Robinhood is a popular trading platform known and used by most traders within the U.S. but, if Robinhood doesn't offer the trading features you need, you'll consider transferring stocks from Robinhood to Webull as a good idea.
Hopefully, Robinhood recently released a feature that lets users easily automate stock transfers between Robinhood and other financial institutions.
Transferring stocks from Robinhood to Webull is easy thanks to this automated process (Automated Customer Account Transfer Service also known as ACAT) offered by Robinhood.
Users must use ACAT to transfer funds from Robinhood to Webull and if you're confused on how to initiate the transfer, then you're at the right place.
This article focuses on showing you how to transfer stocks from Robinhood to Webull.
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How To Transfer Stocks From Robinhood to Webull
It is not surprising that people are still using Robinhood, a well-known stock trading app, after all these years.
Before having to move your stocks from Robinhood to another broker, there are a few aspects of the app that you should be aware of.
Here are the steps to transferring money from Robinhood to Webull.
Step 1: Gather All Required Information
Gathering all the information you will need is the first step in the entire process. You must click the "Account" section to do this.
The option for investing can be found underneath this. You will then need to copy your account number. Keep it in a secure location for later use.
You might also need the most recent Robinhood statement in addition to this. So, be sure to access the system and download an electronic copy of the statement.
You must enter 6769 when they ask for the DTC number, though.
Step 2: Get Rid of the Account Restrictions
If you use Robinhood, you may be aware that you can invest in margins using the paid Robinhood Gold service.
But occasionally Robinhood will impose restrictions on your account due to a negative balance or account deficit.
In such situations, you must ensure that all of your debts are paid in full and that your Robinhood account is in better standing.
You can only move forward with the transfer once all account restrictions have been lifted.
Also Read: Why is My Withdrawable Cash $0 On Robinhood?
Step 3: Initiate the Transfer Process
To initiate the transfer, you need to create an account on Webull right away.
No transfers are authorized unless the new account's name and account type match those on your account.
You will need to type your security number or some information about your place of work in order to create an account.
Now, follow the steps below to transfer stocks from Robinhood to Webull.
- Open your Webull app.
- To begin with, hover to the webull icon. You can also tap on the deposit tab and under that, choose the Transfer option.
- Next, click on the option to transfer the stock into webull.
- From the list of all the brokers available, choose Robinhood.
- When done, type all the asked information correctly. If needed, upload the latest statement as well.
- Tap on the option to initiate the transfer. Decide whether you need full transfer or partial transfer.
Also Read: How to Add Money to Robinhood Without Bank
Full Transfer vs Partial Transfer
If you're not sure which is which, let's clarify it for you. All of the stocks in your current account will be transferred to the new account upon full transfer, and your current account will be closed.
As opposed to the partial transfer, your Robinhood account will continue after the stocks you choose to transfer only to the account.
You won't be able to initiate any transactions on your account during the full transfer until it is finished.
However, only the selected stocks will be restricted in the partial transfer; otherwise, you may use your account as usual.
What Happens When You Transfer from Robinhood to Webull?
Your account will be restricted if you choose to transfer stocks from Robinhood to Webull or another outside brokerage.
You won't be able to make any trades on the account if you opt for a full transfer.
This is done to make the entire process easier to complete.
You must remember, however, that you will continue to own those securities, they will continue to reflect in your account, and you will be able to see their current market value.
Other than that, the stocks you have chosen to transfer will be restricted in the case of a partial transfer. There won't be any transactions you can complete.
You will see all the assets in your account along with their current prices, though, because you own those stocks.
You can use the remaining values in the transfer in the manner of your choice.
How Long Does it Take to Transfer from Robinhood to Webull?
Normally, it can take 5-7 business days to complete a stock transfer from Robinhood to Webull. Likewise, if it is taking longer than it should, you can contact customer support.
How Much Does it Cost to Transfer Robinhood to Webull?
You won't be charged anything for the transfer by Webull. However, Robinhood will charge you $75 for the transfer.
You will be required to pay this fee whether you select a full transfer or partial transfer. Additionally, this sum will be subtracted from the cash balance in your Robinhood account.
If there is not enough money in that account, the amount will be taken from the balance of the new account.
Does Webull Cover Transfer Fees?
Webull does not impose any transfer fee. Webull will not charge you a transfer fee; however, you will be responsible for paying Robinhood's transfer fee.
Additionally, Webull might reimburse the ACA transfer fees. Only if you meet all the requirements will you be eligible for a refund of up to $100. You must be worth at least $2,000 to them.
Additionally, IRAs might be acceptable as long as they have at least $5,000 worth of assets.
Is Webull Better Than Robinhood?
That depends. Beginners will say No, meanwhile experienced users might say Yes. Users can trade without paying any commissions on both of these platforms.
Both provide trading in cryptocurrencies, options, and other things. Still, there are some distinctions between the two.
Below, we've highlighted a few key distinctions between the two.
1. Trading Tools
Webull offers a variety of tools, including a screener, to enable users to select stocks that meet their needs in terms of dividend yield, price, and other variables. But there isn't a tool like that in Robinhood.
As a result, Robinhood does not provide the option of short selling. Webull margin account holders have the option to trade short stocks. These characteristics might not be present in Robinhood.
2. Customer Service
When it comes to customer loyalty, we believe that customer service plays a significant role. Webull's call-based customer service is available Monday through Friday from 9:30 AM to 4:00 PM. Email support is offered around-the-clock.
In addition to this, you have a variety of options for Robinhood customer support, including email and phone support. However, most users have complained that the entire process is incredibly slow.
3. Retirement Account
The two companies' approaches to retirement planning represent the final significant distinction between Webull and Robinhood. In addition to accepting rollovers, Webull offers its users traditional retirement accounts.
But Robinhood doesn't offer such an option.
Is There any Limit on How Much I can Transfer from Robinhood to Webull?
Yes. Only $50k may be transferred each rolling 30 day period. Anything more than that will be kept locked for 90 days before being made available to you.
Can you use Robinhood and Webull at the same time?
Yes, you can use Webull and Robinhood simultaneously. Both of these platforms allow users to trade stocks, ETFs, and options for free.
Robinhood is a better platform for new users than Webull, and this is the main distinction between the two. However, both can be utilized in tandem.
Robinhood and Webull are two excellent commission-free trading platforms that are popular among traders in the United States.
If you want to transfer stocks from Robinhood to Webull, this guide got all the steps to help you initiate and complete the transfer without hassle.