30 Second Summary
Pros / Cons
- Commission-free trading in over 5,000 different stocks and ETFs
- No account maintenance fees or software platform fees
- Leverage of 4:1 on margin trades made the same day and leverage of 2:1 on trades held overnight
- Does not support trading in mutual funds, bonds or OTC stocks
- No live chat and poor phone support
- Limited product portfolio
Webull is a relatively young company, as it was established in 2017. The longer the track record of a broker, the more proof we have that it has successfully survived previous financial crises. You may run into some difficulty finding more information about the company.
The amount of financial information is quite limited compared to other brokers, as Webull is not a public company and thus does not have to publish any financial data. Being regulated by top-tier financial authorities and offering a high amount of investor protection are all great signs for Webull’s safety.
Who Is Webull For?
Webull is best for the undercapitalized active trader. These are part-time traders with less than $100k to fund their accounts.
The zero commissions and advanced platform give new and intermediate traders a way to play small ball and learn how to trade actively. Webull is also perfect for swing traders of all stripes. Swing traders don’t typically need flawless execution, as they’re looking to capture a large market move rather than a small intraday fluctuation.
Swing traders are also generally quite simplistic when it comes to their analysis. Rarely do they need more than a good charting platform and screener.
Who Is Webull not good For?
Most full-time day traders are unable to switch to Webull from their current brokers. That’s because highly active traders need direct market access to best play out their trading edge. What they gain in commissions would be lost due to slower execution. The ability to create sophisticated keyboard macros is also missing in Webull, a feature that day traders heavily rely upon.
Safety and Regulation
Webull is regulated by top-tier financial authorities that provide a high amount of investor protection. On the negative side, it is not a listed company and thus does not publish any financial information.
All customers are covered by Webull Financial LLC and the US investor protection scheme called the Securities Investor Protection Corporation (SIPC). SIPC protects against the loss of cash and securities in case the broker goes bust. The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash. This is substantially higher than the amount most investor protection schemes provide.
Not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual funds, and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.
On the negative side, Webull does not provide negative balance protection.
Is Webull Safe?
Webull has SIPC insurance, which provides coverage of up to $500,000 for each account. This insurance protects clients from the loss of cash and securities held at a brokerage firm. The company is also registered with FINRA and has a clean BrokerCheck record. These two protections are standard in the brokerage industry and protect the vast majority of clients from any loss due to the firm itself.
Webull accepts clients only from a few countries, first and foremost the US. In our experience, the range of countries available can change from time to time; as of writing, Webull accepts clients from the US and China.
Webull offers an easy-to-use web trading platform suitable for both beginners and experts, with many advanced features.
The Webull trading platform is available as a mobile web-based and desktop app with features useful for experienced and intermediate traders. The tools incorporated in the platform provide information and insights to help you make more profitable trades. The platform features tools to help you perform both fundamental and technical analysis.
Concerning fundamental analysis, the platform lets you access analyst recommendations, revenue and historical earnings per share data, as well as key statistics, insider trades, stock information such as earnings, dividends, and stock splits, and news feed so you can keep track of news that could affect your stocks.
On the technical side, the app provides a real-time bar, candlestick, and line charts that have time frames ranging from 1 minute to 60 minutes and a set of historical data that goes back over the past 5 years. Additional technical resources include popular indicators such as Bollinger Bands, MACD, oscillators, and more.
Sign up with Webull and get a free 3-month subscription to Webull’s Level 2 Advance (Nasdaq TotalView service) for a deeper view of the markets and orders, with opening, closing, IPO, and halt crosses. One of the perks is the NOII, which provides increased transparency and insight into the true supply and demand in the marketplace.
Besides, crypto trading is now in its beta testing stage at Webull. Here’s why you want to access this brand-new feature on Webull:
- $0 commission
- Can trade from one account
- Can trade crypto 24/7
- Requires just a $1 minimum deposit.
- Free real-time data
- 8 charts and 50+ indicators to help analyze the market
- Highly customizable layout
- Accessible on mobile, desktop, and web platforms
- Interact with others in the community tab
- Timely customer service
- 24/7 help center
- Two-factor authentication
- Safe and secure
While Webull’s web and desktop platforms lack the extensive range of tools found on trading platforms from TD Ameritrade and TradeStation, Webull will satisfy most casual traders.
Desktop platform features
The Webull desktop platform is identical to the web version. It is effortless to use with a versatile layout that can be customized quickly, thanks to its drag and drop widget boxes. It includes predefined lists such as Hot ETFs, and essential watch lists and screener functionality. I also appreciated that new traders seeking to learn the ropes can practice trading with a virtual portfolio (fake money) from the Webull desktop, website, and mobile app.
The Webull desktop platform provides a high-level overview of markets alongside news headlines and consolidated analyst ratings. While light in day trading and options trading tools compared to TD Ameritrade and TradeStation, there are several unique features, such as the Net Order Imbalance Indicator (NOII). This indicator is integrated into the trade ticket as a research tool that breaks down institutional holdings for a given symbol. You can also code custom indicators.
Like Robinhood, traders must pay a monthly fee to view level-2 quotes after their free data subscription expires. That said, it is worth noting that Webull dropped its Level 2 subscription cost to just $1.99 per month following a partnership with Nasdaq TotalView, and its basic data is free. For options, if you trade at least one options contract per month at Webull, you get real-time options data (OPRA).
Webull offers a standard lineup of charting features, including several different chart types, adequate drawing tools, 50 technical indicators, the ability to add hotkeys, and grid layouts to compare multiple charts. I found charting to be clean and easy to use on the web platform and nearly identical on the desktop version.
Unique to Webull, users can view stock chart time-lapse video replays. While more educational, viewing a replay of the day’s price action offers traders a unique perspective not found at any other broker.
Webull’s mobile app is one of the best on the market. It’s user-friendly, well-designed, and has every feature you need, like an advanced order panel, price alerts, and a two-step login.
Trading Accounts Offered
Webull offers only individual cash and margin accounts. Joint accounts, IRAs, custodians,s and corporate accounts are not available.
The account types differ in terms of the minimum deposit required and the availability of leverage, day trading, and short selling.
What is the minimum deposit requirement to open a trading account with Webull?
There is no minimum deposit required at Webull for a cash account, but is more if you want to trade on margin, prefer short positions, or unlimited day trading.
The minimum deposit for a margin account with short sales and limited day trading is $2,000.
The minimum deposit for a margin account with short sales and unlimited day trading is $25,000.
How long does it take to withdraw money from Webull?
Webull is to execute a withdrawal within 1-5 business days. In extreme cases, it might take up to 7 business days.
Assets and Products Offered
Webull has a limited product portfolio that includes only US-based stocks, ETFs, and options. Popular asset types such as funds, bonds, or forex are not available.
Webull currently offers trading on more than 5,000 U.S. stocks and ETFs in the United States. The broker currently does not support trading in stock options, over-the-counter stocks, mutual funds, bonds, or cryptocurrencies, which is somewhat limiting. On the brighter side, Webull allows you to trade the stocks available during extended trading hours, including pre-market and after-hours. Times for extended trading are:
- Pre-market trading hours are from 4 a.m. to 9:30 a.m. EST
- After-hours trading hours are from 4 p.m. to 8:00 p.m. EST
Another important feature is that you can margin short sales and leverage the sale up to 4 times the amount in the account for trades made the same day and 2 times the amount for trades held overnight. Keep in mind that your net account balance when trading with margin is $2,000.
If the balance falls below that amount and you have open positions, you run the risk of having your position liquidated to make up for your margin shortfall.
Does Webull allow day trading?
With a margin account, both settled and unsettled funds can be used for day trading. With a net account value of no less than $25,000, you have unlimited access to day trading. For an account below $25,000, you can make 3-day trades within 5 successive business days. Your remaining day trades will be automatically counted and displayed in the Home tab.
Does Webull support short selling?
For a margin account with at least $2,000 net value, you will get up to 4 times day-trade buying power and 2 times overnight buying power.
For a cash account or a margin account with less than $2,000 in net value, you will receive no leverage.
Please note that some stocks are unique in how much leverage you can take out.
Trading Costs And Fees
Webull charges no commission for trading stocks, ETFs, and options. Where most brokers charge $0.65 – $0.75 for option contracts, Webull charges $0.
Webull makes money from margin lending, interest on cash balances, and payment for order flow. Almost all brokers, except for Fidelity, sell your order flow to wholesale market makers because it’s one of the only ways to directly offset the costs of offering $0 trades. Learn more about order execution quality.
Webull does not charge any deposit or withdrawal fees if you use ACH transfer. Wire transfers have an $8 deposit fee and $25 withdrawal fee for domestic clients, and a $14 deposit fee, and a $45 withdrawal fee for international clients.
Promotions and Contests
Webull does not run any active promotions at this point.
If you’re a U.S. citizen and only trade U.S. stocks and ETFs, Webull could be an excellent choice for you. You can access the stock and many other markets with the touch of a screen or click of a mouse.
Though the platform currently only allows trading in stocks and ETFs, you can watch several different markets worldwide, including cryptocurrencies, forex, and commodities. As the company grows, access to trading in other assets and markets should become possible over time.
The platform’s charting capabilities are more than adequate for many traders using technical analysis, with over 22 technical indicators. The platform’s news feeds and analyst evaluations will also give you considerable fundamental information for both investment and trading analysis.
Webull’s fees are great. You can trade with commission-free US stocks, ETFs, and options. The account opening is easy, fully digital, and fast. The platforms are easy to use and well-structured.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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- Best Online Stock Brokers for 2021
- Best Trading Apps for 2021
- Webull Website – https://www.webull.com/