If you delete your Webull account, you will lose all access to their platforms and the ability to perform any trading transactions. This process requires you to first close all open trade positions and orders before the account can be officially shut down.
Immediate Consequences of Webull Account Closure
When your Webull account is closed, several key changes take effect:
- Loss of Platform Access: You will no longer be able to log in to the Webull mobile app, desktop application, or web interface. All functionality, including portfolio viewing and analysis tools, will become inaccessible.
- Cessation of Trading Activity: The ability to place new buy or sell orders, manage existing positions, or perform any financial transactions on the trading platform will be entirely disabled.
Essential Steps Before Deleting Your Account
Before your Webull account can be formally closed, you must take specific actions to clear your holdings and ensure a smooth transition:
- Close All Open Trade Positions: Any stocks, options, or other securities you currently hold must be sold or transferred out of your account. Your account cannot be closed while there are active investments.
- Cancel Pending Orders: All pending buy or sell orders, including limit orders, stop orders, or recurring investment plans, must be cancelled. No active orders should remain when you initiate the closure process.
- Manage Remaining Funds:
- Withdraw Cash Balances: Any cash balance remaining in your account must be fully withdrawn to a linked bank account.
- Transfer Assets: Alternatively, you can initiate an Automated Customer Account Transfer Service (ACATS) to move your entire portfolio, including securities and cash, to another brokerage firm. Be aware that Webull or the receiving firm may charge a fee for this service.
What Happens to Your Account Data?
Even after your account is closed, financial institutions like Webull are legally required to retain certain records for a specified period due to regulatory obligations. This means:
- Access to Tax Documents: While you won't have platform access, you will still need past tax documents (e.g., 1099 forms) for tax filing purposes. It is highly recommended to download and save all necessary statements, trade confirmations, and tax documents before initiating the account closure.
- Retention of Account History: Webull will maintain a record of your trading history and account activities as per their regulatory and compliance requirements, even if it's not directly accessible to you.
Preparing for Account Deletion
To ensure a seamless account closure process, consider these practical steps:
- Verify Account Balances: Confirm there are no outstanding debits or credits, or any unsettled transactions.
- Download Essential Documents: Proactively download all monthly statements, annual statements, trade confirmations, and tax documents for your personal records.
- Understand Potential Fees: Inquire about any potential account closure fees or fees associated with transferring assets to another brokerage firm.
By understanding these steps and consequences, you can manage the deletion of your Webull account effectively and without unexpected issues.
