We're reader-supported. When you buy through links on our site, we may earn an affiliate commission.
Webull

Transfer From Webull To Robinhood (Complete 2022 Guide!)

Jamey Muller
Updated: July 14, 2022
6 min read

Investors are always looking for brokerages that offer varied investment options and reasonable fees. Transferring an account is easy and you can do it by following several simple steps.

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

How to Transfer From Webull to Robinhood:

You need to submit an Automated Customer Account Transfer (ACAT) request to switch accounts from Webull to Robinhood.

1.     Create an account with Robinhood, then accomplish the ACATS.

2.     Type in Webull Financial LLC as your current firm.

3.     Key in your Webull account number and indicate your account type.

4.     After submitting, your transfer request will be submitted to Robinhood for valuation.

Transferring customer accounts and securities is typically completed through an automated process. The National Securities Clearing Corporation (NSCC) operates ACATS, which is used to facilitate these transactions.

You can transfer different assets via ACATS, including stocks, bonds, options, and cash.

To initiate the account transfer, you should fill out a Transfer Initiation Form (TIF), then send it to the firm you want to move your securities to. 

Once the receiving film receives the request, it will reach out to your current firm to get your pertinent data.

These include your account name, Social Security number, and account number in your current firm. All of these will be done through the ACATS.

You should note that while automated, the account transfer process is not infallible. Certain factors can still impact the process and cause delays.

If you want to transfer from Webull to Robinhood, the TIF will be sent to Robinhood. 

As the receiving firm, Robinhood will begin the process by communicating with Webull to request your account assets.

Not all assets are transferable from Webull to Robinhood. The latter only supports stocks,

ETFs, options contracts (not expiring within 7 days), cash balances, and margin balances (but only if you have a margin-enabled account).

Webull will send the account assets to Robinhood once the request has been approved. You have to wait for five to 14 days for Robinhood to deposit your securities into your selected account.

Keep in mind that once your transfer request is accepted, you will not have access to the positions you are switching for your current firm.

When the transfer is complete, you will be able to manage those assets on the Robinhood platform.

Robinhood also offers two types of account transfers – full and partial.

For full transfers, all your assets from Webull will be sent over to Robinhood. For partial transfers, only specific assets that you chose will be moved to Robinhood.

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

Transferring accounts from Webull to Robinhood usually takes about five to seven business days. For some accounts, this can be as long as two weeks.

The processing time usually depends on Webull’s house rules. The account type and investment options you wish to transfer may also influence the waiting time.

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

To prevent this, you should avoid conducting any trades after submitting your transfer request.

Insufficient funds in your current firm account may also cause holdups. Since Webull charges for account transfers, you need funds to cover the transfer fee.

If you do not have enough funds left in your account, your request will likely be put on hold until such time you provide the payment.

Webull also imposes other restrictions on your account that will prevent you from completing an account transfer to a different brokerage.

If this happens, you need to reach out to your current firm to have this lifted before trying to initiate a new request transfer.

You can keep track of the progress of your transfer request on the Robinhood website or app. 

If there is a problem and your request cannot be completed, a notification will be sent to you. You can also view more details of the setback using the Robinhood app.

If you somehow changed your mind and want to cancel after already submitting your request, you can do so. However, not all cancellation requests will be granted.

The decision depends on the stage you are already at during the transfer process.

You may also need to contact Webull if Robinhood is unable to terminate the transfer, 

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

For outgoing ACAT transfers to a different brokerage, Webull will charge you a $75 fee. This applies to both partial and full transfers.

Robinhood will fully reimburse you once the transfer process is completed. 

The refund does not happen automatically. You need to communicate with Robinhood and provide additional information once you receive the transfer complete notification.

The brokerage will arrange the recompense for you. There are also no minimum transfer amounts required to request fee reimbursement.

Is Robinhood Really Better Than Webull?

Robinhood is a mobile-first broker-dealer that focuses on attracting younger investors. Currently, it has more than 13 million users.

If you want a simple trading app without fanfare, this is the brokerage for you. Robinhood's website is also straightforward to navigate. 

You will also appreciate the low trading costs and access to cryptocurrency offerings and fractional shares.

Robinhood is also known as the best broker-dealer for individual taxable and margin accounts.

Compared to Webull, Robinhood is better for beginners. Investors are offered access to education for both stocks and options.

However, Webull offers a wider range of investment options than Robinhood. You can get into stock and options trading, mutual funds, and fractional shares.

Webull’s research capabilities are also better. 

In terms of banking, Robinhood is more advanced since it provides debit cards to its clients. Webull does not offer this.

If you are interested in cryptocurrency investing, Robinhood can help you build up your portfolio. You can utilize the platform to trade Bitcoin, Ethereum, and more.

It has also expanded its options trading platform. Many users have praised Robinhood for good cash management. 

Can You Transfer Crypto From Webull to Robinhood?

No. The ACATS transfer system does not support cryptocurrency transfer, so you will not be able to transfer crypto from Webull to Robinhood.

When you initiate a full Transfer of Assets (TOA) request and there is cryptocurrency involved, Webull will need to liquidate crypto to facilitate the transaction.

You may also request a new partial TOA without cryptocurrency if you do not want a full transfer.

To begin the process, log in to your Robinhood account and select No when asked if the request is for a full account transfer.

Can you transfer Options from Webull to Robinhood?

Yes. You can transfer option contracts from Webull to Robinhood, provided that they are not expiring within seven days.

You can use ACATS to transfer options positions between broker-dealers to Robinhood’s accounts. However, options that will elapse within seven days are not transferable.

Moreover, assets in your Robinhood portfolio cannot be used as collateral for incoming option positions. Any collateral required for options should come over as part of the transfer.

Keep in mind that Robinhood should first approve your options applications before initiating the transfer. This is so it can check if your account can support certain strategies regarding options trading levels.

Why Can’t I Transfer From Webull to Robinhood?

Your account transfer request from Webull to Robinhood may be rejected for several reasons. The most common is entering an incorrect account number.

Brokerages follow either an alphanumeric or numeric pattern in account numbers. If you keyed in incorrect digits, your transfer will not push through.

Transfer requests may also be declined due to ineligible assets. 

Robinhood has the right to reject your application if it cannot hold the assets you are bringing in. Typically, a security is transferable if it is purchasable in the platform.

This is why it is important to always check with Robinhood on what types of securities you can transfer before initiating the process.

Another possible setback is if you have inadequate cash to cover Webull’s transfer fee. A negative or margin debt in your current firm may also result in a holdup.

If you plan to carry over a margin balance to your Robinhood account, you need to have margin investing enabled. Your Robinhood account should be able to support the margin balances and positions you will bring in to prevent deficits.

The same applies to options trading. Robinhood needs to approve options investing before you initiate the account transfer.

Finally, you should avoid buying or selling stocks during the transfer process. If you have to, do it before entering the transfer request stage. This way, you will avoid pointless delays.

Sources:

Nerd Wallet: Webull vs. Robinhood: 2022 Comparison

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.
Have any questions? Write us a message.
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.