If you are a crypto or stock trader, then you must have heard of Robinhood and Webull. Both of these platforms have outstanding services to offer and one of the best ways to take advantage of what they have to offer is to use both of them together. Which other way do you think than transferring stock between them both? Which brings us to this;
How to transfer stocks from Robinhood to Webull?
Robinhood users may now automate stock transfers between Robinhood and other financial institutions, according to a new feature released by the platform.
In just a few clicks, you can move your stocks from Robinhood to another brokerage (Webull for example) or bank account.
To move stocks from Robinhood to Webull, you'll need to use the broker's Automated account transfer services. You may effortlessly transfer your stocks and funds from Robinhood to Webull by using the ACAT.
How is that done? Well, that's what we are going to be seeing in this article.
In this guide, I will show you how you can easily transfer stocks from Robinhood to Webull.
What is Webull?
Webull Financial LLC provides a commission-free electronic trading platform for stocks, exchange traded funds, options, margins, and cryptocurrencies, which is accessible through a mobile app and desktop computer.
How Does Webull Works?
Webull works similarly to Robinhood and they have so many comparable features. For many, it is difficult to choose which is best between the two.
Webull makes money by lending investors' shares to short sellers, who then sell the borrowed shares to third-party investors in the hopes of repurchasing them at a cheaper price later. Interest is charged on unpaid credit balances.
Webull has among of the lowest brokerage costs while yet providing powerful trading tools. Despite its modest fees, it may not be the best brokerage for newbies.
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How to Transfer Stocks from Robinhood to Webull Step by Step
For many years, Robinhood has been a popular stock trading platform, and it's not a great surprise that many are still trading with Robinhood.
However, before transferring your assets from Robinhood to another broker, you need be aware of a few things regarding the platform.
Here is a step-by-step guide to transfer stocks from Robinhood to Webull:
1. Collect All Information
The first thing you will want to do is to gather all of the information you'll need to enter. To do so, go to the "Account" section of the menu.
You'll find the option to invest under this. After that, you must copy your account number. Keep it in a secure location for future use.
Aside from that, you may require your Robinhood's most recent statement. As a result, make sure to save an electronic copy of the statement to your computer.
If they ask for the DTC number, however, type "6769".
2. Eliminate Account Restrictions
If you're a Robinhood member, you're probably aware that you may invest in margins through the Robinhood Gold program, which is charged.
However, if you have a negative balance or an account deficit, Robinhood may restrict your account.
In such instances, you must ensure that all of your debts are paid and that your Robinhood account is in good standing.
You can only proceed with the transfer once you've eliminated all account limitations.
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3. Start Transferring Stocks from Robinhood to Webull
So, now that you've completed all of the prerequisites, we've reached the critical stage of the process. It's time to start transferring your stock from Robinhood to Webull.
The very first thing you need to do is create a Webull account. There will be no transfers unless the name on your account and the kind of account are the same as the new account.
You will be required to submit some of your work information or your social security number in order to create an account.
Below is a step by step process to transfer stocks from Robinhood to Webull:
- Firstly, click on Webull icon. You can also go to the Deposit tab and select the Transfer option from there.
- After that, select the option to transfer the shares to Webull.
- Choose Robinhood from the list of available brokers.
- When you're finished, make sure you type all of the requested information correctly. Upload the most recent statement if necessary.
- Lastly, click on the option to initiate the transfer process. Select if you need to do a full or partial transfer.
What Happens When You Transfer Stocks from Robinhood to Webull?
Your account will be restricted if you want to move stocks from Robinhood to Webull or another outside brokerage. You will not be able to trade on the account if you choose a full transfer.
This is done so that the entire procedure can be completed quickly. However, you should keep in mind that you will still hold those securities, which will continue to appear in your account and allow you to observe their current market worth.
Other than that, in the case of a partial transfer, the stocks that you have chosen to transfer will be restricted. You will be unable to complete any transactions.
How Long Does it Take to Transfer from Robinhood to Webull?
Stock transfers from Robinhood to Webull take between 5-7 business days on average. You can also contact the customer support team if it is taking longer than expected.
How Much Does it Cost to Transfer Robinhood to Webull? What are the Fees Charged?
You will not be charged any fees by Webull for the transfer. However, you will be charged $75 by Robinhood for the stock transfer.
This cost must be paid regardless of whether you choose full or partial transfer. Furthermore, this payment will be withdrawn from your cash balance in your Robinhood account.
If the balance in that account is insufficient, the payment will be deducted from the new account balance.
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Will Webull Cover the Transfer Fees?
No, there will be no transfer fees charged by Webull. You will not be charged a transfer fee by Webull, but you will be charged a cost by Robinhood.
Furthermore, Webull may be able to reimburse ACA transfer fees. Only if you meet all of the requirements may you receive a refund of up to $100. You must have been worth at least 2000 dollars.
Also, you may be eligible for an IRA, but you must have at least $5,000 in your account.
Is Webull Better than Robinhood?
Yes, in some situations. Webull could be a superior alternative to Robinhood. Both of these sites allow users to trade without paying a commission.
Both companies provide options trading, cryptocurrency trading, and other services. However, there are some distinctions between the two.
That said, here are some major differences to highlight between Robinhood and Webull:
1. Trading Tools
Webull offers many trading tools such as a screener, which allows the user to choose the stock that best suits their demands, such as dividend yield, price, and other variables. However, there is no such function available in Robinhood.
As a result, there are no options for short selling on Robinhood. Users with a Webull margin account have the option of trading short stocks. These characteristics may not be present in Robinhood.
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2. Outstanding Customer Service
When it comes to customer retency, we believe that customer service is a crucial factor. Webull's customer service is available by phone between the hours of 9:30 a.m. and 4:00 p.m. on weekdays. Email help is available 24 hours a day, 7 days a week.
On the other hand, when it comes to Robinhood customer service, you have a variety of alternatives, including email and phone assistance. However, the majority of customers have complained that the entire process is quite slow.
3. Retirement Account
The final significant distinction between Webull and Robinhood is how both assist with retirement planning. Webull provides its users with a conventional retirement account as well as rollover options.
With Robinhood, however, there is no such possibility.
Is There any Limit on How Much I Can Transfer from Robinhood to Webull?
Yes. You can only transfer up to $50,000 every 30-day period. Anything you transfer over that will be locked for 90 days before you may get it.
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Can You Use Robinhood and Webull at the Same Time?
Yes, both Robinhood and Webull can be used at the same time. Both of these sites allow users to trade options, ETFs, and stocks for free.
The main difference between the two is that Robinhood is excellent for novices, whilst Webull is better for some expert users. Both can, however, be used at the same time.
Full Transfer Vs Partial Transfer of Robinhood Stocks: What's the Difference?
Let me put things down for you if you're not sure which is which. When it comes to a full transfer, all of your existing account's stocks will be moved to the new account, and your current account will be closed.
When it comes to a partial transfer, the stocks you chose will only transfer to your account, and your Robinhood account will remain active after that.
Furthermore, until the full transfer is completed, you will be unable to perform any transactions on your account.
However, just the stocks you choose will be restricted in the partial transfer; otherwise, you can use your account as usual.
Final Thoughts on How to Transfer Stocks From Robinhood to Webull
The first two steps are very important to complete before transferring your stocks from Robinhood to Webull. If you account happens to be restricted, you may not be able to complete the transfer.
Talking of transfers, we have 2 main types of stocks transfers — full and partial transfers. No matter the transfer type you choose, Robinhood charges $75 each transfer.
Once your stocks arrive into your Webull account, you can continue trading from there.
It has been proven that Webull is ideal for expect traders and not for beginners. So, before you transfer your stocks from Robinhood to Webull, make sure you are sure of what you are doing. Though Webull offers more advantages than Robinhood, as a newbie, it is recommended to stay with Robinhood.
However, you can use these platforms together and at the same time if you wish to.
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