Transfer Webull to Robinhood

Transfer From Webull to Robinhood in 2022


Instructions on how to move Webull stocks to Robinhood: ETFs, IRA, brokerage assets, and money in 2022. How much is a transfer fee and how long does it take.


How to Transfer Webull Account to Robinhood


If you have a brokerage account with Webull but want to give Robinhood a shot, it’s now possible to move the account to Robinhood through the ACATS network without having to sell any securities. Read on for the details.


Cost of Transferring from Webull to Robinhood


Robinhood recently began accepting incoming ACATS transfers, so it’s easier than ever to electronically move cash and securities from another brokerage firm into a Robinhood account. Robinhood charges nothing to accept a transfer, although Webull charges $75 for an outgoing transfer. But Robinhood has this really generous policy of reimbursing other brokers’ transfer fees, up to $75. So in this case, a transfer should cost nothing.

Be sure to keep a copy of your Webull account statement that shows the $75 transfer fee. You may need to submit this statement to Robinhood at a later date to document the fee.


Transfer Methods


Full and partial ACATS transfers are possible at both Webull and Robinhood. If you opt for a partial transfer, your Webull account will remain open, and you’ll be able to select specific securities to move, while all others will be left behind.

A full transfer out of Webull will move all cash and securities into your Robinhood account, and the transfer will close your account at Webull.

Notice that we said “cash and securities.” Cryptocurrencies cannot be moved in an ACATS transfer, and this leaves you with a couple of options. You can either sell any digital currencies you have at Webull and move the resulting cash position with the ACATS transfer, or you can simply leave them behind.


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Prepping Your Robinhood Account


Before starting an ACATS transfer, the first step is to open a Robinhood account if you haven’t done so yet. It will need to be the same account type as your Webull account. Since Robinhood only currently offers individual accounts, this should be fairly easy. Note well that an IRA at Webull cannot be moved to Robinhood because the latter broker doesn’t offer retirement accounts. The two accounts must have the same name on them as well.

With your Robinhood account open, you may need to perform a few tasks before starting the transfer. For example, if you plan to move option positions, you first need to add the correct option level to your Robinhood account. If this requires margin, you’ll need to sign up for Robinhood Gold, which is Robinhood’s margin service.

Margin balances can be moved into Robinhood. Again, this requires a Gold subscription. Make sure you have margin investing enabled in your account before initiating any transfer that includes margin balances.


Prepping Your Webull Account


Robinhood will not accept incoming transfers of option contracts that expire in less than 7 days. If you have any of these in your Webull account, you’ll need to close them out before requesting a transfer.

Also, option positions that require collateral must be transferred with the collateral. Collateral inside a Robinhood account cannot be used for transferred options.

Fractional shares of stocks and ETFs cannot be transferred to Robinhood. You can eliminate them yourself, or Webull will convert them to cash before sending the positions over.


Pulling the Trigger


Once you have both your Robinhood account and Webull account prepped and ready for a transfer, it’s time to pull the trigger. In an ACATS transfer, this is done with the incoming broker, which in this case is Robinhood.

To submit an account transfer request, you need to log into the Robinhood mobile app. For brokerage account transfers, the website won’t work.


Transfer Webull Stocks to Robinhood


Once logged into the app, tap on the person icon in the bottom-right corner. Next, tap on the settings icon (three horizontal lines in the upper-right corner) and then select Transfers.

On the next page, you’ll be presented with several options. Choose the one that says Transfer accounts into Robinhood. This is the brokerage transfer option. The others are for bank transfers.

Now you’ll see a long list of brokerage firms. Scroll down to the bottom and select Webull. In the next few pages, you’ll need to enter some details, such as account number and full or partial transfer. If you select partial transfer, you’ll have to enter specific securities to transfer.

Once you have submitted all required details, submit your request and you’re off to the races. Robinhood will notify Webull, and the two brokerage firms will take it from there. There’s nothing else for you to do.


Timing


Robinhood processes ACATS requests in about 5 to 7 business days. If there are any snags along the way, expect a longer time frame.


Tracking Progress


Robinhood’s website and mobile app display the progress of a requested transfer, so keep an eye on either platform for updates after submitting an ACATS request.


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Updated on 4/11/2022.


About the Author
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.