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Webull is another broker that is catering to the “cost-sensitive” investor, or those who want to get their feet wet in the market with a small amount of capital. This is because Webull’s main selling point is that they don’t charge any commissions – trading with them is 100% free. This is pretty cool, but on the flip side Webull doesn’t offer you the same functionality and investment options you’ll find with the Ameritrades of the investing world. In this article, we will review Webull, going over the pros and cons.

Commissions and Trading Costs

As we mentioned, the best part of your Webull account will be the commission-free trading. All trades are free for as long as you have an account with them. As a small disclaimer, Webull will still pass on to you any small regulatory fees that result from your trades, but these generally amount to pennies per trade and all brokers pass these on.

Webull Promotion

Get FREE stock between $8 and $1000 when you deposit $100+ at WeBull.

Open WeBull Account

Account Fees or Minimums

Some brokers will charge you an account maintenance fee if you don’t trade enough or if your account balance is under a certain minimum. Not Webull, they will never charge you an account maintenance or inactivity fee and they won’t charge any fees if your balance drops to zero.

Investment Offerings

Now that we covered the best part of Webull, it’s time to look at the trade-offs. The biggest con to trading with Webull is the lack of choices you have. Webull lets you trade thousands of U.S. stocks and ETFs, which is a good selection, but they don’t support any other security types. That’s right – mutual funds, options, bonds, and penny stocks are all off limits. Depending on how diversified of a portfolio you were planning to build, this could be a pretty big drawback, especially when considering other free brokers, like Firstrade, do offer all of these investment choices.

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Transfer Fees

Although Webull’s platform is largely free of hidden fees there are a few that apply to certain transfers. Electronic/ACH transfers are always free at Webull but they charge between $8 and 45 for both incoming and outgoing wire transfers (the exact amount of the fee depends on if it’s domestic/international and incoming/outgoing). If you ever want to transfer your entire portfolio to another broker it will cost you $75, although most brokers you move to may reimburse you for this fee.

Trading Platforms

If you’ve seen Webull’s website you may notice that it looks somewhat sparse. This is because it is primarily used to get new customers signed up and as a basic help/Q&A tool. All trading happens through Webull’s mobile app or downloadable desktop app. Webull’s desktop app covers your basic trading needs with real-time quotes, live charts with technicals, and analyst ratings.

Webull’s mobile app is more basic but functionally is still great for trading. In the app you can see how world markets are doing using major indices from most countries as a proxy. The app includes company and global market headlines, financials ratings and of course stock charts.

Customer Service

For any basic inquiries, you should start with Webull’s self-help section with common questions and answers. For anything that isn’t addressed here you can use their in-app messaging service. Webull doesn’t have a phone number for customer support.

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Stock Alerts and Calendars

Another nice Webull feature is the ability to set customized price and volume alerts in the app for stocks in your portfolio and on your watch list. They also provide you with a customized financial calendar that tracks earnings and other important dates for the companies you are following.

Virtual Trading Feature

Webull also offers a virtual paper trading account where you can practice trading without actually using any money. Paper accounts are great for beginners and experienced traders alike to get their feet wet and practice new strategies before risking capital.

Cheapest Indian Brokerage Summary

In summary, the best features of Webull are hands-down the free trading (and the lack of fees in general), the paper trading account, and their customizable stock alerts and financial calendars. That said, Webull still has some strong cons that might be too much for some traders to bear – the biggest being their limited investment choices.

Webull Promotion

Get FREE stock between $8 and $1000 when you deposit $100+ at WeBull.

Open WeBull Account


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