Are you ready to take control of your investments and explore new trading opportunities? Moving your assets from Robinhood to Webull can be a smart move for many investors looking for more advanced tools, research, and a different user experience. This comprehensive guide will walk you through every step of the process, ensuring a smooth and successful transfer.
Understanding the Transfer Process: ACATS
The primary method for transferring investments between brokerage firms in the United States is through the Automated Customer Account Transfer Service (ACATS). This is an industry-standard system designed to facilitate the smooth and efficient movement of securities and cash.
There are two main types of ACATS transfers:
Full ACATS Transfer: This involves moving all of your eligible assets (stocks, ETFs, options, and cash) from your Robinhood account to your Webull account. If you choose a full transfer, your Robinhood account will typically be closed after the transfer is complete.
Partial ACATS Transfer: This allows you to transfer specific securities or a portion of your cash, while leaving other assets in your Robinhood account. Your Robinhood account will remain open in this scenario.
Important Note: Fractional shares generally cannot be transferred directly via ACATS. If you hold fractional shares in Robinhood, they will typically be liquidated (sold) during the transfer process, and the resulting cash proceeds will be transferred to your Webull account.
Step 1: Prepare Your Robinhood Account – Let's Get Organized!
Before you initiate the transfer, a little preparation on the Robinhood side can save you a lot of headaches later. Think of it as tidying up your financial house before inviting new guests!
Sub-heading 1.1: Gather Your Robinhood Account Information
You'll need essential details from your Robinhood account to provide to Webull. Have these handy:
Your Robinhood Account Number: You can usually find this by logging into your Robinhood app or website, navigating to your account profile or settings. It's often under a section like "Investing" or "Statements & History."
Robinhood's DTC Number: This is a crucial identifier for brokerage firms in the ACATS system. For Robinhood, the DTC number is 6769.
Account Type: Confirm if your Robinhood account is an individual brokerage account, a Roth IRA, Traditional IRA, etc. This needs to match the account type you'll be transferring to at Webull.
Sub-heading 1.2: Address Any Lingering Issues
To ensure a seamless transfer, it's vital to resolve any potential roadblocks in your Robinhood account:
Pending Trades: Ensure all your trades have settled. This means no pending buy or sell orders.
Unsettled Funds: Any recent deposits or withdrawals need to be fully processed and settled.
Margin Balances: If you have a margin account with Robinhood, you'll need to address any outstanding margin loans. It's best to pay them off or ensure you have sufficient collateral to cover them, as margin accounts may require specific handling during transfers.
Fractional Shares: As mentioned, fractional shares are usually not transferable. If you want to keep the value of these investments, they will be automatically sold, and the cash proceeds will be transferred. If you want to keep the full shares you might consider purchasing enough fractional shares to round them up to whole shares before initiating the transfer.
Cryptocurrency: Robinhood holds cryptocurrency in a way that does not allow direct transfer to another brokerage. If you wish to move your crypto, you will need to sell it on Robinhood and then transfer the cash, or withdraw the crypto to an external wallet (if supported by Robinhood for your specific crypto). This is a key distinction, as ACATS is for securities, not directly for cryptocurrencies.
Account Restrictions or Holds: Verify that your Robinhood account has no active restrictions, holds, or outstanding alerts that could prevent a transfer. Contact Robinhood support if you find any.
Securities Lending Program: If you're enrolled in Robinhood's securities lending program, you'll need to opt out and wait a few business days for this to process before initiating the transfer.
Sub-heading 1.3: Be Aware of Robinhood's Transfer Fee
Robinhood typically charges a fee for outgoing ACATS transfers. As of the current information, this fee is often $75. This fee will be debited from your Robinhood account's cash balance. Make sure you have sufficient cash to cover this fee, otherwise, the transfer may be delayed or rejected. In some cases, Webull might offer to reimburse this fee, so it's worth checking with them.
Step 2: Open and Prepare Your Webull Account – Your New Investment Home!
Now, let's get your new Webull account ready to receive your assets.
Sub-heading 2.1: Open a Webull Account (if you haven't already)
If you don't have a Webull account yet, this is your first stop. The process is generally straightforward:
Download the Webull app or visit their website.
Follow the prompts to open a new brokerage account. You'll need to provide personal information, employment details, and financial information.
Ensure the name on your new Webull account exactly matches the name on your Robinhood account. Mismatched names are a common reason for transfer rejections.
Sub-heading 2.2: Choose the Correct Account Type
When opening your Webull account, make sure you select the same type of account as your Robinhood account (e.g., individual brokerage to individual brokerage, Roth IRA to Roth IRA). Transfers between different account types can be more complex or even impossible via ACATS.
Sub-heading 2.3: Link Your Bank Account (Optional, but Recommended)
While not strictly necessary for the ACATS transfer itself, having a linked bank account with Webull will make it easy to deposit or withdraw cash in the future.
Step 3: Initiate the Transfer from Webull – The Receiving End Takes Charge!
This is the most crucial step, as the ACATS transfer process is initiated by the receiving brokerage firm (Webull in this case).
Sub-heading 3.1: Log in to Your Webull Account
Access your Webull account through their mobile app or desktop platform.
Sub-heading 3.2: Navigate to the Transfer Section
Look for a section related to "Transfers," "Deposit/Withdraw," or "Account Transfer." The exact wording might vary slightly depending on the Webull app version. You're typically looking for an option to "Transfer Stocks into Webull" or "Transfer Assets from Another Broker."
Sub-heading 3.3: Select "Transfer from Another Brokerage Firm"
Within the transfer section, you'll usually find an option to transfer assets from an external brokerage. Select this option.
Sub-heading 3.4: Enter Robinhood's Information
Webull will prompt you to enter details about your outgoing brokerage account (Robinhood):
Broker Name: Select "Robinhood" from the list of available brokers. If it's not listed, you might have to manually enter it.
Account Number: Enter your Robinhood account number that you retrieved in Step 1.
Account Type: Confirm the account type (e.g., individual, IRA).
DTC Number: While Webull might auto-populate this, be prepared to enter Robinhood's DTC number: 6769.
Sub-heading 3.5: Choose Full or Partial Transfer
This is where you decide what you want to move:
Full Account Transfer: If you want to move everything and close your Robinhood account, select this option.
Partial Account Transfer: If you only want to move specific securities or cash, select this option. You will then be prompted to specify which assets you want to transfer. Remember to account for fractional shares being liquidated.
Sub-heading 3.6: Review and Submit
Carefully review all the information you've entered. Any discrepancies can lead to delays or rejections. Once you're confident everything is correct, submit your transfer request. Webull may require you to electronically sign the transfer authorization form.
Step 4: Monitor the Transfer Progress – Patience is a Virtue!
Once you've submitted the request to Webull, the ACATS system takes over. This isn't an instant process, so patience is key.
Sub-heading 4.1: Webull's Role
Webull will send the ACATS request to Robinhood's clearing firm (typically Apex Clearing).
Sub-heading 4.2: Robinhood's Role
Robinhood's clearing firm will review the request, verify your account details, and process the transfer of your assets. They will also apply the $75 outgoing transfer fee at this stage.
Sub-heading 4.3: Estimated Transfer Time
ACATS transfers typically take 5 to 10 business days to complete. This timeframe can vary depending on various factors, including:
Accuracy of Information: Errors in your account number or name will cause delays.
Pending Activity: Any unresolved issues in your Robinhood account (as discussed in Step 1) will hold up the transfer.
Market Volatility: During periods of high market activity, transfers might take slightly longer.
Weekends and Holidays: These will extend the processing time as business days only count Monday to Friday, excluding public holidays.
Sub-heading 4.4: Tracking Your Transfer
Both Webull and sometimes Robinhood will provide updates on the transfer status. You can usually check the progress within your Webull account under the "Transfers" or "Account Activity" section. You might also receive email notifications.
Step 5: Post-Transfer Checklist – Welcome to Webull!
Once your assets have successfully arrived at Webull, there are a few final steps to ensure everything is in order.
Sub-heading 5.1: Verify Transferred Assets
Carefully check your Webull account to ensure all the expected stocks, ETFs, and cash have been transferred correctly. Compare it with your Robinhood statements.
Sub-heading 5.2: Reinvest Cash from Fractional Shares
If you had fractional shares in Robinhood, the cash proceeds from their sale will now be in your Webull account. You can use this cash to buy whole shares, fractional shares (if Webull supports them for those specific assets), or any other investment Webull offers.
Sub-heading 5.3: Update Cost Basis (If Necessary)
In most ACATS transfers, the cost basis of your transferred securities should automatically carry over to Webull. However, it's always a good idea to verify this. If the cost basis isn't accurate, you may need to provide past statements from Robinhood to Webull for accurate tax reporting.
Sub-heading 5.4: Close Your Robinhood Account (Optional for Full Transfers)
If you performed a full ACATS transfer, your Robinhood account should automatically be closed. However, it's a good practice to log in to Robinhood after a few days to confirm it's closed or initiate the closure yourself if it remains open. If it was a partial transfer, your Robinhood account will remain active.
Potential Challenges and Troubleshooting
While ACATS transfers are generally smooth, sometimes issues arise:
Transfer Rejection: The most common reasons are mismatched names, incorrect account numbers, or outstanding issues in the transferring account. Webull will typically notify you of the reason for rejection, and you'll need to rectify it and resubmit the request.
Delays: If your transfer is taking longer than expected, first check the status in your Webull account. If it's still pending after the estimated timeframe, contact Webull customer support. They can often provide more specific information or follow up with Robinhood on your behalf.
Fees: Remember the $75 Robinhood transfer fee. If you don't have enough cash, the transfer might be delayed until funds are available.
Frequently Asked Questions (FAQs)
How to initiate an ACATS transfer from Robinhood to Webull?
You initiate the ACATS transfer from the Webull app or website by navigating to their transfer section and selecting "Transfer Stocks into Webull" or "Transfer from Another Brokerage."
How long does it take to transfer from Robinhood to Webull?
An ACATS transfer typically takes 5 to 10 business days to complete, though this can vary depending on various factors.
How to transfer fractional shares from Robinhood to Webull?
Fractional shares generally cannot be transferred directly. They will typically be sold by Robinhood, and the resulting cash proceeds will be transferred to your Webull account.
How to transfer cryptocurrency from Robinhood to Webull?
You cannot directly transfer cryptocurrency via ACATS from Robinhood to Webull. You must sell your cryptocurrency on Robinhood and then transfer the cash proceeds, or, if Robinhood supports it for your specific crypto, withdraw it to an external wallet.
How to avoid transfer fees when moving from Robinhood to Webull?
Robinhood charges a $75 fee for outgoing ACATS transfers. While you generally cannot avoid this fee from Robinhood, Webull sometimes offers promotions or reimbursements for transfer fees, especially for larger transfers. Check Webull's current offers.
How to check the status of my Robinhood to Webull transfer?
You can usually track the status of your transfer directly within the Webull app or website in their "Transfers" or "Account Activity" section.
How to ensure my cost basis transfers correctly from Robinhood to Webull?
In most ACATS transfers, the cost basis should automatically transfer. However, it's wise to verify it in your Webull account after the transfer. If incorrect, you may need to provide past Robinhood statements to Webull.
How to transfer only specific stocks from Robinhood to Webull?
You can perform a partial ACATS transfer. When initiating the transfer on Webull, select the partial transfer option and specify the individual stocks and quantities you wish to move.
How to close my Robinhood account after transferring to Webull?
If you completed a full ACATS transfer, your Robinhood account should be automatically closed. If not, or if it was a partial transfer and you wish to close it, log into Robinhood and look for an account closure option or contact their customer support.
How to handle pending activities in Robinhood before transferring to Webull?
Before initiating the transfer, ensure all pending trades have settled, and any recent deposits or withdrawals have fully processed in your Robinhood account to avoid delays or rejections.
