Have you been considering a change in your brokerage platform? Perhaps you've been with Robinhood for a while and are now looking for a platform with more advanced charting tools, different investment options, or simply a fresh interface. Whatever your reasons, transferring your assets from Robinhood to Webull is a common and straightforward process, primarily handled through the Automated Customer Account Transfer Service (ACATS). This comprehensive guide will walk you through every step, ensuring a smooth transition for your investments.
The Big Move: Transferring from Robinhood to Webull
Transferring your brokerage account can seem daunting, but with the right information, it's quite manageable. The key is understanding the ACATS system, which automates the transfer of your securities and cash between brokerage firms.
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| How To Transfer From Robinhood To Webull |
Step 1: Are You Ready for a New Trading Home? Assess Your Needs!
Before you even think about initiating a transfer, let's make sure Webull is the right fit for you. Take a moment to consider:
Why are you moving from Robinhood? Is it for more in-depth research, advanced trading features, or simply a different user experience?
What are your expectations from Webull? Do their offerings align with your investment style (e.g., options trading, cryptocurrency, fractional shares)?
Are you aware of any potential fees or limitations? While Webull generally doesn't charge for incoming transfers, Robinhood does charge an outgoing ACATS fee.
Knowing your "why" and "what" will help you determine if this transfer is truly beneficial for your investing journey.
Step 2: Prepare Your Robinhood Account for Departure
Think of this as decluttering before a big move. To ensure a seamless transfer, there are a few things you need to take care of on your Robinhood side:
Sub-heading: Consolidate Your Holdings
Fractional Shares: Robinhood allows fractional share ownership. Webull generally supports fractional shares, but it's wise to check if all your fractional holdings are compatible. If not, Robinhood will likely liquidate them to cash during a full transfer.
Cryptocurrency: Robinhood's crypto holdings are often held in a separate entity (Robinhood Crypto). If you initiate a full ACATS transfer, Robinhood will automatically liquidate any crypto holdings, and the cash proceeds will be transferred. If you want to keep your crypto, you'll need to sell it on Robinhood before the transfer and then repurchase it on Webull, or explore other crypto transfer options if available through Webull (less common for direct brokerage transfers).
Account Balance: Ensure your Robinhood account has sufficient cash to cover the outgoing ACATS transfer fee. Robinhood charges a $100 fee for both partial and full ACATS transfers. If you don't have enough cash, the fee might be debited from your Webull account, contingent on their policies.
Resolve Restrictions: Any account restrictions or negative balances on your Robinhood account can significantly delay or even halt the transfer. Make sure these are all cleared up.
Reminder: Focus on key sentences in each paragraph.
Sub-heading: Gather Crucial Information
You'll need specific details from your Robinhood account to provide to Webull.
Robinhood Securities (RHS) Account Number: You can find this in your Robinhood app by navigating to Account → Investing. Your account number should be displayed near the top.
Robinhood's DTC Number: This is 6769. This code identifies Robinhood as a participant in the Automated Customer Account Transfer Service (ACATS).
Recent Account Statement: While not always explicitly required for the initial request, having a recent Robinhood account statement (dated within the last 90 days) can be helpful if Webull needs additional verification. This statement will contain your account number, account type, and a list of your holdings.
Step 3: Initiate the Transfer from the Webull Side
The ACATS transfer process is always initiated by the receiving brokerage firm – in this case, Webull. You won't start the transfer from within your Robinhood app.
Sub-heading: Access Webull's Transfer Feature
Log in to your Webull account. If you don't have one yet, you'll need to open and verify a Webull brokerage account first. Ensure the name on your Webull account exactly matches the name on your Robinhood account to avoid delays.
Navigate to the Transfers section. This is typically found within the "Account" or "Menu" section of the Webull app or desktop platform. Look for an option like "Transfer Stocks In" or "Portfolio Transfer."
Sub-heading: Fill Out the Transfer Request Form
Webull will guide you through an online form where you'll input the details of your transfer. Here's what you'll typically need to provide:
Outgoing Brokerage Name: Select "Robinhood" from the list of available institutions.
Robinhood Account Number: Enter the Robinhood Securities (RHS) account number you retrieved in Step 2.
Type of Transfer:
Full Transfer: This moves all eligible securities and cash from your Robinhood account to Webull. Be aware that a full transfer will put your Robinhood account on hold, restricting further buying, selling, deposits, or withdrawals.
Partial Transfer: This allows you to select specific securities and/or cash to transfer, leaving the rest in your Robinhood account. You'll need to specify which assets you want to transfer.
Account Type: Ensure the account type you're transferring from Robinhood (e.g., individual brokerage, Roth IRA, Traditional IRA) matches the account type you're transferring to at Webull. Transfers between unlike account types may be more complex or require additional paperwork.
Sub-heading: E-Signature and Document Upload (if required)
Webull will likely ask you to electronically sign the transfer authorization form. In some cases, they might also request you to upload supporting documents, such as:
QuickTip: Go back if you lost the thread.
A copy of your photo ID.
A recent Robinhood account statement.
A signed transfer request form (if a digital signature isn't sufficient). Ensure your signature matches the one on your ID.
Step 4: Monitor the Transfer Progress
Once you submit your transfer request on Webull, the ball is largely in the brokerage firms' court.
Webull's Communication: Webull will provide updates on the status of your transfer, often through their app or email. You can usually track the progress within the "Transfers" or "Recent Activity" section of your Webull account.
Robinhood's Role: Robinhood Securities (RHS) will receive the transfer instructions from Webull's clearing firm (Apex Clearing). They will then verify the information and process the transfer of assets.
Processing Time: ACATS transfers generally take 3-5 business days to complete, though some requests may take longer, especially if there are discrepancies or delays from the delivering firm. Factors like unsettled trades, dividend payments, or mismatched account information can prolong the process.
Account Restrictions during Transfer (Full Transfer): If you initiated a full transfer, your Robinhood account will be restricted. You won't be able to buy or sell securities, deposit or withdraw cash, as these actions could delay the transfer. You still own the securities during this time, and their market value will update in the app.
Residual Sweeps: After the initial transfer, it's common for "residual sweeps" to occur. This is when any remaining securities or cash (e.g., unsettled trades, late dividend payments) that weren't part of the initial transfer are automatically moved to your Webull account. These usually happen on a weekly basis and you don't need to take any action.
Step 5: Verify Your Assets on Webull
Once the transfer is complete, you'll receive a notification from Webull.
Confirm Holdings: Log in to your Webull account and verify that all your transferred securities and cash have arrived correctly.
Cost Basis: It's crucial to ensure that the cost basis of your transferred securities is accurately reflected in your Webull account. This information is important for tax purposes. While ACATS transfers typically carry over the original cost basis, sometimes there can be delays in its update. If you notice any discrepancies after a reasonable time, contact Webull's customer support.
New Investment Opportunities: Now that your assets are safely with Webull, explore their platform, research tools, and consider new investment opportunities that might align with your goals.
Important Considerations and Potential Hurdles
Matching Account Information: The most common reason for transfer delays is mismatched account information. Ensure your name, address, and account type are identical on both Robinhood and Webull accounts.
Transfer Fees: Remember Robinhood's $100 outgoing ACATS fee. While Webull doesn't charge for incoming transfers, this fee is levied by Robinhood.
Unsettled Trades: If you have any recent trades that haven't settled on Robinhood, the transfer might be delayed until they do.
Options Contracts: Transferring options can be more complex. Ensure both Robinhood and Webull support the specific options contracts you hold.
Retirement Accounts (IRAs): Transfers of IRAs (Traditional or Roth) can sometimes take a bit longer due to additional compliance checks related to tax status.
Customer Support: Don't hesitate to reach out to the customer support teams of both Robinhood and Webull if you encounter any issues or have questions throughout the process.
By following these steps and being mindful of these considerations, you can confidently transfer your assets from Robinhood to Webull and unlock the new features and opportunities that Webull offers. Happy investing!
10 Related FAQ Questions
How to initiate a transfer from Robinhood to Webull?
QuickTip: Look for patterns as you read.
You initiate the transfer from the Webull app or desktop platform by selecting the option to transfer stocks or a portfolio in. You do not initiate it from Robinhood.
How to find my Robinhood account number for the transfer?
Your Robinhood Securities (RHS) account number can be found in the Robinhood app by going to Account → Investing. It should be displayed near the top of the screen.
How to avoid transfer fees when moving from Robinhood to Webull?
Robinhood charges a $100 fee for outgoing ACATS transfers (both full and partial). There is no way to avoid this fee directly from Robinhood, though some brokerages, including Webull, may offer reimbursement for transfer fees if you meet certain criteria (e.g., transferring a large sum). Check Webull's current promotions or contact their support.
How long does it take to transfer from Robinhood to Webull?
An ACATS transfer from Robinhood to Webull typically takes 3-5 business days to complete once initiated. However, delays can occur due to various factors like unmatched information or unsettled trades.
How to transfer fractional shares from Robinhood to Webull?
Generally, eligible fractional shares can be transferred via ACATS. However, if Webull doesn't support fractional ownership for a specific stock, or if a stock trades below certain thresholds, Robinhood may liquidate those fractional shares into cash before the transfer.
Tip: Remember, the small details add value.
How to transfer cryptocurrency from Robinhood to Webull?
Robinhood will liquidate any cryptocurrency holdings to cash during a full ACATS transfer. This cash will then be transferred to Webull. You cannot directly transfer crypto assets from Robinhood to Webull's crypto platform via ACATS.
How to perform a partial transfer from Robinhood to Webull?
When initiating the transfer on Webull, you will have the option to select "Partial Transfer." You will then be prompted to specify which securities and/or cash you wish to move, leaving the rest in your Robinhood account.
How to track the status of my Robinhood to Webull transfer?
You can typically track the status of your transfer within the Transfers or Recent Activity section of your Webull account. Webull will provide updates as the transfer progresses.
How to handle unsettled trades during a transfer?
If you have unsettled trades in your Robinhood account when you initiate a transfer, the transfer may be delayed until those trades settle. It's advisable to avoid trading immediately before initiating a transfer.
How to ensure my cost basis transfers correctly to Webull?
ACATS transfers are designed to carry over your original cost basis. After the transfer is complete, check your Webull account to ensure the cost basis is accurately reflected. If there are any discrepancies, contact Webull's customer support and provide your Robinhood statements for verification.
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