You may want to transfer your Robinhood account to Fidelity for a number of reasons. Maybe you’re unhappy with Robinhood’s customer service or want to trade a wider range of assets than Robinhood offers. Whatever the reason, it’s easy to do.
1. To switch from Robinhood to Fidelity, you will need to do the following:
2. Open a Fidelity account. You can do this online or in person at a Fidelity branch
3. Transfer your securities from Robinhood to Fidelity by filling out the Transfer Request form.
4. Select Robinhood Securities Llc as your current broker.
5. Click Next.
6. Enter your Robinhood account number and select Brokerage Individual as your account type.
7. Proceed with the rest of the on-screen instructions and submit your request.
After completing the Transfer of Assets form, Fidelity will take care of everything else.
If you are switching from Robinhood to Fidelity, it can take up to 2 weeks for your assets to be transferred over. Additionally, data from your stock portfolio, such as cost basis and profit/loss, will be missing or incorrect until the transfer is complete.
Once you provide your Robinhood account information, Fidelity will do all the moving parts.
You should be on the lookout for any additional info that the Fidelity team may ask for. It’s not uncommon for customers to provide invalid, incorrect, or missing info about their accounts. That could slow down the asset transfer process.
Fidelity customers can use the Transfer Tracker tool to check on their asset transfer request.
Real-time quotes are free for Fidelity customers, but the feature needs to be enabled manually by signing the real-time quotes agreement. Follow the instructions provided here.
- Because Robinhood only offers individual investing accounts, your Fidelity account type is defaulted to Individual.
- To transfer margin positions, you must first add margin trading to your account. To do so, simply complete and submit our margin agreement.
- To transfer options positions/investments, you must first be approved for options trading at Fidelity.
This is for all of you who are in the middle of transferring out of robinhood over to Fidelity
I made a timeline for you…
Signed up for Fidelity and initiated full asset transfer. (Friday, 1/29)
Robinhood recieved transfer request. RH account locked/deactivated (Saturday, 1/30)
All Stocks transferred over to Fidelity (By default RH accounts are Margin so stocks transfer over as Margin but will change to Cash after you pay transfer fees and margin debt if any). Also, > all fractional shares in Robinhood liquidated. (Wednesday, 2/3)
Money from liquidated fractional shares finally transferred over to Fidelity (Monday, 2/16)
After weeks of no cost basis information Robinhood admitted a mistake in their side and finally sent my cost basis information over (Monday, 3/1)
Transfer officially complete
Will take about a week or so after assets transfer for the cost basis and other info to be ported over! No worries just be mindful of STASH and their ways
Give it some time . Took like 10 days or so when I transferred over from robinhood
It’s takes up 2 weeks and honestly what I did is go on fidelity chat line and they helped me fix that
Just want to share. Fidelity will reimburse you the $75 transfer free when switching brokerages. Just call a rep and ask about it. I just got off the phone.
I transferred all my robinhood and m1 finance accounts into fidelity. Best decision i made. Fidelity has everything i need and more.
1 post – 1 participant