Webull Review. The zero commission brokerage.
Webull is a relatively new brokerage offering zero-commission trading. Designed for intermediate and experienced self-directed investors and traders, the platform provides commission free trading in over 5000 different stocks and ETFs. Webull is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) and the company is a member of Securities Investor Protection Corporation (SIPC) which means the platform is safe to trade.
Webull is considered to be the best alternative to Robinhood.
Webull Key Features
- No-commission stock trading
- Access to in-depth stock market research
- Comprehensive technical charting
- Comprehensive cryptocurrency charting
- Both mobile & web based app
- Built-in stock trading simulator
- Dedicated learning centre
Who Is It For?
- Intermediate & Advanced Traders
- Active Traders
- $0 commission, platform fees, and initial deposit.
- No minimum deposit for trading account
- No-commission short selling
- Both fundamental and technical analysis tools
- Real-time news and analyst evaluations
- Built-in stock trading simulator
- Can’t trade Options, Cryptocurrencies, Mutual Funds, Over-the-Counter Stocks, and Bonds.
- No portfolio guidance
- Can’t open custodial accounts or retirement accounts.
What Is Webull?
Webull is a mobile and web based brokerage which offers free stock trading. The platform boasts itself as a free stock trading platform where you pay zero fees for stock trading, maintenance, and for using the software platform.
The company was started in 2017 as a research platform which is still one of its major value propositions. Webull has made it really easy to research on various US-based stocks. It provides news streams with access to press releases, analyst recommendations, historical EPS and revenue data along with key statistics, insider holdings and transactions.
As a user, you can use four different pages to conduct your own research – markets, news, an individual stock page and a screeners page.
Besides US-based stocks, you have an option to track stocks of 90 other countries and regions including India, China, Canada and the UK. Webull also lets you track and monitor cryptocurrencies.
WeBull Platform Features
Webull application is full of features directed to cater intermediate and experienced active traders.
You can open a regular (cash) trading account with no minimum deposit.
Besides this, most of the features which other brokerages charge for are free on Webull. These include –
– Real-time market data platform
– Technical indicators like exponential moving averages, Bollinger Bands, Money Flow Index, MACD, and RSI
– Investment research tools like news, press releases, analyst recommendations, historical EPS, financial calendars, and stock screeners.
The interface, however, is not that user friendly and it’ll be a bit hard for you to use the application if you’ve just got into trading.
Fees & Commissions
While the trading platform is commission free, you may still have to pay some charges relating to SEC and FINRA fees.
There are also margin fees which range from 3.99% to 6.99%. Margin trading accounts also requires and charges no fees. Only if you trade on margin and short sell with 4x day trade buying power and 2x overnight buying power, you need to pay the interests for the money you borrowed from Webull. In that case, your margin account should have a net account value of $2000 or more to use margin.
Other than this, the transfer to bank charges are also levied during the same. Wire transfers cost $25 for domestic and $45 for international.
Just like Robinhood, Webull offers monthly subscription plans but with a twist. Unlike Robinhood, most of the services on Webull (including margin trading) are offered for free and the subscription plans only include access to advanced quotes.
While Webull offers Level 1 quotes for free to any funded account, you have to subscribe to the premium plans for additional level 1 and level 2 quotes. These premium advanced quotes include National Level 1, Nasdaq Basic, Hong Kong Stock Exchange Level-2, London Stock Exchange Level-1, etc.
The subscription fee differs for different packages and is charged by a third party (WeBull doesn’t make money out of it too)
Webull vs Robinhood
|For intermediate and advanced traders.||For beginners|
|Advanced research tools||Basic research tools|
|Comes with a trading simulator||No trading simulator|
|Can’t trade Options||Option trading for free|
|Not so user friendly UI||User friendly UI|
|Access to margin trading free||Margin trading available only in the premium subscription|
Is Webull Safe?
Webull is a registered broker-dealer with the SEC and a member of FINRA and SIPC. Being a member of Securities Investor Protection Corporation (SIPC) means its customers’ securities are protected up to $500,000 (including $250,000 for claims for cash).
Moreover, according to the company’s website, its clearing firm Apex Clearing Corp has purchased an additional insurance policy. The coverage limits provide protection for securities and cash up to an aggregate of $150 million, subject to maximum limits of $37.5 million for any one customer’s securities and $900,000 for any one customer’s cash.
Hence, even though it’s a free platform, it is totally safe to trade on.
Webull is a great option to trade on if you’re an intermediate or advanced active trader. Unlike RobinHood, Webull comes with loads of research tools to help you research before investing. And all that is for free.
You can even access up to 4 times your deposit on margin on a day trade for free.
Moreover, you also get 2 free stocks: A free stock ($2.5-250) after opening account; A second free stock ($12-1400) after depositing ANY amount.