Alyaziah Hayat | May 10, 2022
Table of Contents
Webull offers you stock trading with no commission, no minimum deposits, or hidden fees. The Webull platform is among my favourites as it is intuitive, accessible, and has multiple trading tools. However, they only accept US clients whilst leverage and funding options are limited compared to other online brokers. You can check out the best forex brokers to see how they do in comparison.
Broker Pros / Cons
- Strict regulation
- Securities Investor Protection Corporation (SIPC)
- Commission-free trading
- Thousands of different instruments for trading
- No account maintenance fees or platform fees
- Intuitive trading platform
- Technical & fundamental analysis tools
- US clients only
- Limited leverage
- Limited funding options
- No trading in options, mutual funds, bonds or OTC stocks
- No online chat customer support
Founded in 2017, Webull is a US-based online broker headquartered in New York that offers you trading on multiple global markets including Forex, Commodities, Stocks, Shares, Indices, Metals, Energies, ETFs, ADRs & IPOs. I like how they provide their own all-in-one proprietary trading platform that is user-friendly and has a range of integrated, advanced, and intelligent tools and services.
Webull Key Features:
- Zero commission on stock trading (U.S. listed securities)
- No minimum deposits
- Real-time quotes
- Real-time market data
- Multi-platform accessibility (desktop, web & mobile)
- Full extended trading hours (including full pre-market (4:00 AM – 9:30 AM ET) and after hours (4:00 PM – 8:00 PM ET)
- 24/7 rapid online customer support
- Free smart trading tools
- Economic calendar
Webull is customer focused with a leadership team that has years of experience in the financial and online industries. This helps enable them to deliver you state-of-the-art trading technologies with reliable, professional, transparent, and efficient trading products and services.
You are empowered by being provided with the relevant information, trading tools, competitive costs, and around-the-clock customer service. Although I would’ve liked to see them offer this service through other means aside from just email.
Webull offers a 7-day free trial for advanced quotes which is a real-time quotes product that is an upgraded version of Last Sale. I like how this product presents the best bid & offer, the detailed transaction records, and more. Available advanced quotes include:
- Nasdaq Basic Level-1
- National Best Bid and Offer Level-1
- Toronto Stock Exchange Level-1
- Hong Kong Stock Exchange Level-2
- Taiwan Stock Exchange Level-1
- London Stock Exchange Level-1
- DE Stocks Level-1
Webull Financial LLC is a member of the Securities Investor Protection Corporation (SIPC). I find this organization to be quite useful as it protects securities customers of its members for up to $500,000 (including $250,000 for claims for cash).
They have a clearing firm Apex Clearing Corp which has purchased an additional insurance policy. I like how the coverage limits provide protection for securities and cash up to an aggregate of $150 million, subject to maximum limits of $37.5 million for any one customer’s securities and $900,000 for any one customer’s cash. I find it similar to a SIPC protection as this additional insurance does not protect against a loss in the market value of securities.
I appreciate that Webull stays up to date with the latest data security in order to protect your personal information and asset data.
Webull is currently only available in the USA. If you don’t reside in the US, I recommend checking out our broker comparison tool for alternative brokers.
I like the Webull desktop platform as it is fully customisable to suit your various needs. You can create personalised watchlists and trading templates, analyse charts, place/manage positions, set alerts, and more. I appreciate that it has a user-friendly interface and thus is accessible to beginner and advanced traders alike. However, if you still prefer the MT4 or MT5, I recommend switching to HYCM.
I like how one account can be accessed across all the Webull platforms for desktop, web, and mobile (iPhone / iPad / Android / Tablet). The mobile application is very useful for those of you who need to trade on the go and wish to manage your accounts from anywhere in the world provided you have an internet connection.
You can take advantage of the various advanced trading tools and real-time market data options that are readily available (Nasdaq Basic, Nasdaq TotalView & NBBO) which can help with analysing companies, market trends, and spot potential trade opportunities.
I like how this platform enables you to access fundamental analysis including analyst recommendations, revenue, and historical earnings per share data, along with key statistics, insider trades, stock information such as earnings, dividends, and stock splits and news feeds to keep you up to date with the latest market happenings.
In terms of technical analysis, I’m glad the platform offers real-time bar, candlestick, and line charts with time frames ranging from 1 to 60 minutes. There is also a set of historical data that goes back over the past 5 years. Other additional technical tools include most popular indicators such as Bollinger Bands, Moving Average, RSI, CCI, MACD, oscillators, and many more.
Webull offers a range of in-depth analysis tools built within the proprietary trading platform. I’m really happy that the Webull platform has an intuitive user interface and powerful advanced charts including over 22+ technical and fundamental indicators for conducting detailed market analysis. However, I believe there are many top brokers such as JFD Bank that offer a better variety of trading tools.
I found Webull’s market research information to be quite useful. It can be accessed via the platform and includes market news, individual stock overviews, and a screeners page.
I like the screener’s page as it provides you with the option of which stocks to track and the specific technical parameters to keep an eye on. There is also an economic calendar that displays the date and time of upcoming releases. You can set smart alerts via email, SMS, or the app to alert you when a specific event occurs.
Webull also provides you with a range of potential trading ideas and trading courses. These courses can be used to familiarise yourself with the markets, platforms offered, and trading in general. In addition to this, I really appreciate that they’ve provided a trading simulator on the platform which lets you use a demo account so that you can try out the platform and practice trading ideas.
The Webull platform offers trading on worldwide financial markets covering 5 main categories in more than 90 countries/regions with over 25,000 stocks: Equites, ETFs, Indices, Forex & Futures. There are 100+ exchanges such as the NASDAQ, NYSE, LSE, HKEX, SGX, NSE, BOM & more. I’m quite impressed how Webull has a total of over 100,000+ investment subjects.
Under the markets tab of the Webull website you can see an overview of the markets offered along with quotes. You can see top gainers, top losers, most active, hot industries & more.
You are required to have a minimum of $2,000 in your account to trade on margin. For a margin account with at least $2,000, Webull offer leverage that is 4 times day-trade buying power and 2 times overnight buying power. If the account has less than $2,000 than no leverage is offered. Leverage may also vary depending on the stock being traded. For a more free access to leverage, I suggest checking out Traders Way.
If your margin account has $25,000 or more in net equity, you gain access to unlimited day trades. If the net account value is less than $25,000, you can make 3-day trades within 5 successive business days.
I don’t like how cash accounts can only day trade with settled funds. For example, if you have $1,000 settled in a cash account, you can only use up to the amount of $1,000 for day trades.
You can only short a stock on Webull if your account value is $2,000 or more and you are using a margin account. I find the stock itself to mostly also allow short trades which can be confirmed with a downward blue arrow.
Like most of its major competitors, I like how they also do not charge a commission on U.S. stock trades or to open and maintain an account. However, SEC and FINRA fees do apply.
- SEC fees: A $13 charge for a total of $1,000,000 of principal on stock sales only, with a $0.01 minimum.
- FINRA fees: A trading activity fee (TAF) of $0.000119 per share on stock sales only, with a minimum of $0.01 and no more than $5.95.
The interests of margin trading are charged daily. For a long position, the daily interest= Borrowed Cash*Margin Rate/360.
|Dollar Range||Annual Margin Rate|
Fees for short sale
For a short position, you need to borrow shares. The cost associated with a short sale is the fee for borrowing said stock. This fee changes every day for every available stock and is charged on a daily basis.
If a stock is issued overseas (non-US) and is traded in US through ADR. The ADR depositary bank will be charged ADR fees. ADR fees generally range from $0.01 – $0.03 per share, the amount and timing differ by ADR.
I really appreciate that the Webull customer service is available 24/7 to answer all general and technical questions. However, it would’ve been nice to see them provide support through a live chat as well instead of just through email. I find it pretty sketchy that they don’t even list a contact number on their website. Though I believe they do aim to respond within the hour in any case.
In addition to email support, there is an FAQ section that covers a vast range of common questions from account opening, trading platforms, funding, fees and more.
Webull accept ACH or US domestic wire transfer. ACH is free of charge, but you can only transfer a maximum of $50,000 from your bank account to your Webull account each day. U.S. Domestic Wire transfers have fees associated with them, but the limits are greater. It can take between 1-5 days for transfers to be available in your trading account. I find their funding options to be quite limited as compared to other top brokers like IronFX.
|Deposit via U.S. Domestic Wire||$8 /per|
|Withdrawal via U.S. Domestic Wire||$25/per|
Domestic wire fees
If you deposit funds by ACH transfers, your deposits need to stay in your account for a minimum of 7 trading days. If you deposit funds by wire transfers, the withdrawal holding period will be 1 trading day.
Withdrawal and deposit accounts must be the same for ACH, otherwise, you’ll have to wait for 60 days to withdraw into a different account.
If you do not have a U.S. bank account, you can only transfer the funds in via international wire. For international wire transfers, the remitting bank and intermediary bank may also charge fees depending on their own policy.
|Deposit via International Wire||$12.5 /per|
|Withdrawal via International Wire||$45/per|
International wire fees
The deposit and withdrawal options are currently limited with no e-wallet or online payment processers offered. It would be more convenient for some users if they offered instant funding via Skrill, PayPal or a similar service.
Opening a Webull account is a quick and easy process. You simply need to complete the short registration form. You will then need to verify your identity with a government issued ID card including your photo, name, and date of birth (e.g. passport or driver’s license). I like how their applications are normally approved in a day. Once your account has been reviewed, you will be informed by push notification if using the app and email.
To open a Webull account you need to be 18 years or older, have a valid SSN (Social Security Number), have a legal residential address in the U.S. and outlying U.S. territories, have a U.S. citizenship, U.S. permanent residency card, or a valid U.S. visa. If you don’t meet these conditions, I recommend checking out our broker ratings to find alternatives.
|Broker Features||AvaTrade||IG||IC Markets|
|Regulated||ASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSA||FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF||ASIC, CySEC, FSA, SCB|
|Country||Australia, Ireland, South Africa, Japan, British Virgin Islands||Australia, UK, USA, Switzerland, UAE, Singapore, Japan||Australia, Seychelles, Bahamas, Cyprus|
|Min. Deposit||Min $250 Deposit||Min $100 Deposit||Min $200 Deposit|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFs||Forex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDs||Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, Mobile||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, Mobile||MetaTrader 4, MetaTrader 5, cTrader, Web, Mobile|
|Type||Market Maker, STP||STP, ECN, DMA||ECN|
|Funding||Wire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, Skrill||Wire Transfer, Credit/Debit Cards, PayPal||Wire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli|
|Visit Broker||Visit Broker||Visit Broker||Visit Broker|
Webull is an online broker offering real-time market data for stock trading with no commission, no minimum deposits or hidden fees. I like how they provide active traders with technical indicators, economic calendars, ratings from research agencies, margin trading and short trading. I find the Webull platform to be intuitive and suitable for all levels of traders.
Webull only accepts US clients and have limited leverage compared to most other online brokers. Funding options are also very restricted and there is no online chat customer support. You can check out other top brokers like Oanda if this one does not meet your needs.