Webull Rating:  

Review of Webull investing app: brokerage fees and commissions, pros and cons, minimum requirements and promotion offer for opening a new online account or IRA with the discount stock broker.

Overview of Webull

Webull was founded as a simple mobile securities trading platform. In its brief existence, it has grown into a formidable brokerage firm with multiple trading platforms and lots of services. It’s well worth checking out.

Bulls Focus On...

Best pricing: No need to worry about commissions or fees.

Lots of ongoing promotions: Easy to earn free stocks.

Multiple order tickets: With several trade types.

Bears Focus On...

Limited product lineup: Some asset classes can’t be traded.

Curtailed retirement options: Resources are limited here.

Investing and Trading

Webull provides investing services in many countries worldwide. It has separate sites for users in the United States, Indonesia, South Africa, Canada, Thailand, and others. Available services differ depending on the country. This article focuses specifically on Webull's U.S. operations.

Over time, Webull USA has expanded the types of assets available for trading. Today, the selection includes:

• Index and stock options
• Money market funds
• Event contracts
• ETFs
• Stocks (including OTC stocks, ADRs, and REITs)
• Treasury securities
• Closed-end funds
• Futures

The U.S. branch of Webull allows only stocks listed on U.S. exchanges and OTC markets. It does not support trading on foreign exchanges.

Alongside individual trading, Webull provides automated investment accounts that invest in ETFs. Webull Advisors works in partnership with BlackRock, offering portfolios of iShares funds. Financial planning services are not included in this advisory service.

Webull America supports various account types for brokerage and managed investing, including IRA, joint, business, and individual accounts. Opening an account with Webull USA requires a U.S. residential address, but U.S. citizenship is not mandatory. Other branches follow their own guidelines for opening accounts.

For full access to Webull's services, a Premium subscription is necessary, which involves a $3.99 monthly or $40 annual fee.

Customer Service

Webull clients can contact customer service by phone (888-828-0618) or email (support@webull.com). The mobile app includes a virtual chat bot that answers basic inquiries but is unavailable on other platforms. This chat icon is accessible across all tabs in the app (look for the floating Webull logo). Users can also connect with a live representative, although, similar to phone support, this service operates only during standard business hours (8:30 am to 4:30 pm, EST, Monday through Friday).

The mobile app provides a document-upload feature, beneficial in certain situations. To locate this tool, navigate to the Help Center (the chat bot can direct you there if you type or speak "Help Center").

The Webull website also has a dedicated Help Center, accessed via the Help link in the main menu. It offers numerous Frequently Asked Questions, helpful to both new and experienced users.

Banking

Webull recognizes the cash management needs of its users and has introduced an FDIC-insured sweep feature for uninvested cash in brokerage accounts. Premium subscribers earn 3.85% APY, while standard customers receive either 3.5% or 0.25%, depending on their account balance.

However, Webull's cash management is limited due to a lack of standard banking options. It does not provide debit cards or checkwriting capabilities. Webull does offer three money market mutual funds, serving as a reasonable alternative for non-Premium customers who do not qualify for the higher 3.85% rate.

Margin

Webull brokerage accounts can be opened either as margin or cash accounts. Margin accounts allow trading option spreads, buying stocks using borrowed money, and shorting stocks. The cost for using margin is:


Webull's platform clearly shows margin details for both long and short positions. These details appear on each stock's profile page. For example, the margin details for McDonald's stock are:

Fees and Minimums

A Webull brokerage account in the U.S. has no minimum deposit or annual fee. Robo-advisor accounts require a $100 minimum and charge an annual fee of 0.20%.

Trading stocks, ETFs, closed-end funds, and equity options is commission-free for Webull customers. High-volume trading of stocks priced under $1 may incur a fee of 0.02¢ per share. Treasury securities cost 0.1% of the trade value. Futures contracts range from $0.05 to $1.00 per contract.

Premium subscribers receive discounted futures commissions and other perks. Premium membership costs $3.99 per month or $40 annually. Premium subscribers also get a 3% bonus on IRA transfers; this offer isn't available to standard customers.

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Website

Webull's website primarily serves to promote its trading services and offers a login area. Once logged in, users have access to account management tools and a web trading platform. This platform is quite helpful. During our testing, we found several noteworthy features:

• Multiple order tickets
• Custom watchlists
• Comprehensive charts with advanced tools
• Paper trading for practice
• Daily market morning brief
• Audio price quotes widget
• Price ladder
• Time & sales information
• Search tools for options, stocks, and Treasury securities

Every stock profile has tabs containing potential information. We say "potential" because some Chinese-listed stocks lack comprehensive details. U.S.-listed stocks typically feature news articles, financial data, analyst ratings, corporate actions, press releases, and more.

Mobile App

Turning to Webull's mobile app, we find similar capabilities, although not identical. The app includes numerous valuable tools, but certain functions are missing. For instance, the advanced order ticket with OCO functionality is no longer available.

However, the mobile app features a Feeds section, which is not present in the web-based platform. Feeds serve as a digital community board, allowing Webull users to discuss various investments and daily market news.





The bottom navigation bar contains the app’s main menu. The Watchlists icon opens the same watchlists found on the website platform.

Tapping the Menu icon in the lower-right corner brings up a page filled with various widgets, such as OTC stocks, forex, voice quotes, screeners, alerts, Treasury securities, event contracts, and more. Simulated trading is also supported.

Desktop Platform

Webull’s third available trading solution is its desktop software. Compatible with Mac, Windows, and Linux systems, this software includes an educational center with useful articles and instructional videos. Demo trading is available, along with customizable layouts and shortcut keys.





Charts within the desktop program can be detached and expanded to fill the entire computer screen. A right-click menu offers multiple options, including quick trading links, alerts, and chart analysis tools.

Promotion

Extra Features

Initial Public Offerings: Webull traders can buy IPO shares before they're listed publicly. On the desktop platform, click the Markets tab on the left side to locate upcoming IPOs.

Dividend Reinvestment Plan: Webull provides a free DRIP for brokerage accounts.

Fractional Shares: Webull allows purchasing stocks and ETFs in whole-dollar amounts.

Individual Retirement Accounts: Webull offers Roth, Traditional, and Rollover IRAs without annual or termination fees. Webull provides a 1% match on IRA contributions, increasing to 3.5% for Premium subscribers.

Fully-paid Securities Lending Program: Webull customers can earn additional income by lending their fully-paid shares to other traders.

Our Recommendations

Beginning Investors: Starting with a Webull Advisors account is a great approach. Simulated trading through a self-managed account is beneficial as well.

Small Accounts: With fractional-share investing and no fees, Webull suits self-managed investors well. Robo-advisor accounts have an accessible minimum of just $100.

Active Stock Trading: Webull is an excellent choice for frequent stock trading.

Long-Term Investing & Retirement Planning: Webull provides IRA matching contributions and transfer bonuses but lacks comprehensive long-term planning resources. We recommend Charles Schwab instead.

Mutual Funds: Firstrade is a strong alternative.

Webull Review Recap

Webull has transformed from a simple mobile app into a comprehensive investment platform offering many useful features. Both experienced traders and beginners can benefit significantly from its services.