Transfer Robinhood to Firstrade Or Vice Versa (2024)
How to Transfer a Robinhood Account to Firstrade
If you’ve tried Robinhood but want to switch to Firstrade’s $0 commission schedule, it’s easy to do. Just follow the steps in this article, and you’ll be set up with your new account in no time.
Step 1: Look Over Firstrade’s Pricing Schedule
Before transferring your account to Firstrade, check out their fees and commissions. Trades of stocks, options, ETFs, closed-end funds, and mutual funds are completely free. There are also no account fees.
Firstrade Promotion
Get up to $250 ACAT rebate and $0 commission trades.
Open Firstrade Account
Step 2: Open a Firstrade Account
If Firstrade’s pricing looks good to you, the first step in transferring from Robinhood is to open a Firstrade account. This process is straightforward. Just click on their promotional offer - Get up to $250 ACAT rebate and $0 commission trades.
- and follow the instructions on the screen.
Step 3: Submit an Account Transfer Request
After your new Firstrade account has been open for one business day or more, it’s time to submit an ACAT
request to migrate your Robinhood account into your Firstrade account. When you log in to your new Firstrade account, click on the “Home” tab in the top menu. On the next page, you’ll see options for funding your new account. Click on “Transfer assets from another brokerage firm.”
The next page will show a form you’ll need to complete. Under “Firm Name,” start typing Robinhood, and
the website will automatically show “Robinhood Financial, LLC” in the drop-down menu. Select it. You
will also need your current Robinhood account number to complete the form.
You can do a partial transfer where some securities stay at Robinhood and others move to Firstrade. For
this option, you’ll need to download Firstrade’s PDF transfer form, fill it out, and send it back to
Firstrade.
You can send the form in a few different ways. The easiest is to upload it through your online account. There’s an upload link on the account transfer page. You can also find the upload link under the “Customer Service” tab. Click on “Form Center” and then “Upload Form.”
Note that cryptocurrencies cannot be transferred. If you hold digital currencies at Robinhood, you’ll need to sell them before transferring.
Step 4: Wait for Your Robinhood Securities to Move
The transfer process could take three to four business days. Avoid trading during this time, as it could delay the process. Once the transfer is done, your Robinhood account will be automatically closed if you requested a full transfer.
Step 5: Wait for Your Transfer Fee Rebate
Robinhood charges $100 for the transfer. Luckily, Firstrade doesn’t charge anything for its ACAT service. In fact, they’ll refund the fee for full transfers. To get the rebate, you’ll need to perform a full transfer.
Firstrade Promotion
Get up to $250 ACAT rebate and $0 commission trades.
Open Firstrade Account
Transfer from Firstrade to Robinhood
If you want to move an account from Firstrade to Robinhood, the process is similar but there are a few differences.
The first thing to know is that you’ll need to start the transfer request from a Robinhood account.
If you don’t have a Robinhood account, you can open one here: Free stock up to $200 and 1% IRA match when you open an account.
Here’s how to transfer a Firstrade account to Robinhood:
Requesting an ACATS Transfer
Start the transfer process by going to the ‘Transfers’ menu (under ‘Settings’) from your Robinhood account (available on the app and website). Select ‘Transfer accounts in’ to begin the ACATS transfer.
Robinhood offers two types of transfers: full and partial. Full transfers move all your assets and close the original account, while partial transfers only move the assets you choose.
The first step is to tell Robinhood what kind of account you’re transferring. Robinhood only supports
standard brokerage accounts and ROTH/Traditional IRAs.
Next, enter your account details to connect the two accounts. Robinhood collects your Firstrade account number and other information to validate the transfer request. Select your broker from the list, then enter your Firstrade account number.
Then, make sure your securities at Firstrade are transferable.
If you choose securities that Robinhood doesn’t support, such as bonds, CDs, or mutual funds, you can only do a partial transfer. Otherwise, you can select a full or partial transfer.
The final steps are to choose the transfer type (full or partial), review your request, and submit your transfer.
Account Transfer Timeline
Transferring your Firstrade account to Robinhood usually takes about a week but could take longer if complications arise.
To speed up the process, make sure your Firstrade account is set up properly by letting transactions settle, selling unsupported securities, and resolving any outstanding debts with Firstrade.
Free Robinhood Account
Open Robinhood Account
Transfer Fees
Robinhood doesn’t charge any fees for incoming account transfers.
Additionally, they’ll reimburse transfer fees charged by Firstrade up to $75. This is helpful since Firstrade charges $75 for full account transfers and $55 for partial transfers.
However, to qualify for the reimbursement, your transfer amount must be at least $7,500.
Eligible Account Types
When it comes to account types, Robinhood’s options are more limited compared to many other brokers, including Firstrade. Only accounts that match Robinhood’s options can be transferred. Robinhood accepts individual cash or margin brokerage accounts, traditional IRAs, and Roth IRAs.
Specialized accounts, such as custodial, joint, business, or trust accounts, cannot be transferred to Robinhood.
Eligible Securities
Not all types of securities can be transferred when moving your Firstrade account to Robinhood. Robinhood accepts stocks, ETFs, options contracts (with more than seven days before expiration), cash, and margin balances (if margin is enabled in Robinhood).
Unsupported assets include fractional shares, cryptocurrencies, options expiring within 7 days, unsupported options strategies, mutual funds, bonds, futures, annuities, and other assets like OTC Pink sheets and foreign stocks. Make sure to sell any unsupported assets before starting the transfer.
Promotions
Robinhood offers a free stock valued between $5 and $200 and an ACATS transfer fee reimbursement:
Free stock up to $200 and 1% IRA match when you open an account.
Robinhood Pros
Transferring your account from Firstrade to Robinhood offers several benefits, such as lower fees, a user-friendly app and trading platform, direct access to crypto markets, IRAs with a 1% match on deposits, and a dedicated crypto wallet for Ethereum-based tokens. Overall, Robinhood provides a more affordable and easy-to-use trading experience compared to Firstrade.
Updated on 9/30/2024.
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