If you want the shares of Robinhood to be transferred to the Webull app then you are on the right page. In case you are stuck in the middle, this blog will be an eye-opener. So read till the end and have a thorough understanding.
As investors, it’s a difficult task for you to transfer stocks from one app to another. Sometimes the app is not the right place to store the stocks and you want to transfer them.
How can you move the stocks from Robinhood to webull?
You need to go through the instructions step by step so that at the end you will be fully satisfied with the results.
i) Collect data from Robinhood
Robinhood delivers the necessary information required to move stocks from Robinhood to another app in a seamless manner.
- Account Number for RobinhoodThe account number is a crucial piece of data that you will be required to use. You may access this by pressing the ‘Account’ tab. Then, hit on the ‘Investing’ option and the account number will appear on the screen.
The Webull app may inquire about the recent statement. This will include all the necessary details which they need.
- The DTC NumberIf the firm that receives it requires the DTC of Robinhood, then enter 6769 which is the same number used for all moving stocks.
- Transferring PropertyOnce you gather all the details of Robinhood, then evaluate the assets you intend to move and check whether Webull accepts them or not. Initially, the bonds, MF, Penny Stocks, and Pink Sheets are not accepted under the market of OTC.
Select the stocks that are traded on Webull otherwise, you will be at loss. Webull’s platform allows you to look up the stock. If you can purchase shares of those stocks, then the Webull app will accept them as they can be tradeable.
ii) Transfer the stocks to Webull
Begin the transfer utilizing the Webull by going through these steps:-
- First and foremost, you must create a Webull account.
- Go to the Webull app and click on the ‘Transfer’ button.
- Select the ‘Transfer Stock into Webull’ option from the drop-down menu.
- Select Robinhood as the broker from which to send funds.
- Fill in the specified field with the information delivered by Robinhood.
- Now you can initiate the transfer.
Facts about Webull Transfer
As you know that you can switch shares from one app to another, this could be a stressful decision.
We will guide you with some important information on transferring stocks to Webull.
Webull requires a transfer fee of $500 for moving shares to Webull.
As the minimum fee is $500 so Webull does not move shares less than the amount mentioned. This is usually accomplished to insure you, i.e. the investor, from having to pay huge fees despite having a little amount.
If you want to transfer funds for free, the reasonable option is to liquidate the assets, move the money to the bank account, and register to a Webull account. This takes time, though saves you from the price of the transfer.
Be aware that this may trigger an event for taxable.
Fee on Transfer
Webull doesn’t impose a fee on transfers, but Robinhood does, charging $75 for partial or full transfers.
Transfers from ACAT
A transfer from ACAT is used to move stocks in kind from Robinhood account to another one. The assets of Robinhood will be transferred in-kind to the account receiving app.
Webull does not transfer funds till the name and the account match the freshly created account of Webull. Any discrepancies in the type of account and name of the account may cause the transfer to be delayed.
How much time does it take in switching from Robinhood to Webull?
It is predicted that a transfer to the Webull account usually takes 5 to 7 working days to complete. This period may be extended if you have an ongoing activity or the account is not settled, which means you have equities in the system of being obtained or cash or swapped and has not yet been entirely transferred.
Transfer (Full or Partial)
The transfers such as full and partial are both supported by Robinhood. To ensure a smooth transfer, the account will be prohibited from buying and selling after making a full transfer. If the assets are received, such as a dividend, residual sweep distributions will be borrowed to move this money as well.
The account will be discontinued once the assets you selected have been transferred from the account of Robinhood.
The method is largely the same once you have started a partial transfer, with the exception that just the stocks you expect to switch are affected. Following the conclusion of the transfer, the account will be active and open, and you will be able to trade without restriction.
Assets that can be transferred
Transferring options and stocks should be reasonable and uncomplicated. However, fractional shares are a different situation.
When you begin a transfer, fractional shares will be traded, and the proceeds will be transmitted to the recent account via dividends of the residual sweep.
Cryptocurrencies are not transferable to any brokerage account because they are housed in a different account of Robinhood. First, sell the item and then only move the money.
Transferring from Robinhood to Webull
You must compare the price versus the usefulness when determining to make a partial or full transfer from the account of Robinhood to the Webull account.
If you have not yet opened an account, you should be aware of the transfer expenses connected with each brokerage platform before making a decision. Allow this knowledge to assist you in making a better selection