Webull Review

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Webull is one of the latest online brokers that focus on commission-free trading. Here is our Webull review. Unlike other competitors, it is directing more focus to technical traders. Besides commission-free trades, this platform offers much technical research for people interested in trading stocks.

You will receive 2 free stocks as a gift when you create an account with Webull. One of the free stock value is between 2.5-250 USD if you open a Webull brokerage account. The other gift is valued between 12 – 1,400 USD if you deposit a minimum of $100 in your account. Read the following lines to see our full Webull review.

What Is Webull?

Webull is an app for mobile devices that offers stock trading for free. Webull Financial LLC. is a privately held, venture capital-backed firm founded in 2016. The company is a member of SIPC, FINRA, and is registered with the SEC as a broker-dealer.

The company made its mobile app known to the public in a press release on the 30th of May, 2018. Anthony Denier is the CEO of this company. The Apex Clearing Corporation handles Webull’s clearing.

According to the CEO in the press release, “Webull believes that everyone should have an equal opportunity to control their financial future. This is why we have created a professional-level informational and trading platform that previously was only available to professionals or the super-wealthy. Webull strives to keep its vast depth of news, real-time market data, analysis tools, and free trading commissions. We pride ourselves on continually improving our platform and bringing new and useful tools to help everyone make smarter financial decisions.”

To create a Webull account, you will have to install their mobile app on your device; You can download it from your device app store or Webull.com. All account opening takes place on the app, and verifications for accounts are within 60 minutes or more if your accounts required further verification.

After creating your account, you can use an ACH bank transfer to fund your Webull account. You can deposit any amount you want into your account. However, the minimum amount to use leverage/short in margin accounts is $2,000. The same amount applies if you’re going to use Margin.

Robinhood is another similar platform that offers free trading, and they have been severely reprimanded over declarations to provide checking accounts. Although Robinhood and Webull are quite similar, Webull offers more tools compared to Robinhood. Continue reading to know the features Webull is offering users.

What does Webull offer?

Webull offers a lot of free features that you will pay for to get from most brokerages. You get analysis tools, real-time market data, news, and trading commissions free of charge when you create an account with Webull. Not all features are free; you will have to pay a little token to access some.

First-timers and anybody interested in knowing how Webull works can create a paper trading account; no real money is required. The app offers the following features.

Technical indicators:

  • MACD
  • Money Flow Index
  • Bollinger Bands
  • Exponential moving averages
  • RSI

Investment research tools:

  • Press releases
  • News
  • Revenue data
  • Historical EPS
  • Analyst recommendations
  • Financial calendars
  • Watchlist and alerts
  • Stock screeners
  • Insider holdings and transactions

Other features usually seen on more prominent platforms:

  • Extended-hours trading
  • Margin trading
  • Able to sell short
  • Customers support (chat, email, phone)

As stated above, you have access to their customer service. For now, they respond to calls quickly. This will likely change as their customer base increases with time.

If you are interested in short stocks, you will need approval for a margin account and deposit a minimum of $2000. The platform allows 2X overnight and 4X margin intraday. Keep a close watch on the balance in your account as it may be forced to liquidate your account holding if it falls below $2000 to cover position drawdowns. 

Options trading is not available on Webull. Robinhood, Webull’s competitor, offers this feature, which gives them an edge over Webull in this aspect.

Pricing – what fees are involved?

Although Webull offers free commissions, you will be charged for some other activities on the platform. You will pay little amounts for FINRA and SEC charge fees. You will also be charge margin fees with rates ranges from 3.99% – 6.99%. The more money you have, the smaller the margin fee.

You will also be charged for transfers, which is a standard procedure on all brokerage platforms. Webull will not charge you for a standard ACH bank transfer, but it may attract your bank fee. Domestic and international wire transfer costs $25 and $45, respectively.

Bonus Offer

New users are entitled to 2 free stocks when they open an account with Webull. To qualify for these bonuses, you have to;

  1. Open a Webull brokerage account to get one free stock, which is between $2.50 and $250.
  2. Deposit a minimum of $100 to receive another free stock valued between $12 – $1400.

How Safe is My Money?

The platform is a member of SIPC (Securities Investor Protection Corporation); this body protects customers’ securities of registered members of about $500,000 (which also includes 250,000 USD for cash claims).

Apex Clearing Corporation also offers an additional insurance policy. According to Webull’s official site, “The coverage limits protect securities and cash up to an aggregate of $150 million, subject to limits of $37.5 million for any one customer’s securities and $900,000 for any one customer’s cash. Like SIPC protection, this additional insurance does not protect against a loss in the market value of securities.”

Webull offers powerful charting features; however, using the charting feature might be difficult for some mobile application applications. In contrast, Webull mobile app can be a fantastic tool for people who are always on the move but wants access to comprehensive stock market research and charting features. 

What feature is missing from this platform?

Robinhood is Webull’s primary competitor. The big difference between both platforms is that Robinhood does not support stock trading, while Webull does.

However, some key features are missing from Webull that would have made it powerful. Currently, Webull has no support for mutual funds, options, bonds, Pink Sheets Stocks, or OTC Bulletin Board. Also, Webull does not support stocks below 1 USD or shares with a market cap of $10,000,000 or less.

Here is our Webull Review:

Webull Review
  • Commission and Fees
  • Easy to use
  • Customer Service
  • Resources and tools
  • Options to invest
  • Extra Services
4.1

Summary

Webull is one of the latest online brokers that focus on commission-free trading. Webull, unlike other competitors, is directing more focus to technical traders. Besides commission-free trades, this platform offers a lot of technical research for people who are interested in trading stocks.

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