How to Transfer from Robinhood to Fidelity: A Step-by-Step Guide

If you’re considering transferring your stocks from Robinhood to Fidelity, you’re not alone. With recent controversies surrounding Robinhood, it’s no surprise that some investors are looking for new alternatives.

In this guide, we’ll show you step-by-step how to transfer from Robinhood to Fidelity, along with some important things to know before making the switch.

Things to Know Before Transferring Brokerage Account from Robinhood to Fidelity

Before you start the transfer process, there are a few important things you need to know:

1. There’s a Charge for an Account Transfer

When you transfer your account from Robinhood to Fidelity, Robinhood will charge you $75. However, Fidelity won’t charge you anything for the transfer.

2. You Need to Wait a Few Days for All Your Assets to Transfer

The transfer process can take up to 7 business days to complete, so be patient. Additionally, any fractional shares you have in Robinhood will need to be liquidated at their current market value, which may take some time.

3. You Might Still Receive Tax Forms from Robinhood

Even after you transfer your assets to Fidelity, you may still receive tax forms from Robinhood for any dividends earned while your assets were still with them. Keep this in mind when filling out your tax forms.

How to Transfer from Robinhood to Fidelity

Now that you know what to expect, let’s dive into the transfer process itself.

1. Register a New Fidelity Account

First, you’ll need to create a new account with Fidelity. Simply visit their website and follow the prompts to sign up.

2. Go to “Transfer investing Account”

Once you’ve created your account, log in and click on “Accounts & Trade” in the top menu bar. From there, select “Transfer & Rollovers” and then “Transfer an account.”

3. Select “Robinhood Securities LLC” and Start a Transfer Request

On the next screen, select “Robinhood Securities LLC” as the firm you want to transfer from. You’ll then be prompted to choose whether you want to transfer your entire account or just a portion of it.

4. Find Your Robinhood Account Number and Type it In

Next, you’ll need to enter your Robinhood account number into the transfer request form. You can find your account number by logging into your Robinhood account and selecting your account icon. Your account number will be displayed on the Investing screen.

5. Start the Transfer Process to a Fidelity Brokerage Account

Once you’ve entered your account information, Fidelity will handle the rest of the transfer process. It may take a few days for the transfer to be complete, but once it is, you’ll receive an email from Fidelity letting you know that your account is funded and ready to use.

6. Change Your Fidelity Account Type

After your assets have been fully transferred to Fidelity, you should change your account type from a margin individual account to a Cash Account. This will allow you to buy, sell, and trade stocks on the platform.

FAQs | How to Transfer from Robinhood to Fidelity?

Conclusion

Transferring your assets from Robinhood to Fidelity is a simple process, but there are a few important things to keep in mind before making the switch. Remember that there is a fee for the transfer and it may take some time for all your assets to be fully transferred.

However, once the transfer is complete, you’ll be able to take advantage of all the benefits that Fidelity has to offer. Follow the steps outlined in this guide to ensure a smooth and easy transfer process.