Robinhood has recently introduced a new feature that allows users to automate their stock transfers between Robinhood and other financial institutions.
The process of transferring stocks from Robinhood to another brokerage firm or bank account can be done in just a few clicks.
To transfer stocks from Robinhood to Webull, one is required to use Automated account transfer services offered by the broker.
By using the ACAT, you can easily transfer your stocks and funds from Robinhood to Webull.
How To Transfer Stocks From Robinhood To Webull?
Robinhood has been a popular stock trading app for many years now and it’s not surprising that people are still using this platform.
However, there are some things about the app that you should be aware of before transferring your stocks from Robinhood to another broker.
So, let’s not wait anymore. Here is a complete process for you to transfer stocks from Robinhood to Webull.
Step 1: Collect All Required Information
The very first step in the whole process is to collect all the details that you will have to enter. For this, you need to click on the “Account” section.
Under this, you will find the option for investing. From there, you will have to copy your account number. Keep it a safe place for future use.
Other than this, you may also need the latest statement of your Robinhood. So, make sure to download an electronic copy of the statement on the system.
However, if they ask you for the DTC number, you will have to type 6769.
Step 2: Get Rid Of The Account Restrictions
If you are a Robinhood user, you may be aware that you get a paid Robinhood Gold service through which you can invest in margins.
But, there are times when Robinhood restricts your account because of a negative balance or account deficit.
Step 3: Begin Transfer
So, now you have fulfilled all the requirements, we have come to the crucial step of the process. Here, we are going to start the transfer process.
The very first thing that you have to do is to open an account on Webull. No transfers can take place unless the name on your account and the type of the account are similar to the new account.
Now, to begin the transfer to your account using the Webull application, follow the steps listed below.
- 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 Buy Warrants on Robinhood?
Full Transfer Vs Partial Transfer
If you are confused between the two, let’s make it simple for you. When it comes to full transfer, all the stocks present in your current account will be transferred to the new account and your account will be discontinued.
Whereas, when it comes to the partial transfer, the stocks that you will choose only transfer to the account, and your Robinhood account will continue after that.
Moreover, in the full transfer, you will not be able to make any transactions on your account until the transfer completes.
But, in the partial transfer, only the chosen stocks will be restricted, you can use your account normally otherwise.
What Happens When You Transfer From Robinhood To Webull?
When you choose to transfer stocks from Robinhood to Webull or any other outside brokerage, your account gets restricted. If you choose a full transfer, you will not be able to perform any trade on the account.
This is done so that the whole process can be carried out easily. But, one thing that you will have to keep in mind is that you will still own those securities and they will keep on reflecting in your account and you will be able to see their current market value.
Other than that, in the case of a partial transfer, the stocks that you have chosen to transfer will be restricted. You won’t be able to carry out any transaction.
But, because you own those stocks, you will see all the assets in your account along with their current price.
When the transfer will complete, you can use the remaining values according to your choice.
Also Read: How to Add Money to Robinhood Without a Bank Account?
How Long Does It Take To Transfer From Robinhood To Webull?
Typically, stock transfers from Robinhood to Webull can take 5-7 business days to complete. Moreover, if it is taking more time than updated, you may consult the customer support team.
How Much Does It Cost To Transfer Robinhood To Webull?
Webull will not charge you any kind of fee for the transfer. But, you will have to pay 75$ to Robinhood for the transfer.
No matter if you choose full transfer or partial transfer, you will have to pay this fee. Moreover, this amount will be deducted from the balance in cash that you will have in your Robinhood account.
In case there is not enough balance in that account, the amount will be deducted from the new account balance.
Does Webull Cover Transfer Fees?
No, Webull will not charge any transfer fee. You will not have to pay any transfer fee to Webull but you will have to pay the transfer fee to Robinhood.
Moreover, when it comes to ACA transfer fees, Webull may refund the fees. It can refund you up to 100$ only if you fulfill all the requirements. You must have been valued at 2000$ or more.
Also, IRA may be eligible but you need to have assets worth 5000$ in your account.
Is Webull Better Than Robinhood?
In some cases YES. Webull may be a better option than Robinhood. Both these platforms offer the user commission-free trading.
We have mentioned some major differences between the two below.
1. Trading Tools
Different tools are available on Webull like screener so that the user can choose the stock according to their requirements and which fulfill their needs like dividend yield, price, and other factors. But when it comes to Robinhood, no such tool is present.
Because of this, the chances for short selling are also not offered on Robinhood. Users who use a Webull margin account are provided the chance to trade short stocks. These features may not be found in Robinhood.
2. Customer Service
We feel that customer service is a major factor when it comes to customer retency. When it comes to the customer service of Webull, it offers support over call between 9:30 AM to 4:00 pm on weekdays. Email support is available 24 x7
Other than this, when it comes to Robinhood customer support, you will get different options like email and phone support. But most users have reported that the whole process is very slow.
3. Retirement Account
The last major difference between Webull and Robinhood is how both help in retirement planning. Webull offers its user a traditional retirement account and also accepts rollover.
But, there is no such option in Robinhood.
Is There Any Limit On How Much I Can Transfer From Robinhood To Webull?
Yes. You are only allowed to transfer up to $50k per rolling 30 days. Anything above that will be locked for 90 days before it’s released to you.
Can You Use Robinhood And Webull At The Same Time?
Yes, you can use both Robinhood and Webull at the same time. Both these platforms offer their users free trading of options,m ETFs, and stocks.
The major difference between the two is that Robinhood is a better platform for beginners and Webull is for some advanced users. But, certainly, both can be used together.
Conclusion
In conclusion, I hope you found our guide helpful. We’ve provided some tips and tricks to help you choose the best discount broker for your needs.
Remember, investing isn’t always about saving money. It’s about building wealth over time.
So, take advantage of these discounts and start building your portfolio today!
