Cody, who lives in Florida, began his writing career focusing on the “bread and butter” subjects of stocks, EFTs, and bonds – topics he continues to cover to great aplomb here at TradersBest.com. However, in recent years, Cody has become particularly interested in crypto, so he now heads up our coverage of this fascinating world alongside his more conventional duties for the site.
Founded back in 2017, Webull has been offering discount fees and commission-free trading to the US market. Webull offers stocks, ETFs, forex, cryptocurrencies, and options within a very inexpensive package and a number of useful features.
Webull is an exciting brokerage that is currently in talks to go public with an estimated valuation of $400 million. But is Webull safe? Our Webull review will detail the level of market regulation, fee structure, and security features of this fintech start-up. Read on for full details on the markets offered and account types you can open at Webull.
Offers and New Customer Experience – What is Webull?
Our Webull review uncovered a fantastic offer for new customers too. Webull offers new customers 2 free stocks, just for signing up to a Webull brokerage account and depositing a minimum of $5. This is a two-tiered offer – sign up to receive the first free stock and then make a $5 or more deposit for your second free stock.
Registration is very easy to complete at Webull. During our Webull review, we were able to sign up in minutes and the required documents for the Know Your Customer (KYC) process were very basic. All you’ll need to actually open a Webull account is a government-issued ID card to prove your identity.
Usability – Navigating Webull Trading Platforms
This Webull review found the Webull homepage to be responsive and very easy to navigate. Sign up is easy to locate as it is regularly pushed upon the user in every tab. You can even take a look at the markets before signing up to Webull.
The web trading platform is the easiest to use but also the most limited. We found during our Webull review that even new traders may have a steep learning curve but ultimately the experience was fairly user-friendly. Research tools are easy to locate, and the main market page is large and clear. 50 charting tools is quite extensive for new traders, and it can be easy to become overwhelmed quite quickly.
New traders will have no problem finding insightful information and guidance though. The web trading platform features an easy to follow news feed that pushes financial and trading information from major financial news hubs such as CNBC.
Things are kept fairly simple in the account department at Webull. We, during our Webull review, uncovered two basic individual account types. An individual cash account and an individual margin account. A feature of several US brokers, Webull also provides several individual retirement account (IRA) types that can be opened once you have an individual account.
There are quite a few differences between the two account types. For example, the cash account requires no minimum deposit whereas a margin account requires $2,000 for limited day trading or $25,000 for unlimited day trading. The cash account also provides no leverage, but the margin accounts range from 2:1 to 4:1 depending on day trading or an overnight position.
Webull supports traditional, Roth, and rollover Individual Retirement Account types. A Webull trader can only choose one IRA type. During our Webull review, we were able to hold both a cash and margin account at the same time.
Trading Platforms – 3 ways to Trade at Webull
We tested all three platforms offered by this broker during our Webull review. Webull have a desktop platform, web trader, and dedicated mobile app. There are no third-party applications here, such as MetaTrader, as Webull provides their own in-house trading software. Webull desktop is the main trader platform and boasts 50 technical indicators, 12 charting tools, and plenty of customization potential.
The Webull APP is available on both the Apple App Store and Google Play Store. The app offers unique features such as voice commands that let you talk to your trading platform such as asking the platform to place orders or search for a particular instrument.
Web trading is easy at Webull. During our Webull review we used Safari, Chrome, Firefox, and Microsoft Edge browsers with ease. There is nothing to download and the trader can be accessed from the market window, directly from the Webull homepage.
Fees – Commission-Free Trading
Our Webull review can confirm that this US broker is, in fact, commission free. Although some SEC or FINRA fees may occasionally apply if they are relevant. Transaction fees vary between the different tradable asset classes available at Webull. Regulator fees are also quite low, and the fees reduced following changes to the regulatory transaction fee rate. Cryptocurrencies can be traded for as little as $1 while stocks can be traded for a minimum of $5 when trading fractional shares.
Leveraged positions held overnight are charged margin interest with rates beginning at 6.99% for up to $25,000 positions and 3.99% for positions of more than $3,000,000. There are no fees to transfer securities from one broker to Webull but there is a $75 charge for each security transferred from Webull to another broker.
Customer Service – Is Webull Reliable?
Disappointingly, Webull certainly lacks in the customer service department when compared to many other brokers of this size, but they still provide 24/7 assistance where it matters. Our Webull review could only find email support and a single phone number on the Contact Us section of the homepage. Sign up to Webull, however, and you’ll find a message center within the trading platforms.
We test all three methods for our Webull review. The phone number was very slow, and it was difficult to reach an actual customer support agent. Emails were very responsive though. Our queries found responses within 1 hour and the information given was relevant and helpful. Messages on the trading platforms were also fast and responsive. We were also pleased to see during our Webull review that support is available during weekends.
Regulation and Deposit Insurance – Is Webull Safe?
During our Webull review, we made sure to take an extensive look into the brokers level of regulatory oversight. It is always a good sign of a safe and reliable broker. We also found no sign of any kind of Webull scams either. Webull is regulated in the US by the Securities and Exchange Commission (SEC) and by the Financial Industry Regulatory Authority (FINRA).
We also found during our Webull review that this broker is a member of the Securities Investor Protection Corporation (SIPC), meaning up to $500,000 – $250,000 for cash – of an individual customer’s funds are protected in the unlikely event of financial trouble at Webull. For further protection, this brokers clearing firm, Apex, has purchased additional insurance. Our Webull review confirmed that this insurance policy provides coverage for up to 150 million for a client’s securities and $900,000 for client cash.
Additional Features – Bonus Features
Our Webull reviews uncovered some great additional features of this US-focused broker. Digging deep, we were able to uncover that even Linux users can use the desktop trading platform – something very rarely seen by users of the open-source operating system. For extra security when using the portal mobile app platform, Webull offers two-factor authentication. However, this feature cannot be found on the desktop and web trading platforms.
Webull are very helpful come tax season too. This broker won’t provide tax advice in any way but will provide a consolidated 1099 Form which includes information on sales, dividends, capital gains distributions and much more. There are no educational resources at the level offered by many competitors but there is a helpful glossary located in the HELP section of the Webull website.
Crypto Section Is Temporarily Closed.
Trade Offer - What is Available?
Cryptocurrency trading is supported at Webull by allowing access to trading at Apex Crypto – a FINRA registered broker that can be accessed with your Webull trading account. To date, Webull crypto supports 10 digital assets including bitcoin, Litecoin, Ethereum, Cardano, and Dogecoin. Cryptocurrencies at Webull can be traded for as little as $1 and traders will gain access to a 24/7 marketplace with instant settlements.
Trading Costs - No Additional Fees
There are no commissions or additional fees for trading cryptocurrencies at Webull. Instead, Webull applies a 100-point spread on either side of a cryptocurrency trade. Like penny stocks, cryptocurrencies are considered to be non-marginable, so you cannot use margin to trade cryptocurrencies at Webull.
Trading Conditions - Use the Webull App
Investors at Webull will need to be using either the 7th version of the Webull APP or version 5.0 of the desktop trading platform. Cryptocurrencies are traded as pairs with the US dollar and the marketplace is available 24/7. There is no actual crypto ownership at Webull. The assets can be traded much like a forex and traders can profit on market price movements.
Product Summary - Great For Crypto Traders
Webull offers 10 popular cryptocurrencies to be traded for as little as $1 with no commissions or account management fees. The broker makes its money off the 100-point spreads that occur at either side of the trade – not just the sell. Trading cryptocurrencies at Webull can only be conducted on the latest versions of the desktop and mobile trading platforms. It is important to note that traders won’t own cryptocurrencies at Webull and can simply aim to profit on positive price movement instead.
Interactive Brokers Highlights
Great trading tools and resources available
Great customer service
Mobile trading app available
Go to Interactive Brokers
Trade Offer - Trading ETFs at Webull
There are more than 2,000 tradable ETFs on offer at Webull. ETFs can also be traded on all of the Webull IRA accounts. The ETF fund offerings at Webull include a diverse range of popular fund families such as Vanguard and iShares. ETFs also cover major asset classes such as commodities and bonds.
Trading Costs - Costs to Keep in Mind
ETF trading costs are much the same as stocks at Webull. Traders benefit from zero commissions and minimal regulatory transaction fees when selling. You won’t face any deposit fees either or account management fees. As is typical with many online brokers, Webull makes their money through the minimal spreads.
Trading Places - Where To Trade ETFs
ETFs at Webull are found in the same major exchanges that offer Webull stocks. Traders can use any of the available trading platforms to take an ETF position. There are no minimum purchase requirements for selling ETFs too soon either.
Product Summary - Over 2,000 Tradable ETFs
With more than 2,000 tradable ETFs from several major stock exchanges, Webull offers yet another bow to a trader’s portfolio. The fee structure remains much the same as stock trading with zero commissions and no deposit fees. Traders can access leveraged ETFs and ETFs at Webull cover major asset classes that aren’t individually tradable at Webull such as commodities and bonds.
Trade Offer - 5,000 Tradeable Shares
There are over 5,000 tradable shares across the United States, Hong Kong, Europe, and Asia. Uniquely, this broker offers the ability to invest in fractional shares of companies and ETFs for a minimum of $5. The minimum shares per order is 0.00001. Fractional shares are still tradable with Webull zero commissions, and no account management fees. Webull also currently offers 2 free stocks when signing up. New traders to Webull get a free stock upon sign up and a seconded stock when they make a minimum deposit of $5.
Trading Costs - Zero Commissions
Like many brokers of the same size, Webull makes their money on the spreads and offers zero commissions instead. This is great for increasing user profitability and there are zero deposit fees for funding a stock trading account at Webull. There are no account management fees but the regulatory bodies do apply fees for trading in the US. These fees are rather minimal though. Such as the $0.0000051xtrade total fee applied by the SEC for stocks and ETFs. There are also no fees when transferring stock to Webull through their clearing company, Apex.
Stock Exchanges & Trading Places - Trading At Webull
Webull offers and supports extended trading hours that include pre-market (4:00 – 9:30 ET) and after-hours trading (16:00 – 20:00 ET). Stocks can be traded from exchanges in the US, Asia – including Hong Kong, and Europe. A wide range of stock exchanges are available to Webull traders including the DOW, SPY, TSX, FTSE, and DIA. Only margin accounts with a minimum of $2,000 can obtain leverage of up to 4 times.
Product Summary - Thousands of Stocks
With thousands of stock options and plenty of markets to choose from, Webull are a comprehensive stock trading platform. There are global stocks to trade with zero commission, no account management fees, and very low regulator fees such as those applied by the SEC and FINRA. No deposit and withdrawal fees for US customers means it is very affordable to begin trading at Webull. There is no deposit minimum to start stock trading and fractional shares can be traded for as little as $5. A new trader offer includes 2 free stocks for first-time users of Webull.
Ally Invest Highlights
0% commission fees
User-friendly trading platform
Useful trading tools available
Go to Ally Invest
Trade Offers - Options at Webull
Unfortunately, it is not entirely clear how many markets are actually available for options trading at Webull. Traders certainly get access to a number of US options and the markets are accessible from within any of the Webull trading platforms. Advantageously, traders can capitalize on market conditions by trading on whether the market will go up or down.
Trading Costs - No Commission Fees
There are no commission fees, contract fees, or assignment and exercise fees when trading options at Webull. There may, however, be small fees enforced by the regulators such as the SEC.
Trading Places - American Stock Options at Webull
American stock options are all we can currently confirm at Webull and trading hours are between 09:30 and 16:00 ET every trading day. Options also have expiration dates and option contracts that are at or out of money will expire, while contracts that owe at least $0.01 at the expiration date will automatically be exercised too.
Product Summary - Great For Options Trading
Options trading at Webull is a great way to take advantage of the US stock market by trading both sides of the market. Traders can take positions on whether the market will rise or fall. Leverage is available and each option is worth 100 shares of that underlying asset. There are no fees enforced by Webull but normal minimal regulator fees can apply. Options can be used to help traders mitigate risk by hedging a portfolio.
Webull Review FAQ
👍 What offers are at Webull
There are many different ways brokers and exchange firms online try to entice customers to sign up and start trading at their operation. Besides their fee structure, asset classes offered, and available trading platforms, Webull also has a unique and exciting bonus offer for new traders.
💰 Can I trade Dogecoin at Webull?
At Webull, there are many different types of tradable asset classes and financial instruments. Among the many amazing tradable instruments are cryptocurrencies and Webull supports many of the most popular digital assets. The list is updated with regular updates and traders should consult the latest Webull news to see which crypto assets are currently supported.
💲 Can I Trade Penny Stocks at Webull?
Penny stocks are listed on major US exchanges such as NASDAQ, the American Stock Exchange, and the NYSE. These types of stocks can be shorted or bought, and leverage is often used to increase a position. Major US exchanges are among the many exchanges in which Webull offers markets for on any of their trading platforms.
Conclusion – Webull Experience and Rating
The Chinese owned and US-focused broker, Webull, has continued to offer extensive brokerage services to US customers for almost 5 years. There are plenty of financial assets available to trade at Webull, including forex, stocks, cryptocurrencies, shares, and options. Our Webull review confirmed that this broker offers zero commissions across the available asset classes and trading fees are very low when compared to many major competitors.
There are trading platforms for every kind of trader, whether you day trade from home or on the go. We found the fee structure to be very transparent at Webull. No minimum deposit and low trading costs make Webull an excellent choice for novice traders who don’t have huge amounts of capital to get started. Our Webull review recommends this broker for those looking to diversify their portfolio while considering their future retirement funds, wish to begin trading stocks by investing in either penny stocks or fractional shares, or want to invest with minimal capital.
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Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.