all your monthly statements, annual statements, and trade confirmations.
Why it's important: These documents are crucial for tax declarations and provide a complete record of your financial activity with Webull.
How to do it:
On the Webull App:
Tap "Menu."
Go to "Documents" or a similar section (the exact location might vary slightly).
You should find options to view and download your statements and reports.
On Webull Desktop/Web Platform:
Log in to your account.
Look for a section like "Documents," "Statements," or "Tax Center."
Download all relevant reports, including annual and monthly statements, and trade confirmations.
Recommendation: Save these documents in a secure, organized manner, preferably on an external hard drive or a cloud storage service.
Step 3: Initiate the Account Closure Request
With your account empty and your documents saved, you're ready to formally request closure. This is done directly through the Webull app.
Sub-heading 3.1: Navigate to the Account Closure Option in the App
Action: Follow the steps within the Webull app to submit your closure request.
Why it's important: This is the official way to inform Webull of your intention to close the account.
How to do it:
Tap the "Menu" button at the bottom right of the screen.
Tap "Settings."
Tap "Manage Brokerage Account."
Select "Close Brokerage Account."
Be prepared: Webull may ask for the reason for closure as part of this process. This is often for their internal data and may not impact the closure itself.
Step 4: Confirmation and Final Steps
After submitting your request, there are a few more things to expect.
Sub-heading 4.1: Await Confirmation from Webull
Action: Webull will review your request and confirm the closure.
Why it's important: You want to ensure the account is officially closed to avoid any lingering issues.
What to expect: You might receive an email or an in-app notification confirming your request. The actual closure might take a few business days.
Sub-heading 4.2: Verify Account Closure
Action: Attempt to log in to your account after a few days to verify that it's no longer accessible.
Why it's important: This is your final confirmation that the account has been successfully closed.
What to look for: You should receive a message indicating the account is closed or that your login credentials are no longer valid for an active account.
Important Considerations Before Closing:
Transferring Assets: Instead of selling all your assets and withdrawing cash, you might consider transferring your holdings to another brokerage account via ACATS (Automated Customer Account Transfer Service). Webull does support share transfers out, though there might be a fee per symbol (e.g., USD 150 per symbol for US Share Transfer Out for Webull Singapore). This is often a better option if you want to maintain your investment positions.
Fees: While Webull generally doesn't charge direct account closure fees, there could be fees for certain transfers out (as mentioned above) or if there were any issues like ACH deposit reversals ($5 fee).
Tax Implications: Selling your assets can trigger capital gains or losses, which have tax implications. Consult with a tax professional if you have significant holdings.
Customer Service: If you encounter any issues or have specific questions during the process, don't hesitate to contact Webull's customer service. You can find their contact information on their official website (e.g., support@webull.com for the US, clientservices@webull-au.com for Australia, etc.).
10 Related FAQ Questions
How to check if my Webull account has any open positions?
You can check for open positions by logging into your Webull app or desktop platform and navigating to the "Positions" section or your main account overview.
How to withdraw all my cash from Webull?
To withdraw cash, go to "Transfers" then "Transfer Money" in the Webull app, select your linked bank account, enter the amount, and confirm the withdrawal.
How to download my Webull account statements?
Access your account statements by going to "Menu" > "Documents" (or similar) in the Webull app or "Statements" / "Tax Center" on the desktop platform.
How to cancel pending orders on Webull?
In the Webull app, go to your "Orders" tab, locate the pending order, and select the option to cancel it.
How to transfer my stocks from Webull to another broker?
Initiate a transfer (ACATS) from your new brokerage account, providing them with your Webull account details. Webull also has an in-app "Shares Transfer Out" option under "Menu" > "More."
How to contact Webull customer service for account closure issues?
You can typically contact Webull customer support via their in-app Help Center, email (e.g., support@webull.com for the US), or phone numbers listed on their official website for your specific region.
How to know if my linked bank account is verified for withdrawals on Webull?
When attempting a withdrawal, the Webull app will usually indicate if your bank account is unverified or if further steps are needed to link it.
How to avoid fees when closing a Webull account?
To avoid potential transfer-out fees, ensure you sell all assets and withdraw cash instead of transferring securities. Be aware of any small regulatory fees that might still apply when selling.
How to handle tax implications after closing my Webull account?
Consult with a tax professional to understand the capital gains or losses from selling your assets and how they will impact your tax obligations. Keep all downloaded statements and trade confirmations for your tax records.
How to reopen a Webull account after closing it?
Generally, if you wish to use Webull again after closing your account, you will likely need to go through the new account opening process from scratch, as closed accounts typically cannot be simply "reopened."
