Webull Review 2020
Webull offer stock trading with no commission, no minimum deposits or hidden fees. The Webull platform 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.
Webull Review 2020, 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
In this detailed Webull review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Webull is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Webull.
Webull Review: Summary
Founded in 2017, Webull is a US based online broker headquartered in New York that offers trading on multiple global markets including Forex, Commodities, Stocks, Shares, Indices, Metals, Energies, ETFs, ADRs & IPOs. 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 are customer focused with a leadership team that has years of experience in the financial and online industries. This helps enable them to deliver state of the art trading technologies with reliable, professional, transparent and efficient trading products and services.
Clients of all experience levels are empowered by being provided with the relevant information, trading tools, competitive costs and around the clock customer service (although only via email).
Webull offer a 7-day free trial for advanced quotes which is a real-time quotes product that is an upgraded version of Last Sale, presenting 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 Review: Regulation
Webull Financial LLC is registered and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in the United States of America (USA).
Webull Financial LLC is a member of Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash).
They have a clearing firm Apex Clearing Corp who has purchased an additional insurance policy. 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. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.
Webull stays up to date with the latest data security in order to protect client’s personal information and asset data.
Webull Review: Countries
Webull is currently only available for the USA. Some Webull broker features and products mentioned within this Webull review may not be available to traders from specific countries due to legal restrictions.
Webull Review: Trading Platforms
The Webull desktop platform is fully customisable to suit various traders’ different needs. Users can create personalised watchlists and trading templates, analyse charts, place/manage positions, set alerts and more. It has a user-friendly interface and thus is accessible to beginner and advanced traders alike.
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 who need to trade on the go and wish to manage their accounts from anywhere in the world provided they have an internet connection.
Users 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 to spot potential trade opportunities.
The platform enables users 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 up to date with the latest market happenings.
In terms of technical analysis, the platform offers real-time bar, candlestick and line charts with time frames ranging from 1 to 60 minutes. There is 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 Review: Trading Tools
Webull offer a range of in-depth analysis tools built within the proprietary trading platform. The Webull platform has an intuitive user interface and powerful advanced charts including over 22+ technical and fundamental indicators for conducting detailed market analysis.
Webull Review: Education
Webull have market research information which can be accessed via the platform and includes market news, individual stock overviews and a screeners page.
The screeners page provides users with the option of which stocks to track and the specific technical parameters to keep an eye on. There is 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 provide 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, there is a trading simulator on the platform which is lets you use a demo account so that you can try out the platform and practice trading ideas.
Webull Review: Trading Instruments
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. In total Webull have a vast range of 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.
Webull Review: Trading Accounts & Fees
Webull support individual cash and margin accounts only.
Clients are required to have a minimum of $2,000 in their 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.
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.
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. The stock itself most also allow short trades which can be confirmed with a downward blue arrow.
Like most of its major competitors, they 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.
As broker fees can vary and change, there may be additional fees that are not listed in this Webull review. It is imperative to ensure that you check and understand all of the latest information before you open a Webull broker account for online trading.
Webull Review: Customer Service
Webull customer service is available 24/7 to answer all general and technical questions. Customer support is however only available via email with no online live chat or contact telephone number listed on their website. 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 Review: Deposit & Withdrawal
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.
|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.
Webull Review: Account Opening
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). 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.
Webull Review: Conclusion
Webull is an online broker offering real-time market data for stock trading with no commission, no minimum deposits or hidden fees. They provide active traders with technical indicators, economic calendars, ratings from research agencies, margin trading and short trading. The Webull platform is intuitive and suitable for all levels of trader.
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.
Trading of stocks and all other investment products involves substantial risk of loss and is not suitable for every investor. The value of stocks may fluctuate and as a result, clients may lose more than their original investment.