It's been a funny start to the new year, with Wall Street finding itself at the mercy of redditors, but broker Robinhood is seemingly not playing fair; the company limited trading of GameStop and other marks targeted by reddit, drawing the ire of the media and people following the story. Its app reviews have plummeted and users are looking to ditch it and move elsewhere, and we're here to help!
Whether you've been directly embroiled in the GameStop goings on, or whether you dislike the action Robinhood took in response to it, if you want out, it can feel a little daunting, but there are other brokerage apps out there, and Fidelity is one of them.
Tech journalist Mishaal Rahman (opens in new tab) spotted a handy how-to on reddit (opens in new tab) that delves into the nitty gritty of how to switch over from Robinhood, and notes (opens in new tab) that you don't have to sell your current stocks to transfer as long as you're using ACATS (Automated Customer Account Transfer Service).
We've grabbed the instructions from the helpful redditor (opens in new tab) who posted them, and popped them below for you.
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Robinhood to Fidelity transfer
First off, you need to open up your Robinhood (opens in new tab) and Fidelity (opens in new tab) accounts in your browser, in different tabs or windows. Make a note of your Robinhood Securities (RHS) account number.
On the Fidelity page, navigate to 'transfer asset' on the top right, and click the link to get taken to the Transfer of Assets (TOA) page. Hit 'start a transfer'.
You'll be prompted to 'select your current firm' in one of the fields, so enter 'Robinhood' to find Robinhood Securities Llc, and move on to the next screen.
This is where you'll need your RHS account number that you jotted down earlier. Enter it here, select account type: 'individual', and move on to the next screen.
You'll have the option to transfer single equities or the entire account, so go ahead and select the entire account. The OP notes that they've used this option before without issue, and if anything does go awry, it can be resolved with a phone call.
Now all you have to do is wait around five days, during which time your Robinhood account will show as 'empty' with everything transferred over to your Fidelity account. Given the current events going on around the app, we're with the OP who advises fellow investors to download all of their transactions from the Robinhood app before closing it, adding, "who knows whether RH will even exist by the time it's the next tax filing season."
This should be easy enough to do with other brokers' apps too – just make sure your cost basis is correct.
You should now be free of the ironically-named Robinhood app, and can pursue your growing portfolio of investments worry-free; unless you hopped on board the Dogecoin train just before it crashed.