Thinking about moving your investments from Robinhood to Webull? You're not alone! Many investors choose to switch platforms for various reasons, whether it's seeking more advanced trading tools, different investment options, or simply a fresh user experience. This comprehensive guide will walk you through every step of the process, ensuring a smooth and successful transfer.
Ready to take control of your investments? Let's dive in!
Why Consider Transferring? Robinhood vs. Webull
Before we jump into the "how-to," let's quickly address why you might be considering this move. Both Robinhood and Webull are popular commission-free trading platforms, but they cater to slightly different investor profiles:
Robinhood: Known for its user-friendly interface and simplicity, making it a favorite for beginner investors. It offers commission-free stock, ETF, and options trading, along with cryptocurrency.
Webull: Often preferred by intermediate to advanced traders due to its more robust charting tools, advanced order types, and a wider range of technical indicators. It also offers commission-free stock, ETF, and options trading, and a dedicated crypto app.
If you're finding yourself needing more analytical power, access to pre-market and after-hours trading, or a more in-depth look at market data, Webull might be a better fit.
 |
| How To Transfer Stocks From Robinhood To Webull |
The ACATS Transfer Process: Your Key to a Smooth Move
The good news is that transferring stocks between brokerage firms in the United States is generally a streamlined process thanks to the Automated Customer Account Transfer Service (ACATS). This system allows for the electronic transfer of securities and cash between participating brokerages.
Keep in mind that while the process is automated, it still requires a few manual steps from you.
Step 1: Get Prepared – The Pre-Transfer Checklist
This is where you, the investor, play a crucial role. Taking the time to prepare properly can prevent significant delays!
Sub-heading 1.1: Verify Your Webull Account is Ready
First and foremost, you'll need an active and fully verified Webull account.
Open a Webull Account: If you don't have one already, download the Webull app or visit their website to begin the account opening process. This usually involves providing personal information, linking a bank account, and verifying your identity.
Ensure Account Type Compatibility: Make sure the account type you're opening on Webull matches your Robinhood account (e.g., individual brokerage to individual brokerage, Roth IRA to Roth IRA). An incompatible account type will halt the transfer.
Check for Promotions: Webull sometimes offers transfer-in bonuses for moving assets to their platform. It's worth checking their current promotions to see if you qualify for any free stocks or cash bonuses.
Sub-heading 1.2: Gather Essential Information from Robinhood
Tip: Don’t skip — flow matters.
You'll need specific details from your Robinhood account to initiate the transfer.
Your Robinhood Account Number: This is a crucial piece of information. You can usually find it within the Robinhood app by navigating to Account (person icon) → Investing. It should be displayed near the top.
Robinhood's DTC Number: The Depository Trust Company (DTC) number for Robinhood is 6769. This identifies Robinhood as the delivering firm in the ACATS system.
Account Statements: While not always strictly required for initiation, having a recent Robinhood statement handy can be helpful for verifying account details and holdings.
Sub-heading 1.3: Clean Up Your Robinhood Account
This step is critical for a smooth transfer and avoiding potential issues.
Sell Fractional Shares: Robinhood supports fractional shares, but Webull may not accept them in an ACATS transfer. You'll need to sell any fractional shares in your Robinhood account before initiating the transfer. The cash proceeds will be transferred.
Sell Unsupported Securities: If you hold any obscure stocks, OTC (over-the-counter) securities, or certain complex derivatives on Robinhood that Webull doesn't support, you'll need to sell them. Check Webull's list of supported assets if you're unsure.
Settle All Trades: Ensure all your recent trades on Robinhood have fully settled. Unsettled trades can delay or even prevent a transfer. Stock trades typically settle in T+2 business days (trade date plus two business days).
Resolve Negative Balances/Account Restrictions: Any negative cash balances, margin calls, or other account restrictions on your Robinhood account must be resolved before initiating a transfer.
Consider Cryptocurrency: Cryptocurrencies held on Robinhood cannot be transferred via ACATS. Robinhood will automatically liquidate any crypto holdings in a full ACATS transfer, and the cash proceeds will be transferred. If you want to hold your crypto, you'll need to sell it on Robinhood and then repurchase it on Webull or a separate crypto exchange, or transfer it to a compatible crypto wallet if Robinhood supports direct crypto withdrawals for your specific coins.
Review Options Contracts: If you have complex options strategies, confirm with Webull if they can accept all your positions. Simple long/short calls and puts are usually fine, but more intricate strategies might need to be closed.
Step 2: Initiate the Transfer on Webull
The transfer process is initiated from the receiving brokerage (Webull, in this case).
Sub-heading 2.1: Navigating to the Transfer Section
Log In to Webull: Open your Webull app or log in to the Webull desktop platform.
Find the Transfer Section: Look for a "Transfers" or "Deposit/Withdraw" section. In the app, it's often located by tapping the Webull logo at the bottom of the screen, then selecting "Transfers."
Select "Transfer Stock/Shares In": You'll usually see an option like "Transfer Shares In" or "Transfer My Account." Select this.
Sub-heading 2.2: Filling Out the Transfer Request Form
Webull will guide you through an electronic form. Be prepared to provide the following:
Outgoing Broker Name: Select "Robinhood" from the list of brokers.
Your Robinhood Account Number: Enter the account number you retrieved in Step 1.2.
Type of Transfer:
Full Transfer: This transfers all eligible securities and cash from your Robinhood account to Webull and will typically close your Robinhood account.
Partial Transfer: This allows you to select specific securities and cash to transfer while keeping your Robinhood account open. Be aware: Robinhood charges a $100 fee for both full and partial ACATS transfers.
Confirmation of Assets: You might be asked to confirm that you have no fractional shares, unsupported securities, or unsettled trades.
Sub-heading 2.3: Uploading Required Documents
Webull may require you to upload supporting documents to verify your identity and account ownership.
Photo ID: A clear photo of your government-issued ID (e.g., driver's license, passport).
Signed Transfer Form: In some cases, Webull might generate a transfer request form for you to print, sign (with a wet signature, not digital), and then upload a clear photo of. Ensure your signature matches the one on your ID.
Recent Account Statement (Optional but Recommended): Uploading a recent Robinhood statement can help expedite the process by providing clear evidence of your holdings and account details.
Sub-heading 2.4: Submitting the Request
QuickTip: A quick skim can reveal the main idea fast.
Once you've filled out the form and uploaded the necessary documents, carefully review all the information before submitting. An error here can lead to significant delays.
 |
Step 3: What Happens Next – The Waiting Game & Fees
Once you've submitted your request, the ACATS system takes over.
Sub-heading 3.1: The Transfer Timeline
Processing Time: Typically, an ACATS transfer can take 5 to 10 business days to complete. However, this can vary depending on various factors, including the responsiveness of both brokerages and the complexity of your holdings.
Tracking Your Transfer: Webull should provide a way to track the status of your transfer within their app or website. You might see statuses like "Pending," "Processing," or "Completed."
Robinhood Account Status: During a full ACATS transfer, Robinhood will typically place your account on hold, restricting buying and selling activity to ensure a smooth transfer of assets. For partial transfers, the specific assets being transferred will be restricted.
Sub-heading 3.2: Understanding the Fees
Robinhood's ACATS Fee: Robinhood charges a $100 fee for both full and partial ACATS outgoing transfers. This fee will typically be debited from your Robinhood cash balance. If your cash balance is insufficient, it may be debited from your Webull account upon successful transfer, contingent on Webull's policies.
Webull Transfer-In Fee (Usually Zero): Webull does not typically charge a fee for receiving an ACATS transfer. In fact, as mentioned earlier, they sometimes offer reimbursements for transfer fees charged by the outgoing brokerage, often for transfers exceeding a certain value. Always check Webull's current promotions and fee schedule for the most up-to-date information.
Potential Margin Interest: If you are transferring an account with a margin balance, be aware that you may accrue margin interest during the transfer period.
Step 4: Post-Transfer Actions
Congratulations! Your stocks have successfully made the journey to Webull. But you're not quite done yet.
Sub-heading 4.1: Verify Your Holdings
Check Your Portfolio: Once the transfer is complete, meticulously verify that all your expected stocks and cash have arrived in your Webull account and that the share counts are accurate.
Confirm Cost Basis: It's crucial to ensure that your cost basis for the transferred stocks is correctly reflected in your Webull account. The cost basis is essential for calculating capital gains or losses when you eventually sell. If the cost basis is incorrect, contact Webull's support with your Robinhood statements.
Sub-heading 4.2: Close Your Robinhood Account (If Full Transfer)
If you initiated a full transfer and your goal was to completely move away from Robinhood, you might want to confirm that your Robinhood account has been closed. While a full ACATS transfer should close it, it's good practice to double-check. If it's still open and empty, you can contact Robinhood support to formally close it.
Tip: Absorb, don’t just glance.
Sub-heading 4.3: Explore Webull's Features
Now that your assets are safely in Webull, take the time to familiarize yourself with its platform.
Dive into the Tools: Explore Webull's advanced charting, screening, and research tools.
Set Up Alerts: Customize price alerts and news notifications for your holdings.
Practice Trading: Use the paper trading feature to get comfortable with Webull's interface and order types before making live trades.
Related FAQ Questions
Here are 10 frequently asked questions about transferring stocks from Robinhood to Webull, with quick answers:
How to initiate the stock transfer from Robinhood to Webull?
You initiate the transfer from the Webull app or website by selecting "Transfer Shares In" and providing your Robinhood account details.
How to find my Robinhood account number for the transfer?
Your Robinhood account number can be found in the Robinhood app by going to "Account" (person icon) and then "Investing." It's usually near the top of the screen.
How to transfer fractional shares from Robinhood to Webull?
You cannot directly transfer fractional shares via ACATS. You must sell any fractional shares in Robinhood before initiating the transfer; the cash proceeds will then be transferred.
How to handle cryptocurrency when transferring from Robinhood to Webull?
Cryptocurrency cannot be transferred via ACATS. Robinhood will automatically liquidate your crypto holdings during a full ACATS transfer, and the cash will be transferred. You would then need to repurchase crypto on Webull's crypto platform or a separate exchange.
QuickTip: Read in order — context builds meaning.
How to avoid transfer fees from Robinhood?
Robinhood charges a $100 fee for outgoing ACATS transfers (both full and partial). Webull may offer transfer fee reimbursements if your transferred assets meet certain value criteria; check their current promotions.
How to check the status of my stock transfer to Webull?
You can usually track the status of your transfer within the Webull app or desktop platform in the "Transfers" or "Deposit/Withdraw" section.
How to ensure all my stocks transfer correctly?
Ensure all trades are settled on Robinhood, sell any fractional shares or unsupported securities, and resolve any negative balances or account restrictions before initiating the transfer. Double-check your Robinhood account number and DTC number (6769).
How to get my cost basis transferred to Webull?
The cost basis should automatically transfer with your securities via ACATS. If it doesn't appear correctly after the transfer, contact Webull customer support with your Robinhood statements.
How to know if my Robinhood account is closed after a full transfer?
After a full ACATS transfer, your Robinhood account should be put on hold and eventually closed. You can check the app or contact Robinhood support to confirm its closure.
How to contact Webull customer service for transfer issues?
You can contact Webull customer service via phone, email, or their in-app support chat. Their contact information is typically available on their official website under the "Contact Us" or "Help Center" sections.
 |
