Robinhood has the highest user comfortable stock trading platform that is available at the present. However, in the future, you could find you’re seeking more options from your broker platform.
One option you may be interested in is Fidelity It has a great reputation.
But How To Transfer From Robinhood To Fidelity?
Fidelity has been awarded some of the top industry recognitions. It was named the top online broker in 2020 by Barron’s The investor’s Business Daily. Also, it was named the #1 for Order Execution as well as the #1 broker on Research by StockBrokers.com in 2020.
Are you still unsure? Take a look at our review of Robinhood vs Fidelity here.
If you’re planning to switch from Robinhood to Fidelity This is the procedure for switching!
Things to Think About Before the Transfer of Stocks Between Robinhood into Fidelity
Moving my stock from Robinhood into Fidelity was the best decision to make for me. But there are a few points you need to think about before you make the move:
- Robinhood charges $75 per transfer of stock to another brokerage account, regardless of whether it’s a part or complete transfer. It is up to you to decide if it’s worth it to transfer stock from Robinhood to Fidelity or whether it’s preferable to trade all of your Robinhood assets and then purchase the same ones through Fidelity or another broker.
- If you own fractional shares, Robinhood will sell these and only transfer the full shares. Fidelity can support fractional shares. However, you’ll need to purchase shares once the transfer is completed.
- You could still receive tax documents by Robinhood to report the year’s tax regardless of whether you have transferred funds to Fidelity. This is the case when you have received dividends in the tax year that you held in Your Robinhood account.
How To Transfer From Robinhood To Fidelity
Transfer your Robinhood stocks and money to Fidelity via Fidelity’s Automated Customer Transfer Service (ACATS).
When you transfer your stocks as well as the cash out of Robinhood into an external brokerage, such as Fidelity, there is a fee of $75 (whether you’re making an entire or partial transaction of the account) that will be deducted directly from the Robinhood account’s cash balance.
You must clear any restrictions on your account or balances that are negative in your account before a transfer, or else the transfer might be delayed.
Transferring funds from Robinhood and switching from Robinhood to Fidelity is quite easy and can be done in just a couple of steps. Let’s begin.
Gather Information From Robinhood
You’ll have to provide Fidelity with the Robinhood Securities (RHS) account number.
You will find this information on your mobile application:
- Click the icon Account located in the lower right-hand corner.
- Tap Investing
- Your account number will appear on the top of your screen.
You might need to use the DTC number to make your transaction. Robinhood’s DTC number is 6769.
Fidelity is likely to request an exact copy of your most recent statements from Robinhood It is important to keep it in your possession in addition. You can download it on Robinhood’s website. Robinhood website. The file will also contain your account number.
Initiate Account Transfer
To initiate an online transfer you’ll be required to:
- An announcement from Robinhood about
- Your Robinhood account details
Fidelity does not charge any fee for the transfer of assets from another financial institution, however as previously mentioned, Robinhood charges $75.
To begin the transfer, you’ll need to log into your fidelity account or register one if don’t yet have one. After logging in, you’ll need to follow the steps below:
- Simply click “Transfer” along the top menu once you have logged in.
- Choose “Transfer an account to Fidelity”
- Select the brokerage account that you’d like to move to Fidelity. Utilize the search bar to search for Robinhood.
- Enter your Robinhood Account number.
- Then you will be asked if you’d like to transfer your Robinhood assets into a brand new Fidelity account, or into an existing one.
- Then, you’ll need to specify if this is a full transfer or just a partial (Do you plan to move all of your accounts or just some stocks?)
- Then, you’ll be required to upload a copy of your recent Robinhood Statement for faster processing
Transferring From Robinhood to Fidelity: Final Thoughts
Transferring assets and funds between Robinhood into Fidelity is quite easy if you collect the necessary information before making the transfer. You’ll require to have your Robinhood account number as well as a recent statement. Robinhood will also cost you $75 to make the transfer.
When the transfer is in the process your account will be secured to ensure the proper operation. If you have questions or concerns, you can speak for assistance from the Fidelity customer support department.