Webull Review 2020

Quick Overview

  • Features
  • Advantages
  • Platform and Tools
  • Commissions and Fees
  • Fees for Transferring Funds
  • Short Selling Fees
  • Security
  • Desktop Application
  • Tradable Asset Classes
  • Account Types
  • Account Opening
  • Free Demo Trading and Stock Promotion
  • Order Types
  • Types of orders
  • Tiered Margin Interest Rates
  • Research Offerings
  • In-depth Analysis Tools
  • Promotions
  • Bonus
  • Watch Lists and Alerts
  • Financial Calendars
  • Customer Support
  • Drawbacks
  • Wrap Up

Established in 2017, Webull is a mobile application broker that highlights the commission-free stock and Exchange-Traded Fund (ETF) trading. Webull is regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). It is also a member of the Securities Investor Protection Corporation (SIPC).

Features

  • Webull offers several trading courses, trading simulator, demo account with current data, and advanced charting abilities for U.S. listed stocks. Moreover, these features can benefit beginners who need to get familiar with the market and build up a trading plan.
  • Webull primarily focuses on intermediate and experienced independent investors and traders. Webull’s commission-free structure is mainly designed for active and short-term traders, who can save a substantial sum on commissions when compared with other online brokers.
  • Webull offers technical indicators, ratings from research companies, economic calendars, short-selling, and margin-trading for its active clients.
  • Users can set up a new account via Webull.com or the app store. Most new account applications are approved in 1 hour. It might take a long time if the application needs further verification.
  • Webull supports only stocks and ETFs in significant markets. The trader cannot trade mutual funds, options, or access pink sheet/OTC stocks. If the trader is looking for stocks and ETFs, then Webull can be a great decision.
  • Funds can be added to the account with an ACH bank transfer. Moreover, there is no minimum deposit required.
  • Webull allows its customers to download the app with ease. It also permits the user to trade easily on its app, which appeals to traders at all experience levels. The Webull trading platform is a simple-to-utilize and intuitive interface on both the desktop version and mobile application.

Advantages

Few advantages offered by Webull are discussed below –

  • This broker offers traders commission-free trading over various stocks and ETFs.
  • There is no software platform fees or account maintenance fees.
  • Webull does not charge to open and maintain an account.
  • Moreover, leverage of 4:1 on margin trades on the same day and leverage of 2:1 on trades held overnight.
  • Webull offers an intuitive trading platform with fundamental and technical tools analysis.
  • This broker offers high-quality platforms for Mac, Windows, iOS, Android, and the web. Also, it supports the PC version.
  • It offers paper trading, extensive research tools, customizable charting features, advanced order types, accessibility for multi-platform and free current quotes on certain stocks.

Platform and Tools

  • Webull, the leading trading platform is available in the mobile web-based and desktop application with features that are helpful for intermediate and experienced traders. The tools provided by the platform give information and knowledge to assist the traders in making profitable trades.
  • Concerning fundamental analysis, the platform lets the traders access experts’ recommendations, revenue and earnings per share, key insights, insider trades, stock information like dividends, earnings, and news feeds so that the trader can keep track of news that could influence the stocks.
  • From the technical point of view, the application gives a real-time bar, line charts, and candlestick that have periods going from 1 minute to 1 hour and set of data that backtracks to the past 5 years. Additional technical resources incorporate popular indicators like MACD, Bollinger Bands, oscillators and several more.

Commissions and Fees

  • Unlike its competitors, Webull does not charge a commission on U.S. stock trades or to open and to maintain an account. Nonetheless, SEC and FINRA charges apply.
  • SEC fees consist of 13 dollars as a charge for a sum of 1,000,000 dollars on only stock sales, with a 0.01dollars minimum.
  • FINRA fee consists of trading activity fees (TAF) of 0.000119 dollars per share only on stock sales, with a minimum of 0.01 dollars and a maximum of 5.95 dollars.
  • Webull provides a free stock promotion in which the trader needs to refer another person to Webull. In turn, the trader will get one share of stock worth up to 1,000 dollars.

Fees for Transferring Funds

  • If the trader has a U.S. bank account, they can either set up an ACH (Automated clearing house) or utilize a US local wire transfer.
  • ACH is free service, but the trader can transfer up to 50,000 dollars from the bank account to a Webull account in a day.
  • Further, U.S. Local Wire transfers have fees related to them, however, the trader can transfer a lot bigger sum into the Webull account.
  • Charges for depositing through U.S. domestic wire transfer is 8 dollars per transfer.
  • Charges for withdrawal through U.S. domestic wire transfer is 25 dollars per transfer.
  • If the trader has a non-U.S. bank account, the only possible way to transfer funds is through international wire transfer.
  • Charges for depositing through International Wire transfer is 12.5 dollars per transfer.
  • Charges for withdrawal through International wire transfer is 45 dollars per transfer.

Short Selling Fees

Considering a short position, the trader needs to acquire portions of an organization before the trader sells them. Moreover, the expense related to a short sale is the fee for obtaining the stock of the organization. This expense is variable and changes are for daily accessible stocks. Similarly, the interest on margin trading is determined daily and charges monthly.

Security

  • Webull’s parent organization, Webull Financial LLC, is a member of the Securities Investor Protection Corp (SIPC). Further, Webull protects the securities of its customers up to 500,000 dollars.
  • The organization’s clearing company, Apex Clearing Corp, has likewise obtained an additional insurance policy. Over and above, the policy covers insurance for securities and cash up to 150 million dollars. 37.5 million dollars and 900,000 dollars are the maximum limits for a customer’s securities and cash respectively.
  • Moreover, both the SIPC protection and the additional insurance policy held by Apex Clearing Corp, does not cover Webull’s customers from a loss of the market value of their securities.

Desktop Application

  • Webull introduced a desktop trading application for Windows, Mac, and Chrome OS in 2019.
  • Webull’s desktop platform integrates advanced features onto a customer-friendly interface.
  • Besides, the platform features screeners, advanced charting and integrated trading. It offers support to traders in order to analyze and trade the stocks in a simple to use platform.
  • Webull’s platform runs easily and several features are intuitive. Also, the trader can use this platform for paper trading.

Tradable Asset Classes

  • Currently, Webull offers to trade in several U.S. stocks and ETFs in the United States. Besides, the broker does not support trading in options, OTC stocks, mutual funds, cryptocurrencies, bonds, so that a few may find it limiting.
  • Besides, Webull enables the trader to trade the stocks accessible during extended trading hours, which includes pre-market and after-hours. Specific timing for extended trading is-
  • Pre-market trading hours are from 4:00 a.m. to 9:30 a.m. EST
  • After-hours trading hours are from 4:00 p.m. to 8:00 p.m. EST
  • Webull allows its trader to trade with a balance of 25,000 dollars or more in value; one can access unlimited day trades. Moreover, day trading in a cash account can be funded only with settled funds.

Account Types

  • Webull is well focused on active stock and ETF traders. They offer individual brokerage accounts, which are completely taxable, Margin accounts and IRA accounts.
  • Webull does not offer retirement accounts, custodial accounts, joint accounts, business accounts or trust accounts.

Account Opening

If a trader is planning to open an account in Webull, they have to meet few requirements –

  • The trader must be above 18 years of age
  • Should have a valid social security number
  • A legitimate U.S. residential address
  • They should have a U.S. citizenship, Valid U.S visa or permanent residency

Free Demo Trading and Stock Promotion

Webull permits its clients to choose demo or simulation trading to start with and get accustomed to the charts, tools, and real-time quotes for U.S. markets. Additionally, stop-limit orders are also acknowledged. All limit orders are Good-for-Today kind; no GTC orders are accessible.

Order Types

Webull supports stock and ETF trading, it has a noteworthy list of trade types. Basic orders supported by Webull includes market, limit, stop order (which is also called as stop-loss). Conditional and advanced orders are also accessible. These incorporate stop-loss/take-profit bracket orders, OTOCO, OCO, and OTO.

Types of Orders

  • Limit Order
  • Market Order
  • Stop-Limit Order
  • Stop Order (Stop-Loss Order)

Tiered Margin Interest Rates

  • Webull offers 4x day-trade purchasing power and 2x overnight purchasing power with the margin account. The trader should have a minimum of 2,000 dollars to qualify.
  • Further, Interest on margin trading is determined daily and to be paid monthly. Moreover, the margin rate is variable and is calculated by the size of the margin credit.

Research Offerings

  • Webull’s research page gives the trader the greatest advantage with the ease of its use, with filtering abilities and generally with educational value. Further, research is found on 4 unique pages on the mobile application, with
  • Market news
  • Individual stock page
  • Screener’s page
  • The screener’s page gives the trader an option to track certain stocks; it helps to figure out what set of technical parameters to watch and set alerts.
  • Besides, Webull includes an economic calendar with forthcoming IPO dates, earnings, and news about stocks that are being watched. Moreover, the trader can set up their watchlists and get alerts through email or SMS on the application.
  • Apart from U.S. based stocks, Webull can track ETFs, Canadian stocks, cryptocurrencies, commodities, futures and options and indices.
  • Stocks can be tracked in real-time through the application which includes 5 classifications over several nations/regions with more than 25,000 stocks.
  • Additionally, Webull provides trade ideas and trading courses like day trading courses for newbies. Moreover, one of the best elements of this platform is the trading simulator, which is fundamentally a demo account that the trader can use on the platform and simulate trading strategies.
  • Research tools cover a wide range of assets, which include stocks from various countries and regions, cryptocurrencies, ETFs, Futures and options indices, commodities, as well as foreign exchange.
  • One of the best ways to learn about Webull is its Reddit network. It has a help section where traders can enlighten themselves with various topics.

In-depth Analysis Tools

Webull offers powerful and intuitive advanced charts, several technical indicators, and different advanced real-time market information options, such as Nasdaq Basic, Nasdaq TotalView, and NBBO to assist clients to analyze trends, organizations, and capture profitable trading opportunities.

Promotions

By signing up for a new account, new clients can get a free share of the stock. Moreover, when the user deposits 100 dollars in the account, after a week, the free stock will show up in the user’s account.

Bonus

Webull provides its customers with a bonus sum when they deposit an amount. The bonus amount of details offered by Webull are given below –

  • 1500 dollars Bonus, when the trader deposit 500,000 dollars
  • 700 dollars Bonus, when the trader deposits 250,000 dollars
  • 350 dollars Bonus, when the trader deposits 100,000 dollars
  • 250 dollars Bonus, when the trader deposit 25,000 dollars

Watch Lists and Alerts

Webull offers its clients to create different watch lists. Also, it enables Smart Alerts to notify through SMS or email when stocks trigger on any of the stocks that are in the watch lists.

Financial Calendars

The financial calendar offered by Webull is a helpful instrument that indicates forthcoming profit reports, IPOs, and finance-related events. While this data can be found through different sites on the web, it is the comfort factor of having this data on a single mobile application.

Customer Support

Webull’s customer support services are available through email and phone. On the website, no chat support is mentioned. Besides, Webull’s FAQ page gives the user all the relevant details about opening an account, funding, deposits, and withdrawals of stocks and cash. Besides, it also has an exclusive section, “Trading on Webull” where it gives information about fees, commissions, tradable assets, and order types. The FAQ’s found on the help section assist the user with answers for almost all the topics.

Drawbacks

Some of the Drawbacks of Webull are mentioned here –

  • Webull supports trading in stocks and ETFs, and it does not support trading in mutual funds, options, bonds or OTC stocks.
  • This broker does not provide retirement, joint or business accounts.
  • They provide restricted account types like cash and margin accounts.
  • This broker offers limited security trades like the U.S. listed ETFs and stocks only.
  • While Webull has a strong charting feature, some may discover charting somewhat hard to use on a mobile application.
  • Webull platform’s intuitive design and feature could be viewed as advanced for beginners.
  • Currently, they do not support mutual funds, options, OTC Bulletin Board, Bonds, or Pink Sheets stocks. Moreover, stocks that are under 1 dollar or potentially have a market cap of 10 million dollars or less are also restricted.

Wrap Up

Finally, even though the platform just permits trading in stocks, the platform’s charting abilities are more than satisfactory for some brokers, who use technical analysis with several technical indicators. Besides, Webull’s commission-free structure gives day traders and short term traders a significant cost advantage. Another noteworthy advantage is Webull’s 4x leverage on margin day trades and 2xleverage on overnight positions. Apart from this, the platform’s news feed and expert evaluation also give the user more information about trading analysis and investment.

Webull

8.8

SECURITY

8.0/10

SUPPORT

9.0/10

REPUTATION

9.6/10

USER EXPERIENCE

9.1/10

PAYMENT OPTIONS

8.1/10

Pros

  • Webull offers several trading courses, trading simulator, demo account with current data.
  • Webull primarily focuses on intermediate and experienced independent investors and traders.
  • Webull offers technical indicators, ratings from research companies, economic calendars, short-selling, and margin-trading for its active clients.
  • Funds can be added to the account with an ACH bank transfer.

Cons

  • it does not support trading in mutual funds, options, bonds or OTC stocks.
  • This broker does not provide retirement, joint or business accounts.
  • They provide restricted account types like cash and margin accounts.
  • Webull platform’s intuitive design and feature could be viewed as advanced for beginners.