Transfer From SoFi to Webull in 2024
Want to Transfer Accounts Between Webull and SoFi? Here's How
Transferring an account from Webull to SoFi Invest, or vice versa, is quite simple today thanks to the ACATS network. Just follow the steps in this guide to move an account from one firm to the other with minimal cost.
Basic Outline
Whenever you transfer an investment account from one broker to another using ACATS, follow these steps:
First, open an account with the broker you want to switch to. Although this might seem obvious, it's best to do this first, as it may take a few days for the account to become active and ready to accept a transfer.
Second, prepare your old account for the transfer. If you’re doing a full transfer, close any open orders, clear margin debts, and ensure all trades are settled. Also, verify that you're not sending positions that the new broker won't accept.
Third, request an ACATS transfer with the new broker (not the old one).
Transfer From SoFi to Webull
Using the steps above, you can move a brokerage account from SoFi Invest (ensure it’s a brokerage account, not another type) to Webull.
First, open an account at Webull. This can be done using an email address or phone number. This initial step just gets you started. You can try out Webull's trading software, but you’ll need to provide more information to fully open your account so you can complete a transfer.
Second, do not try to move any cryptocurrencies from SoFi Invest to Webull. While Webull offers crypto trading, digital currencies can't be transferred through the ACATS network. For a full transfer, either sell your crypto holdings or keep them in a separate account. For a partial transfer, there's no issue as long as you don’t include them in the transfer.
Third, submit an ACATS request in your Webull account. This can be done through the mobile app or website. The starting point for an ACATS transfer is the account button in the upper-right corner on either platform. You’ll need to search for SoFi Invest (DTC number is 0158 through Apex Clearing). Webull's system allows you to choose a full or partial transfer—just follow the instructions.
After submitting your transfer request, it should take less than 10 business days to complete. Remember, if you selected a partial transfer, your SoFi Invest account will remain open.
SoFi Invest charges $75 for an outgoing transfer. While Webull doesn't reimburse this fee, it often offers bonuses for transferring an account. Both the website and mobile app display these ongoing promotions.
Webull Promotion
Get up to 40 free stocks when you deposit money at Webull!
Open Webull Account
Transfer From Webull to SoFi
To transfer in the other direction, follow the same steps, with some additional considerations.
First, open your new SoFi Invest account. This can be done on the SoFi website. Click the 'Open an Account' link at the top of the site and fill out the required information.
Second, prepare your Webull account, which might involve some extra work. SoFi Invest doesn't support trading in options contracts, so if you have any of these and plan to do a full transfer, they need to be closed. Remember, digital currencies can't be moved either, so the same rule applies if you’re doing a full transfer.
Also, while SoFi Invest does offer margin accounts, it doesn't allow margin trading. If you have this feature at Webull, you won't be able to continue it at SoFi Invest.
Third, it’s time to complete the ACATS application. Like Webull, SoFi Invest has an easy-to-use online form that takes just a few minutes to complete. Unlike Webull, SoFi Invest allows ACATS transfers using the outgoing broker's login credentials. Click on a transfer button (there are several on the SoFi site) and follow the prompts. If you prefer not to enter your Webull user ID and password, you can provide other details like account type and number.
Like SoFi Invest, Webull charges $75 for an outgoing transfer. However, unlike Webull, SoFi does refund other companies' transfer fees (with a minimum account value of $5,000). SoFi also frequently runs promotions offering free Stock Bits (fractional shares of stocks).
Updated on 9/19/2024.
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