Instructions to transfer Charles Schwab, TD Ameritrade or E*Trade account, stocks, ETFs, assets, money to Webull brokerage in 2019.

How to Transfer a TD Ameritrade Account to Webull

If you’re tired of paying commissions at E*Trade, Schwab, or TD Ameritrade; then it’s time to move your account to Webull, who delivers $0 trade fees. If you follow the steps outlined here, it will be easy.

Step 1

Take into consideration the likely cost of moving accounts. TD Ameritrade charges $75 for a full account transfer (partial transfers are free). E*Trade customers pay $75 for full transfers and $25 for partial moves. At Schwab, the numbers are $50 and $25.

Webull doesn’t charge anything to receive a transfer. But unfortunately, the company doesn’t provide any rebates of other brokers’ transfer fees. Some brokers do. One special that Webull is offering right now is a free share of stock (usually under $10) for moving at least $100 into Webull.

Step 2

Sell mutual funds, options, bonds, futures, forex, closed-end funds, and cryptocurrencies. These assets can’t be transferred to Webull because it doesn’t support them. The other three brokers in our discussion do offer trading in them; so you might have some in your account. Webull states on its mobile transfer form (discussed just up ahead) that if an account has any of these investments, an attempted transfer will be automatically rejected.

Step 3

Submit an application for a Webull account by using their promotion offer: Get one FREE stock between $8 and $1000 when you deposit $100+ at WeBull.

Next, choose the type of account you want to open. It must be the same type as you are transferring. For example, if you’re moving an individual account, you must have an individual account at Webull. Webull doesn’t support IRA’s and many other account types; so many accounts can’t be moved.

Step 4

On the Webull platform, submit an ACAT transfer request. Once you have the Webull app opened with the default dashboard displayed, you need to tap on ‘Deposit’ in the bottom row. It’s in the middle of five icons.

How to Open a WeBull Account

On the deposit page, select ‘Transfer.’ This button is next to the deposit button. Since you’re transferring, and not depositing, be sure to choose the transfer button.

On the next page, Webull mentions that it only accepts transfers of equities (stocks, ETF’s, and ADR’s), and any transferred account must be valued at $500 or more.

You’ll also see a button that reads ‘Transfer Stocks to Webull.’ After you tap on this, the app will display a list of common brokerage houses in the United States. Schwab, E*Trade, and TD Ameritrade are shown here. Just tap on the broker you’re leaving, and the software will automatically create a digital transfer form.

Here, the account type and name are automatically generated as they must match what is on your Webull account. You’ll need to enter your old account number.

Webull permits full and partial transfers. On the electronic transfer form, you’ll need to choose one or the other. If you select partial, you’ll have to enter the ticker symbol of the specific position you want to transport and the quantity. Short positions cannot be moved. This has to be done for each asset you want transmitted. Obviously, full transfers are an easier process because you don’t have to specify individual positions.

Webull mentions on the transfer form that the whole process takes no more than 7 calendar days.

Step 5

Evaluate other avenues. If Webull fails to provide the same level of trading experience you had at E*Trade, Schwab, or TD Ameritrade, there are other options out there that can provide better service than Webull is able to deliver but at lower commissions than the big three.

For example, Firstrade and M1 Finance both offer website trading with $0 commissions. Moreover, Ally Invest delivers $4.95 commissions ($3.95 for frequent traders) but still manages to offer 24/7 customer service, something that’s not available at Webull. Ally also has a decent website with a larger range of investment vehicles than Webull provides. Options, mutual funds, and bonds are on tap. A small selection of commission-free ETF’s is also available.

Another idea is to simply liquidate all positions in your old account and move the cash out via ACH or wire. While ACH is free, wire service will incur charges; but these tend to be lower than ACAT charges.

WeBull Promotion

Get one FREE stock between $8 and $1000 when you deposit $100+ at WeBull.

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