Some users wonder if transferring stocks to and from a Robinhood account is difficult, but it is a myth. It is pretty easy to transfer stocks to and from a Robinhood account, and Robinhood has set some limits on the stocks you should buy. The assets transferring system of Robinhood is easy to do, and in this discussion, we’re going to examine the same.
You have to manage the contact of your brokerage. The transfer of stocks in Robinhood is safe because this will be done through the Automated customer account transfer service method, and this service takes charge of $75 for transferring the assets.
Transfer Stocks To and From a Robinhood Account
In Robinhood, you can easily access assets’ full and partial transfer services. If you have opted to have a full transfer, your account gets closed after completing a transaction. Before transferring the stocks and money, make sure to check that you have a positive balance. Once you have completed the entire transfer of assets, you will be unable to continue the trade with the same account. Let’s see how to transfer stocks from the Robinhood account to Webull.
Transfer Stocks from Robinhood Account to Webull
To transfer money or stocks through ACAT, you have to ensure that the platform will charge you $75 for transferring the assets. If your transferring amount is more than $2000, your charged money will get refunded. Also, if you add $100 for the first time, then after opening the account, we’ll get one stock free. Now, follow these steps to make the transfer:
- First, you have to create an account at Webull. We suggest you install the official application of Webull for easy operations.
- Open the app and log in or sign in to your account. Select the account which is linked with Robinhood and select the amount.
- Select the “Deposit” option and proceed to the next.
- Now, select the “Transfer” option, and after that, select “Transfer to Webull.”
- Your transfer will get initiated, and it will take 3-4 days or even a week to get completed.
Hence, you can easily transfer stocks from Webull to Robinhood with the steps given above. Now, let’s discuss the transferring of stocks from some other platforms.
Transfer Stocks from Stockpile to Robinhood
Stockpile is one of the best-performing investment platforms designed in 2010 to empower investment among children. This platform also allows transferring stocks and money from one account to another.
Currently, this platform expands and presents the investment to various age groups. The best thing about Stockpile, it doesn’t take any monthly, quarterly, or yearly charges from the customer.
It is required that you have a stockpile account and attains a balance of $75. If you transfer the whole amount from Stockpile, then your stockpile account will get closed.
You’ll get the transfer notification once you initiate the transfer. You have to open the Stockpile account and select the “Transfer” option. Select the Robin Hood account and proceed to next. Your transaction will be successful, and the transaction fees will get deducted from your account.
Transfer Money from Fidelity to Robinhood
ACAT is the service you can easily transfer the stocks and money from any external investment platform. But, Robinhood prohibited the use of ACAT to transfer money. So, now users cannot transfer their stocks from Fidelity to Robinhood.
That was the only way to transfer the stocks from Fidelity to Robinhood. But don’t worry; we still have a method by which you can transfer your stocks and money to Robinhood.
First, you have to liquidate your stocks or money and transfer it to an external bank account. Using Fidelity, you can do this action and liquidate your investment and transfer it to an external bank account. Once your transfer is done, you have to re-transfer the liquidated amount to your Robinhood account. Once you transfer the investment from Fidelity, your account will get closed.
Contact the bank (external bank) and transfer the liquidated amount into your Robinhood account. This may take time, but your work will be done easily.
Conclusion
So, here we have discussed how to transfer stocks and money to and from a Robinhood account. You have to be careful by liquidating your stocks and transferring the amount to the external bank. Hopefully, this information was helpful to you. Still, if you have any queries, drop a comment below.
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