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Review


Nick M.-

If you’re ready to jump directly into investing without the assistance of a robo-advisor, you need a platform with robust charting and research, and low commissions. You’ll find all of this and more with Webull, a desktop and mobile platform that investors use to trade stocks, ETFs, and options.

Check out our review to see if Webull is right for you!

What is Webull?

Advanced traders looking for robust charting, technical indicators, and other advanced investing tools enjoy the capabilities Webull offers. They especially love the lack of management costs. The free app offers no trading commissions and is available on both desktop and mobile applications, making it great for investors in front of a computer or investors on-the-go.

Webull focuses on helping investors make profitable trades by arming them with usable information. Any investor has access to the customizable desktop platform where you can create watchlists, customize your charts, check your portfolios, and make trades. All information is synced across all devices, so you see the same information no matter where you log into your account.

You’re in charge of what your home page shows so you have the information you need in one click. The website and mobile app are also easily maneuvered and searched, so you can get the information you need quickly. Time is of the essence when trading, but Webull makes it easier for traders.

How Does it Work?

Webull investors may open a taxable or tax-advantaged (retirement) account including traditional and Roth IRA accounts. There’s no minimum opening balance requirement and users can log on at any time and see the latest market updates in real-time.

A feature we love is the paper trading option. Investors can try trades in real-time, but on paper only, so you can see the effects of your trades, learn the ropes, and get the hang of the platform before risking your own money.

Webull even offers paper trading competitions, helping investors up their trading game by playing around with different techniques that they can apply in real life.

Once you’re ready to make trades in real-life, Webull makes it simple:

  • Stocks/ETFs - Trade during market or extended market hours, placing market, limit, stop, or other complex orders. Webull walks you through your options once you choose your stock.
  • Options – Choose your options like you’d choose your stock, but clicking ‘options’ opens up an application system. Approval usually takes one day and then you’ll view the options screening, where you can customize your order.

Note, if you borrow on margin, you do need a minimum $2,000 account balance according to SEC regulations.

Who Should Use It?

Webull is best for the DIY investor that wants a hands-on approach and trades often. It’s for the investor that wants to step away from the robo-advisor scene, or at least invest a portion of his/her money in investments of their choosing rather than being forced into a specific portfolio based on their risk tolerance and goal horizon.

Pricing

Webull doesn’t charge management fees or commissions – you trade virtually free. So where do they make their money? Just like any other advisor, there are plenty of opportunities including:

  • Stock loans
  • Interest charged on credit balances
  • Margin loans

The only other fee Webull charges is a wire fee (all ACH transfers are free). Wire fees are $8 for incoming and $25 for outgoing.

Pros:

  • No minimum balance required
  • No commissions or management fees
  • There are no options contracts fees
  • Webull is a self-directed platform so you can make trades whenever you want
  • You can join in the community conversation on the mobile app, to get investors’ insights
  • The mobile app is sleek and useful, making it easy to conduct all trading business on-the-go

Cons:

  • There aren’t any day trader features
  • Webull doesn’t offer mutual funds, bonds, or futures trading

FAQ

1. Is Webull good for beginners?

Webull is for the advanced investor or someone that already knows the ropes and doesn’t need help with trading. It offers robust charting and analytical tools that allows investors to take the ropes and invest themselves. Webull offers a paper trading account for beginners that want to try their hand at investing on their own before risking their funds.

2. Is Webull legitimate?

Webull is a member of SIPC, which protects all investors’ funds up to $500,000. This includes up to $250,000 for cash. They also have additional insurance through their clearing firm (Apex), which offers protection up to $37.5 million per investor (up to $900,000 cash).

3. How do you withdraw money from Webull?

Withdrawals take an average of 5 days and depend on where the funds originate. If they’re funds you deposited, they must sit in your Webull account for 7 trading days for ACH transfers and 1 trading day for wires. Any settled transactions (sold assets) must sit for 2 days after the settlement date before being withdrawn.

4. Does Webull allow pre-market or aftermarket hours trading?

Yes, Webull has full extended hours. Investors may invest before market opening 4 AM to 9:30 AM ET and aftermarket hours from 4 PM to 8 PM ET.

5. Can you call customer service?

Yes, Webull has phone customer service available 24/7, which is rare for most robo-advisor and is a nice touch!

Bottom Line

If you’re ready to try your hand at investing on your own, Webull provides a wonderful platform to use. It’s easy to figure out, they provide plenty of opportunities for questions and advice, and you can’t beat the fees. If you’re just coming off your first robo-advisor or you want to jump in and start investing on your own to create a custom portfolio, Webull makes it easy to get started.

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