Robinhood and Webull are popular stock trading platforms for DIY traders. They offer $0 stock trading costs and no account minimums or options trade fees.
However, there’s one area where these two competitors go their separate ways—their usability. In this article let’s look into how to transfer from Robinhood to Webull.
Robinhood is an excellent option for beginner traders since it has a clean-cut interface with minimal trading tools and clutter-free charts.
In contrast, Webull has many tools and more complicated trading charts, making it an excellent platform to use when you’re transferring from a beginner to an intermediate trader.
So, if you’re ready to buckle down and elevate your trading toolbox, we’ll teach you how to transfer stocks from Robinhood to Webull.
Nailing Down Your Timeline & Fees
Before we talk about how to transfer stocks from Robinhood to Webull, it’s crucial for you to know how long you can expect the transfer to take.
Stock transfers from Robinhood to Webull average 5-7 business days.
Furthermore, Webull requires you to transfer at least $500. The good news? They won’t charge you anything for doing it.
On the other hand, Robinhood will pull $75 from the full or partial transfer that you’ll be making to Webull (or any other exchange, for that matter).
Partial vs. Full Robinhood to Webull Transfers
When transferring stocks from Robinhood to Webull, you have the option to transfer 100% of your stocks for a full transfer.
Alternatively, you can do a partial transfer, letting Robinhood know which stocks you’d like to transfer to Webull, leaving the remaining stocks in your Robinhood account.
Should you choose to perform a full stock transfer with Robinhood, keep in mind that this will initiate an account close. Therefore, you should be sure that you no longer want to use Robinhood’s services before a full stock transfer to Webull.
A Step-by-Step Guide for Transferring from Robinhood to Webull
Ready to learn how to transfer stocks from Robinhood to Webull? Read on for details.
Step 1: Set up a Webull Account
You won’t be able to transfer your Robinhood stocks to Webull until you have a Webull account. Luckily, setting up an account is easy, and you can do so on their desktop or mobile app.
Webull requires phone verification and your social security number as part of the sign-up process. Don’t worry—these are standard requests, as the U.S. government requires them for tax purposes.
Step 2: Get Your Robinhood Data Together
Webull will ask for a few essential details about your Robinhood account for them to initiate your stock transfer.
You should have the following three pieces of information on hand:
- Robinhood account number
- Most recent Robinhood statement
- DTC number (6769)
Let’s start with your account number; head to the “Account” or “Investing” icon to find this. Your account number will pop up, so simply copy it and paste it into a safe, offline place.
You may or may not need the following two items on the list above to start your stock transfer to Webull.
The Robinhood statement contains several pieces of information that may facilitate the questions that Webull asks about your stock holdings.
To find this document, head to the search function in your email and search for “Robinhood statement.” Make sure to choose the most recent email, and download the document. Alternatively, you can download it from your online Robinhood account.
As for the DTC number, we’re giving you a little cheat help with that. There’s nothing you need to do with it other than providing Webull the number “6769” if they ask for DTC information.
Step 3: Make Sure Your Robinhood Account is in Good Standing
Few things will make your heart drop more than initiating a stock transfer and receiving an error or delayed message. So, to avoid this from happening during your Webull transfer, make sure you’re in good standing with Robinhood.
One of the biggest reasons you may have issues transferring stocks from Robinhood to Webull is a negative balance in Robinhood. That can occur for a few reasons:
- Negative balance from a margin trade
- Delays in bank transfers
If you don’t have Robinhood Gold, you won’t have to worry about being in the negatives from margin trading. But if you pay for this upgraded service, double-check that your account has enough cash in it to cover any potential fees from a current trade.
Bank transfer delays can happen to any Robinhood trader. It could be you accidentally mistyped information, or your bank is delaying the transfer to prevent fraud.
Regardless of the reason, it’s annoying at best and disruptive at worst. That’s because Robinhood offers instant deposits, meaning you can start trading with your money before the cash from your bank arrives in their account.
That’s a fantastic option when it works. But if you’re trying to do a stock transfer to Webull and are currently in the red because you took advantage of trading with Robinhood’s instant deposit, it’s frustrating.
So, how do you tell if your Robinhood account is in good standing?
Head on over to the notifications icon in your account. If it’s free and clear of any account deficit notifications, they shouldn’t give you issues when you initiate your stock transfer to Webull.
Step 4: Request the Stock Transfer With Webull
With the Robinhood side of things in order, it’s time to log into that new Webull account of yours.
Head to the deposit page and click “Transfer.” Then, select the option, “Transfer Stock into Webull.”
From there, Webull will ask for the broker (Robinhood) and Robinhood’s details. At this time, you might need to upload your most recent Robinhood statement.
Finally, let them know if you want to do a full or partial transfer.
Now all that’s left to do is wait the 5-7 business days for your stocks to arrive in your Webull account.
Ready to Start Your Stock Transfer?
Now that you know how to transfer stocks from Robinhood to Webull, all that’s left to do is begin the process.
Robinhood is an excellent first step for beginner traders. Once you get your stocks onto Webull, you’ll likely encounter a learning curve with the many extra charts and trading tools they offer. However, they’re what can help you become a more proficient stock trader.
Before you know it, you could be on your way to making some killer trades, participating in markets like the New York Stock Exchange, the world’s biggest exchange.
FAQs About Transfers from Robinhood to Webull
We understand that stock transfers can feel scary, especially for first-timers. So, below are answers to some of the common questions we receive about this process.
Is Webull better than Robinhood?
Webull is better than Robinhood if you’re an intermediate or advanced trader. They offer more trading tools and resources than Robinhood, allowing you to custom design a stock trading strategy.
Is Webull Safe?
Yes, Webull is an extremely safe platform for stock trading. The Security and Exchanges Commission (SEC) and Financial Industry Regulation Authority (FINRA) regulate them. Furthermore, they insure the stocks you hold on Webull.
Does Webull have trading fees?
Webull is a commission-free trading platform that has $0 minimum deposits. However, you might notice small amounts of fees, such as two cents, after making a Webull stock trade. That occurs because regulatory agencies like the SEC and FINRA charge fees.