Transfer Webull to Firstrade Or Vice Versa (2024)

Step-by-step instructions on how to move account, stocks, and other assets between Firstrade and Webull. How much does a transfer cost and how long does it take.

How to Transfer a Webull Account to Firstrade

If you’re a Webull customer and would like to trade mutual funds, you know you can’t do that. But Firstrade offers mutual fund trading, and still manages to remain a no-commission brokerage firm. If you want to make the switch, keep reading.

First Step

Consider the fee you might pay for moving to Firstrade from Webull. Webull charges a steep $75 fee for ACAT transfers. Right now, Firstrade has a , up to a maximum of $200, for transferring an account from another firm. The company’s ad says the special offer expires at the end of the year.

Second Step

Open a securities account at Firstrade. There’s nothing you need to do at Webull. So click on the Firstrade's promotion offer: On the homepage, you should see an orange button that says ‘Open an Account.’ Click on this to get started.

The names on your Webull and Firstrade accounts must match; and the account types must be the same as well. So make sure you fill out your Firstrade application correctly.

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Third Step

Submit an account transfer application inside your Firstrade account. The broker’s ACAT transfer form can be found by clicking on the tab that says ‘My Accounts.’ In the sub-menu that appears, click on ‘Deposit/Transfer.’ You’ll be presented with multiple asset management features. Click on ‘Account Transfer’ and you’ll get more details.

Transfer Webull to Firstrade

At this point, you can select a full or partial transfer. The full option will close your Webull account and move all assets to Firstrade. If you choose a partial transfer, you can move select securities to Firstrade while leaving other investments in your Webull account. Obviously, this option doesn’t close your old account.

Transfer from Webull to Firstrade

A partial transfer will require more paperwork. In either case, you’ll need your Webull account number when filling out the necessary form, which is presented on Firstrade’s website.

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Transfer from Firstrade to Webull

Do you have a Firstrade account? Would you prefer to be at Webull instead? With our simple guide below, you can move your Firstrade account into Webull with as little headache and cost as possible. Thanks to the ACAT (Automated Customer Account Transfer) system, the process is now easier than ever.

First Step: Open a Webull Account

Both Firstrade and Webull participate in the ACAT network, so this is how a brokerage account will be moved from one firm to the other. Technically, in an ACAT transfer, the account isn’t actually moved. Instead, the assets inside the old account are moved into the receiving account. Yes, there must actually be an account open at the receiving firm.

That’s the first step. Get that account open and available to receive a transfer of assets. If you already have a brokerage account at Webull, you can use that one. If you don’t have one yet, it’s really easy to open one. Use their promo link: Then click on the "Get free stocks now" button. A cell phone number is required to sign up.

More is required to get the account fully open and ready to accept a transfer. Be sure to provide these details in the account application so that there are no delays in the transfer. The name on the Firstrade account must be the same name on the Webull account, so make sure these match exactly. Otherwise, a transfer request between the two firms will be rejected.

During the application process, you should also add margin and options trading if you plan to move either from Firstrade. If you have any option spreads that will be coming from Firstrade, you must have the minimum options level on the Webull account to accept the option positions.

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Second Step: Prep Your Firstrade Account

With your Webull account fully prepared, it’s time to put your Firstrade account in order. This could require several steps, depending on what assets you have and what assets you want to move.

Webull doesn’t offer trading in mutual funds or bonds. If your Firstrade account has any of these, they must be sold off before doing a full transfer. It’s certainly possible to request a partial transfer and leave these positions behind in the account. In a full account transfer, everything is moved and the account is closed.

Previously, Webull did not accept any transfers of OTC stocks because it didn’t offer trading in them. Webull recently added OTC equity trading, so it might accept some OTC stocks in the future, although at the time of publication it is not accepting them.

If any holding cannot be transferred into Webull, a workaround would be to sell the position inside the Firstrade account and repurchase it inside the Webull account. This could have tax consequences, so be sure to consult your tax pro before going down this route.

Although option positions and a margin balance can be moved into Webull, you may wish to close some or all of these out before proceeding with a transfer. Options that expire in less than two weeks cannot be transferred into Webull. Any spread that does not have approval inside the Webull account could be liquidated, so it’s important to have the right option level on the receiving account.

The account type at Firstrade must match the account type at Webull. If you have an account at Firstrade that Webull doesn’t offer, you could transfer the assets into a new Firstrade account that matches the account type at Webull (individual or IRA). Once again, this could have tax consequences, so be sure to consult a CPA before choosing this option.

An ACAT transfer cannot move fractional shares of stocks or ETFs. Any fractional shares of stocks or ETFs will need to be eliminated by the account holder or by Firstrade. If you don’t liquidate them yourself, Firstrade will after it receives the transfer request.

Third Step: Request the Transfer

Webull is the receiving brokerage firm here, and that’s where the ACAT request is made. It’s possible to submit the transfer request on Webull’s mobile app or website.

On the website, the starting point is the My Account page, which can be located in the upper-right corner of the site. Once on the My Account page, find the Transfer Stocks link in the left-hand menu. Clicking on this will generate the broker’s ACAT form.

Several pieces of information will need to be filled out, including the Webull account to receive the transfer (in case you have more than one account), the name on the account (this information will be pre-filled and is not changeable), full or partial transfer, and the outgoing brokerage firm. For the outgoing firm, Firstrade’s logo is displayed among the available broker choices, so just click on the logo. A full transfer must be selected if you wish to transfer option contracts.

Once everything has been correctly filled in, click on the blue button at the bottom of the form to submit the transfer. Webull will notify Firstrade, and the two firms will take it from there.

The process on the mobile app is very similar. You’ll want to tap on the bull’s horns in the bottom menu (the center icon) and then select Transfers in the top menu. This page will have a list of transfer options. The one you want here is “Transfer Stocks into Webull.” Tap on this and you’ll get the same ACAT form we saw on the website. This time, Firstrade’s logo won’t appear in the list of available brokers, so you’ll need to search for Firstrade. In the search results, choose Firstrade with DTC # 0158. The same fields must be filled in before submitting the request.

Transfer Firstrade account into Webull

Whether the request is submitted through the mobile app or web portal, Webull will only accept a transfer valued at $500 or more.

It may be a good idea to submit the transfer request through the mobile app, as Webull frequently has promotions on its app for transfers and deposits. To find these, tap on the Menu icon in the bottom-right corner of the app. You’ll see the Promotion Center at the top of this page.

Fourth Step: Monitor the Transfer

After submitting an ACAT request, Webull’s mobile app and website will both keep track of its progress. To find this on the website, go back to the My Account page, and this time, instead of clicking on Transfer Stocks, click on Transfer History. This page will have a collection of tabs at the top, one of which is Stock Transfer. Select this tab to find a list of recent ACAT transfers.

On the mobile app, the transfer list will be found on the same Transfers tab that was used to locate the ACAT form. This time, scroll down a little further until you see the tile for Recent Activity. Tap on this and you’ll get a new page with a Stock Transfer tab at the top. Tap on this to get the list of recent ACATs.

The transfer should take roughly 6 to 9 business days to complete.

Fifth Step: Request a Refund of Firstrade’s ACAT Fee

Firstrade charges $75 for a full outgoing ACAT transfer and $55 for a partial transfer. Webull will reimburse either one of these. There is a minimum $2,000 transfer value for individual accounts and a $5,000 account minimum for an IRA.

s Send Webull an email (customerservices@webull.us) requesting the refund. Be sure to attach a recent account statement from Firstrade that lists the transfer charge.

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