Do you have stocks in Robinhood that you would like to transfer over to Fidelity? Are you unsure of the process or how to go about it?
Transferring stocks from one brokerage account to another can be a little confusing, but it’s definitely doable.
In this blog post, we will walk you through the steps of transferring stocks from Robinhood to Fidelity. So if this is something you’ve been curious about, keep reading!
How To Transfer Stocks From Robinhood To Fidelity?
You can use ACATS (Automated Customer Account Move Service) to transfer stocks and cash to other brokerages. Moreover, you can conduct a partial transfer if you wish to maintain your Robinhood account.
Otherwise, you can start a full transfer and they will terminate your account once it’s finished. It’s worth noting that transferring your funds out of Robinhood, whether partially or completely, costs $75.
Steps to Transfer Stocks from Robinhood to Fidelity:
You’ll need to log into your fidelity account or create one if you don’t currently have one to start the transfer. After you’ve logged in, you’ll need to do the following:
Step 1: Login into your Fidelity Account.
Step 2: After logging in, select “Transfer”
Step 3: Choose “Transfer account to Fidelity” from the drop-down menu.
Step 4: Select the brokerage account you want to transfer to Fidelity. Type Robinhood into the search bar.
Step 5: Enter the account number associated with your Robinhood account.
Step 6: After that, you’ll be asked to confirm the process of transferring Robinhood assets into a new Fidelity account or into an existing one.
Step 6: The next step is to specify the mode of account transfer
Step 7: Finally, for speedier processing, you will be required to provide an updated Robinhood Statement.
Also Read: Robinhood Margin Requirements
How Long Does It Take To Transfer From Robinhood To Fidelity?
Typically, the transfer is done the same day. Robinhood typically transfers out funds between 4 pm-6 pm and Fidelity receives them around the same time.
If you’re concerned about it taking a while, just buy and sell some stocks or fractional shares on either platform, and it should be completed by the next day.
However, if you purchase stocks on Robinhood with a cash account and then transfer them to Fidelity, it will take 3-5 business days for the funds to be transferred.
If you do this, just buy some fractional shares with the money in your cash account so that there is no delay when transferring out of Robinhood.
Fees To Transfer Out Of Robinhood
Robinhood has fees if you purchase stocks on margin or with a cash account. Since neither of these applies to this tutorial, the only cost that would be incurred is a withdrawal fee if your bank is not within the network.
However, this shouldn’t apply to most people reading this tutorial as they’ll likely be using Fidelity, which is in the same network.
Note: It can take some time for your stocks/money to transfer between Robinhood and Fidelity, so don’t panic if you don’t see it right away! Just give it a few hours and check back later. It should all be there.
How Much Does It Cost To Transfer From Robinhood To Fidelity?
A $75 charge will be deducted from your Robinhood account’s available cash balance if you move stocks or cash from Robinhood to an outside brokerage.
How Do I Transfer My Stocks From One Broker’s Account To Another?
If you have stocks on two different brokerages, you can transfer the money from one to another without being charged a fee. The whole process should take about 2-3 business days, depending on how much is in your account.
The main thing to keep in mind when transferring between brokerages is that it usually will not affect any fractional shares you may have. This should make it significantly easier to transfer them between accounts.
Also Read: Robinhood Hidden Fees
What Happens When You Transfer From Robinhood To Fidelity?
When you transfer money from Robinhood to Fidelity, be prepared to wait a few days for the money to appear in your account.
This is because both apps essentially “lend” each other money while they search for the appropriate amount of cash available in your account.
That being said, there are different steps that need to be taken depending on what type of account the stocks are held in. In either case, it may take a few days so just be patient.
When you transfer from Robinhood to Fidelity, all trades will be free. This means if you have a commission-free ETF on Robinhood and want to trade it for a commission share on Fidelity, you can do that without paying a fee.
Robinhood VS Fidelity Vs Webull: Which Is Better?
Robinhood and Fidelity are both trusted brokerages that have been around for a long time, so we recommend using either of them.
Most people prefer Fidelity because it offers more diversification with other stocks besides just the big 4 (Amazon, Apple, Google, Microsoft) and also has options trading.
Other people like Robinhood because of its ease of use and simplicity. You can’t trade options on Robinhood, but you can on Fidelity, so that may be an important factor to take into consideration.
When it comes down to Webull, though, there is not much difference between them at all besides the company’s reputation for cryptocurrencies and derivatives. So if those are your main interests, then Webull is likely the best choice for you.
If you don’t have any stocks yet, we recommend using Fidelity because it gives you more options with regards to what types of stocks/funds you can pick from.
The only downside to Fidelity, in our opinion, is that one would have to pay a fee every time one wanted to transfer money out of my account.
Also Read: Does Robinhood Affect Credit Score?
Robinhood VS Fidelity Vs Webull: Which Has Better Support?
I haven’t had the experience of calling Support on any of these platforms before, so I can’t say which is better. I typically just go into their websites and find whatever information there is that I need.
Robinhood sometimes has issues with their site (it’s not always up), therefore recommend another platform if you are looking for very reliable service.
Which One Should I Use: Robinhood Or Fidelity?
Overall, we would say it really comes down to personal preference. The market is not a zero-sum game, so there’s no guarantee that just by using one platform, you will do better than the other. In fact, most people who have been investing for a long time usually use multiple brokerages.
In conclusion, it doesn’t really matter if you decide to go with Robinhood, Fidelity, or Webull because they are all good brokerages. It just depends on what your preferences are and how much money is in your account.
If you don’t have any money yet, it is recommended to use Fidelity for stocks and Webull for cryptocurrencies since it has the most options.
If you don’t care about cryptocurrencies and want the ease of use, then I would recommend Robinhood for stocks and Fidelity for options trading.
So overall, any one of these should be fine. It just depends on what your preferences are.
However, if there is a specific reason why you need to transfer between brokerages, you can use this guide to help.