Transfer From TradeZero to Webull (2024)
How To Move Other Brokerage Account Stocks Into Webull
There are a number of reasons why you might want to relocate your brokerage account. Perhaps you want to take advantage of lower (or free) commissions on trades, or maybe you’d like to take advantage of an account opening bonus.
Whatever your reason, it’s super simple to move your investment account to Webull. The company has a user-friendly ACAT form that makes the transition a breeze. Although the transfer process with Webull is rather intuitive, here’s a comprehensive, step-by-step breakdown to help ensure that it goes 100% smoothly for you.
Step 1: Open a Webull Account
First, you’ll need to open an account at Webull that corresponds to the account you want to transfer. For example, if you want to transfer over a Roth IRA, then you need to set up a Roth IRA with Webull. The account types and names must match, or you won’t be able to complete the transfer.
You can also elect to move a regular taxable account over. Webull offers individual accounts (cash or margin) as well as IRAs. Other account types, such as joint accounts, custodial accounts, and trusts, cannot be moved over, at least as of yet.
To begin the account opening process, head over to Webull’s account application page, hit the “Get Started” or “Sign Up” buttons, and then enter your phone number or email address.
Webull Promotion
Get up to 75 free stocks when you deposit money at Webull!
Open Webull Account
Step 2: Submit an ACAT Request
Now that you have your corresponding account set up with Webull, you can start transferring the account you’d like to move into your new Webull account. To begin the transfer process, log into the Webull app and click on the Webull icon in the middle of the bottom row.
Next, scroll down to the “More” icon (three dots inside a circle). Tap here and then scroll down on the next page to the Banking section of icons. Then, tap on the “Stock Transfer” icon.
On the following page, you’ll see Webull’s guidelines for completing a transfer. Take note of the rules listed here, particularly the fact that transfers “can only include stocks, options, cash, ADRs, closed-end funds, and ETFs,” and “Must be valued at $500 or more.”
Continuing on to the next page, you’ll see a list of icons of popular brokerage firms, such as Vanguard, Robinhood, Interactive Brokers, etc. If you don’t see the broker that you want to transfer from, you can also do a search by broker name or DTC number.
Once you’ve selected your outgoing broker, you’ll be asked to fill in certain details, such as the outgoing account number, whether you’d like a full or partial transfer, etc.
If you choose to do a partial transfer, you’ll need to add the amount of cash (if any) that you’d like to move along with the specific securities that you wish to transfer over. Note that only long positions can be moved (as opposed to any short positions you might have).
That’s it! Although Webull doesn’t charge for incoming transfers, your old brokerage firm may charge an outgoing transfer fee. You should check with your broker to see what this outgoing transfer fee might be. It might also make sense for you to do a partial transfer instead, as sometimes brokers only charge for full transfers but not for partial transfers.
Step 3: Sit Back and Let Webull Do the Rest
You’ve done all the work you need to do; now you can simply sit back and let Webull complete the transfer. This process should take about one to two weeks at most. To avoid delays, it’s best to refrain from trading or transferring cash using your outgoing account. However, you can use your new Webull account however you like.
If you’ve chosen a full account transfer, your outgoing account will automatically close once all securities have arrived in your Webull account. If you do a partial transfer, however, your old account will remain open with whatever securities or cash you have chosen to keep there.
Webull Promotion
Get up to 75 free stocks when you deposit money at Webull!
Open Webull Account
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