Looking to transfer from Robinhood to Webull? Let's see if I can clearly answer this question with this one blog post. Due to Robinhood pausing stocks for certain traders and allowing other traders to get re-positioned while manipulating the stock price, many traders are fleeing Robinhood. For years, many traders viewed the zero fee trading and easy to use platform and the name Robinhood as a place to trade stocks and get rich. This recent move has angered a ton of Robinhood users.
Quick And Easy: Steps to Transfer from Robinhood to Webull
To begin the process, you'll need to create your account with Webull and have them initiate the transfer. They’ll submit the transfer instructions to Robinhood's clearing partner to transfer over your assets and funds.
After you create your account, follow these steps:
- Navigate to the Deposit Page and Hit “Transfer”
- Tap on “Transfer Stock into Webull”
- Choose Robinhood
- Enter the DTC Number / Additional Info
- Click on Initiate Transfer
If you transfer all of your assets to another brokerage, Robinhood will close your account. Webull says the transfer will take 5 to 7 business days, but I have seen it settle within 2-3 for unproblematic setups.
Why People Are Moving Away from Robinhood
What exactly happened that has so many investors up in arms. I'll let Barstool's founder Dave Portnoy explain what happened here:
Many people have asked how to close their Robinhood account without paying short term capital gains. You can transfer stocks in and out of platforms using the “Automated Customer Account Transfer Service”. The ACAT can be used to transfer stocks, bonds, cash, unit trusts, mutual funds, options and other investment products.
How the ACAT Works
I used the ACAT system when I transferred my brokerage account from Chase to eTrade. This was done when Chase fumbled Facebook's IPO and the stock dropped from $32 to $17 during their IPO. I got in at the $32 and then, bought more at the $17 because I expected Facebook to be at $200 within a short period of time. It took six years!
How Do I Transfer Stock Away from Robinhood
You can transfer stocks and cash to other brokerages through ACATS (Automated Customer Account Transfer Service) transfer. If you want to keep your Robinhood account, you can initiate a partial transfer. Otherwise, you can initiate a full transfer, and we’ll close your account once the process is complete.
What is the Fee to Transfer Stocks Out of Robinhood
Note that there is a $75 fee to transfer your assets out of Robinhood, whether as a partial or full transfer. Webull is now reimbursing this $75 transfer fee up to $100.
Before You Initiate the Transfer
Be sure to resolve any account restrictions or negative balances in your account prior to requesting a transfer, or your transfer may be delayed. You'll need your Robinhood Account number and Robinhood's Deposit Trust Company number, which is 6769.
Robinhood's DTC number is 6769, which will remain the same for every transfer.
Please make sure you initiate an ACATS (Automated Customer Account Transfer Service) transfer. Please don’t request stock delivery using any method other than ACATS, including DTC and transfer agent transfers.
You might need to give the other brokerage your Robinhood Securities (RHS) account number. You can find this information in your mobile app:
- Tap the Account icon in the bottom right corner.
- Tap Investing.
- Your account number will be at the top of your screen.
You may need to reference a DTC number for your transfer. Robinhood’s DTC number is 6769.
How to Initiate a Transfer
To begin the process, you'll need to create your account with Webull and have them initiate the transfer. They’ll submit the transfer instructions to Robinhood's clearing partner to transfer over your assets and funds.
If you transfer all of your assets to another brokerage, Robinhood will close your account.
After you create your account, follow these steps:
- Navigate to the Deposit Page and Hit “Transfer”
- Tap on “Transfer Stock into Webull”
- Choose Robinhood
- Enter the DTC Number / Additional Info
- Click on Initiate Transfer
Webull says the transfer will take 5 to 7 business days, but I have seen it settle within 2-3 for unproblematic setups.
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What happens after I initiate a full transfer?
After you initiate a full transfer, your Robinhood account will be restricted to ensure the transfer is processed smoothly. You won't be able to make any trades on the assets being requested, including options in the underlying asset, while the transfer is in process, but keep in mind that you'll still own the securities or positions during this time, and they'll update in the app to reflect their current market value.
You may receive some assets during subsequent, residual sweep distributions. A residual sweep is the process of transferring any securities that may have remained in an account after completion of the initial ACAT transfer. Residual sweeps are common when you have unsettled trades or dividend payments at the time the ACAT transfer request is received. This process usually occurs on a weekly basis after the initial transfer is completed. You do not need to take any action to initiate these residual sweeps.
Please note that Cash Management and Robinhood Gold will be downgraded as a part of the full ACAT transfer process. If you decide to use Robinhood again, you won't be able to opt back into Cash Management at this time. You will, however, be able to resubscribe to Robinhood Gold.
What happens after I initiate a partial transfer?
After you initiate a partial transfer, your account assets being transferred will be restricted to ensure the transfer is processed smoothly. You won't be able to make any trades on the assets being requested, including options in the underlying asset, while the transfer is in process, but keep in mind that you'll still own the securities or positions during this time, and they'll update in the app to reflect their current market value. Once the partial transfer is complete, any remaining position will be unrestricted and you'll be able to resume trading of that asset.
What happens to my assets when I request a transfer?
Stocks and ETFs
Any full, settled shares should be transferred to the other brokerage. If you have any fractional shares during a full account transfer, they will be sold, and the resulting funds will be transferred to the other brokerage as cash during a residual sweep.
Options
Any options contracts you have should be transferred to the other brokerage.
Crypto
Your cryptocurrencies are held separately in your Robinhood Crypto account, and are not able to be transferred to other brokerages. To ensure your transfer request is not delayed, please liquidate any cryptocurrencies you own before initiating a full account transfer request with your other broker. Failure to do so could delay your transfer request. If you do not liquidate the crypto positions, it is the understanding of Robinhood Financial that our sister company, Robinhood Crypto may liquidate these positions on your behalf. In either case, the resulting funds will be transferred to the other brokerage as cash, either with the initial transfer or during the residual transfer period. Thereafter, both your Robinhood Financial and your Robinhood Crypto accounts will be closed.
Are there any fees to transfer my assets to another brokerage?
If you’re transferring stocks or cash from Robinhood to an outside brokerage, there is a $75 fee. Webull reimburses that fee up to $100.
What if I’m using margin?
We recommend reaching out to your other brokerage if you plan on transferring your Robinhood account while borrowing funds. Some brokerages may accept leveraged accounts.
I want to cancel my stock transfer
If you'd like to cancel your outgoing stock transfer, please contact your other brokerage to cancel the transfer.
Frequently Asked Questions About Transferring Stock and Closing Down Robinhood Account
Robinhood recommends reaching out to your other brokerage if you plan on transferring your Robinhood account while borrowing funds. Some brokerages may accept leveraged accounts.
If you’re transferring stocks or cash from Robinhood to an outside brokerage, there is a $75 fee.
Any full, settled shares should be transferred to the other brokerage. If you have any fractional shares during a full account transfer, they will be sold, and the resulting funds will be transferred to the other brokerage as cash during a residual sweep.
Any options contracts you have should be transferred to the other brokerage.
I was able to find this on Robinhood's FAQ page: Your cryptocurrencies are held separately in your Robinhood Crypto account, and are not able to be transferred to other brokerages. To ensure your transfer request is not delayed, please liquidate any cryptocurrencies you own before initiating a full account transfer request with your other broker. Failure to do so could delay your transfer request. If you do not liquidate the crypto positions, it is the understanding of Robinhood Financial that our sister company, Robinhood Crypto may liquidate these positions on your behalf. In either case, the resulting funds will be transferred to the other brokerage as cash, either with the initial transfer or during the residual transfer period. Thereafter, both your Robinhood Financial and your Robinhood Crypto accounts will be closed.
After you initiate a partial transfer, your account assets being transferred will be restricted to ensure the transfer is processed smoothly. You won't be able to make any trades on the assets being requested, including options in the underlying asset, while the transfer is in process, but keep in mind that you'll still own the securities or positions during this time, and they'll update in the app to reflect their current market value. Once the partial transfer is complete, any remaining position will be unrestricted and you'll be able to resume trading of that asset.
After you initiate a full transfer, your account will be restricted to ensure the transfer is processed smoothly. You won't be able to make any trades on the assets being requested, including options in the underlying asset, while the transfer is in process, but keep in mind that you'll still own the securities or positions during this time, and they'll update in the app to reflect their current market value.
You may receive some assets during subsequent, residual sweep distributions. A residual sweep is the process of transferring any securities that may have remained in an account after completion of the initial ACAT transfer. Residual sweeps are common when you have unsettled trades or dividend payments at the time the ACAT transfer request is received. This process usually occurs on a weekly basis after the initial transfer is completed. You do not need to take any action to initiate these residual sweeps.
You may need to reference a DTC number for your transfer. Robinhood’s DTC number is 6769.
You might need to give the other brokerage your Robinhood Securities (RHS) account number. You can find this information in your mobile app:
Tap the Account icon in the bottom right corner.
Tap Investing.
Your account number will be at the top of your screen.
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2 Comments
This is the third time that Robinhood has screwed over traders. The last time was when they paused trading so their billionaires could get repositioned. THIS time it was trading DOGE – they paused it again!! They are working for billionaires who are shorting the markets.
Hey John,
Yes! Robinhood’s actions benefited their billionaire partners. I haven’t seen the same problems with Webull. If you haven’t created your account, click this link and we both get two free stocks.