You have probably heard about the Webull app on YouTube and want to know if it’s available in Colombia, right?
Webull is a modern and easy-to-use investment app from the US, which has introduced the concept of commission-free trading in financial products such as stocks and ETFs.
Want to know if Webull is available in Colombia, the company’s expansion plans, and the alternatives available? We’ve got you covered!
What is Webull?
Webull is an investment app based in the United States, which does not charge a commission when investing in stocks or other financial products.
Due to its user-friendly and modern app and the fact that it does not charge fees when investing in stocks and other products, this company has become well known worldwide, alongside its biggest rival, Robinhood.
Once again, the Internet has democratized access to investments. Through apps like Webull or Robinhood, anyone can invest in the stock market without a lot of money or having to pay high fees for that.
Its success was due to its innovative product and its referral program, which encourages users to recommend others and receive a reward for doing so, making this company a world first.
Is Webull Available in Colombia?
Unfortunately, Webull is not yet available in Colombia, and the company has not yet made any public announcements about a possible expansion. Currently, Webull can be used in the following markets: Australia, Hong Kong, Japan, Singapore, South Africa, the United Kingdom and the United States.
Webull App Alternatives in Colombia
To help you find a Webull Colombia equivalent, we have only focused on low-cost brokers available in Colombia. Here are our suggestions:
With over 30 million users, eToro is the leading social investing platform (copy and follow other traders/investors). It offers commission-free stock trading.
Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
76% of retail CFD accounts lose money.
eToro at a glance
Founded in 2006, eToro is a well-known worldwide fintech startup and leader in the social trading field (following other people’s trades), with over 30 million users worldwide. You can also invest in other products such as CFDs, ETFs, stocks, commodities, Forex, and cryptocurrencies through its platform, which is intuitive and simple to use, making it a good choice for beginners. It has also started offering commission-free stock and ETF trading in Colombia (not all ETFs are commission-free).
Opening an account and depositing is easy, and you can even try it out with virtual money. On the downside, the only currency accepted is the USD, so you’ll pay currency conversion costs upon deposit and withdrawal, and spreads can be high for some products, like cryptocurrencies. Full eToro review available here.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
2# Interactive Brokers
Interactive Brokers at a glance
Founded in 1978 and publicly listed in NASDAQ (ticker: IBKR), Interactive Brokers is a global online broker which surpassed major financial crises, showing resilience and a rigorous risk management process.
Interactive Brokers offers an advanced investment platform that includes a wide range of products (stocks, options, mutual funds, ETFs, futures, bonds, and currencies) from 150 markets, solid trade execution (IB SmartRouting), and a set of technical and fundamental tools to help you in your investment decisions.
Beginners and intermediate investors have educational tools to explore, but the learning curve will be steep. That´s why we mainly endorse it to more advanced traders. Besides, the customer service gives crystal clear answers to your doubts, so there is no need to go back and forth.
On the downside, Interactive Brokers’ fee structure is quite complex, the registration process is lengthy but fully online, and the broker doesn’t offer commission-free trading. However, when considering FX fees, narrower spreads, and the stock loan program, Interactive Brokers’ clients still get significant savings compared to most brokers.
Interactive Brokers launched IBKR GlobalTrader, a modern mobile trading app to trade Stocks, Options and ETFs, ideal for beginner investors. Some of the features of IBKR GlobalTrader include automatic currency conversions, fractional shares, demo account, and more.
Want to know more about Interactive Brokers? Check our Interactive Brokers Review.
Which platform should you choose?
Some factors you should be aware of when choosing an online broker are the fees charged if it is regulated by top-tier institutions such as the FCA in the UK and the range of products it allows you to trade (not all platforms allow you to trade cryptocurrencies or stocks listed on the London Stock Exchange, for instance), among other factors.
The best online broker in your specific case will depend on your profile, preference, and objectives. Explore the websites above and decide for yourself!
A reminder that the above should not be construed as investment advice and should be considered information only. Investors should do their own research and due diligence about the services and opportunities best suited for their risk, returns, and impact strategy.
We hope this has helped – please leave your comments below.