Take Your Investing to the Next Level: Webull’s Commission-Free Trading Platform Offers Advanced Tools and Analytics for Every Investor
Quick Summary:
Webull is a commission-free stock trading platform that offers real-time market data, advanced trading charts, and a user-friendly interface for a seamless trading experience.
Overall Rating:
PROS
- Wide range of investing tools
- Free stock for new users
- Pre-market and after hours trading
CONS
- No dividend reinvestment
- No interest on uninvested cash
- No crypto wallet
Webull: At a Glance
- Account Minimum: $10
- Account Types: Taxable brokerage, Traditional IRA, Roth IRA, and Roll-over IRA
- Fees: 0% trading fees for stocks, ETFs, and ADRs. 1% markup on cryptocurrencies.
- Trading Tools: Advanced technical and charting features
- Mobile App: Available on Apple and Android devices
- Tradeable Securities:
- Stocks
- Options
- Exchange-traded funds (ETFs)
- American Depository Receipts(ADRs)
- 44 Cryptocurrencies from Bitcoin to Dogecoin
- OTC stocks
- Fractional shares
- IPOs of companies going public
What is Webull?
Webull is a mobile-first investing platform that offers commission-free trading for stocks, options, and ETFs. The company also offers crypto trading, short selling, and access to international markets, complimented by helpful charting features and technical analysis tools for active traders.
The platform is designed to be intuitive and easy to navigate, making it ideal for experienced and novice investors. Its user-friendly mobile app makes it easy to monitor real-time market data and make trades on the go.
Webull was founded in 2017 and is headquartered in New York City. The company boasts 2.7 million monthly users.
You can open an account with Webull for a low minimum deposit of just $10. New investors who open a Webull brokerage account can get up to 12 free stocks valued between $3 and $3,000.
How Does Webull Work?
Webull is a trading platform that offers a wide range of trading tools and investment options. While the company does offer retirement accounts, the platform is primarily built to support active traders and investors.
Trading Tools
Trading tools are available to desktop and mobile users making for a seamless investing experience.
Technical Indicators: Webull offers a wide range of trading tools in its Trading Central, which provides investors and traders with actionable insight and event-driven notification. This delivers an instant collection of bullish and bearish technical events for stocks and ETFs.
Real-time market data: Webull provides real-time market data, including quotes, charts, market news, and earnings calls. With Level 2 Quotes, investors can better see the depth of the market for a single security.
Advanced charting tools: The platform offers advanced charting tools, such as technical indicators and chart types, for a more informed trading experience.
Stock Screener: The stock screener is a tool used to filter and search for stocks that meet specific criteria, like sector, market capitalization, dividend yield, and earnings per share (EPS) growth.
Order Types: Users have access to multiple order types, including market orders, limit orders, stop orders, and more, allowing them to execute trades precisely and flexibly.
Investment Options
Webull offers a wide range of investment options, including stocks, options, ETFs, OTC stocks, and cryptocurrency trading.
Customers also have access to international markets like the Hong Kong Stock Exchange and can participate in Initial Public Offerings (IPOs) of private companies.
Webull users can invest in the following securities:
- Stocks
- Options
- Exchange-traded funds (ETFs)
- American Depository Receipts(ADRs)
- 44 Cryptocurrencies from Bitcoin to Dogecoin
- OTC stocks
- Fractional shares
- IPOs of companies going public
However, Webull does not offer mutual funds, bonds, or forex, which may concern some investors.
Webull offers extended-hours trading, full pre-market (4:00 AM – 9:30 AM ET) and after-hours (4:00 PM – 8:00 PM ET) sessions, allowing customers to trade select securities outside regular market hours.
Extended hours trading is very popular among active traders, and many investors have noted the ability to take advantage of pricing inefficiencies during these windows.
In addition, Webull users have access to multiple order types and time-in-force options: Users have access to various order types, including market orders, limit orders, stop orders, and more, allowing them to execute trades with precision and flexibility.
Fees
Webull does not charge trading fees to buy and sell stocks, ETFs, or ADRs. However, the platform does charge a 1% markup for cryptocurrency trades and may also charge fees for other activities.
- Stocks, ETF, ADRs: $0 trading fees.
- Cryptocurrency: 1.0% markup on cryptocurrency trades.
- Options Trading: Webull may charge fees for options contracts and other related services if you trade options.
- Margin Trading: Webull allows users to borrow money from the brokerage to buy securities. The interest rate charged on margin borrowing varies depending on the amount borrowed and the type of security but starts at 9.49% and requires at least $2,000 invested to use margin.
- Short Selling: Webull charges a fee for short selling, which is the process of selling a security that you do not own with the expectation that its price will fall. The fee varies depending on the stock and the market conditions.
- Transfer Fees: $75 fee for transferring your account to or from another brokerage.
- Account Inactivity: If a user’s account is inactive for more than 12 months, Webull charges a $10 inactivity fee per month.
Webull’s fees are generally in-line with other zero-commission brokerages. Its margin rate is lower than a standard Robinhood account but higher than the Robinhood gold tier margin rate.
Furthermore, the 1% cryptocurrency markup is consistent with other competitors.
Note: Some platforms advertise as being 0% commission on crypto, multiple users have noted that the markup is simply embedded in a wider bid-ask spread.
User Interface
The Webull platform has a clean and intuitive interface, making it easy for users to place trades and manage their portfolios.
The interface includes real-time market data, a customizable watchlist, advanced charting tools, and access to a wide range of investment information and research resources.
Customer service
Webull offers a variety of customer support options to help users with any questions or issues they may have.
The company provides 24/7 support through its website and mobile app, a customer service team available via email or phone during market hours, and a support center with various resources, including a FAQ section and detailed guides on various topics.
Webull Customer Service
- 24/7 support through its website and mobile app
- Email and phone customer service available during market hours
- FAQ sections
- Detailed guides
- An online community to connect other Webull users
Webull also has an active online community where users can connect with each other and share insights and experiences. This community can be a valuable resource for answering questions and finding support from other users.
In general, Webull’s customer service is highly rated by its users, with many praising the company’s fast response times and helpful support representatives. However, like any customer service experience, individual experiences may vary.
Mobile App
Webull offers a mobile trading app for iOS and Android, allowing users to trade on the go.
The mobile app has most of the same features as the desktop app, which makes it easy to monitor your positions using technical analysis and charting.
Furthermore, users have noted placing a trade on a mobile device is fast and easy for trading on the go.
PROs and CONS
Pros
- Investing Tools. Many customers have noted Webull’s charting tools are better than any other brokerage
- Easy account setup and options approval, and no fees or minimums
- Pre-market and after-hours trading. Webull offers pre-market and after-hours trading to take advantage of pricing inefficiencies.
Cons
- No dividend reinvestment plans (DRIPs). Webull does not offer automatic dividend reinvestment. This is a pain for some users as the dividend is paid out, which requires you to pay taxes on it.
- No interest on uninvested cash. Any uninvested cash held at Webull does not earn interest. The interest alone won’t make you rich, but you should be paid for your cash.
- No Crypto Wallet. Webull does not currently offer a crypto wallet, so this means you cannot transfer your crypto out of Webull. If you are buying and selling crypto for profit, it shouldn’t be an issue.
Who Should Use Webull?
Webull is good for…
Active traders who require advanced trading and charting tools. The company offers unlimited day trades with a cash account of any size. Furthermore, many users have noted better order execution than its competitors.
Webull is not good for…
Passive investors who want assistance deciding their investment portfolio
Alternatives to Webull
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Minimum Investment | $0 | $1 | $10 |
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Account Types |
| Traditional brokerage | Traditional brokerage |
The Bottom Line
If you are an active trader, Webull is a great option for you. Their user interface, paired with advanced charting tools, and technical analysis is hard to beat.
Furthermore, their user interface’s customizability and ease of use make Webull an excellent option.
However, if you are a more passive investor who wants access to a more guided approach to investing, then Webull probably isn’t the right choice for you.
Frequently Asked Questions
Is Webull good for beginners?
While Webull is a low-cost broker, it focuses on active traders who require advanced trading tools, so there is limited trading guidance and, therefore, not ideal for beginners.
Beginner investors may want to consider a semi-guided investing approach like the services offered at M1 Finance.
You might be interested in: Webull vs. M1 Finance Review
Is Webull Safe?
Yes, Webull is safe. Webull is registered with and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is also a member of the SIPC, which protects up to $500,000 and $250,000 against the loss of cash and securities.
