Transfer Webull to M1 Finance or Vice Versa (2024)
Step-by-step instructions on how to move account, stocks, and other assets between M1 Finance
and Webull. How much does a transfer cost and how long does it take.
How to Transfer Stocks Between Webull and M1 Finance
Have you been thinking about trading cryptocurrencies but can’t because your account is at M1 Finance? Or are you at Webull but want to trade fractional shares? Using the ACAT network, it’s quick and easy to move a brokerage account from M1 Finance to Webull and vice versa. Here’s how to make the switch:
ACAT Transfer Steps
Whenever performing an ACAT transfer, you should follow these steps, in the appropriate order:
Step 1: Prepare your old account for the transfer. This means closing open orders if you’re doing a full transfer. For a partial transfer, ensure that trades of the assets being moved have settled.
Step 2: Open an account with the brokerage firm that you want to switch to:
Open a Webull Account or
Open an M1 Finance Account. If you already have an account open, make sure that the names and account types match exactly.
Step 3: Request a transfer with the receiving broker.
Step 4: Wait for your assets to arrive in your new account. If you requested a full transfer, your old account will automatically be closed.
M1 Promotion
$75 cash bonus for making a $10K deposit at M1 Finance.
Open M1 Finance Account
Webull Promotion
Get up to 40 free stocks when you deposit money at Webull!
Open Webull Account
Transfer Webull to M1 Finance
Using the general guide above, here’s how to transfer a Webull account to M1 Finance:
First, close any open option positions if you’re doing a full account transfer. M1 Finance doesn’t offer trading in derivatives, so these securities need to be sold. M1 also doesn’t support cryptocurrency trading, so make sure these digital assets are in a separate account. Alternatively, you can do a partial transfer and only move stocks and ETFs.
Your Webull account must be valued at $1,001 or more; otherwise, the transfer request will be rejected. M1 Finance doesn’t accept partial shares, but this shouldn't be an issue since Webull doesn’t offer dividend reinvesting or fractional-share trading.
Second, open an account with M1 Finance if you haven’t done so already. It must be either an IRA or an individual account, as these are the only types Webull offers. The account type you choose must match the one you have at Webull. If it’s an IRA, it needs to be the same type (traditional or Roth).
Third, request a transfer within your M1 account. To do this, log in and click on the 'Transfers' tab in the top menu. Next, click the yellow 'Move Money' button, which will bring up a window with four transfer options. Choose the one at the bottom labeled 'Account Transfer.'
On the next page, you’ll need to choose between rolling over a 401k or transferring an account. If you’re coming from Webull, select the latter.
Clicking on the account transfer link will bring up M1's online ACAT form. Select Webull as the outgoing firm and provide your Webull account number. You will also need to attach a copy of your most recent Webull statement.
Fourth, wait about a week or two for your Webull assets to appear in your M1 Finance account.
M1 Promotion
$75 cash bonus for making a $10K deposit at M1 Finance.
Open M1 Finance Account
Transfer M1 Finance to Webull
The process in the other direction is quite similar.
Step 1: There’s not much to do here. M1 Finance will convert any partial shares you have into cash after step 3.
Step 2: Open a Webull account.
Step 3: Submit a transfer request at Webull. On the mobile app, you can find the digital form by clicking on the bull's horns icon and then selecting 'Transfer.' M1 Finance's logo is prominently displayed on the transfer form, so be sure to select it.
Step 4: Your transfer will be completed in a couple of weeks or less.
Webull Promotion
Get up to 40 free stocks when you deposit money at Webull!
Open Webull Account
Transfer Fees
M1 Finance charges a $100 fee to close an IRA and another $100 to transfer any account (retirement or taxable) to another firm. M1 Finance does not charge a fee to transfer an account in.
The good news is that Webull frequently offers promotions to refund ACAT fees for new customers. The maximum refund is $100.
Webull charges a $75 fee for an outgoing transfer. M1 Finance does not currently offer any ACAT fee specials, but it does provide a $250 cash bonus for transferring an account valued at $100,000 or more.
Updated on 9/19/2024.
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