It’s time to get excited; after successfully capturing the attention of retail investors in the US, Webull has now launched in the UK!
We’re going to give you an honest review of the Webull UK investing platform and cover all the details you should know.
We recommend Webull in the UK if you’re looking for a cheap way to trade US stocks and want in-depth analysis features at your fingertips (for no extra cost).
New Webull users in the UK can benefit from a signup promotion! We’ll cover this in more detail later, but all you need to do is deposit funds into your account, complete an educational course and buy stock on the platform.
If you’ve not heard of Webull before, it’s an extremely popular overseas investing platform that was created to make it easy and cheap to invest in the US stock market. Webull only launched its mobile app in 2018 and, since then, the number of downloads worldwide has exceeded 40 million.
Overall, we think Webull is best suited to intermediate investors. The platform doesn’t take long to get the hang of, but it’s not as simple as some of the more beginner-friendly investing apps. The upside is that the app is packed with loads of features that we’ll cover in more detail through this Webull UK review.
In the UK, Webull is regulated by the FCA (Financial Conduct Authority). It also comes with FSCS (Financial Services Compensation Scheme Protection), meaning up to £85,000 of your deposits are covered if something were to happen to Webull.
It’s free to open and hold an account, and although it’s not commission-free, the trading fees are very small. Along with all the analysis features (analyst price targets, quant ratings, technical analysis and company fundamentals), Webull also offers news feeds and plenty of social functionality so that you can discuss investments with like-minded investors.
That’s the basic takeaways of Webull’s UK investing platform covered. Keep reading if you’d like to learn more and find out what our expert research team thought after using Webull. Here’s what we’ll cover:
1. Webull UK Overview
Webull launched in the US with pretty immediate success. The platform continues to grow in popularity amongst traders and investors because of the excellent value it provides.
Although in the UK, Webull isn’t commission-free, there’s no charge to open and hold an account, making use of its cutting-edge platform.
There are some limitations. For example, you can only use a general investment account (GIA). There are no tax-efficient options like a stocks and shares ISA or a self-invested personal pension (SIPP). And you can only invest in US equities.
However, there are more than 10,000 US stocks to choose from on the Webull UK platform. The commission for buying or selling stocks is 2.5 basis points (0.025%), and the foreign exchange (FX) fee for converting your GBP into USD is a competitive rate of 0.35%. Unfortunately, you’ll always need to pay this FX fee, as US stocks are the only option.
A particularly useful benefit is that Webull is excellent for investing small amounts. There’s no minimum deposit to open your account, and you can invest in fractional shares from just $5 (about £4).
The Webull account opening process is fairly straightforward. You can do it all on the app by following the stages as prompted. We had to wait about 20 minutes for ID verification (you must also submit proof of address).
You’ll need to provide personal details, digitally sign a W-8BEN form and also set up some security details (like a 6-digit trading password and create back-up security questions).
Some investors have had issues with the app glitching during the sign-up process, but Webull has said they will be ironing out these early teething issues.
Webull’s customer service team are responsive, and when we had a slight issue making a first deposit via a bank transfer, contacting the team through the in-app Help Centre was easy, and they quickly got things sorted.
Where Webull really stands out from the pack is its analysis tools and features. It’s the kind of information that some platforms put behind a paywall.
On top of there being plenty of useful trading data, it’s all presented in an easy-to-understand way using graphs, charts, and other visuals.
2. Webull Pros and Cons
- Free to open and hold an account
- Low trading commissions of 0.025%
- Over 10,000 US stocks
- Desktop and mobile trading app
- No minimum deposit to open
- Invest from just $5
- Signup bonus
- Excellent analysis tools in-app
- Social features
- Unlike the US app, it’s not commission-free
- Need to pay a 0.35% FX fee for each trade
- Only US stocks are available
- No alternative asset types
- Not the easiest platform for beginners
- You can only use a GIA (no ISAs or SIPPs)
4. Webull free share program
Unfortunately, Webull does not offer a free share promotion for UK users anymore.
The current promotion is as follows:
- 90 days of commission-free trading for the US market;
- Receive a complimentary 1-month subscription to Level 2 Advance (NASDAQ TotalView) from the sign-up day. *Free for one month, then charge applies.
For more brokerage offers, check our article on free share offers available in the UK.
5. Webull Fees
Unlike some platforms, Webull has a pretty straightforward fee structure. This makes it much easier to figure out whether Webull will be a cheap platform for you to invest in US stocks.
Here’s an overview of all Webull’s fees and commissions:
|Stocks and ETFs||0.025%|
It’s also worth pointing out that Webull has an ongoing promotion where your commissions will be waived for your first 90 days of investing (although this could change in future).
As you can see, Webull offers excellent value for UK investors looking to buy and sell US stocks.
The commission is low (and free for 90 days), there’s no platform fee or any deposit/withdrawal fees and no inactivity fee. The currency conversion (FX) fee of 0.35% is the only other cost charged by Webull. This isn’t the cheapest FX rate, but it’s competitive compared to other UK trading platforms.
6. Markets & Products
Webull UK only offers US stocks, that’s it. You can place large orders or trade fractional shares from just $5.
You can access investments from the major US stock exchanges:
- New York Stock Exchange (NYSE)
- And other exchanges
Even though international diversity is an issue, Webull comes with plenty of excellent analysis and trading tools to make up for this.
In the app, you can easily look at a stock’s:
- Current and past earnings
- Key indicators (EPS, Net Margin, Debt to Asset and more)
- Income statements
- Balance sheets
- Cash Flow
- Peer comparison (to see how a stock ranks against competitors)
Alongside all the great analysis features offered on the Webull app, there’s also a decent amount of social features.
You can have a custom news feed, create posts or polls, use pictures, and follow and engage with other ‘Webullers’ using the platform.
Unfortunately, you’re not able to copy to trades, but it’s a useful way to connect and learn from other investors and be part of an active investing community.
There is absolutely loads you can do with the social features, such as viewing other investors’ posts and even seeing how successful their stock predictions have been in the past!
7. Trading Platform
With Webull, you can use the mobile app or the desktop app to trade. The web app is quite clean-looking, possibly making it a bit easier to make trades.
However, there are plenty of features on the mobile app that aren’t on the desktop (like the social features and some analysis details and graphs).
With the mobile app, there’s plenty packed in. And although it’s not the most user-friendly for beginners, it’s full to the brim with trading features.
Both the mobile app and the desktop app are probably more suited to intermediate and experienced investors. If you’re a beginner, you may need some time practising with the trading platforms to get more comfortable.
One downside to the Webull app is that it’s not very intuitive for finding stocks unless you search exactly what you’re looking for. However, the Webull desktop app is easier to navigate, and when you first download it, you’ll be presented with the option of picking a ‘starter’ or ‘seasoned’ investor mode.
Selecting starter means you’ll get some additional help navigating the desktop trading app and setting things up.
However, Webull is definitely designed more for those who like to trade, and beginners might find the interface slightly confusing at first.
If you want to find stocks, you need to head to the ‘Markets’ tab, where there’s a lot going on at first glance but plenty of useful market info once you get comfortable navigating yourself around.
The web and desktop trading platforms are very modern, but the user interface isn’t the slickest. But there’s plenty of functionality built into the trading platform, and this makes up for the slight complexities of getting to grips with Webull.
Webull is regulated by the Financial Conduct Authority (FCA), and it comes with full FSCS (Financial Services Compensation Scheme) protection for deposits of up to £85,000 should something happen to Webull.
Keep in mind that this compensation does not cover the value of your investments dropping. It’s just there to protect you if anything goesawry with Webull. But this should provide you with some peace of mind.
Webull is a relatively new company, so we’ve not yet seen how it handles adversity. It’s also worth considering that Webull is an Asian company (even though it’s regulated in the UK) based out of the US.