Transfer E*TRADE to Webull and The Other Way in 2024
How to Transfer Webull to E*Trade (and in the Other Way)
If you’re at Webull but want to try E*Trade, or if you’re in the opposite situation, you’re in the right place. We’ll show you how to use the ACAT electronic account transfer system to move a brokerage account from one firm to another. Let’s get started.
Transfer From E*Trade to Webull
Thanks to the fully electronic ACAT transfer network, it’s now easier than ever to move a securities account from one broker to another. And when we say securities account, we mean securities. If you have cryptocurrencies at Webull or futures contracts at E*Trade, these can’t be moved since they aren’t considered securities or cash.
To transfer securities and cash from E*Trade to Webull, follow these simple steps:
First, open a Webull account if you haven’t already:
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This step is straightforward, but it’s best to do this first since it might take a few days to get the account open and ready to receive a transfer.
If you have option spreads at E*Trade and want to move them to Webull, you’ll need to open a margin account.
Second, prepare your E*Trade account for the transfer. This includes closing open orders and allowing trades to settle. This is especially important if you’re planning a full transfer. Mutual funds, OTC stocks, and naked options can’t be transferred to Webull, so you’ll need to close these positions.
Third, request an ACAT transfer inside your Webull account. This can be done on the broker’s website or mobile app. On the website, you’ll need to enter your trading PIN to access 'My Account.' From there, you’ll see a link to 'Transfer Stocks.'
Use this link to request a transfer from E*Trade. E*Trade’s logo is pre-installed among popular broker logos. Click on it and fill in the required information. It will only take a few minutes. The transfer itself will take less than two weeks.
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Transfer From Webull to E*Trade
Moving an account in the other direction is quite similar.
First, go to E*Trade and open a new account. Make sure it’s an account type that Webull offers (individual, Traditional IRA, or Roth IRA), as the account types must match exactly in an ACAT transfer. The names on both accounts must also be the same.
As with the previous transfer, if you plan to move option strategies, make sure to open a margin account.
Second, get your Webull account ready for the transfer. Follow the same steps mentioned above. If you’re doing a partial transfer, you can leave option spreads and cryptocurrencies as they are, as long as you don’t list them in the transfer.
Third, log into your new E*Trade account and submit an ACAT application. This is easy to do using E*Trade’s user-friendly online form. Just click on 'Transfer' in the top menu and then select 'Transfer Account.'
In E*Trade’s list of available brokerage firms, Webull’s name isn’t listed. However, you can still transfer a Webull account to E*Trade. You’ll need to provide the name of Webull’s clearing broker (Apex Clearing). You will also need to give E*Trade a copy of a recent Webull account statement.
E*Trade estimates that an ACAT transfer will take about 5 to 10 business days.
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Cost of Transferring
E*Trade charges $25 for a partial outgoing transfer (if the account has a balance greater than $5,000, there is no charge) and $75 for a full outgoing transfer. Webull charges $75 for both types of transfers.
While E*Trade does not refund transfer fees, Webull will reimburse these fees. There is a minimum transfer value of $2,000 for individual accounts and $5,000 for an IRA.
Updated on 9/19/2024.
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