Webull Review – Is This No-Cost Brokerage Worth Using?

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By Theo Madsen

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Webull Review

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Webull Review

  • Ease of Use
  • Features
  • Investment Options
  • Pricing
  • Customer Service
4.1

Summary

Webull is a no-cost stock brokerage founded in 2017. This brokerage aims to offer an easy-to-access, sophisticated stock trading platform with no minimum deposit. Webull also includes stock, ETF, options, and crypto trading with no fees, as well as four account types, margin trading, short selling, extended trading hours, a mobile app, and an education center. Get all the details you need on this stock brokerage by reading our complete Webull review.

Pros

  • Commission-free trading: pay no commission on stocks, ETFs, options, and cryptocurrencies
  • Promotions: account transfer bonuses, free stocks, and complementary level-two data access
  • No registration needed to use the online, browser-based trading platform
  • Good selection of features on the trading platform
  • Extended hours trading and no minimum deposit
  • A low-cost solution for active traders and day traders
  • Reasonable margin fees
  • Android and iOS mobile app

Cons

  • Limited investment options: no mutual funds, bonds, penny stocks, or forex
  • Payment for order flow trade execution
  • Educational courses could use better content and more videos

Webull is a no-cost brokerage with an emphasis on ease-of-access and stock trading platform sophistication. Investors can trade stocks, ETFs, options, and cryptocurrencies with no fees. The company offers access to its well-stocked trading platform at no charge and with no minimum deposit. Investors also gain access to extended hours trading, short trading, and margin trading.

A relatively new online broker, Webull was designed as a mid-market offering somewhere between a full-service broker, like TD Ameritrade, and a mobile-first brokerage like Robinhood. Webull is a competitive service for investors looking to balance cost and functionality. Additionally, it’s available on desktop, web-based, and mobile app (iOS and Android). So, let’s dive into this Webull review to find out if this brokerage is worth using.

About Webull

Webull was founded in 2017 and released in 2018, making this one of the newer online, low-cost brokers. Headquartered in New York, the company is owned by the Chinese financial technologies company Fumi Technology. Sports fans may have heard about Webull from its multi-million dollar jersey marketing efforts with the NBA’s Brooklyn Nets WNBA’s and New York Liberty.

Webull – legally known as Webull Financial LLC – is a registered broker-dealer with the Securities and Exchange Commission (SEC). The company is also a member of the Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC), The New York Stock Exchange (NYSE), NASDAQ, and Cboe EDGX Exchange, Inc (CBOE EDGX). Webull uses the clearing firm Apex.

Webull Dashboard

Webull Features

In this section, I’ll discuss the main features of Webull: the offerings and the trading platform. Before that, let’s take a look at what it takes to get started at Webull.

For investors interested in testing the Webull stock trading platform, you can access the online trading platform without registration. In order to use some of the features of the platform, you’ll need to create an account with Webull on the website or mobile app.

To open an account, you’ll need a U.S. phone number and a form of identification, such as a passport or driver’s license. After completing the basic registration details, you’ll select an account type and then wait for confirmation from Webull. Webull offers the following account types:

  • Individual broker account, Traditional IRA, Roth IRA, Rollover IRA

After registration, you can deposit money from your bank account and collect your free stocks.

Investment Offerings

Webull bills itself as a commission-free brokerage for four key securities: stocks, ETFs, options, and cryptocurrencies. Importantly, the options are no-fee per contract.

Webull Options Trading

As of this writing, Webull offers 40-plus different cryptocurrencies. Webull does not offer mutual funds.

Webull Crypto

While Webull is limited to four types of securities, it offers several additional services to entice investors, listed below:

  • Margin trading
  • Short selling
  • Fractional shares ($5 minimum purchase)
  • Extended trading hours: pre-market (4 a.m. – 9:30 a.m.) through post-market (4 p.m. – 8 p.m.)
  • No minimum deposit

Trading Platform

The Webull trading platform is built for intermediate-level investors who want a balance of low cost and advanced features. Unlike some online brokers, investors can access the Webull trading platform without registering for a Webull account. This is done by going to the Webull website and navigating to the ‘trade’ section, which will open the browser-based trading platform app. This is a great way for investors to ensure Webull has what they need.

Webull Web Platform

Investors have four ways to access the Webull trading platform:

  • Desktop, browser, mobile app (iOS and Android)
Webull Mobile App

Let’s turn to the actual features of the trading platform. Webull provides a good selection of features for intermediate traders or traders looking for specific offerings, like technical analysis. Below are the key features:

  • Watch lists
Webull Mobile Watchlist
  • Charting
  • Technical indicators (e.g., RSI, MACD, and VOL)
  • Order types (limit, market, stop, stop limit)
  • Advanced orders (OTO, OCO, OTOCO)
  • Stock screener
Webull Screener
  • In-platform news and community discussion features
  • Paper trading account opening process
Webull Paper Trading
  • Optional level-two market data
  • Markets: US and Hong Kong
Webull Stock Discovery

The platform is customizable, meaning you can move windows and add or delete different features. The widget function is especially useful, allowing you to add or remove different features to create a trading window that displays exactly what you want.

Webull maintains a small, but robust, online education center to help investors learn about stock market basics and how to use different features of the trading platform. This education center houses over 30 courses on different topics, from crypto basics to option order types. Each course has several lessons, some with videos.

Webull Pricing

Webull is positioned as a no-cost broker. This means commission-free trading on stocks, ETFs, options, or crypto. Some additional regulatory or exchange fees may apply, which can be found on the Webull website.

Like many online brokers, Webull does charge for certain services:

  • Short selling: fees contingent on daily loan rates for stocks
  • Margin selling: interest rates from a high of 6.99% to as low as 3.99%
  • Level-two market data: subscription rates from $1.99 per month to $3.99 per month

Below is a selection of some other relevant fees you may encounter with Webull:

  • ACH deposit & withdraw: $0
  • Deposit via wire transfer (domestic/international): $8 per / $12.5 per
  • Withdraw via wire transfer (domestic/international): $25 per / $45 per

Webull Customer Service

Webull offers 24/7 customer support services to investors through its toll-free customer service phone number. The company also offers the following customer service support avenues:

  • Email
  • Social media (Facebook, Instagram, Twitter)
  • In-platform and mobile app support submission section
  • Online FAQ section for common questions

How Does Webull Compare?

In this review, we’ll compare Webull to two of the many online brokers on the market: TD Ameritrade and Robinhood.

Webull vs. TD Ameritrade – Both brokers are low-cost. TD Ameritrade is more of a full-service broker compared to the discount-like broker of Webull. Webull shines with its lower margin rates and fractional shares. TD Ameritrade has more overall offerings (like mutual funds), better educational features, and more in-depth advanced trading tools.

Webull vs. Robinhood – Robinhood is considered a near-competitor to Webull. Both are low-cost brokers focusing on a small, similar selection of securities (e.g., no mutual funds), prioritize ease-of-access for everyday investors, and offer free stocks. Robinhood is more beginner-oriented and has superior margin rates. Webull is positioned towards intermediate investors and active traders, offering a trading platform with more sophisticated features.

Who is Webull Best For?

Webull is a hybrid of low-cost and advanced stock and ETF trading platform features. This makes Webull a good choice for two types of investors: intermediate-level investors and active traders.

Intermediate-level investors will find a good balance of cost and features. Commission-free trading reduces costs, and is important for building a lean and targeted investment portfolio. Active traders will find reasonable margin rates, a good selection of customizable platform features, and access to level-two market data.

FAQ: Webull Review

Q: Where can I find a fee schedule for margin trading?
A: Webull publishes a list of its margin fee schedule on its online help center.

Q: How does Webull make money?
A: Many low-cost or no-cost brokers employ different methods to make money. Webull has several additional methods: market data subscription, payment for order flow, interest on cash, margin fees, short seller fees, and other miscellaneous fees

Q: What is Payment for Order Flow (PFOF)?
A: This increasingly controversial practice is when brokerages receive benefits for directing trade executions to specific servicing parties.

Final Verdict: Webull

Webull is well-positioned to offer something to a wide-variety of investors: beginners, those with more experience, and day traders. Webull is best for investors of any stripe looking to minimize costs and who want to trade stocks, ETFs, options, or cryptocurrencies on a feature-rich, fully customizable trading platform. Investors looking to trade other securities, such as mutual funds or bonds, will need to look elsewhere.

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Theo Madsen

Theo has been actively trading the forex markets since 2013. Over the past five years, he has gained experience trading currencies, stocks, options, and futures. Theo's trading experience led him to test out over one hundred different trading services and he shares his insights in reviews to help other traders.

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