Webull
Product Name: Webull
Product Description: Webull is a trading platform that has $0 commissions on stocks, ETFs and options.
Summary
Webull is an investing app that offers commission-free trades on stocks and ETFs. You can trade both on margin and after hours, and it has a suite of research tools and education materials. You can access Webull via the app, downloadable desktop app, or through your browser.
Pros
- No commissions on the trading of stocks, ETFs, or options
- Margin accounts
- Sign-up bonus.
- Access to pre-IPO offerings
- Paper trading
- Crypto
Cons
- No cash account
- No mutual funds, bonds, or Forex.
If you’re an experienced investor looking for a simple trading platform that charges no fees, Webull may be the broker you have been looking for.
It’s available in both web and mobile apps and enables you to trade stocks, options, and exchange-traded funds commission-free. The platform even accommodates day trading. And right now, they are offering very generous sign-up bonuses on both taxable brokerage accounts and IRAs.
At a Glance
- No commissions on stocks, ETFs, and options
- Offers OTC, futures, and margin accounts
- Overnight trading
- Paper trading
- High-interest cash management account
- Research tools
Who Should Use Webull
Webull is one of the better trading platforms for experienced investors. Not only does it provide no-fee trading in stocks, options, and ETFs, but it also has a generous margin program, and even accommodates day trading. You can trade as early as 4:00 am, and as late as 8:00 pm on regular trading days.
Webull will not be suitable for new- and intermediate-level investors, because of the limited customer support and investing tools and resources. It also doesn’t permit trading in common investments, like bonds and mutual funds, nor does it offer a money market option.
Webull Alternatives
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| Minimum investment | $1 | $1 | $5 |
| Commission free stock trades | Yes | Yes | Yes |
| Crypto | Yes, on a separate platform | Not directly, can buy crypto funds | Yes, on a separate platform |
| Learn more | Learn more | Learn more |
Table of Contents
About Webull
Based in New York City, Webull began operations in 2018. It’s both an online and mobile trading app that allows you to trade stock, including OTC, and exchange-traded funds commission-free. It also offers options, futures, and crypto, and you can trade on margin.
The platform is designed for self-directed investors who need minimal customer support. Though it offers a significant number of online investing tools and resources, those are a good bit more limited than those offered by well-known brokerage companies. For that reason, the platform is not reasonably suited for new- or intermediate-level investors.
But if you are a seasoned investor, you can open an account with no minimum initial investment, and even take advantage of two separate and very generous promotion offers currently available.
Webull Features
| Minimum initial investment | $0 to open an account, $5 minimum investment for stocks and ETFs. |
| Available accounts | Individual and joint taxable accounts and traditional, Roth, and rollover IRAs. Please note that joint accounts and custodial accounts are not available. |
| Investments offered | Stocks, exchange-traded funds (ETFs), options, and futures. Foreign stocks cannot be traded directly, however, you can invest in foreign companies through American Depositary Receipts (ADRs). Crypto is offered through a separate platform, Webull Pay, and provided in partnership with Bakkt. |
| Pre- and Post-market trading availability | You can place pre-market trades from 4:00 am to 9:30 am, and from 4:00 pm to 8:00 pm on regular trading days (all times Eastern). |
| Availability | All 50 states and outlying US territories. |
| Webull mobile app | Available for both Android and iOS mobile devices. |
| Customer service | Available by phone at 1 (888) 828-0618 or by email, however, the platform offers 24/7 online help. |
| Account protection | Provided by the Security Investors Protection Corporation (SIPC) for up to $500,000 in securities and cash, including up to $250,000 for cash. There is additional insurance provided through Apex Clearing 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 anyone customer’s cash. |
How Webull Works
Webull is available in a web-based version as well as mobile apps for iOS and Android users. The platform offers trading in thousands of stocks and ETFs, though they must be listed on US exchanges. Investing in foreign stocks is limited to purchasing through ADRs. You can also trade options, futures, and crypto.
You can trade using market orders, limit orders, stop orders, and stop-limit orders. The platform offers real-time market information and stock quotes, and also provides a stock screener tool and watchlist.
It also offers a trading simulator to help you learn how the platform works, as well as to improve your trading skills. You can do this using paper money in the simulator, rather than real money. Overall, however, the tools and resources offered by Webull are more limited than what you will find with large, well-known brokerage firms. It’s designed primarily as a no-fee trading platform for experienced investors.
Investment Types
Stocks and ETFs
Webull doesn’t charge any commissions to trade stocks or ETFs. You can buy and sell US and international stocks. You can also buy fractional shares and get started for as little as $5.
Webull has no commissions for trading stocks or ETFs. However, there are regulatory fees charged with sales transactions, as is the case with all brokers. The SEC Trading Fee is a minimum of $0.01, while the FINRA Trading Fee is a minimum of $0.01 to a maximum of $8.30 per sale.
American Depositary Receipts (ADRs) are used to facilitate the trading of stocks listed on foreign exchanges. The fee for ADR trades is between $0.01 and $0.03 per share will apply.
Stock transfers: There is no fee to transfer stocks into a Webull account, but there is a $75 charge for each outgoing transfer.
Options
You can trade index options, equity options, and ETF options. Webull offers an options strategy builder that allows you to create multi-legged combination orders. It also gives you access to combinations such as straddles, strangles, butterflies, and condors.
The software also gives you comprehensive research tools to find the best options for you and your portfolio. You can see metrics on pricing, implied volatility, and expected volatility. You can use the scanner to filter contracts by price, volatility, and time expiration.
There is also a probability analysis tool that allows you to analyze the risk of a contract.
You must be at least 21 to trade options on Webull and you must be approved to access options trading. There are four levels of approvals, with each level giving you access to more complicated strategies.
Webull itself does not charge fees for options, but there are fees charged by regulatory agencies and exchanges as follows:
- SEC – $0.01
- FINRA – $0.01 per contract
- Options exchanges – $0.02815 per contract
- Options clearing corp – $0.025 per contract
- CAT regulatory fees – $0.0046 per contract
Futures
Webull offers advanced tools such as screeners, indicators, analysis, and news feeds to help you make the best investments.
The futures available to trade are stock index, crypto, energy, metals, currency, interest rates, and agriculture. Like options, you must be approved by Webull before you can start trading futures.
Webull charges fees for futures, they are as follows:
- All regular future outright – $1.25 per contract
- All mini outright futures – $0.70 per contract
- All micro outright futures – $0.25 per contract
- Crypto futures – $0.50 per contract
- Standard crypto futures – $0.50 per contract
- Nano crypto futures – $0.13 per contract
OTC
OTC trading allows you to buy securities that are not listed on exchanges. Webull trades about 500 OTC securities and offers access to the OTCQX, OTCQB, and OTC Pink tiers.
There are some fees associated with OTC transactions. For transactions that are over 100,000 shares and under $1.00 per share, there is a $0.0002 fee per share with a 5% maximum. If you buy foreign stocks, there is a $5 fee per trade, and a $0.05 per trade to sell foreign stocks.
If your trade causes your account to go into the negative, there is a $250 fee and an interest rate of 15%.
Webull Platform
Webull is an app first trading platform, but you’ll also have access to the downloadable desktop app and the Webull website. The website has limited features compared to the mobile and desktop apps, but it’s good for research and quick trades.
The app also has a Lite version or the full version, you can toggle between the two versions depending on your needs. The Lite version doesn’t give you access to complex options, futures, advanced order types such as stop limits. So, if you aren’t interested in those features, you can use the simpler version of the Webull app.
Other Webull Fees
Webull has zero trading commissions across the board, though there may be certain regulatory and exchange fees charged on transactions.
Margin accounts: Interest is charged on margin accounts. The rate is based on market factors and the balance of the loan.
Wire fees: The fees for wire transfers are as follows:
- Deposit by US domestic wire: $8
- Withdrawal by US domestic wire:$25
- Deposit by international wire: $12.50
- Withdrawal by international wire: $4
Paper Trading
Paper trading is a virtual account that uses pretend money. This allows you to try out new strategies or start learning how to trade without risking new money.
It’s also a great way to test out Webull without having to commit any funds.
I love a good brokerage promotion and Webull has you covered!
Webull is offering a simple free stock promotion:
Free stock when you open an investment brokerage account: – simply open and fund a Webull brokerage account and get up to 20 fractional stocks.
The stocks will be in US-based companies with a minimum market capitalization of $2.5 billion, and trading on the New York Stock Exchange or NASDAQ. Which exact stock you receive will be decided at random by a computer algorithm. Once offered, you’ll have 30 days to claim the stock, and it will be credited to your account within seven trading days after the claim. Once received, the stock will be yours to either hold or sell at your discretion.
Webull will also reimburse up to $100 in ACAT transfer fees for an initial account transfer of $2,000 or more.
How to Open a Webull Account
To open an account, you’ll need to meet the following qualifications:
- Be 18 years or older.
- Have a valid Social Security number.
- Have a legal residential address in the US and outlying US territories.
- Be a US citizen, US permanent resident, or have a valid US visa.
The sign-up process is quick and can often be approved in less than an hour. However, the company does advise that the process can be extended if additional verification is needed.
You’ll need to link a US-based bank account to make transfers into and out of your account. The best funding method is wire transfer, which will typically require between one and five business days to complete. But you can also use ACH, which will take seven business days.
Important information for opening an IRA account. Before you can open an IRA account, you must first apply for and open a regular brokerage account. Once that account has been open, you can add an IRA account.
Webull Alternatives
Robinhood
Robinhood offers free trades on stocks or ETFs. You can also invest in options, futures, and crypto. They offer margin accounts, access to IPOs, and after-hours trading.
You can get started with as little as one dollar. There are no account fees on a standard account, but you can upgrade to a Gold account for $5 a month for additional features, such as higher interest rates on your cash and more detailed analytics.
Here’s our full Robinhood review for more information.
Ally Invest
Ally offers both a robo advisor and self-directed trading. For the self-directed account, it has free trades on most U.S. listed securities. You can invest in options, bonds, and mutual funds.
If you have over $100,000 invested with Ally you can access a dedicated financial advisor for personalized advice. Also, Ally invest pairs well with other Ally accounts, such as its spend account and high-yield savings.
Here’s our full Ally Invest review for more information.
Sofi Investing
Sofi Invest also offers both a robo advisor and self-directed trading with free trades on stocks and ETFs. It also offers margin accounts, access to IPOs, and after hours trading. You can also access alternative investments such as pre-IPO, commodities, and private equity.
There are no account minimimums or account fees. You have access to fractional shares so you can get started with just $5.
Here’s our full review of Sofi Invest for more information.
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About Kevin Mercadante
Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed “slash worker” – accountant/blogger/freelance blog writer – on OutofYourRut.com. He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides “Alt-retirement strategies” for the vast majority who won’t retire to the beach as millionaires.
He also frequently discusses the big-picture trends that are putting the squeeze on the bottom 90%, offering workarounds and expense cutting tips to help readers carve out more money to save in their budgets – a.k.a., breaking the “savings barrier” and transitioning from debtor to saver.
Kevin has a B.S. in Accounting and Finance from Montclair State University.
Opinions expressed here are the author’s alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.
