Transfer Webull to Firstrade Or Vice Versa (2024)
How to Transfer a Webull Account to Firstrade
If you’re a Webull customer and want to trade mutual funds, you probably know that’s not possible on Webull. Firstrade, however, does offer mutual fund trading while still being a no-commission brokerage. If you want to make the switch, keep reading.
First Step
Consider the fee you might incur when moving to Firstrade from Webull. Webull charges a hefty $75 fee for ACAT transfers. Right now, Firstrade has a special to refund transfer fees up to $200 for moving an account from another firm. The company’s ad notes that this 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. Click on Firstrade's promotion offer: Get up to $250 ACAT rebate and $0 commission trades.
On the homepage, you should see an orange button that says ‘Open an Account.’ Click on it to get started.
The names on your Webull and Firstrade accounts must match, and the account types must be the same. So make sure you fill out your Firstrade application correctly.
Firstrade Promotion
Get up to $250 ACAT rebate and $0 commission trades.
Open Firstrade Account
Third Step
Submit an account transfer application inside your Firstrade account. The ACAT transfer form can be found by clicking on the ‘My Accounts’ tab. In the sub-menu, click on ‘Deposit/Transfer.’ You’ll see multiple asset management features. Click on ‘Account Transfer’ for more details.
You can choose a full or partial transfer. The full transfer option will close your Webull account and move all assets to Firstrade. A partial transfer allows you to move specific securities while leaving other investments in your Webull account. This option doesn't close your old account.
A partial transfer will require more paperwork. In either case, you’ll need your Webull account number when filling out the form, which is provided on Firstrade’s website.
Firstrade Promotion
Get up to $250 ACAT rebate and $0 commission trades.
Open Firstrade Account
Transfer from Firstrade to Webull
Do you have a Firstrade account? Would you prefer to switch to Webull? With our simple guide below, you can move your Firstrade account to Webull with minimal hassle and cost. 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 are part of the ACAT network, which is used to move a brokerage account from one firm to another. Technically, in an ACAT transfer, the account itself isn’t moved; instead, the assets inside the old account are moved to the new one. You need to have an account open at the receiving firm first.
That’s the first step: get the new account ready to receive a transfer. If you already have a Webull account, you can use it. If you don’t, it’s easy to open one. Use their promo link:
Get up to 75 free stocks when you deposit money at Webull!
Then click on the "Get free stocks now" button. A phone number is required to sign up.
To get the account fully open and ready, provide all the required details in the application to avoid delays in the transfer. The name on the Firstrade account must match the name on the Webull account; otherwise, the transfer request will be rejected.
During the application process, add margin and options trading if you plan to move these from Firstrade. If you have any option spreads from Firstrade, you need the minimum options level on the Webull account to accept the positions.
Webull Promotion
Get up to 75 free stocks when you deposit money at Webull!
Open Webull Account
Second Step: Prep Your Firstrade Account
With your Webull account ready, it’s time to prepare your Firstrade account. This may involve several steps, depending on what assets you have and plan to move.
Webull doesn’t offer trading in mutual funds or bonds. If your Firstrade account has these, they must be sold before doing a full transfer. You can also choose a partial transfer and leave these positions in the account. A full transfer moves everything and closes the account.
Previously, Webull didn’t accept transfers of OTC stocks because it didn’t offer trading in them. Webull has since added OTC trading, so it might accept some OTC stocks in the future, though currently, it doesn’t.
If a holding cannot be transferred to Webull, you can sell the position in the Firstrade account and repurchase it in the Webull account. This may have tax implications, so consult your tax advisor before proceeding.
Although option positions and margin balances can be moved to Webull, consider closing some or all of these before starting the transfer. Options that expire in less than two weeks cannot be transferred to Webull. Any spread not approved in the Webull account might be liquidated, so make sure you have the right option level.
The account type at Firstrade must match the one at Webull. If Firstrade has an account type that Webull doesn’t offer, you could transfer the assets to a new Firstrade account that matches Webull’s options (individual or IRA). This could have tax consequences, so consult a CPA before choosing this option.
An ACAT transfer cannot move fractional shares of stocks or ETFs. These will need to be eliminated by the account holder or by Firstrade. If you don’t sell them yourself, Firstrade will when it receives the transfer request.
Third Step: Request the Transfer
Webull is the receiving brokerage, so the ACAT request is made there. You can submit the transfer request through Webull’s app or website.
On the website, go to the My Account page in the upper-right corner. Find the Transfer Stocks link in the left-hand menu, and clicking it will bring up the ACAT form.
You’ll need to provide details, including the Webull account to receive the transfer, the name on the account (which will be pre-filled), the transfer type (full or partial), and the outgoing brokerage firm. Firstrade’s logo is displayed among the options, so just click on it. Select a full transfer if you want to transfer option contracts.
Once all fields are filled in, click the blue button at the bottom to submit the transfer. Webull will notify Firstrade, and they will handle the rest.
On the mobile app, tap the bull’s horns in the bottom menu (center icon) and select Transfers in the top menu. The page will have transfer options; select “Transfer Stocks into Webull.” This brings up the ACAT form. Firstrade’s logo might not appear in the list, so search for it and select Firstrade with DTC # 0158. Fill in the fields before submitting.
Webull only accepts transfers valued at $500 or more.
It might be best to submit the transfer request through the app, as Webull often has promotions for transfers and deposits. To find these, tap on the Menu icon in the bottom-right corner of the app and look at the Promotion Center.
Fourth Step: Monitor the Transfer
After submitting an ACAT request, Webull’s app and website will track its progress. On the website, go to the My Account page, and this time click on Transfer History. Select the Stock Transfer tab to view recent ACATs.
On the mobile app, find the transfer list on the same Transfers tab used to locate the ACAT form. Scroll down to Recent Activity, tap it, and then select the Stock Transfer tab.
The transfer should take about 6 to 9 business days.
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 refund either one. There is a minimum transfer value of $2,000 for individual accounts and $5,000 for an IRA.
Send Webull an email (customerservices@webull.us) requesting the refund. Include a recent Firstrade account statement that shows the transfer fee.
Webull Promotion
Get up to 75 free stocks when you deposit money at Webull!
Open Webull Account
Updated on 9/19/2024.
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