Anyone transferred stocks out of Webull to Fidelity? Also how do you set up the drip part I’m working on my dividend portfolio and want it to keep reinvesting.
How to Transfer from Webull to Fidelity
It’s relatively easy to switch from Webull to Fidelity. In fact, you don’t have to do anything except submit an ACAT transfer request.
Here’s how to get started:
Step 1: Create an account with Fidelity.
Step 2: Visit the Fidelity’s Transfer Assets page.
Step 3: Select your current firm by typing in Webull Financial LLC.
Step 4: Click Next.
Step 5: Enter your Webull account number and select your account type.
Finish the on-screen instructions and submit your request to Fidelity.
How Long Does It Take To Transfer From Webull to Fidelity?
The process of transferring shares from Webull to Fidelity will take about 3-5 days (on average). Some accounts may be more complicated than others. Be prepared to wait up to 2 weeks, but that’s rarely the case.
You can use this Transfer Tracker tool provided by Fidelity to keep track of your account status.
How Much Does It Cost To Transfer Out of Webull?
Some traders are disappointed to find out that there’s a $75 fee to transfer assets out of Webull, which applies to partial and full transfers. But there is no need to panic. Fidelity will fully reimburse this amount for you.
Once your account has been transferred over, just contact Fidelity, and the transfer fee that Webull charged will be refunded to you.
Why Fidelity Is Better Than Webull
Fidelity offers commission-free trading on over 2,000 stocks and ETFs, and their fees for other transactions are very reasonable. They also have a large selection of mutual funds and target-date funds for investors to build out their retirement portfolios.
Not to mention, Fidelity is one of the world’s largest and most respected brokerage firms. They have 24/7 customer service and a variety of account features, making them an excellent choice for both novice and experienced investors.
💬 Community Discussion
When I transferred from Webull to Fidelity, it took about 8 days for the cost basis to transfer. I was informed that the source brokerage has 15 business days to complete the cost basis transfer to the destination brokerage.
My wife and I have decided to make a move and use only Fidelity as our brokerage firm. Been thinking about this over the past few weeks and started the transfer. It will be so much easier having all your accounts in one place than with different brokerages. Looking forward to all Fidelity has to offer now.
Just some pros and cons between Webull and Fidelity:
I find it easier to see after and premarket trading on Webull than Fidelity.
Fidelity will trade most penny stocks, but Webull will not.
Webull trades crypto, but Fidelity won’t.
Fidelity has top-notch research tools and stock screening.
DRIP should be enabled by default on Fidelity. Go to Accounts & Trade > Account Features > Brokerage & Trading > Dividends and Capital Gains.
I would stay away from an app-based service. All the big boys are free now. Why hold your money with a small one that might not be around in 5-10 years.
For now, I think Robinhood and Webull are fine. Long-term wise, I would stick with a brokerage like Fidelity.
Webull has a cool interface but I really love Fidelity and the information you can get.
Fyi, WeBull is a Chinese-run investment app, and Stash is geared more towards very inexperienced investors.