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Webull
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Updated on Apr 18, 2024
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Hello, fellow investor! Welcome to our comprehensive review of Webull, where we will help you assess if it’s the ideal investment platform for your needs.

Webull is a relatively new US-based online brokerage platform established in 2017. It quickly became popular among investors due to its position in the segment of brokers that offer commission-free trading. As of now, Webull is accessible exclusively to investors based in Australia, Hong Kong, Japan, Singapore, South Africa, UK, and United States.

Webull stands out as a good choice for any US investor!

It provides a user-friendly trading experience across desktop, web, and mobile platforms. Additionally, the account opening process is quick and intuitive, and Webull offers commission-free trading for stocks, ETFs, and options. Apart from stocks, ETFs and options, the investment product selection is limited, which could be a point of consideration for more experienced traders looking for other products, such as bonds or mutual funds.

Concerned about safety? Webull is regulated by the top-tier institutions in every country where it operates, which is a good sign of safety.

You can open a Webull account here! New users get up to 12 free stocks!
T&Cs apply. Capital at risk.

That’s Webull’s review in a nutshell. If you want to know more about Webull, keep on reading.

Overview

Webull has rapidly gained recognition among investors due to its commission-free trading services and comprehensive features. Offering a secure investment environment, Webull is closely monitored by regulatory authorities in the markets where it operates, which include the United States, Hong Kong, Singapore, Japan, Australia, South Africa, and, more recently, the UK.

However, regarding investment options, Webull’s offerings are relatively limited compared to competitors like Interactive Brokers and TD Ameritrade. The platform predominantly focuses on stocks, ETFs, and options, which might not align with the preferences of more advanced traders seeking products such as mutual funds, bonds, futures, and Forex.

Webull’s strength lies in its user-friendly interface, real-time market data, and various technical analysis tools that empower investors to make well-informed decisions. Webull offers traders the flexibility to engage with its services through web, desktop, or mobile trading platforms, all of which are remarkably intuitive and user-friendly.

Source: Webull

Aside from commission-free trading, Webull offers an attractive feature for investors – a cash management account with a 5% Annual Percentage Yield (APY) on uninvested cash as of the time of this writing.

Highlights

🗺️ Supported Countries US, Hong Kong, Singapore, Japan, Australia, South Africa, and the UK
💰 Stock fees Free of charge
💰 ETF fees Free of charge
💰 Inactivity fee $0
💰 Withdrawal fee $0 (domestic wire transfers cost $25 and international wire transfers cost $45)
💰 Currency Conversion fee Free of charge
💰 Deposit fee $0 (domestic wire transfers cost $8 and international wire transfers cost $12.5)
💵 Minimum Deposit $0
📍 Products offered Stocks, ETFs, and options
🎮 Demo Account Yes
📜 Regulatory entities SEC, FINRA

The Webull offering varies significantly in the UK. Please visit our Webull UK review.

Pros and cons

Pros

  • No minimum deposit required
  • Commission-free trading on stocks, ETFs, and options
  • No account opening, inactivity, or currency exchange fees
  • User-friendly mobile and desktop app
  • High interest on uninvested cash – 5.00% APY (as of 11/04/2024).
  • Straightforward account opening process
  • Fractional shares
  • OTC shares
  • Demo account available

Cons

  • Limited asset options (only stocks, ETFs, and options trading available)
  • Limited market coverage (United States and Hong Kong)
  • High withdrawal fees for wire transfers
  • High deposit fees for wire transfers
  • Live chat support open to limited clients
  • Extensive but poor education tools

Fees

Webull provides commission-free trading for stocks, ETFs, and options. However, it’s crucial to know the fees imposed by Regulatory Agencies & Exchanges. Notably, Webull maintains a high level of transparency regarding these fees, making them easily accessible and understandable on their website.

Source: Webull
Fee Type Classification
Fees on ETF Trading $0
Fees on Stock Trading $0
Fees on Option Trading $0
Fees on OTC Trading $0 (for transactions over 100,000 shares priced under $1.00/ share – $0.0002 per share, with a maximum 5% charge of principal value)
Deposit Fee $0 for ACH (domestic wire transfers cost $8 and international wire transfers cost $12.5)
Withdrawal Fee $0 for ACH (domestic wire transfers cost $25 and international wire transfers cost $45)
Inactivity Fee $0
Currency Conversion (FX) Fee 0%

Although Webull does not impose non-trading fees like account opening fees, inactivity fees, or currency conversion (FX) fees, it’s important to note that Webull does charge for wire transfers in deposits, and withdrawals. The deposit fees at Webull vary, ranging from $0 for ACH transfer to $12.5 for international wire transfers. On the other hand, withdrawal fees also vary, from ACH transfer to international wire transfers, incurring a fee of $45.

If you plan to trade stocks on margin, it’s crucial to have a clear understanding of their pricing structure. Stock margin rates operate on a tiered system, which means that the amount of the loan taken determines the applicable rate.

Margin rates

Markets and products

Stocks and ETFs

Investors in the United States have access to five markets, including three US ones, namely NASDAQ, NYSE, and AMEX, where over 7,000 stocks are listed.

Stock Offering
Markets NASDAQ, NYSE, AMEX, SHA, SHE
US Stocks 7,000+
ETFs 3,300+

Webull also provides a comprehensive selection of more than 3,300 ETFs. Webull’s ETF offering can be categorised as follows:

  • Market: Dow Jones, S&P, NASDAQ, VIX, Russell 2000, FTSE
  • Industry: Industrial, Healthcare, Financial Services, Utilities, Communication Services, Energy, Real Estate, Technology, Basic Materials, Consumer Cyclical, Consumer Defensive
  • Commodity: Focused, Broad Basket
  • Bonds
  • Forex

Webull provides the option of trading fractional shares, allowing investors to own a portion of a stock or Exchange-Traded Funds (ETFs) without the need to purchase a whole share. However, it’s important to note that there is a minimum order quantity of 0.00001 shares, and a minimum purchase amount of $5 is required to acquire a fractional portion of a stock or ETF.

Fractional shares

Securities trading is offered to self-directed customers by Webull Financial LLC, member SIPC, FINRA. Engaging in fractional share trading poses unique risks and limitations. All investments involve risk, including the possible loss of principal. You should consider your investment objectives carefully before investing. This is not a recommendation, investment advice, or a solicitation for the purchase or sale of a security. Additional info: webull.com/policy

Over-the-counter market (OTC)

Webull offers Over-the-counter (OTC) trading, but it’s essential to understand that OTC trading involves higher risks and may not be suitable for all investors. OTC securities may be less liquid, increasing price volatility and trade execution challenges. This market accommodates various securities, including common stocks, ADRs, and derivatives, making it an option for companies unable to meet strict exchange listing requirements or hesitant to pay associated fees.

Benefits of OTCs

The OTC market comprises three primary tiers: OTCQX, OTCQB, and OTC Pink. OTCQX sets the highest listing standards, followed by OTCQB. Webull allows commission-free trading on all OTC market tiers without additional platform fees or account minimums.

OTC market tiers

Webull currently supports trading in approximately 500 OTC securities, with plans for further expansion. This selection includes notable companies such as Luckin Coffee Inc, Tencent Holdings Limited, Didi Global Inc, Netlist, Recruit Holdings Co Ltd, Prosus Nv Sponso, Adyen N V, and Compagnie Financiere Richemont.

Options trading

Webull’s Options Trading service offers zero commissions and zero contract fees for equity options, along with free real-time OPRA and index data. Notably, there are no assignment or exercise fees or minimum deposit requirements.

It provides a range of 11 trading strategies, including single options, covered stock, straddle, butterfly, and others. The platform offers a range of smart trading tools, including customisable option chains, real-time charts, and more. Webull also provides educational resources and a community to discuss market trends and trading strategies.

Option trading strategies

Cash management account

A standout feature provided by Webull is its cash management account, which presents investors with the opportunity to accrue interest on their uninvested cash balances. This ensures that your funds continue to grow within your account, even when they are not actively deployed in investments.

As of January, 2024, Webull is offering an annual percentage yield (APY) of 5.00%. However, it’s essential to be aware that these interest rates may undergo frequent adjustments.

Cash management account

Key highlights include the absence of a minimum deposit requirement and the convenience of having a “cash management feature” seamlessly integrated into your brokerage account. Furthermore, the 5.00% APY is accompanied by the advantage of not incurring monthly fees on your recurring payments.

Smart Advisor

Webull also provides a robo-advisory service through their “Webull Smart Advisor” feature. This service allows you to create a personalised investment portfolio tailored to your risk tolerance and return expectations. The portfolio composition is dynamically adjusted to align with your chosen risk level. You can access and preview this portfolio simulation in your brokerage account or on the Webull website.

Smart Advisor

Your investment portfolio will be consistently rebalanced to align with your financial goals and risk preferences. If you’re uncertain about your ideal risk level, Webull provides a risk assessment tool that factors in essential criteria, ranging from income to demographics. You can fund your portfolio through ACH transfers, wire transfers, or utilising available cash balances in your brokerage account. Additionally, Webull ensures easy access to performance data through user-friendly trading platforms.

Retirement accounts (IRAs)

Webull provides investors with the opportunity to establish Individual Retirement Accounts (IRAs), which serve as a fundamental element of retirement planning, offering a range of options to help secure one’s financial future. Webull IRAs are diversified accounts that combine stocks, options, and ETFs, all available for commission-free trading and come with tax benefits.

Webull IRA

Webull offers a variety of IRA account types, including the Traditional IRA, which allows for tax-deductible contributions, potentially reducing your current tax liability, while income tax is applied to distributions during retirement. This option is suitable for individuals who anticipate lower future tax rates.

Webull also offers the Roth IRA, which involves post-tax contributions but offers tax-free withdrawals during retirement. It is an excellent choice for those expecting higher future tax rates and desiring tax-free flexibility.

Additionally, it offers a Rollover IRA, a practical solution during career transitions or retirement, streamlining the transfer of 401(k) funds into an IRA, thus preserving valuable tax benefits.

IRA accounts

Trading platforms

Webull offers web, desktop, and mobile trading platforms. You can access your investments through your computer or your mobile phone.

In general, all the platforms offered by Webull are quite comprehensive and user-friendly, with a strong focus on beginner investors. However, the standout feature is undeniably the web version compared to the competition. The desktop application mirrors the web version, while the mobile version is remarkably comprehensive, placing a strong emphasis on user experience and offering extensive categorisation of investment products and news to facilitate investment decision-making.

Order types

Platform Offering
Web Trading Platform Market, Limit, Stop, Stop Limit, Stop Trailing
Desktop Trading Platform Market, Limit, Stop, Stop Limit, Bracket
Mobile Trading Platform Market, Limit, Stop, Stop Limit, Bracket

You can also utilise time order options, including Day and Good ’til cancelled (GTC), which are accessible across all platforms.

Web trading platform

Webull provides a highly developed web platform, emerging as one of the best in the market. Upon entering the platform, you’ll find a watchlist, along with tabs providing up-to-the-minute news and data for every investment product, be it indices, ETFs, or stocks.

Watchlist view

On the left-hand side, you’ll find a menu bar with seven options: Watchlist, Stocks, Markets, Screener, Trade, Account, and Paper Trading. Within the Stocks section, you can access detailed information about each investment product. It’s quite similar to the Watchlist but offers a comprehensive chart featuring technical analysis tools. This is complemented by fundamental analysis through news updates available at the bottom of the page.

Product view

Within the Market section, Webull presents a wealth of global market data. Notably, Webull provides real-time data for Forex and Crypto, even though these assets aren’t available for trading on the platform. For Forex information, you can find it at the bottom of the page, while crypto data is conveniently accessible under the “Crypto” tab on the top bar. Nevertheless, it’s worth mentioning that the information for trading altcoins is relatively restricted.

Markets view
Cryptos view

In the Screener section, you can discover a comprehensive list of investment products accessible on the platform, along with detailed information provided on the right side of the page. You can filter investment products by criteria like region (US or Hong Kong), exchange, and sector. Additionally, the screener allows you to filter investments based on key financial indicators, such as Earnings per Share (EPS).

Screener view

Webull provides a Paper Trading section, allowing users to simulate trading with virtual funds. This section closely mirrors the live trading experience (Trade section). Additionally, Webull offers an Account section where users can review all the details of their brokerage account.

Paper trading

Desktop trading platform

The Webull desktop trading platform mirrors their web platform in its completeness, sleek design, and suitability for both beginners and experienced traders. It’s worth noting that this interface appears to be particularly advantageous for entry-level investors. One significant advantage is the seamless transition between the web and desktop platforms. You can easily switch from one to the other without requiring any additional learning curve.

Desktop version

A notable difference between the desktop and web versions lies in the enhanced design customisation options available in the desktop version. This level of flexibility proves to be highly advantageous for various trading approaches, such as day trading or option trading. Furthermore, you have the capability to craft a layout that is finely tailored to your unique requirements.

Desktop layout

Mobile trading platform

The mobile trading platform of Webull is well-crafted and tailored to meet the needs of investors. Upon opening the app, you will encounter a Watchlist, much like the desktop and web versions. However, the information provided for each of the listed products is more concise, owing to the limited screen space on mobile devices. Nevertheless, by tapping on any of these products, you can access a highly detailed chart specific to that product, as illustrated in the image below.

Mobile app

In the bottom bar, you’ll discover four essential options: Watchlist, as mentioned earlier, Markets, News, and Menu. Under the Markets section, you’ll find a comprehensive listing of various markets, each featuring a selection of stocks and ETFs categorized as “Top Gainers,” “Top Losers,” and more. Notably, for the US Markets, the app provides a comparative analysis of different market segments, offering a valuable overview of the US Market – a noteworthy and beneficial feature.

Webull also presents an IPO center, where all IPOs are meticulously listed and conveniently divided into those already filed and the upcoming ones.

Mobile app - different views

Safety

Webull operates within full regulatory compliance in every country where it conducts business.In the United States, Webull ensures the protection of investments in US stocks, with coverage of up to $500,000 by the US Securities Investor Protection Corporation (SIPC). In Hong Kong, Webull offers an Investor Compensation Fund that compensates investors for financial losses resulting from broker misconduct, with protection extended up to 500,000 HKD.

Webull operates in each country under the licenses of the respective regulators:

  • United States: Webull is registered with the Securities and Exchange Commission (SEC). Webull Financial LLC is a member of the Financial Industry Regulatory Authority (FINRA);
  • Hong Kong: Webull is licensed with the Securities and Futures Commission of Hong Kong (“SFC”) (CE No.: BNG700) for carrying out Type 1 regulated activity (“dealing in securities”), Type 2 regulated activity (“Dealing in Futures Contracts) and Type 4 regulated activity (“Advising on Securities”);
  • Singapore: Webull is regulated by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services (CMS) Licence under the Securities and Futures Act 2001;
  • Japan: Webull is registered with the Japan Securities Dealers Association;
  • Australia: Webull is licensed and regulated by the Australian Securities Investments Commission (‘ASIC’) under its AFSL Number 536980.
  • UK: Webull is authorised and regulated by the Financial Conduct Authority, the FCA, (FRN: 961286) for the conduct of investment business.
  • South Africa: Webull is authorised and regulated by the Financial Sector Conduct Authority (in South Africa) as an authorised financial services provider (FSP No 50863).

Account opening

Webull accepts clients from the United States, Hong Kong, Singapore, Japan, Australia, South Africa, and the UK.

Minimum Deposit $0 ($2,000 for margin accounts)
Currencies Supported USD
Currency Conversion Fees 0%
Deposit Methods Wire transfer, Microdeposits (takes one or two days), and ACH deposit (immediately)
Deposit Fees $0 for ACH (domestic wire transfers cost $8 and international wire transfers cost $12.5)

Signing up on the platform is a straightforward process, typically taking about 10 minutes. It’s entirely digital and user-friendly. Here are the steps to get started:

  1. Click on the ‘Sign up’ button.
  2. Input your personal details, such as your name, date of birth, social security number, address, and more.
  3. Share your employment information, financial background, and current situation.
  4. Verify your identity by submitting a photo of your ID or passport.
  5. Select your desired account type, either cash or margin.
  6. Review the information you’ve provided.
  7. Submit your application.

Typically, you can expect confirmation within a day. If there’s a significant delay, don’t hesitate to contact Webull support to ensure everything is proceeding smoothly.

Promo code

If you plan to open an account on Webull, you can do that here! New users get up to 12 free stocks!

T&Cs apply. Capital at risk.

Customer support

Webull’s customer support is accessible via email and phone; however, live chat support is  unavailable. It’s worth mentioning that the platform’s message centre functions well.

Furthermore, Webull’s website boasts a user-friendly FAQ section that is thoughtfully structured to address a wide range of inquiries.

However, the lack of live chat support remains a downside, highlighting the need for improvement.

Bottom line

In summary, Webull, established in 2017, has quickly risen to prominence, primarily among entry-level and novice investors. It stands out as an accessible, commission-free platform with a user-friendly interface perfect for those getting started in the investment world.

Webull offers commission-free trading for stocks, ETFs, and options, making it an attractive choice for first-time investors. However, it’s essential to note that the platform has limited product offerings, focusing primarily on Stocks, ETFs, and options, which may not meet the needs of more experienced traders looking for diverse options like Bonds, Futures, or Forex.

One notable feature is the cash management feature, offering an impressive 5% Annual Percentage Yield (APY) on uninvested funds as of the last update. This provides an opportunity for your uninvested cash to grow while not actively deployed in investments.

Opening an account is straightforward, but do keep in mind that Webull’s accessibility is limited to investors in the United States, Hong Kong, Singapore, Japan, Australia, South Africa, and the UK.

Webull’s platforms, available on the web, desktop, and mobile, are well-designed and cater to beginners, offering real-time market data and various technical analysis tools to assist investors in making informed decisions. Order time limits like Day and Good ’til cancelled (GTC) are accessible on all platforms.

Disclaimer

Disclosure: Paid Sponsorship. User experience may vary. The opinions expressed herein are those of Investing in the Web and not those of Webull or its affiliates. This is not a recommendation or solicitation to buy or sell securities, nor a guarantee of future performance or success. Webull Financial LLC is a member of FINRA and SIPC. All investments involve risk. Index Option Contract Fees, Regulatory Fees, Exchange Fees and other Fees may apply. Options are risky and not suitable for all investors. Investors can rapidly lose 100% or more of their investment trading options. Before trading options, carefully read Characteristics and Risks of Standardized Options, available at

Webull.com/policy. Regulatory and Exchanges fees, and Index Option Contract fees may apply. Webull is not a bank. Rates are subject to change. Cash management is not available for all accounts. More info at webull.com/disclosures.

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About the author
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Ricardo Fernandes
Fintech Analyst

Ricardo Fernandes is broker analyst. He has a passion for finance and business and is the CEO of Minho Investment Association, a junior initiative from Portugal.