Looking for a trading platform? Webull is one of the rising stars in trading platforms for online investing nowadays. In this Webull review, you will learn more about this brokerage platform and if this will suit your investment choices.
Investments are one of the better choices if you want to increase your income and add to your liquid net worth long term. A healthy financial plan should include investments in order to achieve the level of financial independence you want in your life.
But what investment strategy and trading strategy should you choose if you are ready to invest online? As there are so many online brokerage firms out there, how would you know which one to use that can give you the best market data, provide great trading options and technical analysis, and with overall online trading services that you can rely on.
It’s time for you to get to know Webull and how creating a trading account on their platform will help you grow your investments.
Introduction To Webull
As a relatively new platform in the world of brokerage, Webull has quickly gathered the attention of investors from all over the world.
Whether you are a veteran investor, or a millennial looking to make a passive income stream through stocks, Webull is considered one of the best online broker systems currently in the market that can set anyone up with an investment stream.
I have tested the app to determine if the claims hold and save you the time and hassle of going through the app yourself. Here’s what I learned about the platform all in this Webull review, where I talk about the pros and cons of their online brokers’ services and brokerage.
Summed Up Scores
|Commissions & Fees||5/5|
|Platforms & Tools||3/5|
|Offering of Investments||4/5|
|Ease of Use||5/5|
Webull Pros And Cons
Personally, after using their mobile trading platform, the one thing that stood out the most to me was the ease of use for beginners. The interface is very user-friendly and does a good job directing newcomers to where they need to go.
However, as with any platform, there are some drawbacks as well.
Let’s get into the pros and cons of Webull and help you decide if it’s the next online stock trading platform for you or not!
Pros of Webull
- Webull has no trading fees.
- There’s no minimum requirement to open an account.
- Webull is surprisingly easy to use. As soon as I got on their platform, it barely took me 20 minutes to understand how the system works and what I needed to do to start my investments.
- Webull grants you access to fantastic stock trading tools such as web platform charting, market replay, quote data, and desktop platform overview.
- Another significant advantage that Webull provides its investors is with margin trading. The margin rate tiers for Webull are a lot more relaxed for the investor than a lot of their competitors. Additionally, a free margin account is made available to investors with a $2,000 or more balance.
Cons of Webull
- If we are talking downsides, Webull has no access to mutual-fund or securities. Luckily, they have plenty of other options available.
- As there is no interest on uninvested cash, there is a high chance your uninvested cash will just sit in your account.
- The biggest problem with the product is, however, the lack of educational support. No matter how crystal clear the interface and navigation are, it would be hard for users to get the most value out of the product without proper support.
Commissions And Fees
One of the most significant factors for Webull is the fact that they charge no fees for their services.
The transaction costs for the usage of Webull are non-existent, meaning you can trade in stocks, Exchange-Traded Funds (ETFs), and other options without needing to worry about any deductions or hidden charges.
Similar to their commissions and fees, Webull doesn’t have a minimum requirement for opening up an account either. That makes it a very feasible option for beginners looking to get a grip on things.
However, for veteran users who would like to opt for shorting stock, they would need to open up a margin account. And for that, there is a minimum requirement of $2,000.
For ACH (Automated Clearing House) transfers, Webull doesn’t even charge you a withdrawal fee. However, wire transfers have an $8 deposit fee, a $25 withdrawal fee for local clients, and a $14 deposit fee, and a $45 withdrawal fee for international clients.
How Does Webull Make Their Money?
But now you must be wondering if there are no fees or commission charges, how does the business even earn? How does Webull make their money?
Webull makes money through payments for order flow, subscription fees, or from the rebates received from market makers and trading venues. Through the monetization of the trading activity of its investors, Webull can make money without having to charge a commission when these investors execute trades.
Webull charges market makers and trading venues for order flow, and this is the number of securities that are traded from one investor’s account to another. So for every $100 worth of transactions, they earn $0.01 for the payment of order flow or rebates.
Opening An Account With Webull
Setting up an account with Webull is very straightforward and completely digital. All you need to do is head over to their mobile trading platform and get signed up. However, Webull is only providing its services to a very select few regions and countries, only to the US and Hong Kong at the moment.
And the process of setting up the account is easy and quick. All you would need to do is:
- After installing the platform on your mobile device, you can start the registration process under the ‘Account’ menu.
- Navigate to the ‘Login’ screen, and you will find the option to sign up for a new account.
- The app would ask for your personal information, like name, date of birth, social security number, address, etc.
- Provide your employment history, financial experiences, and financial situation.
- Verify your identity by providing a photo of your identification documents.
- Choose the account type. It can be either cash or margin.
- Review your information for any discrepancies.
- Submit your application.
You can perform this process from any platform, such as your mobile device, desktop, or laptop.
Webull also offers different types of accounts which are as follow:
- Rollover IRAs
Each investor can only have one IRA account, and you must have an individual account before signing up for an IRA. However, you are unable to set up a joint account or a custodian account with Webull.
Trading Platforms And Tools
Although the desktop platform of Webull lacks extensive packages of tools, if you are a casual trader or somewhat intermediate, Webull offers everything you might need.
Webull provides its users with the following tools:
Web Platform Charting
Webull offers a wide range of charting and drawing tools that can help you draw up any charts and graphs that you may require. It also sets you up with indicators and grid layouts for when you need to compare two different charts.
You can also add up hotkeys to make the process a lot more seamless.
Users can also view time-lapse videos made of the stock market charts and graphs. This feature is unique to Webull and a beneficial tool if you want to understand stock performance quickly.
In addition, viewing the video before a trade can prove to be very beneficial for day traders.
Desktop Platform Overview
Like many project management tools over the internet, the Webull desktop platform is quite similar to its web version. Just a lot more refined and smooth.
It is effortless to use and provides its users with a certain level of personalization to fit the application to the aesthetic of their computers. It also provides users with the top-performing ETFs and an essential screener and watches list function.
But that’s not all, as the brokerage offers many other exclusive features, and I feel like giving them a shot is well worth it in terms of the value provided by the setup!
The one thing that has been the downfall and will continue to be so if not fixed quickly would be the customer service provided by the platform. As their phone support is tough to reach, and I never got a response from them over email, their instant messaging function works great and answers most of my questions.
Let’s go into a little more detail regarding their customer support.
As we got onto the website and navigated towards the “feedback” section, their message support was as quick as you would expect from a top-ranked online broker. The responses we got were almost instant and relevant, addressing our queries.
Phone support is a little harder to reach. However, I did manage to get a hold of a customer representative on one of my many calls. The kind lady on the other end had quick, satisfactory, and relevant answers to all my questions and ensured I left as a happy client.
The biggest letdown is still their email support, as it seems to have broken down completely. I’ve sent them a couple of emails and haven’t received a reply to a single one which is a little disappointing. However, many of you would work with their phone, and message support works pretty well.
Why Should You Sign Up?
The biggest news that was the toughest for me to believe was what Webull offers as their sign-up incentive. Hear me out.
Webull offers two completely free stocks as soon as you sign-up, which values up to a total of $1,850! Unbelievable, I know. And this was probably the most prominent point where I thought this was a scam and not at all legitimate.
However, I stand corrected as the program offered me two completely free stocks that I could claim when I gave in my details.
This came off as the biggest surprise to me as to why a financial broker did that, and then it all made sense. As the new kid on the block of online brokerages, they needed to do something to make them stand out from the rest of the crowd, and they did just that, they stood out.
Not only that, but Webull also offers you another two free stocks when your deposit goes up to $100. Hence, the total incentive provided by the product goes up to $3,700, which is an insane amount considering you only had to spend 15 minutes for it along with saving up your own $100 that you can withdraw at any time.
Now that you learned more about Webull, let’s take on some of its alternatives that might suit your taste for better investing. Here are some of the alternatives:
M1 Finance is a stock and ETF brokerage that helps you invest in stocks. You can start investing with M1 Finance with as little as $100. That $100 is all that is required to open your investment account.
M1 Finance is also considered to be one of the best robo-advisors available in the market at present that allows self-directed investments, automated investments, an IRA account, buying and selling shares, and much more. This is a one-stop-shop for your investment needs whether you choose to be an active or passive trader in the long run.
Check our full M1 Finance review to learn more about the services of the platform and start investing now!
BUX Zero is the largest neobroker in Europe and a great European alternative to Webull. It offers financial services through mobile apps. They don’t have a web platform like other brokers. This lets you invest any time, anywhere with just the use of your fingertips.
In BUX Zero, you can buy and share without charging trading fees which is an advantage. This is especially good for beginners or small investors that are just starting.
When you sign up with their platform, you get a free share valued up to €200. Sign-up with the platform and you are an investor with their first share in their portfolio.
Here is our full BUX Zero review and learn more about the app.
Download The FREE Bux Zero App Here!
Robinhood is one of the most established investment platforms in the business. It is a free trading platform that rewards people for holding their investments for an extended period and enables you to do day trading with no trade windows.
Robinhood is a very user-friendly platform that lets you invest in stocks, options exchange-traded funds and cryptocurrency especially for beginners who want to become investing professionals.
Fundrise is an online real estate crowdfunding investment platform that lets you invest in private residential and commercial properties.
Fundrise has two primary investments. These are eREITS and eFunds which need at least $10 for you to start investing. But you have to do your own due diligence to understand some of the complex investments in Fundrise.
Real estate investing has never been better with Fundrise so If you are looking for long-term investments, Fundrise is a good fit.
eToro is a leading social trading platform these days that allow you to trade in stocks and cryptocurrencies.
If you are into investing in cryptocurrencies, eToro might be worth considering. You need a minimum amount of $50 deposit and start buying and trading on the platform.
They have this “Copy Trading” option where you can see what others are doing on their platform and copy their trades for free. This is best for those who are just starting with cryptocurrencies.
Frequently Asked Questions – Webull Review
Now that we know more about Webull, let’s take a look at some frequently asked questions that might help you out:
Is Webull Legit?
Definitely. Webull is regulated by FINCA and the SEC. Your funds are safe and secure because Webull is a member of SIPC, which ensures that you are safe up to $500,000 in securities and $250,000 in cash.
Additionally, Webull employs high-level internal security systems and processes to provide stability and trust to its customers.
Is Webull Available For Everyone?
Webull is available to limited countries only, though it may change every so often. Webull is currently open to the United States and Hongkong.
Is Webull Free?
Webull does not collect any commissions and has no minimum amount for your deposits.
Though, there are certain fees that you need to consider in Webull. There are fees charged by SEC and FINRA, which are very minimal. And margin rate fees from 3.99% to 6.99%.
Webull Review – Is Webull For Me?
If you are serious about pushing forward with your financial plans through sound investment, then Webull is the free trading platform for you.
Your investment portfolio can be fully maximized by this online trading platform. Webull’s investment products can help you in your investment journey to reach heights you can only imagine.
Let Webull help you maximize your profits in a secure, stable, and efficient online trading platform built to suit your needs.
What is important to remember is that investment should be a part of your financial plans in order to reach the financial independence everyone is longing for.
While there are a lot of trading platforms out there, do your own research and due diligence on which one is best suited for your current status and long-term plans. Only by doing this can you start your investment journey and financial independence in life.
Founder of Spark Nomad, Radical FIRE, Journalist
Expertise: Personal finance and travel content
Education: Bachelor of Economics at Radboud University, Master in Finance at Radboud University, Minor in Economics at Chapman University.
Over 200 articles, essays, and short stories published across the web.
Experience: Marjolein Dilven is a journalist and founder of Spark Nomad, a travel platform, and Radical FIRE, a personal finance platform. Marjolein has a finance and economics background with a master’s in Finance. She has quit her job to travel the world, documenting her travels on Spark Nomad to help people plan their travels. Marjolein Dilven has written for publications like MSN, Associated Press, CNBC, Town News syndicate, and more.