Robinhood is a well-known commission-free trading platform widely used among U.S. traders. Knowing how to transfer stocks from Robinhood to Fidelity can come in very handy as your trading knowledge grows and you want to expand your trading skills with Fidelity.
TD Ameritrade also features retirements accounts for the retired population which Robinhood, on the other hand, does not do. This is another reason pushing Robinhood users to transfer stocks to TD Ameritrade.
Fortunately for Robinhood users, the platform features an automated feature that let's users easily move stocks to other financial institutions such as bank account and brokerages such as Fidelity, Webull.
If you're confused on how to initiate and complete the transfer process, then you're at the right place.
This article focuses on showing you how to transfer stocks from Robinhood to TD Ameritrade.
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How to Transfer Stocks & Assets from Robinhood to TD Ameritrade
The full-service broker, TD Ameritrade, has been in business for many years. Retirement accounts are among the many account options they offer. On the other hand, Robinhood does not currently offer retirement accounts.
As a result, you might want to move your stock holdings from Robinhood to TD Ameritrade. Others might want to do this for a different reason.
Whatever your motivation, there are 3 easy steps you must take in to transfer your stocks and assets from Robinhood to TD Ameritrade:
- Gather information from Robinhood
- Open a TD Ameritrade account
- Completing the Transfer from Robinhood to TD Ameritrade
1. Gather Information from Robinhood
To transfer stocks out of Robinhood, you'll need to obtain specific information from the platform.
The most important piece of information you require to complete this transfer is your Robinhood account number.
The account number can be found on your Robinhood statement, and TD Ameritrade will probably ask for a copy of it.
Here's how to find your Robinhood account number to Transfer Stocks to TD Ameritrade:
- Click on the "Account" icon in the bottom right corner of your screen
- Tap on "Investing"
- Your account number will be displayed at the top of your screen
You might need to use a DTC number in order to proceed with your transfer. Robinhood's DTC number is 6769.
When you transfer stocks or money from Robinhood to a different brokerage, such as TD Ameritrade, Robinhood will charge you $75. Whether you are making a partial or complete transfer, this fee is applicable.
Before the transfer procedure starts, this fee will be subtracted from the available cash balance in your Robinhood account.
2. Open a TD Ameritrade Account
Normally, in order to receive your stocks and other assets from Robinhood, you will need a TD Ameritrade account.
You only need to visit the TD Ameritrade website, click "Open new account," and then follow the instructions, providing all the information needed to open your account. You don't need to make a deposit to open the account.
3. Initiating and Completing the Transfer from Robinhood to TD Ameritrade
You can transfer stocks, options, ETFs, and other assets from another brokerage to your TD Ameritrade account once the account has been opened.
However, you are unable to transfer cryptocurrency outside of Robinhood. If you have any, you should first exchange them for cash.
Your new TD Ameritrade account will receive this funding. Remember that this could lead to a capital gain for which you would be liable to pay taxes.
Here's how you initiate the transfer from Robinhood to TD Ameritrade
- Login to your TD Ameritrade account via their mobile app
- Go to "My Account" and from there, select "Account Transfer"
- Follow and complete all the prompts necessary for the transfer.
- Make sure the name on your Robinhood account matches the name(s) on your receiving TD Ameritrade account for the transfer to be successful.
- Once you've initiated the transfer, give it up to 7 working days to complete
Also Read: How to Transfer Money from Robinhood to Bank
How Long Does it Takes to Transfer Stocks from Robinhood to TD Ameritrade?
You should prepare to wait a week for the transfer to be completed after opening a TD Ameritrade account and initiating it.
It could take up to two weeks in some situations, but estimating how long a transfer will take is challenging.
It's a good idea to get in touch with Robinhood and ask because there could be a number of variables that affect how long it takes for the transfer to be processed.
While Robinhood has a user-friendly mobile app and access to cryptocurrencies, switching to TD Ameritrade has a number of additional benefits.
Thus, everything comes down to what you value most. If you need a lot of training materials, prefer a more complicated trading platform, and want to trade a variety of assets, TD Ameritrade is the obvious choice.
The most important thing to keep in mind is that $75 must be paid to Robinhood in order to complete the transfer. Of course, you can always ask TD Ameritrade if they would cover this amount after the transfer is completed.
Although switching from Robinhood to TD Ameritrade isn't always a smart move, it usually seems to be for some people. Also, though TD Ameritrade's trading app has more benefits overall, Robinhood's trading app is more user-friendly. However, as I already said, the final decision is entirely up to you.