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Webull

Transfer From Webull To Fidelity (Complete 2022 Guide!)

Jamey Muller
Updated: July 14, 2022
6 min read

Investors transferring securities accounts from one brokerage to another is common. If you want to move from Webull to Fidelity, you can do so by following several simple steps.

This guide will teach you how to transfer an account from Webull to Fidelity. 

How to Transfer From Webull to Fidelity:

It is relatively easy to switch from Webull to Fidelity. You only need to submit an Automated Customer Account Transfer (ACAT) request.

1.     Create an account with Fidelity, then navigate to the site’s Transfer Assets page.

2.     Type in Webull Financial LLC to select your current firm.

3.     Click next, then key in your Webull account number.

4.     Select your account type on the dropdown menu.

5.     Click next, then finish the on-screen instructions.

6.     Your transfer request will be submitted to Fidelity for valuation.

Customer accounts are commonly transferred between brokerages via an automated process. ACATS, which is operated by the National Securities Clearing Corporation (NSCC), is utilized to facilitate such transfers.

Assets like stocks, bonds, options, and cash can be readily transferred through ACATS.

To start the account transfer, you need to accomplish a Transfer Initiation Form (TIF) and send it to the firm you wish to switch your securities to. 

The receiving firm will then begin the process by communicating with your current firm via the ACATS.

Your pertinent data will be entered into the system, including your account name, Social Security number, and account number in your current firm.

ACATS will let your current firm know of the request to transfer so the transfer process can be completed.

While automated, the account transfer process is not infallible. It can still be impacted by delays due to certain factors.

If you want to transfer from Webull to Fidelity, the TIF will be sent to Fidelity. As the receiving firm, Fidelity will begin the process by communicating with Webull to request your account assets.

Once the request has been processed, Webull will send the account assets to Fidelity. Fidelity will then deposit your securities into your selected account within five to 14 days.

In some cases, Webull will require you to mail a signed transfer form. Fidelity will prefill a PDF upon request so you can print, sign, and mail it to Webull.

How Long Does It Take To Transfer From Webull to Fidelity?

The transfer process from Webull to Fidelity usually takes about three to five days on average. For some accounts, this can take up to two weeks.

Fidelity has a tracker tool you can use to monitor your account status.

The processing time may also depend on Webull’s rules. Your account type and investment type may also affect your waiting time.

Sometimes, delays happen due to the trading activity in your Webull account after the transfer has been initiated. 

You should avoid conducting any trades after submitting your transfer request.

If you have insufficient funds to cover the transfer fee, this may also be a cause for delay in the processing time.

Webull charges for account transfers. If you do not have enough funds in your Webull account to cover this transfer fee, your request will be put on hold until the funds are provided.

Sometimes, Webull imposes restrictions on your account that prevent you from transferring securities to other broker-dealers. This may be due to a prior transfer, or other activity in your account.

If this happens, you need to contact the firm to have the restriction lifted before trying to initiate a new request transfer.

How Much Does It Cost to Transfer From Webull to Fidelity?

Webull typically charges a $75 fee to transfer securities to a different brokerage. This applies to both partial and full transfers.

However, you do not need to worry since Fidelity will fully reimburse this amount once the transfer process is completed.

When you get a notification that your Webull account has been transferred over, you have to reach out to Fidelity so the transfer fee will be refunded to you.

Is Fidelity Really Better Than Webull?

Most investors choose Fidelity as a broker-dealer due to its variety of account features and excellent customer service.

Fidelity is one of the largest and most respected brokerage firms across the globe, offering to trade on over 2,000 stocks and exchange-traded funds (ETFs). 

Its transaction fees are also quite reasonable compared to other broker-dealers. You will appreciate Fidelity’s easy-to-use mobile app and trading tools. 

It also offers comprehensive retirement services. If you want to invest in target-date funds to build up your retirement portfolio, Fidelity is an excellent choice for you.

If you are a novice investor, Fidelity is a better option than Webull since it provides educational videos on stocks, ETFs, options, bonds, and mutual funds.

Fidelity also offers a wider range of investment options than Webull. You get access to a diverse selection, including stock and options trading, mutual funds, international trading, and advisor services.

In terms of research capabilities, Fidelity offers superior market research. Its trading tools and mobile trading apps are also easier to utilize.

Finally, Fidelity’s online banking is first-rate. It provides services on checking and saving accounts, and debit and credit cards, which Webull does not have.

Can You Transfer Crypto From Webull to Fidelity?

You should reach out to Webull regarding Transfer of Assets (TOA) requests with cryptocurrency involved. You probably need to liquidate that cryptocurrency to facilitate the transfer.

Sometimes, Webull rejects full transfer requests with cryptocurrency. If this happens, you have two options – either liquidate the assets or initiate a new partial TOA without cryptocurrency.

You can begin the process for partial TOA by logging in to your Fidelity account and clicking the Start a Transfer option.

Afterward, type Webull and enter your account number. Then, select the account type. 

Choose the Fidelity account you want to asset to transfer into, then indicate No when asked if the request is for a full account transfer.

Fidelity does not currently have a cryptocurrency fund. What it has is an ETF that offers investors exposure to cryptocurrency, blockchain, and even digital payments industries.

There is also the Fidelity Advantage Bitcoin ETF and mutual funds, but these are available only on the Toronto stock exchange. They are not yet offered to investors in the United States.

Can You Transfer Options From Webull to Fidelity?

Yes. You can transfer options contracts from Webull to Fidelity. As with other TOA requests, this can take anywhere from five to seven business days.

If you are transferring options from Webull, you need to secure an approved options application with Fidelity first. 

Those with no existing options agreements with Fidelity will not be allowed to open an options contract.

Options trading is available for all brokerage accounts. You can also do the application online.

You should log in to Fidelity, then navigate to Accounts & Trade. Afterwards, select Account Features then Brokerage & Trading.

You will see Options in the list. Click this, then choose Apply next to the applicable account.

Why Can’t I Transfer From Webull to Fidelity?

Your request to transfer an account from Webull to Fidelity may be rejected or pending for more than seven business days for several reasons.

Firstly, the problem may be because you are transferring unsupported securities that are not tradable on Fidelity. 

Another possible setback is due to insufficient cash to cover the outgoing brokerage’s transfer fees. 

If you have negative or margin debt in your Webull account, this will also be a holdup in the process.

Finally, your application may be delayed if you submitted trading attempts at any point during the transfer process.

Firms usually freeze accounts that are in the process of being transferred. Until the transfer is complete, you will not be permitted to do trades. 

Before moving accounts from one brokerage to another, you should always communicate with the receiving firm and ensure that it is a good fit for you.

You should determine certain policies and constraints that may affect the transfer process.

For instance, if you have a margin account with Webull, you should ask Fidelity if it will accept a margin account. Asking for the minimum requirements is also important so you can prepare them beforehand.

You also address questions regarding the length of the transfer process for specific accounts and assets held, possible delays, and other vital information with your new firm.

If you want to sell and buy stocks, do so before entering the transfer request stage. This way, you will avoid unnecessary holdups.

Sources:
Finra: Understanding the Brokerage Account Transfer Process

Written by
Jamey Muller
I'm the head-writer @ Knowledge Eager (or, in plain English, I'm the guy writing the majority of the content here). Addicted to the stock market, football, sushi and tacos.
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Jamey Muller
I'm the head-writer @ Knowledge Eager (or, in plain English, I'm the guy writing the majority of the content here). Addicted to the stock market, football, sushi and tacos.