Transfer from E*Trade to Robinhood (and Vice Versa) in 2024
Transfer from E*Trade to Robinhood
The process is similar if you want to transfer an E*Trade account to Robinhood. First, you’ll need
to open a Robinhood account since the transfer request must be initiated from Robinhood.
If you don’t have one already, you can open a Robinhood account here: Free stock up to $200 and 1% IRA match when you open an account.
and get a welcome bonus. Here are the details for transferring your E*Trade account to Robinhood.
Transfer Process
From your Robinhood account, you can request a full or partial transfer from E*Trade. Once you choose your transfer option, Robinhood will contact E*Trade to start the process.
To get started, go to the ‘Settings’ page and select ‘Transfers.’ Look for the option that says ‘Transfer accounts in’ for ACATS transfers.
Select the type of account you want to transfer. You’ll see only a few choices available (more details on this below).
Choose E*Trade from the list of available brokers.
Enter your E*Trade account number.
Confirm your name.
The next step is to check your eligibility. Your selections will determine what options are available on the next screen. If you select assets like mutual funds or bonds, you’ll only be able to choose a partial transfer. Selecting margin balance or ‘none of the above’ will allow you to choose between a full or partial transfer.
Choose the type of transfer (full or partial).
The final steps are to review the terms and details of your transfer. If everything looks good, click ‘submit your transfer request’ and wait for confirmation.
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Available Account Types
Robinhood offers fewer account types compared to many other brokers, so you can only transfer E*Trade accounts that match Robinhood’s options.
You can transfer individual cash or margin brokerage accounts, traditional IRAs, and Roth IRAs.
You cannot transfer specialized accounts, such as custodial, joint, business, or trust accounts.
Transferrable Assets
E*Trade has a wider variety of securities, but Robinhood does not support many of them. Before transferring your E*Trade account to Robinhood, make sure to liquidate any unsupported assets.
You can transfer stocks, ETFs, options contracts (if not expiring within seven days), cash, and margin balances (if margin is enabled in your Robinhood account).
Assets that can’t be transferred include fractional shares, crypto, options expiring within seven days, unsupported options strategies, mutual funds, bonds, futures, annuities, and other non-supported assets (like OTC Pink Sheets and foreign stocks).
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ACATS Fees
Robinhood does not charge fees for inbound transfers and reimburses fees up to $75
(terms apply).
Outbound ACATS from E*Trade cost $75 for full transfers and $25 for partial transfers. Keep in mind, your transfer must be at least $7,500 in value to qualify for reimbursement.
Transfer Timeline
The entire transfer process takes about 3-7 days, though it may take longer if there are any issues.
To avoid delays, ensure your E*Trade account is prepared: let transactions settle, liquidate unsupported securities, and clear any debts before starting the transfer.
Benefits of Transferring from E*Trade to Robinhood
Some benefits of transferring your account to Robinhood include:
* Lower fees and commission rates
* User-friendly trading platform and mobile apps
* IRAs with a 1% match on deposits
* Direct access to crypto markets
* Dedicated crypto wallet for Ethereum-based tokens
Overall, Robinhood offers a more cost-effective and user-friendly trading experience than E*Trade.
Transfer from Robinhood to E*Trade
Do you have a Robinhood account but want E*Trade’s customer service? This guide will help you move your assets with minimal hassle. We’ll also show you how to go from E*Trade to Robinhood. Here’s what you need to do:
First, Open a New Brokerage Account at E*Trade
If you want to transfer your Robinhood account to E*Trade, you’ll need to
open an E*Trade account. An E*Trade account is required to start the transfer since the paperwork is managed by the receiving firm, not the one you’re leaving.
For electronic transfers, make sure the names on both accounts match exactly, and that both accounts are the same type. If there are any mismatches, the transfer could be denied. Because Robinhood currently only offers individual and Traditional/ROTH IRA accounts, the new E*Trade account should be one of these types.
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Second, Submit a Transfer Request
Once your new E*Trade account is set up, it’s time to start the transfer. Log in to E*Trade’s website and hover over the Transfer link at the top. Click on "Transfer Account" from the drop-down menu.
A new page will show a list of brokers and their logos. Find and click on Robinhood’s logo. This will bring up a page where you need to choose the account type you’re transferring. Select "individual" since Robinhood mainly offers individual taxable accounts.
Next, choose the E*Trade account to which you want your Robinhood assets to be transferred. Enter your Robinhood account number and other details as required.
Fractional shares of stocks and ETFs won’t transfer through the electronic system. Robinhood will convert these into cash and send the money along with any other assets. Options can be transferred, but cryptocurrencies cannot. Like fractional shares, digital currencies will be sold off and the cash value will be transferred.
The transfer should take about one to two weeks to complete. You’ll see your assets from Robinhood appear in your new E*Trade account. Remember, it’s only the investments that move, not the actual account. If you choose a full transfer, your Robinhood account will be closed, but a partial transfer will keep it open.
Avoid trading in your Robinhood account during the transfer. Be sure to close any open orders and ensure that all trades have settled before requesting a transfer.
You can monitor the transfer progress in your E*Trade account. Just go to the Transfer link at the top of the site and click on Transfer Activity. Your transfer requests will be visible here for 90 days.
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Updated on 9/30/2024.
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