Robinhood, SoFi and Public are using the scrutiny surrounding Webull to compete for its customer assets. All three launched Webull-specific transfer incentives after a bipartisan House committee labelled the brokerage’s China ties a national security risk.
The platforms are offering a 3% match on eligible transfers from Webull through the Automated Customer Account Transfer Service (ACATS). The system allows investors to move eligible securities and cash between US brokerages without selling most transferable holdings.
Robinhood Converts an Existing Promotion into a Webull Offer
Robinhood already had a broader account-transfer campaign offering eligible customers personalised match rates of between 1% and 3%.
It amended the published terms to give transfers originating from Webull a fixed 3% rate from 7 October, regardless of the customer’s personalised offer. The Webull offer runs until 16 October.
The bonus has no stated maximum and is credited once the transferred assets reach the customer’s Robinhood account. However, transferred value must generally remain at Robinhood for five years to avoid a potential proportional chargeback.
Robinhood’s advertising went beyond the usual language of transfer promotions. “American assets should be at America’s favorite broker,” CEO Vlad Tenev wrote on X.
The company separately told Webull users to “bring your portfolio home,” explicitly connecting the incentive to Robinhood’s US identity.
Robinhood is proudly American, founded here to give everyday investors more access to the financial system. If you’re still on Webull, bring your portfolio home and get 3% on your transfer today: https://t.co/QuCN3myHTj
— Robinhood (@RobinhoodApp) October 7, 2026
Public and SoFi Join the Transfer Push
Public created a separate programme for taxable brokerage accounts and IRAs transferred from Webull. The 3% reward applies to transfers initiated by 26 October and is paid in monthly instalments over six years.
The company caps eligible transferred assets at $1 million, producing a maximum match of $30,000.
SoFi is offering the same percentage on Webull transfers into eligible self-directed taxable accounts and IRAs. Its promotion runs from 8 to 15 October and replaces the standard 1% ACATS match available under a separate campaign.
Robinhood is proudly American, founded here to give everyday investors more access to the financial system. If you’re still on Webull, bring your portfolio home and get 3% on your transfer today: https://t.co/QuCN3myHTj
— Robinhood (@RobinhoodApp) October 7, 2026
SoFi caps the reward at $150,000, equivalent to 3% of a $5 million transfer, and requires the assets to remain for five years to retain the full bonus. The offers differ in duration, payment schedule and maximum value, but all three brokers selected the same competitor immediately after the congressional report.
Scrutiny Creates a Commercial Opening
The House committee said Webull remained more closely connected to China than its public positioning suggested. It pointed to the founder’s voting control, the company’s large China-based technology workforce and the possibility that US customer data could be exposed to personnel or laws in the country.
Webull’s shares fell by almost 30% intraday after the report became public.
In a statement filed with the SEC, Webull said the report contained important factual errors. It maintained that US customer data and assets remain in the United States, that China-based employees cannot access sensitive customer information and that the committee identified no misuse of data.
The transfer campaigns provide an early test of whether political scrutiny can move more than a broker’s share price. Because ACATS makes brokerage portfolios portable, Robinhood, SoFi and Public are giving Webull customers a direct financial incentive to turn reputational concerns into actual asset outflows.
This article was written by Tanya Chepkova at www.financemagnates.com.
Source: Finance Magnates
