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Webull

Transfer From Webull To SoFi (Complete 2022 Guide!)

Jamey Muller
Updated: July 14, 2022
5 min read

If you want to move your Webull account to SoFi, you've come to the perfect location. We are so happy you found this page because we know you're probably here because you want to move. We're going to take a look at how to do that, as well as some tips and tricks along the way.

How to Transfer From Webull to SoFi:

To transfer cryptocurrency from Webull to SoFi, you must first liquidate it by selling the cryptocurrency and transferring the proceeds to your bank account. You can then put funds into SoFi's account.

Transferring cryptocurrency between exchanges follows a fairly similar procedure. To transfer your assets from the wallet section to your trading account, you must first log into Webull. You can then exchange them for US dollars and send them to SoFi.

You can transfer your Webull assets to SoFi by following the steps below:

1. To begin selling a cryptocurrency on Webull, find the one you wish to sell.

2. Select “Trade” then “Sell” from the menu.

3. Then, before selecting “Sell” and “Confirm,” select the piece of the asset that you want to sell.

4. After the assets have been successfully sold, click the “Withdraw” tab under the “Transfer” button at the top of the website.

5. The withdrawal form that comprises a list of all of your funds will then be shown to you.

6. Select a bank account that is linked to your Webull account.

7. Enter the desired amount after selecting the currency to withdraw. After that, choose “Withdraw” from the menu.

8. Simply log into your SoFi Money account after the money has been successfully sent to your bank account.

9. Connect your bank account by clicking “add new account.”

10. Find your bank in the list provided, then enter the required information from your account.

11. Once your bank account has been properly linked, you can now input the amount you wish to deposit, hit “Review deposit,” and then “Confirm” the deposit.

However, if you want to transfer stocks from Webull to SoFi, you can do it directly through your Webull account by utilizing the ACATS request.

In this guide, we'll walk you through everything you need to know to Transfer from Webull to SoFi. Everything from timeframes and costs to the operation of the application procedure.

So keep on reading to gain a thorough understanding of how to move your assets from Webull to SoFi.

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

Because Webull assets cannot be transferred directly to SoFi, the time it takes to transfer Webull to a bank account and then from the bank account to SoFi must be considered.

Transferring Webull to your bank account can take up to three business days, whereas SoFi does not take as much time! SoFi states that if you make a deposit into your account using a bank account that is connected to your SoFi account, the digital currency will be immediately available for trading in your account.

However, if you deposit more than your instant funding limit, it will take three business days for your money to be available for trading.

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

You need to take the fees into consideration when withdrawing money from Webull to your bank account, and they vary depending on the type of wire transfer you use. Keep in mind that there are varying costs for domestic and international wire transfers before making a withdrawal from your bank account.

Webull states that they will charge a fee of $25 for domestic wire transfers made within the United States and $45 for international wire transfers.

However, when you deposit from your bank account, SoFi does not impose any fees! This is so that ambitious people can achieve their financial goals, which is what SoFi says their company's goal is.

Is SoFi Really Better Than Webull?

Both SoFi and Webull let you buy and sell stocks, ETFs, and cryptocurrencies, which gives them a lot in common. But before making a decision between the two, you should consider what your goals are.

The digital financial app from SoFi is more comprehensive. This is due to SoFi's recent release of its own credit card as well as the SoFi Money account, which includes the majority of the features of regular checking and savings accounts. They also offer more cryptocurrency for trading than Webull. The only downside is that SoFi doesn't allow you to trade options.

On the other hand, Webull is more suited to trading alone. Therefore, Webull will be your best alternative if you want to concentrate on buying and selling cryptocurrencies, ETFs, stocks, and options.

However, you must be aware that in order to transfer from Webull to other accounts, you will first need to sell some of your assets first.

Can You Transfer Crypto From Webull to SoFi?

Unfortunately, Webull cannot send cryptocurrency directly to SoFi.

We are aware that you are interested in SoFi and why Webull cannot send cryptocurrency to them directly.

SoFi does not currently support cryptocurrency to fiat transfers. The SEC views cryptocurrencies as securities, thus in order to adhere to federal securities rules, they must utilize a broker-dealer. This leaves us with no choice except to transmit the money through a traditional bank account or payment processor like PayPal.

Can You Transfer Options From Webull to SoFi?

Webull will be unable to transfer options to SoFi since SoFi does not allow trading of options. A trader will need to use a different platform if they want to sell an option.

However, if you wish to use SoFi, you must switch to stocks, cryptocurrencies, and ETFs, all of which are accessible through SoFi. 

Why Can’t I Transfer From Webull to SoFi?

Webull is a new broker that has recently gained popularity in the industry. They do not, however, permit their customers to send cryptocurrencies directly to SoFi Invest.

This is due to the fact that Webull is not a brokerage firm and does not have custody of your funds. They are a digital platform that lets you trade stocks and ETFs using your own assets, not a physical exchange.

However, you can transfer stocks from Webull to SoFi directly using ACATS. You just simply fill out an ACATS application from your account, providing the information required for the transaction.

Sources:

Webull: What are the fees for a wire transfer?
Fool: SoFi vs. Webull: Which Broker Is Right for You?
SoFi: Are there fees for SoFi Invest?
SoFi Support: When will my funds/deposit be available to use on my Invest account?

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.