What Is Webull?
Webull is an American broker-dealer headquartered in New York that is a member of FINRA, SIPC, NYSE and NASDAQ. The company was established in May 2017, and already in January 2018 received registration with the SEC. It is part of the Webull Financial LLC financial holding and is licensed to carry out brokerage activities in all US states. The company's CEO, Anthony M. Denier, boasts 15 years of professional experience in global brokerage services from eight firms ranging from ING Financial to Credit Suisse.
As part of the mobile fintech wave of zero-fee brokers competing with Robinhood, Webull stands out with a suite of innovative platform enhancements that appeal to more experienced traders and self-employed investors. The broker offers a wide range of stock market assets, professional analytics and an intuitive trading platform with many technical and fundamental analysis tools. The extra features specs are definitely more suited to users who need more depth in terms of tools and data. If you are just starting to invest, Webull gives you the opportunity to learn with a stock trading simulator through a paper trading account.
Can You Trust Webull?
Webull Financial LLC is a broker-dealer registered with the US Securities and Exchange Commission (SEC) and the Financial Services Regulatory Authority (FINRA). The company is a member of the Securities Investor Protection Corporation (SIPC), the New York Stock Exchange (NYSE) and the NASDAQ.
The holding has an insurance policy. Coverage limits protect securities and cash totaling up to $37.5 million for any client's securities and up to $900,000 for a trader's cash with an active Webull account. However, cryptocurrency trading is offered through an account with Apex Crypto, which is not a registered broker-dealer or FINRA member, so digital currency assets are not insured.
Webull Key Features
Account currency: USD
Minimum deposit: From 1 USD
Leverage: 1:2 for overnight trades, 1:4 for intraday trades
Spread: No
Instruments: Stocks, options, ETFs, ADRs, cryptocurrencies
Margin call/Stop out: No
Zero commission stock trading: 100% commission-free trading and zero minimum deposit
Web Mobile and Desktop: Easily place orders, consolidate watchlists, analyze data, and track your inventory on Webull's mobile, PC, and web platforms.
Stock trading simulator: the stock trading simulator allows you to trade with monopoly money in the same way as with real money. Try trading strategies without fear and learn how to use the platform.
Access to in-depth stock market research: Webull research offers excellent filtering options, valuable insights, and ease of use. In the mobile application, research is placed on 4 pages: markets, news, individual stocks page and screeners page.
Full Enhanced Hourly Trading: Place trades pre-market from 4:00 AM to 9:30 AM ET, or post-market from 4:00 PM to 8:00 PM EST with a limit order. Other competing platforms offer trading during traditional market hours from 9:30 am to 4:00 pm. EST from Monday to Friday. Most platforms also charge you extra fees for trading outside of business hours.
Other features that can be found on the platform include technical indicators such as:
Exponential Moving Averages;
Cash flow index;
Bollinger Bands;
Moving Average Convergence/Divergence (MACD);
Relative Strength Index (RSI);
Investment research tools:
News;
Watchlist and Alerts;
press releases;
Analyst Recommendations;
Historical earnings per share;
Insider assets and trades;
Income data;
Insider assets and trades;
Financial calendars;
Stock Screeners.
How Does Webull Work?
Webull provides two types of trading accounts: cash and margin.
Trading with a Margin Account gives the trader the opportunity to receive up to $1,000 in purchasing power credit after making a deposit. The client can use these funds for trading, but in this case, the balance on his account may become negative, because he uses a loan, and not personal funds.
Webull clients can customize the trading platform to suit their own trading needs, allowing them to track trends and potential opportunities for their investment strategy. The terminal has free real-time securities quotes (Nasdaq Basic, Nasdaq TotalView and NBBO), a variety of research and analysis tools, and more than 50 technical indicators. Webull clients can invest free capital in more than 5,000 stocks, options, ETFs, ADRs.
They can diversify their portfolio by choosing to trade ETFs. ETFs are baskets of stocks and bonds that combine the benefits of investment diversification and trading flexibility. Exchange-traded funds are traded on major exchanges, making them fairly easy tools for the experienced investor. The broker provides lists of hot ETFs and screeners, which greatly simplifies the search for promising assets for the investor. Features of investing in exchange-traded funds through Webull intermediary:
An investor can track ETFs according to specified parameters – industries, countries, or strategies.
Trading is available 24/5 (excluding market holidays).
The broker does not charge commissions for trading ETFs, but fees are charged by the SEC and FINRA regulators.
You can manage your portfolio from any device.
Webull Affiliate Program
"Referral program" – the partner receives 2 free shares worth from 8 to 1600 dollars for each connected referral who replenished the balance in the amount of $100 within 30 days from the date of account opening. Placing a unique referral link on various sites by a partner allows you to receive additional income for attracting new clients to the brokerage company.
How to Use Welbull?
To become a Webull client, follow the instructions:
Go to the official website of the broker and on its main page, click the "Open an account" or "Start" button.
In the form that opens, enter your email address or phone number, and then confirm them. Click "Open Account" in the middle of the navigation bar. In most cases, an application to create an account is automatically approved. Enter your details with a valid SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number). US residents must provide proof of US citizenship, a permanent resident card, or a valid visa.
The following functions are available in the Webull personal account:
1. Account replenishment and withdrawal of funds:
2. Active trading widgets to quickly place a price ladder trade, cancel all open orders or close all positions with a single click of a button.
Also, in the personal account, a trader can:
• View lists of observations he has generated for the most interesting assets.
• Study reviews of global and crypto markets, as well as data on the US and Hong Kong exchanges.
• Select the most promising instruments by regions (USA, Canada, China) and sectors (chemistry, transport, energy, etc.) using the screener.
• Contact a technical support representative.
Webull Trading Conditions
Broker Webull provides an opportunity to invest in popular stock market assets with zero commission. On November 19, 2020, the company added cryptocurrencies to the instruments available for trading, however, transactions with digital currency can only be made in the mobile application. The broker allows you to trade with leverage from 1:2 to 1:4. The size of the margin depends on the type of trades carried out. The minimum deposit on all types of brokerage accounts starts from $1.
Trading platform: Author's platform
Accounts: Paper Account (Demo), Margin Account, Cash Account
Account currency: USD
Deposit/Withdrawal: Wire Transfer, Payments via ACH Automated Clearing House
Minimum deposit: From 1 USD
Leverage: 1:2 for overnight trades, 1:4 for intraday trades
PAMM accounts: No
Min order: No data
Spread: No
Instruments: Stocks, options, ETFs, ADRs, cryptocurrencies
Margin call / Stop out: No
Liquidity provider: No
Mobile trading: Yes
Affiliate Program: No
Order execution: No data
Trading features: Access to margin trading is opened when replenishing an account from $2000
Contests and bonuses: Yes
Webull Fees and Charges
Webull offers the ability to trade commission-free on over 5,000 US stocks and ETFs without any account opening or maintenance fees. Webull does not currently offer option trading opportunities. There is no software or account maintenance fee. However, SEC and FINRA fees, as well as margin trading fees, will apply to trades. The US market data is provided free of charge and in real time. International market data requires a paid subscription available through the app.
Transfers via ACH are free, however, for the cancellation of the deposit (due to insufficient balance or incorrect account number), the broker charges a fee of $30. The fee for depositing and withdrawing by bank transfer depends on the direction of payment:
Outgoing domestic bank transfers are subject to a $25 per transaction fee.
Incoming domestic bank transfers are subject to an $8 per transaction fee after the first transfer is free.
Incoming wire transfers for amounts over $25,000 are not subject to commission.
Outgoing international bank transfers are charged $45 per transaction.
Incoming international bank transfers are subject to a $14 per transaction fee after the first transfer is free.
Incoming wire transfers for amounts over $25,000 are not subject to commission.
The SEC, FINRA, and OCC regulators charge trading and clearing fees ranging from $0.01 to $0.045 per trade or contract.
Webull Platform Details
The Webull trading platform is equipped with tools that serve the purpose of providing information and decision making for traders and investors.
Both fundamental and technical analysis are supported by innovative features and an intuitive design.
The convenience of intuitive order placement and stable operation of instruments cannot be underestimated.
From the very beginning of its work, Webull offered users only a mobile platform. But the broker is constantly evolving and pleasantly surprises its customers. Webull now has mobile, web and desktop versions of the trading platform.
The depth of features makes it superior to most simpler trading applications. There are also options trading opportunities on the Webull platform.
Charts and Indicators
Real-time candlestick, bar and line charts can switch to time frames from 1 minute to 60 minutes and show 5 years of price history. Price and momentum indicators, from exponential moving averages and Bollinger Bands to the Money Flow Index, MACD and RSI oscillators (accessible via Advanced Chart View), help improve the interpretation of Price Action.
Level 2 data is available at an additional cost.
Research Tools
Webull is a fundamental analyst's dream that provides news feeds with access to press releases, analyst recommendations, historical EPS and earnings data, as well as key statistics, insider investments and transactions.
This allows users to better understand the company's performance, market catalysts, and performance, as well as understand what drives the stock price.
Users can also save articles and leave comments on specific promotions.
Financial Calendars
These are very useful tools for showing upcoming corporate earnings reports, IPOs, and other financial events.Although this information can be found through various sites on the Internet, the convenience factor associated with having this information in one mobile application should not be underestimated.
Stock Screeners
For users looking for fresh trading ideas, the screening/scanning tools are surprisingly intuitive and deep enough. Webull has pre-built scan templates such as “Biggest Movers in Past 5-minutes” or “MA 5 Cross Over 10” available in addition to being quick and easy to set up own templates. In addition, the scanner options are intuitive and clear, which allows you to use filtering criteria based on both fundamental and technical analysis.
Watchlists and Alerts
Users can create multiple watchlists (many other platforms only have one).
In addition, Webull supports Smart Alerts with SMS or email notifications when any of the stocks on your watchlists are triggered. Users can set trigger conditions based on price or indicators.
Free Demo Trading and Stock Promotion
Webull allows users to select a demo/simulated trading account to try their hand at getting used to the real-time quotes and charting tools for the US markets. Stop-limit orders are also accepted. All limit orders are of the “Good for-Today” type, there are no GTC orders.
Like Robinhood, Webull also offers a referral reward program, where both an old user and new clients attracted by him, after successful registration, receive one share worth up to $100 for free.
Margin and Leverage
Unlike other platforms, Webull allows short selling with four to one leverage during the day and two to one if the position is held overnight. But this is a double-edged sword, and caution should be exercised when opening any short positions. The net balance of the accounts must remain above $2,000 to avoid automatic liquidation of the position due to a margin call.
This means that your shares will be traded within a day to keep the minimum account balance at $2,000. It is imperative to pay attention to the margin requirements for the stocks you are considering for short positions. Forced liquidation fuels the flames during “short squeezes” as market buy orders accelerate and prolong price movements during extended rallies.
Extended Trading Hours
Webull allows trading during pre-market and post-market hours from 4:00 AM to 9:29 AM EST and from 4:01 PM to 8:00 PM EST. However, they do not allow placing good-to-cancel (GTC) orders. All orders are closed by the end of the trading session.
How to Start Earning via Webull?
For individual clients, Webull offers two types of trading accounts: cash and margin. They differ in purchasing power, the type of transactions available and their number.
Margin Account
Margin account is an account with no minimum deposit requirements. At the same time, when depositing less than $2,000, Short Selling and trading with leverage are not available, and a client can open no more than three deals in 5 trading days. When making a deposit of $2000-25000, the trader receives 1:4 leverage for margin intraday trades and 1:2 for overnight trades. Short selling is allowed, but no more than 3 trades per week. When replenishing an account in the amount of $25,000 or more, the account holder can open an unlimited number of transactions, including short ones, with a leverage of 1:2 or 1:4 (as described above). However, the most volatile stocks may have higher margin requirements, and some securities may not have leverage available.
Cash Account
It is a cash brokerage account where the trader must pay the full amount for the purchased securities. It cannot be used for margin trading with the provision of leverage and opening Short positions. This type of account has no restrictions on the number of available daily trades, as on the Margin Account.
Webull Demo Account
Webull has a demo account called the Paper Account. You can go to it from the broker's website or through the mobile application of the trading platform. Webull targets independent investors and active traders with medium to high levels of experience.
Webull Bonuses
When opening a brokerage account, a trader has a chance to receive 2 free shares worth between $2.50 and $250. When choosing securities of Facebook, Starbucks, Snap, the chance to win a bonus is 1:100, when specifying shares of Google, Procter & Gamble, Kraft Heinz, the chance of receiving a prize increases to 1:50. When a new client makes a deposit of $100 or more, the company is guaranteed to provide 2 free shares in the amount from 8 to 1600 US dollars.
Are There Hidden Fees and Charges at Webull?
Although trading on Webull is free, you are still responsible for paying SEC and FINRA fees, which are standard for all brokerages. However, these fees are negligible: $23.10 per million dollars of trading volume for the SEC and $0.000119 per share for FINRA.
Webull offers real-time market data for the US markets for free, but if you want to expand your presence and trade internationally, you can access global market data for a fee.
Other fees are associated with the transfer of shares and cash. There is a $75 fee for outgoing share transfers and you may also be charged for wire transfers to fund your account after the initial free wire transfer. All other forms of transfer, such as ACH and wire transfers, are free.
What Type of Traders Is Webull Best for?
The Webull app seems to be more comprehensive than most simple trading platforms available on the market. The depth of the instruments is most beneficial for experienced traders. However, for beginners who are willing to take the time to acclimatize and learn the specifics, it will also benefit and allow them to grow.
Webull Advantages and Disadvantages
Pros
Margin trading without a subscription.
Options trading.
No fees for account maintenance and account opening.
Leverage is 4:1 for margin trades on the same day and 2:1 for trades made the next day.
Technical and fundamental analysis tools with an intuitive platform.
Stock trading simulator.
Additional protection with Apex Clearing coverage.
Available on mobile and desktop apps.
Customer service with 24/7 live chat support.
Zero commissions when trading stocks, options and ETFs.
No minimum deposit requirements for brokerage and retirement (IRA) accounts.
Free demo account trading and real-time US stock and ETF quotes.
Powerful research tools including news feeds, analyst guides, built-in and customizable stock screeners with Smart Alerts.
Deep and advanced charts with price and momentum indicators.
Short selling is available for margin accounts.
Multiple watchlists and article repository.
Trading can be conducted from mobile, desktop, tablet or web platforms.
The terminal has options that make the work as convenient as possible: a trader can place orders and view tickers using only his voice, or use "Big Button Mode" to quickly place trades.
The broker supports extended trading hours with full pre-trading from 4:00 AM to 9:30 AM (ET) and after-hours trading from 4:00 PM to 8:00 PM (ET).
More than 5,000 different stocks and ETFs are available for trading without commissions.
There are no fees for software, account opening and maintenance.
If the balance requirements are met, short positions and an unlimited number of day trades are available to traders.
There’s an insurance policy.
You can file a claim with the body that controls the activities of the broker.
Webull can boast of the depth of tools and indicators conveniently integrated into the platform.
The ability to short sell (with 4X margins) and truly extended trading hours set it apart from the competition.
Scanner/Screener is one of the best solutions integrated into mobile app trading platforms. It's amazing how many features are packed into this app.
Cons
There are no “Good-to-Cancel” (GTC) limit orders.
The insurance does not apply to assets in cryptocurrency.
Lengthy procedures for opening an account and verifying data.
Limited choice of payment systems in accordance with the requirements of regulators.
There is no support for trading in mutual funds, futures, bonds, or OTC stocks.
It does not provide an opportunity to conduct transactions with currency pairs.
Cryptocurrency trading is only available on the mobile app.
To trade with leverage, you need to deposit at least $2000.
Additional trading commissions and withdrawal fees.
A limited number of ways to make a deposit, and the lack of an online chat.
The languages of the company's website and trading terminals are only English and Chinese.
Steep learning curve for complete beginners.
The product portfolio is limited to US stocks and ETFs.
You can only use bank transfer for deposit or withdrawal.
Webull Trading Education
There is no training section on www.webull.com. Customers can find useful information by clicking the HELP button. Information provided in the "HELP" section includes everything about trading account conditions and deposit/withdrawal methods; description of the broker's trading platform; glossary of stock market terms. What information is not on the Webull website: forex terminology; fundamentals of trading on the stock exchange; descriptions of trading strategies; psychology of trading and principles of risk management.
In addition to reference data on trading on the stock exchange, the company's website has a blog and a MARKET section with an overview of the markets.
Webull Support Service
You can contact support in several ways: call the phone number indicated on the website; send an email; write in Facebook Messenger or Twitter. To contact the representatives of the broker, it is not necessary to open an account, support is available to all traders, even without registering on the broker's website. Support representatives provide assistance to customers at any time of the day and seven days a week. Support languages: English and Chinese. Email: customerservices@webull.us. Registration address: 44 Wall Street, New York, NY, USA.
Who Should Consider Using WeBull
You should consider using Webull if you are an average or experienced investor or active trader looking to save on fees. The intuitive features and design of Webull may be considered advanced for beginner traders, but the platform provides them with a set of tools to learn the basics.
People looking for a Robinhood alternative that supports options and crypto trading should consider switching to Webull. With a trading simulator and trading courses, novice investors can also take advantage of Webull to develop their skills and build their trading plan.
Who Should NOT Use WeBull
Full-time day traders who need direct market access to increase their trading edge should not use WeBull. Their need for speed outweighs the fee savings with Webull.
People looking for mutual funds and OTC stocks should also look elsewhere as the platform does not offer such options.
Conclusion
If you're just getting started with stock trading, Webull is the perfect platform to get started with their stock trading simulator. Once you get comfortable with the platform, you can easily transition to live trading with zero fees.
Right now, Webull has a competitive edge for intermediate and advanced traders over other stock brokerage firms with long-term free trading of stocks, ETFs and ADRs.
If you are someone who wants to access other investments such as mutual funds and OTC stocks, Webull is not for you.
