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Can you trade Forex on Webull? Alternatives in 2024

Ricardo Fernandes| Updated January 22nd, 2024

You may already know about Webull, a modern and user-friendly investment app from the US, founded in 2017. It has introduced the concept of commission-free trading in financial products such as stocks and ETFs alongside its biggest rivals, Robinhood, TD Ameritrade, and E*TRADE

On Webull, you can choose between investing in stocks, options, ETFs, fractional shares, and even Over-The-Counter (OTC) stocks. New users get up to 12 free stocks.

Want to know if you can trade Forex on Webull? Wondering about alternative investment platforms to invest in Forex? We’ve got you covered!

Can you trade Forex on Webull?

Unfortunately, you are not able to trade Forex on Webull! As of this writing, Webull doesn’t offer forex trading.

Source: Webull

However, they’ve added a new section to their platform where users can check out detailed Forex data. It’s important to note that this feature is only for viewing data; you can’t make actual forex trades with it.

Source: Webull

This addition has led to some speculation about Webull possibly adding forex trading to their services. But, as of now, there’s been no official confirmation from Webull about this potential expansion.

Which products can you trade on Webull?

Webull has a restricted product range, featuring only stocks, ETFs, and options, primarily focusing on US markets1.

Products Available?
Forex
Stocks
ETFs ✔​
Options ✔​
Cryptocurrencies ✘​
Bonds
Futures
Funds
CFDs
Commodities
Leverage Products

Best Webull alternatives for investing in Forex

Can you trade Forex on Webull? Alternatives in 2024 2

#1 Best overall (lowest fx fees)

Min. deposit of $/€0
100+ currency pairs
Excellent reputation (founded in 1978)
View BrokerCan you trade Forex on Webull? Alternatives in 2024 3Read review
Interactive Brokers summary
Interactive Brokers is one of the biggest brokers that lets you trade more than 100 currency pairs. Their trading platform, the Trader Workstation (TWS), offers excellent customisation, advanced technical indicators, and fundamental trading tools.
Supported countriesWorldwide (exceptions apply)Fractional sharesYes
RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS and MNB.Interest on uninvested cashEUR: 3.467%; USD: 4.83%; GBP: 4.75% (as of January 2024)
Products and MarketsStocks, ETFs, Options, Futures, Forex, Commodities, Bonds and Funds.
Can you trade Forex on Webull? Alternatives in 2024 4

#2 Best for advanced trading platform

Min. deposit of $/€0 ($50 for electronic transfers)
80+ currency pairs
Great trading platform
View BrokerCan you trade Forex on Webull? Alternatives in 2024 3
TD Ameritrade summary
TD Ameritrade is an established online broker with a strong presence in the United States, offering more than 80 currency pairs for Forex trading. One of the key advantages of TD Ameritrade is its robust trading platform, thinkorswim.
Supported countriesUS, India, China, among othersFractional sharesNo
RegulatorsSEC and FINRAInterest on uninvested cash0.35%
Products and MarketsStocks, ETFs, Options, Mutual Funds, Futures, Forex, Cryptocurrencies, Bonds and access to IPOs
Can you trade Forex on Webull? Alternatives in 2024 6

#3 Best for educational and research materials

Min. deposit of $0
80+ currency pairs
+17,000 products available
View BrokerCan you trade Forex on Webull? Alternatives in 2024 3
IG summary
IG is known for its extensive 17,000+ financial products available on its platform and its comprehensive research and education materials. Over 80 currency pairs are available, and spreads start from 0.6 pips.
Supported countriesWorldwide (exceptions apply)Fractional sharesNot available
RegulatorsFCA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSAInterest on uninvested cash0%
Products and MarketsCFDs on stocks, indices, forex, commodities and cryptocurrencies

75% of retail CFD accounts lose money.

OANDA logo

#4 Best for Forex investors valuing access to MetaTrader 5

Min. deposit of $0 (only for bank transfers)
65+ currency pairs
Access to MetaTrader 5 (MetaTrader 4 for US investors)
View BrokerCan you trade Forex on Webull? Alternatives in 2024 3
OANDA summary
OANDA is a reputable online forex broker known for its advanced trading technology and robust platform. It offers more than 65 currency pairs for Forex trading.
Supported countriesWorldwideFractional sharesYes
RegulatorsFCA, PFSA, ASICInterest on uninvested cash0%
Products and MarketsStocks, Forex and CFDs on Stocks, ETFs, Indices, Commodities and Crypto
Can you trade Forex on Webull? Alternatives in 2024 9

#5 Best for professionals

Min. deposit of $100
80+ currency pairs
Wide range of account types
View BrokerCan you trade Forex on Webull? Alternatives in 2024 3
Forex.com summary
Forex.com is a global Forex broker that offers a range of financial instruments. They have over 80 currency pairs available with low spreads for highly liquid pairs and a variety of account types suitable for traders of all levels of experience.
Supported countriesFractional shares
RegulatorsInterest on uninvested cash
Products and Markets

Brokers’ comparison table

Broker Minimum Deposit Number of currency pairs Spreads starting at

(pips)

Regulators
Interactive Brokers $0 100+ 0.1 (subject to commission) FINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB
TD Ameritrade $50 (electronic transfers); no account minimum 80+ $0, but spreads starting 1.1 pip apply SEC, FINRA, CFTC
IG  $0 (only for bank transfers) 80+ 0.6 ASIC, FCA, NFA, MAS, FSCA, FINMA, FMA
Oanda $0 65+ 0.6 FCA, PFSA, ASIC
Forex.com $100 80+ 0 (subject to commission);

1 (no commission)

CySEC, CFTC, NFA, FCM, RFED, CIRO, FSA, FCA, CIMA, SFC, ASIC, MAS

Factors to consider when selecting a Forex Broker

Selecting the right Forex broker can be overwhelming with so many options available in the market. However, several critical factors can help you choose the best one that aligns with your trading goals and needs. Below are some of the crucial criteria that we have used to evaluate and rank Forex brokers:

  • Regulatory Compliance: The best Forex brokers are regulated by credible financial authorities. This ensures that the broker adheres to strict regulations and standards, including client fund protection, transparent pricing, and fair trading practices.
  • Trading Platform: The trading platform is the primary tool for executing trades, and choosing a broker that provides a reliable, user-friendly platform with some advanced features is essential. Popular trading platforms include MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. Additionally, some brokers offer proprietary trading platforms, such as TD Ameritrade’s thinkorswim or IBKR’s Trader Workstation (TWS).
  • Commissions and Spreads: Forex brokers charge commissions or spreads for their services. It’s essential to choose a broker that offers competitive pricing without compromising on the quality of service. Some brokers charge low commissions but have wider spreads, while others have high commissions but lower spreads.
  • Trade Execution Speed: Fast and accurate trade execution is critical in Forex trading. Ensure that your broker provides fast execution speeds with minimal slippage, as delays could result in missed trading opportunities.
  • Liquidity: Access to deep liquidity pools ensures traders can execute trades at the best possible prices. Choose a broker that provides access to a vast network of liquidity providers to ensure you can trade all major, minor, and exotic currency pairs.
  • Customer Support: Excellent customer support ensures a smooth trading experience. Choose a broker that provides responsive support through various channels, including email, phone, and live chat.

By evaluating these factors, you can select the right Forex broker that aligns with your trading goals and needs.

Bottom Line

The Foreign Exchange (Forex) market stands as the largest and most liquid financial market globally, boasting an average daily turnover of over $7.5 trillion. Although Webull does not currently offer Forex trading, in this article, we have highlighted some of the best alternatives in our opinion to explore, such as Interactive Brokers, TD Ameritrade, IG, Oanda, and Forex.com

When selecting a Forex broker, consider factors such as regulatory compliance, trading platform quality, commissions and spreads, trade execution speed, liquidity, and customer support.  Each broker has pros and cons, so it is important to choose wisely the one that best suits our needs.

Hopefully, we have helped you with your choice.


1Customers in Hong Kong have the opportunity to trade stocks and ETFs listed on the Hong Kong, Shenzhen, and Shanghai stock exchanges.

Ricardo Fernandes
Fintech Analyst

Ricardo Fernandes is an undergraduate management student with a passion for finance and business. He serves as the CEO of one of Portugal's most promising junior initiatives, the Minho Investment Association, and holds the role of Ambassador for the renowned BIG-4 firm, Ernst & Young (EY).

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