If you are an investor constantly looking for investing apps that fit your preferences and wishes most optimally, you will often find stress about constantly learning how to switch through apps. If you are currently interested in learning how to switch from Robinhood to Webull, this article will greatly help you. Keep reading to learn the most necessary steps you should take in order to have a successful transition.
To switch from the Robinhood app to Webull, start by gathering your information, assets, and account number and making a copy of them. Once you have all the necessary data, you should create a Webull profile and verify it. Enter your account number into the Webull app, select the desired transaction, and you will be able to transfer your Robinhood assets.
If you are currently on Robinhood and decide you need a more advanced app for your business, this article will allow you to transition to Webull successfully.
Table of Contents
Gather All the Transfer Information From Your Robinhood Account
In order to make a successful transition, you should gather the necessary information from your Robinhood account. An important step in this process is figuring out which assets you can transfer to a Webull account, as it doesn’t accept certain ones, such as mutual funds, bonds, penny stocks on the OTC market, and pink sheets.
If you own fractional shares, they will be sold off during the transfer process. While you can transfer options from Robinhood to Webull, the ones expiring within five business days will not be successfully transferred.
The Most Important Information Is Your Account Number
One of the pieces of information you need to gather is your account number. You can easily obtain it through your app by clicking on the “Investing” button, where your number will be located on the top of your screen. This will help with the transferring process and also retrieving your information back to your account, in case you decide on that step. A useful tip would be to download a copy of the most recent statement from your Robinhood account.
Once You Gather the Information, You Can Open a New Account on Webull
Opening an account on the Webull app is pretty straightforward and nothing too confusing. You can either make a profile on your phone or through a website. You will need to share some of the most basic information, such as
- Email address,
- Phone number,
The Type and Name Should Be Identical to the New Weibull Account
In order to transfer assets from your Robinhood account, you first need to open a taxable brokerage Webull account. Once your account is approved, you can start with the transferring work. There are some transfer fees you should be aware of. The Robinhood app will charge you $75 for an outgoing transfer, but Webull won’t make any charges for receiving the transfer. The steps to transferring your assets are pretty simple and are explained in the table below.
|Step 1||Go to your account page on Webull|
|Step 2||Tap on the “Transfer Stocks in Webull” button|
|Step 3||Choose who you want to transfer from|
(search for Robinhood and enter the DTC number)
|Step 4||Enter your account number|
|Step 5||Indicate which type of transfer you want|
|Step 6||Answer the listed questions about contracts|
|Step 7||Finish by clicking on the button labeled “Submit Stock Transfer Request”|
You Can Also Transfer Your Cryptocurrencies to Webull
In case you are wondering whether you are able to transfer your cryptocurrencies from Robinhood to Webull – the answer to that question is positive. However, you should be careful because Webull only supports a few types of coins. Transferring cryptocurrencies is a bit more straightforward because you must copy and paste currencies into the correct wallet address.
If you use the wrong address, the transfer may not be successful – you won’t receive the coins in your Webull wallet and potentially lose your crypto. Once everything is settled properly, you can freely start with your trading processes and enjoy working on your new brokerage app.
Before You Learn How to Switch From Robinhood to Webull, Figure Out Why You’re Doing It
The process of switching brokerage platforms and transferring your stocks from one account to another is pretty simple and not anything that should be stressing you out way too much. However, it would help if you still thought about why you are deciding to make that certain change. Just to make sure you are making the right decision with changing your platform for investing, figure out the main differences and changes you are looking for.
Robinhood Is Great for Beginners, While Webull Is More Advanced
You might have already done some research, but it is still useful to hear more about why some people are deciding to switch from Robinhood to Webull. A lot of beginners in investing start by working on Robinhood, and then they find out Webull is a more advanced trading app with way more tools for fundamental and technical analysis.
Switching to Webull Has Plenty of Benefits
You probably already decided that Webull is the optimal platform for you, which is why you are willing to transfer to it. However, if you are still not sure whether this is the right thing for you, you should be aware that this platform does come with plenty of benefits.
This free-trading app has numerous great features and pros, such as a hundred percent free trading, free short selling, easy withdrawing, an advanced desktop platform, free stocks, and many more interesting additions. While Robinhood was a great way to start learning about commission-free trading platforms, Webull offers its users a more robust trading app.