How to Transfer a Brokerage Account to Webull
If you have an investment account at a brokerage firm that isn’t performing quite up to par, you
could move the account to Webull. The company has a user-friendly ACAT form that makes the
transition as smooth as possible. This article will show you everything you need to know.
Step 1: Open a Webull Account
The first thing you need to do to begin the move is to open a corresponding account at Webull. For
example, if you have a Roth IRA at Schwab that you want to move to Webull, you first need to open a
Roth IRA at Webull. The account types must be the same, and the names on them must match. So make
sure you use the same name when you open your new Webull account.
Of course, you can also move a regular taxable account. Webull currently only offers individual
accounts (with or without margin) and IRAs. Other account types, such as joint accounts, custodial
accounts, and trusts, cannot be moved (yet).
To start the account opening process,
head over to Webull’s account application page, hit a Get your free stocks or SIGN UP buttons, and enter your phone number or e-mail address.
Webull Promotion
Open WeBull Account
Step 2: Submit an ACAT Request
Once you have the corresponding account open, it’s time to move your old account into your new
Webull account. To start the transfer, log into the Webull app and click on the Webull icon in
the middle of the bottom row icons.
Next, in the top menu tap Transfers and then tap on the Transfer Stocks into Webull icon.
On the next page, you’ll see Webull’s guidelines for completing a transfer. Among other rules, an account transfer:
Can only include stocks, options, cash, ADRs, closed-end funds, and ETFs.
Must be valued at $500 or more.
Continuing to the next page, you’ll get a list of icons of popular brokerage firms, like Vanguard, Robinhood, and Interactive Brokers. If you don’t see yours, you can do a search by broker name or DTC number.
Once you have selected the outgoing broker, it’s time to fill in the details. Webull’s form asks for just a few pieces of information. You’ll need your old account number. You’ll also need to select whether you want to do a full or partial transfer. The latter option gives you the ability to move only certain securities.
If you choose the partial transfer, you’ll need to add the amount of cash (if any) you want to move along with the specific securities to be transferred. Only long positions can be moved.
Once the necessary details have been listed, you’re all done.
Although Webull charges nothing for incoming electronic transfers, your old brokerage firm may charge a fee. Some brokers charge more than $100 for outgoing transfers, so make sure you know what’s going to happen on the outgoing side of things.
Webull Promotion
Open WeBull Account
Step 3: Sit Back and Let Webull Do the Rest
After you have submitted the ACAT transfer request, there’s nothing left for you to do. Webull will take over from this point. The transfer should take about a week and a half to finish. To avoid any delays, it’s best not to trade or try to transfer cash using the old account. Feel free to use the new Webull account for any purpose.
If you elected to perform a full account transfer, your old account will be automatically closed when all securities land in your Webull account. If you do a partial transfer, your old account will remain open.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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