Webull Review – $0 Commissions on Your Investments
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If you’re looking for a straightforward way to get into investing, Webull is a great platform to consider.
9/10
Cost
9/10
Features
8.5/10
Ease of use
9/10
Services
8.5/10
If you’re looking to start trading stocks, Webull offers a desktop platform and mobile app to manage your brokerage account, buy and sell stocks and ETFs, and even handle options trading. Read on to learn more about the ins and outs of Webull — as well as how it compares to similar services offered by Charles Schwab and Robinhood.
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What is Webull?
Officially known as Webull Financial LLC, but commonly referred to as just Webull, the company aims to be a customer-centric financial services company that leverages technology to help make investors more knowledgeable about the trades they’re making.
Thanks to their use of technology, Webull offers investors real-time pricing and research tools that allow them to go beyond charting to perform advanced technical analysis of the stock exchange. This is offered in a user-friendly, easy-to-understand trading account with 24/7 customer support.
It’s also important to note that as a financial institution, Webull is a member of the Financial Industry Regulatory Authority (FINRA), SIPC, the NYSE, and the Cboe EDGX Exchange. It is also a registered broker-dealer with the Securities and Exchange Commission. Due to its SIPC membership, members are protected to up to $500,000, including $250,000 for cash claims.
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How does Webull work?
To start investing with Webull, you must first make an account. The signup process with Webull is relatively straightforward, asking you to input your email address and password and then verify a code that gets emailed to you within a few hours.
After you’ve verified your email address, you’ll also need to verify your identity by uploading photos of the front and back of your driver’s license. You’ll then input some personal information, such as your full legal name, date of birth, social security number, and contact information.
Before your account is audited and approved, the final step is to select what kind of brokerage account you want. Webull offers IRA brokerage accounts to save for retirement via a Traditional, Roth, or Rollover IRA and traditional brokerage accounts for general investing and trading.
Another perk you’ll get when you open an account with Webull is a one-month trial to access Level 2 Market Data (Nasdaq TotalView). Webull automatically opts you into this service free of charge, and your subscription won’t renew after a month. This kind of market data should help you get an even clearer picture of how the market behaves, which can be great information if you’re just starting as an investor.
How much does Webull cost?
One major benefit of using a brokerage like Webull is its pricing and fee structure, which aims to maximize your investment profits rather than profit from you as a user. To that end, Webull takes $0 in commission on stock, ETF, and options trades.
While Webull does offer commission-free trading, there are some areas where you will be charged fees. For example, if you’re interested in day or after-hours trading, you will experience tiered annual margin rates for your margin account. Margin trading rates are calculated annually based on your account balance. On the low end, you’ll be charged 6.99% for balances under $25,000, whereas if you have a balance of $3M or more, you’ll be charged 3.99%. In scenarios where you engage in short selling, you will also be charged fees associated with the cost of borrowing shares to short your position.
Webull features
Webull is chock-full of features that make it easy to use for investors new to the world of investing and active traders who’ve been investing in the stock market for years. Here are just a few of the top features offered by Webull:
Powerful analytics tools
Data is king if you want to succeed as an investor, and Webull has a suite of analytics tools that makes it one of the easiest-to-understand platforms of any brokerage on the market. Webull’s advanced analytics tools give you much more knowledge about any given security, letting you visually analyze how a stock is currently performing through an intuitive dashboard. Best of all, this desktop dashboard is fully customizable, so you can create your own watchlists and glean investment advice from various charts and graphs.
Webull offers a variety of free trades for your portfolio
Variety is a benefit of using Webull as your brokerage account. You can diversify your portfolio with various assets, including traditional stocks, ETFs, and options. Unlike some of the other, more traditional brokerage firms out there, Webull also allows you to invest in cryptocurrencies. If you’re interested in dipping your toes into crypto, Webull lets you trade 44 cryptocurrencies.
Webull gives you access to full extended hours trading
In addition to being able to trade when the markets are open, Webull also lets you trade before and after the market closes. Pre-market trading is possible through Webull from 4 to 9:30 a.m. Eastern Standard Time, while after-hours trading extends from 4 to 8 p.m.
Paper trading tools
One great feature of Webull is the ability to engage in “paper trading,” where you virtually practice executing various investment strategies before you have real skin. This training wheels approach to investing won’t earn you any real money, but it won’t lose you any either. This makes it much easier to learn the ropes of Webull without the pressure of losing your investment in one fell swoop as you learn more about the markets.
Customer service whenever you need it
Another perk of Webull is access to 24/7 customer service. Although the platform is quite user-friendly and comes with a robust help section, you can always contact a customer support agent about your brokerage account via email or telephone anytime.
Who is Webull best for?
Not every investment platform is for everyone; however, plenty of people will find Webull the ideal investment option for their needs. Here are some different investors who will gain a lot from Webull.
Active traders
If you’re an active day trader, there are a lot of perks to using Webull. Buying and selling various investment vehicles is smooth, intuitive, and seamless through Webull. The chance to invest and trade from your computer or mobile app makes it easy to take advantage of real-time market changes.
Data nerds and tech heads
If you love the latest technology, Webull is an ideal platform. Webull leverages technology and data analysis tools to give you a robust amount of information to dig through as you work to make informed investment decisions. Customizing your dashboard to fit your personal needs and investment style is another perk of using Webull since its powerful desktop platform is available to all investors at no additional charge.
Undercapitalized investors
Many financial companies have high minimums for customers to open brokerage accounts. Financial advisors have similar regulations surrounding how much money you need to get started taking advantage of their services. With Webull, you can start investing for as little as $100 and slowly build your investment portfolio. Especially considering how much time factors into your earnings as an investor, being able to open an account now instead of later can ultimately make a big difference in your overall earnings.
warning: If you’re an investor who’d prefer to just “set it and forget it” when it comes to investments, Webull probably isn’t right for you.
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Who shouldn’t use Webull?
While Webull is certainly a useful platform for many investors, it’s not for everyone. If you fit into either of the following categories, it’s probably best to keep looking for another investment platform.
“Everyday” investors
While the technology and interface at the heart of Webull make it perfect for everyday people, everyday investors may not have the time or energy to make the most of Webull. Many of the tools Webull is built upon are intended to be utilized by investors actively managing their portfolios. If you’d rather just pick a target-date fund, set up automatic contributions, and call it a day, you’re better off using a more traditional brokerage than Webull.
Anyone without a United States address
It’s also worth noting that you should apply for a Webull account. You need to have a United States address or live in a United States territory. You also have to be 18 or older. If you don’t meet Webull’s basic criteria, looking elsewhere for a platform you qualify to use is best.
Pros and cons
Pros
- $0 commissions. With $0 commissions, even if you only have $500 to get started investing, you know that you’re not going to wind up having a portion of that money get eaten up by trading fees or other commissions. This means that you ultimately get to keep more money in your nest egg.
- Easy to get started. Setting up an account is a breeze comparatively. Its user interface is modern and intuitive, which makes looking at a bunch of charts, stock symbols, and numbers much more palatable.
- Free stock. Webull incentivizes getting started investing with the fun perk of giving you free stock as well.
- Crypto. It’s also worth noting that the ability to buy and sell crypto with Forex data easily accessible for comparison gives younger investors a one-size-fits-all solution to buying traditional securities as well as digital currencies.
- Great analytics. The Webull dashboard has a lot of different color-coded features in green and red to make it easier to see when you might be selling at a profit or a loss, and overall is a very intuitive way to approach data that can often be off-putting or hard to grasp.
Cons
- Lack of vehicles. One drawback of investing with Webull is that for all of their variety and the ability to buy and sell crypto, there are still some kinds of securities that you aren’t able to invest in through the brokerage. For example, if you’re interested in investing in futures, you’ll need to find a different option than Webull. The same goes for anyone interested in diversifying their portfolio by buying bonds or mutual funds.
Webull vs. Robinhood and Charles Schwab
Webull is a great platform, but it also has some serious competition. Here’s a quick look at how Webull stacks up compared to other popular online trading platforms, Robinhood and Charles Schwab.
Feature | Webull | Robinhood | Charles Schwab |
Stock Trading | Yes | Yes | Yes |
Fractional Shares | No | Yes | No |
Crypto Trading | Yes | Yes | No |
Minimum Deposit | $0 | $0 | $0 |
Paper Trading | Yes | No | Yes |
Commission on Most Trades | $0 | $0 | $0 |
Mobile App for Trading | Yes | Yes | Yes |
Desktop Platform for Trading | Yes | No | Yes |
Robinhood
Fractional shares are a few features that set Robinhood apart from Webull and Charles Schwab. While Robinhood takes the same slick, mobile app approach and cryptocurrency that will likely appeal to younger investors, it doesn’t have a desktop version of its platform for making and monitoring trades.
Charles Schwab
If you’re looking for a more traditional brokerage than Webull or Robinhood, Charles Schwab has many of the same features, with more robust investment options and an equally solid mobile app. For investors interested in diversifying their portfolios with next-generation assets like digital cryptocurrencies, it may be worth having an account with Webull or Robinhood.
FAQs
Can you sell Webull’s free stock?
Yes! Once your stock has been assigned and settled in your account, you’re free to sell it and withdraw the proceeds or use them to invest in other stocks and options.
Is Webull secure?
Webull uses latest data security protocols to keep your personal data and your investment accounts safe. Webull is also insured and regulated by major financial authorities, so you know it’s a legitimate platform to put your money into.
Will I owe taxes on any stock I sell on Webull?
Yes, if you sell stock at a profit you will owe capital gains taxes on the difference in the income you make from the sale. This applies to traditional investment securities as well as for cryptocurrencies, and Webull will send you the appropriate tax documents when it’s time for you to file.
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- Averaged Stock Pick Return over 593% (vs. 165% for the S&P)
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- 30-Day Membership-Fee-Back Guarantee
- Joy Wallet Reader Deal: The Motley Fool is offering 50% off its top stock-picking service for new members (Limited Time)
The bottom line
Overall, if you’re looking for a straightforward way to get into investing, Webull is a great platform to consider. Webull may not have a full suite of investment vehicles on the menu as larger, more traditional brokerages; however, what it lacks in variety is its user interface and easy-to-understand approach to disclosing data about the market.
The way Webull leverages analytical tools also makes it worth considering for entry-level investors. These tools and features also mean you can scale up with Webull as you learn more about different investment strategies. Watchlists and other alerts help ensure you won’t miss out on an important move while you work to maintain your portfolio actively.
That being said, if you’re an investor who’d prefer to just “set it and forget it” when it comes to investments, Webull probably isn’t right for you. The same can be said if you already have a relatively high net worth and would be better off speaking with professionals about how to manage your portfolio best.
Ultimately, there are a lot of benefits Webull offers. While the decision is up to you about where to put your money and how to invest it, Webull certainly offers a lot of perks — like $0 commissions and powerful research features — to make it worth your consideration.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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