Transfer From SoFi to Webull in 2024
Want to Transfer a Brokerage Account Between Webull and SoFi Invest? Here's How
Transferring an account from Webull to SoFi Invest or in the other direction couldn't be any easier today thanks to the ACATS network. Just follow the steps outlined in this article and you'll be able to move an account from one firm to the other with as little cost as possible.
Basic Outline
Anytime you send an investment account from one broker to another via ACATS, you want to follow these simple steps:
First, open an account with the broker you want to trade with. Although this seems rather self-explanatory, it's a good idea to do this first as it may take a few days before it will be live and able to accept a transfer.
Second, prepare your old account for the impending transfer. If you choose a full transfer, you'll need to close out open orders, eliminate margin debits, and make sure all trades have settled. You'll also need to verify you're not sending any positions that the new broker won't accept.
Third, request an ACATS transfer with the new broker (not the old one).
Transfer From SoFi to Webull
Using the guide above, it's possible to move a brokerage account from SoFi Invest (make sure it's a brokerage account and not some other account that SoFi offers) to Webull.
First, open an account at Webull. This can be done with either an email address or phone number. This first step just gets you in the front door. You'll be able to practice the broker's trading software, but you'll need to supply more detailed information to get your account open so that you can execute a transfer.
Second, make sure you don't try to move any cryptocurrencies from SoFi Invest to Webull. Although Webull does offer crypto trading, digital currencies can't be moved in an ACATS transfer. For a full transfer, you'll want to liquidate crypto holdings or make sure they're in a separate account. For a partial transfer, there's no need to worry about them as long as you don't list them in the transfer.
Third, submit an ACATS request inside your Webull account. This can be accomplished either on the mobile app or website. The starting point for an ACATS transfer is the account button in the upper-right corner of either platform. You’ll need to search for SoFi Invest (DTC number is 0158 through Apex Clearing). Webull's software will let you specify full or partial transfer—just follow the prompts.
After you submit your transfer request, it should take less than 10 business days to complete. Remember that if you selected partial transfer, your SoFi Invest account will remain open.
SoFi Invest does charge $75 for an outgoing transfer. While Webull doesn't reimburse this fee, it does regularly offer bonuses for transferring an account. Both the website and mobile app display these ongoing promotions.
Webull Promotion
Get up to 75 free stocks when you deposit money at Webull!
Open Webull Account
Transfer From Webull to SoFi
To complete a transfer in the other direction, the steps are the same, although there are some unique precautions.
First, open your new SoFi Invest account. This can be done on the broker's website. Simply click on the Open an account link at the top of the site and fill out the requested info.
Second, it's time to get your Webull account ready, and this could require some extra legwork. SoFi Invest doesn't offer trading in option contracts, so if you have any of these and you plan on performing a full transfer, they will all have to be closed out. Recall that digital currencies can't be moved regardless, so the same applies to them in the case of a full transfer.
Also, while SoFi Invest does have margin accounts, it doesn't permit margin trading; so if you have this feature at Webull, you won't be able to maintain it at SoFi Invest.
Third, it's time for the ACATS application. Like Webull, SoFi Invest has a user-friendly online form that takes just a few minutes to fill out. Unlike Webull, SoFi Invest permits ACATS transfers using the outgoing broker's login credentials. Just click on a button with the word transfer on it (there are several located throughout the SoFi site) and follow the prompts. If you don't want to enter your Webull user ID and password on this form, you can instead opt to enter other details such as account type and number.
Like SoFi Invest, Webull charges $75 for an outgoing transfer. Unlike Webull, SoFi does refund other companies’ transfer fees (with a minimum account value of at least $5,000). And the brokerage arm of SoFi often runs promotions of free Stock Bits (these are fractional shares of stocks).
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