Webull Online Brokerage Review
Webull is an exciting online brokerage that allows you to trade stocks without commission fees.
They offer a huge range of investment tools in a comprehensive app to help you master new investment strategies and grow your wealth. They’re one in a wave of online investing platforms that have debuted recently, and you may be wondering – how does Webull compare to its competitors?
Webull is similar to many other new investment apps in that they offer convenient stock trading with minimal fees.
However, Webull really stands out among the crowd because of its technical, research-based investment options as well as a wide range of advanced features.
While other online stock broker services focus mainly on young or beginner investors, Webull aims to set themselves apart from the pack by catering to more serious traders.
What is Webull?
Webull is an internet-based stock trading company with a website and mobile app.
They charge no commission fees and have no minimum required account balance, so there’s very little barrier to entry when you invest with them.
There are some small standard fees, but the overall cost of use is generally affordable, especially when compared with other companies that offer the same types of features.
All of their investment tools are driven by in-depth stock market research and real-time analysis. According to Webull’s CEO, Anthony Denier, one of the platform’s biggest goals was to make professional-level investment tools and information available to anyone.
They’ve compiled an excellent assortment of features to help active traders make smart trading decisions and grow their wealth.
Who is Webull For?
Because of Webull’s advanced trading features, it’s not ideal for complete investment beginners.
Instead, it’s an excellent platform for traders who have some experience, maybe on simpler platforms, who want to expand their investment efforts.
Webull is also perfect for active traders who love diving into the research behind the stock market. If you prefer to take a long-term approach to your investments, this may not be the best choice for you.
However, you don’t have to be a professional to use the platform.
Webull offers analytics and other tools that can help you build on your online stock trading experience. If you’re looking to make the leap from a casual investor to a more active trader, this is the perfect app to help you do so.
Is Webull Legitimate?
Since they don’t charge commission fees, you may be wondering, ‘is Webull legit?’
Webull is a legitimate broker dealer that is registered with the SEC. They are also members of FINRA and SIPC. Webull works with Apex Clearing Corporation as well, which offers insurance protection on top of the standard SIPC protections.
You can use Webull to trade stocks and ETFs an options. The app encrypts your personal information, so it is completely secure.
You can expect to pay some fees in Webull, although they are minimal. There are small fees charged by the SEC and FINRA.
SEC fees are $13 per $1 million of principal, and FINRA fees are $0.000119 per share, with a minimum of $0.01 and a maximum of $5.25. Webull also does charge margin fees of 3.99 to 6.99 percent. The larger the trade you are making, the lower your fee will be.
This only applies to those placing margin trades. Otherwise, you can trade with no fees on buys or sells, even if you’re short selling.
How to Get Webull Free Stocks
You might be ready to sign up for Webull right now. But before you do so, make sure to read our recent article on how to get free stocks by signing up on Webull.
To get started with Webull, you’ll need to download their app and set up an account.
Your account needs to be approved by Webull before you can start trading. This usually takes less than an hour. However, there are some instances where they may need more verification, and the process takes longer.
You must be 18 years of age and have a valid Social Security Number to sign up with Webull.
If you want to take some time to learn how Webull’s features work, you can start with a paper trading account, which doesn’t require any deposits and won’t yield any actual money.
When you’re ready to start trading for real, you will need to fund your account through an ACH transfer from your bank. There are no bank transfer fees from Webull, but your bank may charge a small fee for outgoing transfers.
There is no minimum deposit required on Webull, and it’s one of the only platforms right now that allows you to start a serious investment campaign with minimal capital.
The only trades that do require a minimum deposit are margins trades.For these types of trades, you will need a minimum of $2,000 in your account.
Webull will actually give you a free stock for getting started. The potential value is $1,000.
Webull Design and UI
Webull’s app design is very modern and professional. Analysis pages feature clear graphs and information that is easy to process once you become familiar with basic investing terminology.
Each stock also has an analysis section which provides ratings by professional analysts, as well as the option to make your own prediction for the chance to win points in Webull’s community point system.
The app can be a bit overwhelming overall, as there are so many features and it can take some time to learn where to access all of them.
On Webull, you have the power to trade over 5,000 US-listed stocks and ETFs, and they do offer margin trades for an additional fee.
This is an excellent selection for a free investment tool. However, Webull doesn’t currently offer mutual funds, bonds, or other popular investment products, which some traders may find a bit limiting.
Webull has a huge range of features available, many of which you would typically not find on an online trading account.
Active traders love the real time market data that Webull offers, which ensures that you always have the latest price accuracy.
Real time US data is free, and real time global data can be purchased through a monthly subscription fee. You’ll get data on equities, ETF, cryptocurrencies, Forex, and much more, from stock exchanges like NYSE, NASDAQ, LSE, SGX, and others.
Unlike most other online brokerage apps, Webull offers 22 different technical indicators.
While these are often considered too complex for beginner investors, technical indicators are incredibly helpful for slightly more experienced traders.
These technical indicators can help you make more informed decisions about which stocks you should buy and sell.
Another excellent feature that Webull offers is their virtual trading simulator.
If you came to Webull from a simpler investing platform, like Robinhood, the virtual trading simulator is a great way to build on your existing knowledge and learn new strategies.
Most other free platforms don’t offer this feature, so this alone gives Webull a big advantage for active traders.
When you log onto the Webull app, you can scroll through their financial news feed.
This feature compiles articles from a wide range of financial news sites. It’s worth checking every day before you start investing, as breaking news about major stocks could influence your decisions.
The app also offers a financial calendar, which will show you major financial market events all in one place. This makes it easy to plan for your short-term trading future.
Before purchasing or trading a stock, Webull also gives you the option to look at a compliation of expert analyst ratings.
This feature will show you whether analysts are recommending you to buy, sell, or hold, and it will also indicate how these ratings have changed over time.
If you’re interested in a stock or already have it in your portfolio, you can set smart alerts to let you know if it hits a certain price or volume level, or if it moves a certain percentage.
This can streamline your trading process and will help you make effective trades in real time.
Finally, Webull offers after hours trading for free. This is very unique, as most online brokerages have a very limited window where you can place trades.
Webull’s trading window is open from 4 AM to 8 PM, which gives you a full 16 hours in which to place your trades.
This provides much more flexibility for traders with unique or variable schedules.
Does Webull have Options?
Yes! Options trading is now available in Webull. Best part? It’s also free! One thing I love about Webull, is that they are able to innovate and move fast. When I opened my Webull Account, they didn’t have Options trading but the promised it was “coming soon”. Now, low and behold, Options trading is available!
Does Webull have IRA Accounts?
Yes, it does! WeBull offers Traditional, ROTH, and Rollover IRA’s. All of these have $0 commissions, and $0 account fees. Even better, the company offers Amazon gift card for your IRA deposit: $30 gift card for deposit of $2K-$10K, and all the way up to $1,500 gift card for deposit of $500K or more.
PLUS if you transfer an IRA, they will pay the pesky transfer fees. (conditions apply).
Not just that, but IRA accounts are also eligible for their standard free stock promotion. So, to sum up, if you open an IRA account with Webull today, you could get: 2 free Stocks (potential $1,250), An Amazon gift card (potential $1,500) PLUS transfer fee reimbursement (Potential $100)
Webull Customer Service
Another way that Webull really stands out from its competitors is in its customer service features.
Many other platforms only offer customer service via email, and while Webull does offer that option, they also have customer service available via phone and live chat. This is incredibly helpful because you can get answers to your questions in real time.
Even when you send a request in via email, you are still likely to get an answer after just a few minutes.
This speed is likely to slow down if the app’s user base increases, but it is a good indication that Webull really cares about its customers.
How does Webull compare to competitors?
Webull is often compared to a variety of other online brokerages. It can be difficult to decide which brokerage service is going to be best for you when you’re overwhelmed by choice.
Webull vs Robinhood
Webull is most often compared to Robinhood, which is another trading app that does not charge commission fees.
However, Webull has many more features for the serious trader, while Robinhood has a very streamlined design that’s better for beginners.
|Stocks and ETF trading (free)||YES||YES|
|Options trading (free)||YES||YES|
|Extended Hours Trading||YES||YES|
|Sign up Bonus||YES||NO|
On the other hand, Webull is often compared to M1 Finance as well, which is another app for serious investors.
However, M1 Finance is designed with long-term, passive investing in mind, while Webull is better for active investing.
Webull makes it easy to make smart, research-backed trades regularly, while M1 Finance allows you to pick a portfolio and forget about it.
The competitor that Webull is most similar to is E-Trade. E-Trade is a full-service online brokerage that has been around for many years and has built up a huge user base.
E-Trade has many of the same helpful features that Webull does.
However, they do charge commission fees and have minimum balance requirements, so there’s a much higher barrier to entry with E-Trade. Webull is better for investors that want or have to start on a smaller scale.
Webull offers many advantages when compared with similar trading services. Since it appeals to active traders that still want convenience and a low barrier to entry, it fills a niche that hasn’t been represented much among investment platforms.
Some of the pros of Webull’s online brokerage service include:
Zero Commission Trading. Your entire portfolio is comprised of dividend paying stocks that are tailored to your goals.
- Real time data and news. Webull’s news and data are very timely and accurate, helping you to make smart decisions in real time. The news articles help you connect to the broader financial industry and make informed trading decisions.
- Incredible analytic features. Webull gives you a vast amount of information that other free trading apps just don’t offer. You get professional quality analytics without actually having to be a professional. With real time market data, analyst information, and technical indicators, you can really dive deep into the world of investing.
- Investment practice tools. This is another way that Webull is making professional level investing more accessible to everyone. You can use their virtual trading simulator to experiment with new strategies, and the tool provides helpful advice along the way. They also offer paper trading, which essentially allows you to practice and build your portfolio on a longer-term basis before investing real money.
- Responsive customer service. When you’re dealing with your hard-earned money, it’s very important that you have customer service that can help you should any problems arise. Webull’s customer service team responds in minutes, and you have the option to contact them via phone, email, or instant messenger live chat.
- Extended hours trading. Webull processes trades between 4AM and 8PM, so you have plenty of flexibility when making your trades. This is an excellent feature for anyone with a busy schedule or who wants to trade while traveling across different time zones.
While there are many advantages to using Webull, there are some downsides that are important to be aware of before you start using it. Webull isn’t necessarily going to be the right fit for every type of investor. Some of the cons of using Webull include:
Complex features that can be confusing. If you’re a complete investing beginner, this app isn’t going to be the best fit for you. Although Webull does have excellent educational features, everything is designed for someone who already has at least some experience with trading. Therefore, it makes more sense for total newbies to start out on a different platform and then switch to Webull once they’ve mastered the basics.
- Limited trading choices available. Currently, you can only trade stocks and ETFs, and there are even limits on which stocks you can trade. Webull does not list stocks that are under $1 or have a market cap of $10 million. They also currently do not allow Forex trading, mutual funds, options, bonds or other products that many serious investors are interested in.
- Limited website functionality. While Webull has a website, you cannot trade on it – you must do all trading through the app. You can get live quotes through the site at the moment, and the company is looking to add trading on the site within the next year. However, this can be frustrating if you prefer to trade on a larger screen.
- Overwhelming app design. Each of the app’s individual features are well designed, with a modern and professional look. However, when they are all put together in one app, they can be quite daunting to navigate at first. It takes some practice to learn how to navigate the app smoothly.
- No premade portfolios to choose from. Many other apps give you the option to select one of their premade investment portfolios, which is a great option for beginner investors or investors who like to minimize their risk. Although this makes sense for Webull’s target audience, it would still be helpful if new users could select a prebuilt portfolio.
Webull Review Conclusion
Webull’s huge library of helpful features makes it one of the best online broker services available right now.
It’s also one of the only services in this category that caters to the true intermediate investor – someone who has some investment experience but wants to keep growing their wealth using more advanced strategies.
And if you are an advanced investor who feels limited by commission fees, this could also be a great option for you.
The lack of commission fees and minimum balances combined with such incredible tools makes Webull a top pick for investors at the moment.