How to close a WeBull account on mobile app or with customer service. Fee to close WeBull brokerage account and delete app.

How to Close a Webull Brokerage Account

So you want to close your Webull account. There are several options available to you. Each choice has its own advantages and disadvantages. We’re going to go over each one step-by-step and give you some recommendations.

WeBull Account Transfer (ACAT) Fee

If you have securities in your Webull investment account and don’t want to sell them before you close your account, you can simply transfer the entire account to another brokerage firm, and all of your securities will be intact. Because Webull doesn’t offer any esoteric securities, such as futures contracts, penny stocks, or foreign equities, you don’t need to worry about another brokerage firm not accepting certain asset types. If you choose this route, keep in mind that Webull will charge your account $75.

To start an account transfer, you’ll need to fill out a form with the new brokerage firm. Most companies today offer an online form to reduce the time required. You’ll need your Webull account number during this process. When your new broker submits the account transfer form to Webull, your Webull account will be automatically closed.

Brokers today usually permit partial transfers; so if you were just wanting to move certain securities, you could leave your Webull account open and move whatever securities you wanted to keep.

Top Competitors

Broker Review Stock/ETF
Commission
Mutual Fund
Commission
Maintenance
Fee
Annual IRA
Fee
Promotion
Offer
Firstrade $0 $0 $0 $0 $0 commissions + up to $200 in transfer fee rebates.
Ally Invest $0 $9.95 $0 $0 Up to $3,500 cash bonus + free trades.
TD Ameritrade $0 $49.99 $0 $0 $0 commission stocks/ETFs + get up to $600 cash.


Closing With a Wire Transfer

Another option is to sell all securities in your Webull account, and then move the cash proceeds out of your account via wire transfer. Typically, the funds would be moved to an external bank account, although wires can be sent to brokerage accounts as well.

Wire requests are usually processed the same day if you submit your request in the morning. The funds typically are available in the receiving account the following day. Thus, wires are normally the best choice if you want the fastest possible service.

Webull charges $25 for each outgoing wire. If the receiving institution is located outside the United States, the charge increases to $45.

When the funds show up in your receiving account, you then would want to contact Webull to request your account be closed. Although you could choose to leave the account open with a $0 balance, this is not recommended for security reasons.


Promotion

Get up to $1,500 Amazon gift card and 2 FREE stocks between $8 and $1000.

Open WeBull Account

Contacting the Broker

As already mentioned, if you choose the wire service you’ll want to contact Webull after the outgoing wire is received to request closure of your account. Because Webull is an ultra-low-cost brokerage firm, it doesn’t offer a lot of avenues for customer service. During our research, we weren’t able to find a phone number. It does provide an e-mail address (customerservice@webull-us.com) and an internal messaging system on its app.

To locate the internal messaging system on the app, go to “Menu” in the bottom row of icons and then tap on “Help Center.” Here, you’ll be able to send the broker a message requesting an account closure.


Automated Clearing House (ACH)

If the wire service is too expensive for you, Webull offers ACH transfers for free. As with wires, securities must be sold because the ACH system can only move cash. This method usually has limits on the amount that can be moved per day; so if you have a large account, it may be more convenient to send funds via wire.

As with the wire service, be sure to contact Webull after you receive the ACH to request your account be closed.


Closing an Account Without Selling Any Securities

It’s possible to close a Webull account without selling securities or transferring anything. Once Webull received your closure request via e-mail, it would liquidate your securities and then mail you a check for the proceeds. This option will take the longest time, so we don’t recommend it for most traders.


Options That Are Not Available

Webull doesn’t provide a lot of services that other brokers do offer. For example, it’s not possible to withdraw funds via checkwriting privileges. Webull doesn’t have any branch locations; and it’s the only broker we know of that doesn’t provide a phone number.


Alternatives to Webull

If you’re leaving Webull, you may be interested in Robinhood, a zero-commission broker that does provide a phone number. Firstrade is another ultra-low-cost firm. It has website trading and online chat.


Firstrade


Continue Reading