How to Transfer Stocks from Robinhood to Webull

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In this article, we will explain how to transfer stocks from Robinhood to Webull using ACATS transfer. Whether you are one of the people, who want to get out of Robinhood because you didn’t like the way they handled the whole GameStop and AMC situation or you are tired of Robinhood and looking for a better platform, this article is for you.

Robinhood app

I’ve been using Robinhood since its early days and in my experience, it’s user interface is pretty easy to use and overall, it is a nice platform. However, there are some features that Robinhood lacks as compared to other leading platforms:

My Robinhood experience

  • Robinhood doesn’t allow you to trade before 9 am and after 6 pm.

This is problematic for retail investors like me because Robinhood users are in disadvantage when it comes to getting in and out of stocks early. Last year, I wanted to buy a stock after hearing a good news about it before the premarket trading, but I couldn’t do it because Robinhood doesn’t have an ability to do so. I felt like I was left out to be honest. By the time I got into the stock, it was already up 20%.

  • Robinhood doesn’t have IPO offerings

Robinhood doesn’t offer IPOs (initial public offerings) , and this was a deal breaker for me. When some of my friends are buying into IPOs and getting into the stocks early, I was just watching. As you all know, hot IPOs like Crowd strikes Holdings, Snowflakes, Airbnb made investors fortune. I felt unfortunate.

  • Robinhood customer service and security flaws

I didn’t believe this at first, but now I do and know that they have one of the worst customer experiences I’ve seen so far. If something goes wrong, it’s hard to get hold of them. Last year, an article published in NBC reported that Robinhood was hacked and a lot of money went missing. Even though you have insurance through SIPC which covers up to 250K of losses, this is still a hassle and worrisome for a lot of people. Why would you invest your money in a platform that you know isn’t safe?

What is ACATS?

When you sell your stocks and get the proceeds, you will have to worry about taxes and wait for your money to clear from clearing house to buy the same stocks. This is not a transfer of stocks, and you want to avoid this at all costs. This is why you should use the Automated Customer Account Transfer Service (ACATS) when transferring your stocks to another brokerage.

ACATS is be used to transfer securities such stocks, bonds, and even cash from one brokerage to another without having to sell them.

Oh wait! there is a cost.

Yes, most brokerage charge for this service.it’s not usually charged by incoming brokerage but the outgoing brokerage. It’s usually between $50-$100 which is better than realizing gains and paying taxes on them.

Right now Webull is offering to pay up to $100 for your stock transfers.

Here is a step-by-step guide on how to transfer stocks from Robinhood to Webull:

  1. Open Webull account
  2. Click on Transfer tab from your homepage
  3. Click on Transfer Stocks into Webull option
  4. Follow the 4 step process to complete the transfer.

Get free stocks when you open a free Webull account right now. Each stock is valued between $8-$1600.

A simple 4-steps transfer process

  • Submit your application with your incoming brokerage account details. In Robinhood’s case, you will simply need an account number.
  • Review your application
  • Wait for the clearing house to clear your funds and stocks. This usually goes through SEC/FINRA review and takes the most time.
  • Securities are transferred to your Webull account.

You can submit for reimbursement for any cost incurred due to the transfer to Webull and boy! they are fast.

This year I completely got out of Robinhood and started using Webull. I like Webull way better than Robinhood for its richer user interfaces and customer service.

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Get free stocks when you open a free Webull account right now. Each stock is valued between $8-$1600.

 

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