With the wide array of investing apps available today, it is not uncommon to switch from one to the other. Usually, this is based on features or functionality of the brokerage account.
In this article, we will be outlining the steps involved with transferring your brokerage account from Webull to Robinhood. Both of these apps offer commission free stock, options and crypto trading.
However, Webull is more of an intermediate trading platform while Robinhood is more beginner friendly.
One of the most common reasons for switching from Webull to Robinhood is users being overwhelmed with the amount of research tools and data available on the Webull app. Or perhaps it is to take advantage of Robinhood's IRA account option with a 1% match.
Whatever your reason may be, we will show you how to transfer step by step. If you are still on the fence about which platform is best for you, then check out or article comparing Robinhood vs Webull.
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Transferring Assets From Webull To Robinhood
Robinhood allows users to transfer in eligible assets through the Automated Customer Account Transfer Service knowns as ACATS.
Many brokerages charge a fee to initiate a transfer, however Robinhood will reimburse that transfer fee back to you up to $75.
In the case of Webull, the outgoing ACATS transfer fee is $75. So, it won't end up costing you anything to transfer your assets. However, after the transfer is complete, you will need to reach out to Robinhood's customer service team to receive the reimbursem*nt.
At this time, investors are not able to transfer crypto directly from Webull to Robinhood as Webull does not offer a crypto wallet. For stocks, ETFs, cash, and IRAs, you are in luck.
Transferrable Assets
The following assets can be transferred over from Webull to Robinhood:
- Stocks
- ETFs
- Options contracts that do not expire within 7 business days
- Uninvested cash balances
- Margin balances, assuming you open a margin account with Robinhood
Non-Transferrable Assets
Unfortunately, these assets are not supported by Robinhood:
- Fractional shares (whole shares transfer in, fractional shares are sold and the cash balance transfers)
- Cryptocurrencies(crypto cannot be transferred in an ACATS transfer. Transferring crypto is done through a Crypto Wallet, but Webull does not have this offering)
- Options contracts expiring within 7 business days
- Mutual funds, bonds, annuities
- Futures
However, most of them are not supported by Webull either, so you likely do not have them within your account.
Now that you have a general idea of the guidelines surrounding a full account transfer from Webull to Robinhood, let's cover the steps involved.
1. Gather Information From Webull
In order to transfer your Webull account over to Robinhood, you will need your Webull account number. This is something you can retrieve from within the app, or it is on all of your statements.
You will most likely need your most recent brokerage statement from Webull, so it is a good idea to retrieve a downloaded copy of this.
Here's how to find your Webull statements:
- Within the app, tap on the Webull logo at the bottom
- At the top, swipe over to the right on the menu and select "Documents"
- Scroll down to "Account Statement"
- Click on the most recent statement
- Download a copy of this or email it to yourself to download later
There is also some information you may want to have handy just in case, including the account ID, account type and Webull's DTC number.
Here's how to retrieve that information:
- Within the app, tap the Webull logo at the bottom
- At the top, swipe over and select "Transfers"
- Click on the button that says "Transfer Stocks out of Webull"
- Scroll down to "How to Initiate"
- Write down your Account ID
Webull's DTC number is always the same, which is 0158. You most likely won't need this though.
2. Make Sure Your Webull Account Is In Good Standing
The next step is to ensure that your Webull account has no balances that are due. If you have a margin account, you have to pay interest on the money that is borrowed.
Not to mention, with instant transfers, it is possible to have an account deficit related to banking issues.
You want to ensure that your Webull account is in good standing with no balances due before initiating the transfer. If not, it will likely delay the process.
In addition, cryptocurrency assets cannot be transferred at this time. If you own any crypto within your Webull account, you will want to liquidate this into cash before initiating the transfer process.
3. Setting Up Robinhood
The next step you need to take is setting up your new brokerage account with Robinhood. If you already have an account with Robinhood, then you can skip this step.
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Keep in mind, the account type you open has to match the account type you are transferring in. For example, if you are looking to transfer a margin account from Webull to Robinhood, you need to open a margin account with Robinhood.
The initial requirements are as you would expect; an email, password, as well as your investing goals, and Social Security Number.
4. Initiate The Transfer
Once you have opened a brokerage account with Robinhood, the next step is to initiate the transfer within Robinhood. This is only possible via the Robinhood app, so you will want to download this onto your phone.
One of the options for funding your new Robinhood account will be to transfer in an existing brokerage account. That is the option you will want to select if you have to create a new Robinhood account. If you already have an account with Robinhood, then you can follow the steps below to initiate the transfer:
- Tap the person icon along the bottom navigation menu
- Tap the three lines icon in the top left
- Select "Transfers"
- Choose "Transfer accounts into Robinhood"
- Select Webull by typing it in the search bar
- Enter in your account number
- Confirm your account name
- Answer whether or not your Webull account has mutual funds or bonds
- Choose full or partial transfer
- Review the transfer and submit
Final Thoughts
Those are the simple steps involved with the transfer process from Webull to Robinhood.
Once you initiate a transfer, your Webull account will be restricted from trading.
Upon completion of the full transfer from Webull to Robinhood, your Webull account will be closed. This process usually takes around one week. You will be able to keep track of the transfer process by logging in to your Robinhood account on desktop.
If you are looking to learn more about Robinhood, check out our full Robinhood review here!
