Webull Financial is an online broker whose headquarters is in the centre of the financial world on Wall Street, New York. This online investment platform is offering commission free trades in a bid to attract potential online investors away from the competition.
As a further incentive, Webull offers a large amount of research and analysis tools so as to assist with trading decisions. This site is primarily aimed at mobile traders, with its fully-stocked mobile app having launched in 2018. This platform may not suit novice traders as it is quite complex, but will be ideal for those traders with a decent level of experience who can benefit from the research tools available here.
Facts & Figures:
- Name: Webull Financial LLC
- Year Founded: 2016
- HQ: 44 Wall Street, Suite 501, New York City, 10005 United States
- CEO: Anthony Michael Denier
- Clearing Agency: Apex Clearing
- FINRA CRD: 289063
- SEC ID: 8-69978
- Minimum Account Balance: N/A
- Fees: $0 fees for US stock trades or to open an account
- SIPC Member: Yes
- Total AUM: N/A
- # of Accounts: N/A
- Average Account Size: N/A
How To Trade
Sign up with Webull for free via their mobile or desktop applications, and most customer accounts will be approved within an hour. There is no minimum deposit amount, although investors who wish to leverage or short in margin accounts are required to have a balance of at least $2,000.
Webull offers trades on more than 5,000 American stocks and ETFs. Webull is often compared to the more popular Robinhood application, and although there are many similarities between the two Webull should not be ignored. An ACH deposit usually clears within 5 working days, and then investors will be free to start trading, with zero commission charged on stocks and ETF trades.
Promotions & Offers
By signing up with Webull Financial using a referral link, new customers will earn a free stock which will be added to their account within 24 hours. The value of this stock will range from $3 to $300, and the amount which each customer receives is randomly selected by an algorithm from the selection of settled shares at Webull. This stock will have a market cap of $10 million and will be listed on either the NYSE or NASDAQ.
Naturally, the algorithm works in such a way that new sign-ups are far more likely to win an amount worth in the $3 to $5 range rather than the three hundred dollar share. Apart from this free stock offer, there is another bonus available when you sign up with this online trading platform.
Webull offers a deposit bonus to anyone who deposits at least $100 within 30 days of opening their account. This time, the first-time depositers can earn a stock worth between $4 and $1,000. Once again, the chances of receiving a share worth between $4 and $8 are roughly even, while the chance of getting one in the $200 to $1,000 range is a far longer shot at about 2,000 to 1.
Webull is not aimed at the first-time investor, and so does not feature so many of the ‘how to’ style educational resources to be found at competitor sites. The Help section does address typical questions under categories such as Stock Transfers, Trading, Glossary and Markets.
So here customers can look up short informative paragraphs explaining ideas such as short selling and what is a Money Due Call. There is a small selection of educational videos on the Webull YouTube page, including a three-part Webull Academy explaining how the site works, as well as videos explaining how to compare stocks and make a zero commission trade. It will help to have a familiarity with trading in order to fully appreciate what the Webull app has to offer.
The tools available from the Webull app allow investors to carry out fundamental and technical analysis. Investors can take advantage of analyst recommendations to assist with trading advice and tips. There is also data on revenue and historical earnings per plus stock information such as earnings, dividends and stock splits and news feeds with the latest information on the markets’ performance.
Bollinger bands, MACD and other indicators can be integrated with the range of charts which update in real time. Investment research tools include insider holdings, stock screeners, financial calendars, historical EPS as well as watchlists and alerts. As a total package, Webull offers a very comprehensive selection of investment tools to allow traders to gain valuable insight into the performance of the markets.
Investors can choose from a selection of more than 5,000 US listed stocks and ETFs with Webull. A resource like this will be more than sufficient for even veteran traders if they are interested in trading on the stocks markets. On the other hand, this platform does not offer options, mutual funds, bonds, OTC Bulletin Board or cryptocurrencies.
So in terms of variety of different trading options there are some limitations, but stock traders will be delighted at what is on offer at Webull. Note that when trading with margin it is required for investors to keep an account balance of at least $2,000. With a balance of $25,000 or more in their trading account, investors will be able to make unlimited daily trades.
All the personal information of Webull customers is stored securely using the latest encrypted software. Investor funds are safe since Webull Financial is a member of SIPC, which protects securities customers of its members up to $500,000 or $250,000 in cash. Additional insurance taken out by the clearing company offers further protection. The Webull brokerage is fully regulated by FINRA and is a perfectly safe and legitimate option to use for online stocks trading.
Reports & Analysis
One of the areas where Webull really shines and stands out from the competition is when it comes to their reporting and analysis resources. There are a number of features available which offer enhanced information to enable successful trading. Despite the fact that only US stocks are offered for trading, the app allows traders to track stocks from over 50 countries as well as currencies, funds, commodities and cryptocurrencies.
The major selling point of Webull Financial is the fact that it allows investors to trade US stocks and ETFs for free and without commission. There are still some fees payable though, including the fees charged by SEC and FINRA which are required to be paid.
There are also fees which must be paid for margin trades, with the annual margin rate ranging from 3.99% to 6.99% depending on the dollar amount of the trades. There is also a charge for short selling, although this price is not fixed and changes from day to day. Finally, there are transaction fees in the form of charges for depositing and withdrawing via domestic or international wire transfers.
Webull’s trading platform has been designed as a ‘mobile first’ application, meaning that it is perfectly adapted for those people who want to trade from their mobile devices. Regardless of whether investors prefer to use Android or Apple devices, they will be able to access an extensive range of trading features with Webull Financial. For example, on the mobile app investors can access news feeds, market news, an individual stock page and a screeners page to use for research.
The Help section should be the first port of call for anyone looking for information from the Webull site. Here can be found a wide range of information about a number of topics related to the platform as well as trading tips in general. Apart from this, customer support is not exactly a strong point for Webull.
The only way to get in contact with them is via email, as neither live chat nor telephone contact is available. Emails will be answered within an hour as a general rule, but it is still inconvenient not to be able to get an instant response if customers encounter any issues with the site or their account.
The core attraction of the Webull app is the ability to trade stocks for zero commission, which is not something that every trading platform out there will offer. This is not an app aimed at total trading novices, since it boasts quite an advanced range of both fundamental and technical trading resources.
This is a very secure site, fully covered by SIPC Insurance to protect investors to the tune of up to half a million dollars worth of securities or $250,000 in cash. The app is perfectly suited to mobile users in particular, although customers can also download the desktop version of the application to use on their computer. All told this application offers a fantastic option for trading stocks without having to pay any commission.
Is this your final decision?
We suggest you visit one of the most popular trading platforms instead!
- Trade stocks and ETFs for zero fees
- Free to open an account
- Excellent trading tools
- Not suitable for beginner traders
- No options, bonds or mutual funds
- Customer service can only be contacted via email
7 Binary Options review: Webull: 3 stars