Transferring an account from Robinhood to Thinkorswim (TD Ameritrade) is a relatively simple process, but it can take some time to complete. Many traders make this jump because of Robinhood's limited customer support and lack of trading tools. We believe Thinkorswim is a platform that cares more about retail traders. Here's a step-by-step guide to help you transfer your account:
Open a TD Ameritrade account: If you haven't already, you'll need to open a new account with TD Ameritrade. You can do this by visiting their website (www.tdameritrade.com) and following the instructions to open an account. Make sure to select the appropriate account type (e.g., individual, joint, or retirement) and provide the required personal information.
Prepare your account information: Before initiating the transfer, you'll need your Robinhood account number and a recent account statement. You can find your account number in the Robinhood app by going to the "Account" tab and then "Account Information." To download a statement, go to the "Account" tab, then "Documents," and finally, "Statements."
Complete the Transfer Form: TD Ameritrade requires you to fill out an Automated Customer Account Transfer (ACAT) form to initiate the transfer. This form is available in your TD Ameritrade account. Log in and go to "My Account" > "Deposits & Transfers" > "Account Transfer." Fill out the form using the information from your Robinhood account.
Submit the ACAT form: Once you've completed the form, submit it through the TD Ameritrade platform. TD Ameritrade will then review your submission and initiate the transfer process.
Wait for the transfer to complete: The transfer can take 5-7 business days or longer to complete. During this time, your Robinhood account may be restricted, and you may not be able to trade or access certain features. Once the transfer is complete, your Robinhood account will be closed, and your assets will be available in your TD Ameritrade account.
Monitor the process: Keep an eye on your TD Ameritrade account to ensure the transfer is completed successfully. If you have any questions or concerns, contact TD Ameritrade's customer support for assistance.
Please note that there might be fees associated with the transfer process. It's essential to review the fee schedule for both Robinhood and TD Ameritrade before initiating the transfer.