Our take on Webull
Webull is a relative newcomer among US stockbrokers, following in the footsteps of discount brokers such as Robinhood. Like nearly all of its competitors, Webull provides commission-free US stock, ETF and options trading with no inactivity fees.
Its trading platforms are extremely user-friendly and sport many functions, making it one of the best platforms among US brokers.
Webull’s shortcomings are also very typical of young US discount brokers. Phone support is poor, the product selection lacks popular asset classes like bonds or mutual funds, and deposit and withdrawal are via bank transfer only.
| ✅ Pros | ❌ Cons |
| ❖ Free stock/ETF trading and high 5% interest on uninvested cash ❖ Fast and easy account opening ❖ Great trading platforms | ❖ Limited product portfolio ❖ Only bank transfer for deposit/withdrawal ❖ No live chat and poor phone support |
Webull summary
| 🗺 Country of regulation | USA, Hong Kong |
|---|---|
| 💰 US stock fee | $0 per trade plus regulatory and exchange fees |
| 💰 Inactivity fee charged | No |
| 💰 Withdrawal fee | $0 |
| 💰 Minimum deposit | $0 |
| 🕖 Time to open an account | 1 day |
| 🎮 Demo account provided | Yes |
| 🛍️ Products offered | Stock, ETF, Options, Crypto |
For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.
Fees
Score: 4.6/5
Webull offers commission-free trading for US-listed stocks, ETFs and options. It currently pays 5% interest on idle cash. There is no withdrawal fee for ACH transfers and no inactivity fee, but wire transfer fees are high.
| ✅ Pros | ❌ Cons |
| ❖ No commission (for stocks, ETFs, options) ❖ High, 5% interest on cash balance ❖ ACH transfers are free for funding & payout | ❖ High wire transfer costs |
| Assets | Fee level | Fee terms |
|---|---|---|
| US stock | Low | $0 per trade plus regulatory and exchange fees |
| EURUSD | – | FX not available |
| Mutual fund | – | Not available |
| Inactivity fee | Low | No inactivity fee |
Webull trading fees
Webull trading fees are low.
The fee structure is transparent and easy to understand.
We compared the fees at Webull with two similar brokers we selected, moomoo and Robinhood. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Webull alternatives.
Stock and ETF fees
Webull offers stock and ETF trading, charging zero commission.
Webull clients can also trade OTC securities and fractional shares. For shares with a value of less than $1/share, the broker charges $0.0002 per share (maximum 5% charge of principal value). For fractional share transactions, the commissions is 0 and Webull doesn't charge any management fees either.
If you plan to trade stocks on margin, you should check Webull's margin rates.
Trading on margin basically means that you borrow money from your broker and can purchase more shares than you could with just the available cash in your account. However, you'll have to pay interest on this borrowed money – this is called the margin rate, and It can account for a significant portion of your overall trading costs.
Webull margin rates are average.
The margin rate is tiered, meaning that the rate depends on the amount of the loan.
| Debit balance | Rate |
|---|---|
| Under $25,000 | 9.49% |
| $25,000.01 – $100,000 | 8.99% |
| $100,000.01 – $250,000 | 8.49% |
| $250,000.01 – $500,000 | 7.99% |
| $500,000.01 – $1,000,000 | 6.99% |
| $1,000,000.01 – $3,000,000 | 6.49% |
| More than $3,000,000 | 5.49% |
Options fees
Webull options fees are low for trading stock index options.
Webull doesn't charge any commission for trading options. The broker passes on the proprietary index option fees that the exchange may charge.
Non-trading fees
Webull has low non-trading fees.
It charges neither an account or an inactivity fee.
The fees for wire transfers are as follows:
| Wire transfer type and direction | Fee per transaction |
|---|---|
| US domestic deposit | $8 |
| US domestic withdrawal | $25 |
| Non-US deposit | $12.5 |
| Non-US withdrawal | $45 |
For transferring out securities from your account, Webull charges a $75 fee.
There is no deposit or withdrawal fee if you use ACH (electronic) transfer. However, wire transfers have a rather high fee. We tested ACH, so we paid no withdrawal fee.
Interest on cash balances
Webull currently offers a very attractive, high interest rate of 5.0% on the uninvested cash balances of clients.
Using a Cash Management account, users can get 5.0% APY on their idle cash, which is among the highest rates on the market. There are no fees attached, no minimum balance required, and you can withdraw your cash at any time.
Interest is accrued daily and is paid to your brokerage account automatically on the 15th of every month.
How we ranked fees
We ranked Webull's fees as low, average or high based on how they compare to those charged by all the brokers reviewed by us.
There are two basic types of broker fees:
- Trading fees are charged when you trade and may include commissions, spreads, financing rates and conversion fees.
- Non-trading fees include charges not directly related to trading, such as withdrawal fees or inactivity fees.
Account opening
Score: 5/5
Webull‘s account opening process is seamless, fully digital, and verification takes less than a day. However, the broker only accepts clients from the US and Hong Kong.
| ✅ Pro | ❌ Cons |
| ❖ Fast ❖ Fully digital ❖ No minimum deposit | ❖ Mostly for US residents |
Can you open an account?
Yes, you can open an account at Webull if you live in the United States!
the United States
At the time of writing, Webull only accepted clients from the US and Hong Kong.
What is the minimum deposit at Webull?
The required Webull minimum deposit is $0.
There is no minimum deposit required at Webull for a cash account unless you want to trade on margin, open short positions or have access to unlimited day trading. See details below.
Account types
Webull offers individual cash and margin accounts as well as IRA accounts to US residents (traditional, Roth and Rollover IRA accounts). You must have an individual account before creating an IRA. Corporate accounts, or entity accounts, are also available with some restrictions.
Joint, custodian and corporate accounts are not available.
The account types differ in terms of minimum deposit required and the availability of leverage, day trading and short selling.
| Minimum deposit | Leverage | Short sale | Day trades | |
|---|---|---|---|---|
| Cash account | $0 | N/A | N/A | N/A |
| Margin account with short sale and limited day trading* | $2,000 | Up to 2:1 for positions held overnight Up to 4:1 for day trading | Short positions allowed | Only 3 day trades allowed per week |
| Margin account with short sale and unlimited day trading** | $25,000 | Up to 2:1 Up to 4:1 for day trading | Short positions allowed | Unlimited day trades allowed |
*You trade with money borrowed from the broker, also called trading on leverage. You can also take short positions, i.e. when you sell a stock you don't own.
**You can buy and sell a given asset within the same trading day as many times as you want. You can also take short positions, i.e. when you sell a stock you don't own.
How to open your account
The Webull account opening is fully digital, easy and fast. Our account was verified within 1 business day.
You can open your Webull account on the web, on a desktop or mobile platform. We tested the account opening on the desktop platform:
- Click on the ‘Sign up'.
- Enter your personal information (i.e. name, date of birth, social security number, address, etc.)
- Provide your employment information, financial experience and situation.
- Verify your identity by providing a photo of your ID/passport.
- Choose the account type (cash or margin).
- Review your information.
- Submit your application.
Webull review – Account opening
Show less about Account opening
Deposit and withdrawal
Score: 1.3/5
At Webull, you can use only bank transfer to add or withdraw funds and wire transfer fees are high. As a plus, transferring money is user-friendly and ACH transfers are free.
| ✅ Pros | ❌ Cons |
| ❖ No deposit fee ❖ User-friendly ❖ Free ACH deposit and withdrawal | ❖ Only one account base currency ❖ Bank card not available ❖ High fees for wire transfer |
Account base currencies
At Webull, the only available base currency is USD.
If you have a personal bank account in a currency other than USD, then you will be charged a conversion fee.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.
Deposit fees and options
Webull charges no deposit fees.
Specifically, there is no deposit fee for ACH (electronic) transfers.
However, an $8 fee is charged for deposits via domestic wire transfer, while incoming international wire deposits cost $12.5. Clients outside the US can use only wire transfer.
We tested the ACH transfer and it took 5 business days. According to Webull's website, wire transfers usually complete within 1 business day. ACH transfers are capped at $50,000 per day, while wire transfers do not have an amount limit.
Adding funds to your account is easy, but is only possible through the mobile application. Webull says it is working on enabling the deposit/withdrawal functions on its desktop and web platforms as well.
Due to US regulations, US citizens cannot use credit cards to fund their brokerage accounts. They can only use debit cards, where available.
A bank transfer can take several business days. You can only deposit money from accounts that are in your name.
Webull review – Deposit and withdrawal – Deposit
Webull withdrawal fees and options
Webull charges no withdrawal fees for ACH transfers.
Similarly to deposits, wire transfers carry a charge: $25 for domestic and $45 for international wire withdrawals. Clients outside the US can use only wire transfer.
You can only withdraw money to accounts in your name.
How long does it take to withdraw money from Webull?
We tested the ACH withdrawal and it took 2 business days. Before you withdraw your funds, there is a 7-day ACH and a 1-day wire transfer holding period during which you cannot access your money.
If the depository and the withdrawal accounts are different, there is a 60-day holding period due to regulatory compliance.
How do you withdraw money from Webull?
- Open the mobile trading platform.
- Go to the ‘Home' menu and select ‘Withdrawal'.
- Enter an amount then select ‘Transfer to my bank'.
- Initiate the withdrawal.
Web trading platform
Score: 5/5
Webull offers one of the best trading platforms on the market. It's easy to use and suitable for both beginners and experts, with many advanced features.
| ✅ Pro | ❌ Cons |
| ❖ User-friendly ❖ Two-step (safer) login ❖ Good customizability (for charts, workspace) | None |
| Trading platform | Score | Available |
|---|---|---|
| Web | 5.0stars | Yes |
| Mobile | 5.0stars | Yes |
| Desktop | 5.0stars | Yes |
Webull launched its mobile platform first, adding the web and desktop versions later.
The web trading platform is available in the following languages:
- English
- Chinese
Look and feel
The Webull web trading platform is user-friendly and well-designed with a clear structure. It is easy to navigate, the tools are located on the left and right side of the screen, while the middle of the screen works like a traditional desktop platform.
The workspace is highly customizable. It's easy to add and remove widgets.
Webull review – Web trading platform
Login and security
Webull provides a safer, two-step login.
When you log in on a new device, Webull will ask for a verification code. This is a plus in terms of security.
Search functions
The search functions are good.
You can search by typing a company name or an asset's ticker. There is also an auto-suggest feature that shows relevant results.
Webull review – Web trading platform – Search
Placing orders
You can use the following order types:
- Market
- Limit
- Stop
- Stop limit
- Stop trailing
For group orders, you can use Stop-Loss/Take-Profit orders (Bracket orders), One-Triggers-the-Other order (OTO), One-Cancels-the-Other order (OCO), and One-Triggers-a-One-Cancels-the-Other order (OTOCO).
If you are unfamiliar with some of these terms or want to learn more, read our overview of order types.
There are also order time limits you can use:
- Good 'til canceled (GTC)
- Day
Webull review – Web trading platform – Order panel
Alerts and notifications
You can set price alerts and notifications on the Webull web trading platform.
To do this, select a stock, go to the bell icon in the top right corner and customize your alerts by setting a price or another financial indicator.
Portfolio and fee reports
Webull has clear fee reports.
The reports are located in the'Account' menu in the left sidebar.
Mobile trading platform
Score: 5/5
Webull‘s mobile app is user-friendly and well-designed. The platform has every feature you may need, including an advanced order panel, price alerts and two-step login.
| ✅ Pro | ❌ Cons |
| ❖ User-friendly ❖ Two-step (safer) login ❖ Good variety of order types | None |
Webull‘s mobile trading platform is available both for iOS and Android. We tested it on Android.
The mobile trading platform is available in the following languages:
- English
- Chinese
Look and feel
The Webull mobile trading platform is user-friendly, has a clear structure and is well-designed.
Webull review – Mobile trading platform
Login and security
Webull provides a safer, two-step login for its mobile platform.
You can activate this feature by going to Menu/Settings/Account&Security. After activation, you will receive security codes via text message for each login.
You can't log in using biometric authentication. Providing this feature would be more convenient.
Search functions
The search functions are good.
You can search either by ticker or the name of the asset.
Webull review – Mobile trading platform – Search
Placing orders
You can use the following order types on the mobile trading platform:
- Market
- Limit
- Stop
- Stop limit
- Bracket
There are also order time limits you can use:
- Good 'til canceled (GTC)
- Day
Webull review – Mobile trading platform – Order panel
Alerts and notifications
You can set alerts and notifications on the Webull mobile platform.
Similarly to the web trading platform, it's very easy to set an alert.
Desktop trading platform
Score: 5/5
Webull‘s desktop trading platform has the exact same functionalities and design as the web trading platform.
| ✅ Pros | ❌ Cons |
| ❖ User-friendly ❖ Good customizability (for charts, workspace) ❖ Good variety of order types | None |
The desktop trading platform is available in the following languages:
- English
- Chinese
Look and feel
Both in functionality and design, Webull‘s desktop trading platform is the same as the web trading platform.
Webull review – Desktop trading platform
Login and security
Webull provides a two-step login.
Search functions
The search functions are good.
Webull review – Desktop trading platform – Search
Placing orders
The following order types are available on the desktop platform::
- Market
- Limit
- Stop
- Stop limit
- Bracket
There are also order time limits you can use on the desktop platform:
- Good 'til canceled (GTC)
- Day
Webull review – Desktop trading platform – Order panel
Alerts and notifications
You can set alerts and notifications on the desktop trading platform.
Portfolio and fee reports
Webull has clear fee reports.
Markets and products
Score: 2.8/5
Webull has a limited product portfolio that includes only US stocks, ETFs, crypto and options. Popular asset types such as funds, bonds and forex are not available.
| Webull | moomoo | Robinhood | |
|---|---|---|---|
| Stocks | Yes | Yes | Yes |
| ETFs | Yes | Yes | Yes |
| Forex | No | No | No |
| Funds | No | Yes | No |
| Bonds | No | No | No |
| Options | Yes | Yes | Yes |
| Futures | No | Yes | No |
| CFDs | No | No | No |
| Crypto | Yes | No | Yes |
This selection is average compared to competing brokers.
Stocks and ETFs
US customers can trade on the US market (AMEX, NASDAQ, or NYSE). Customers from Hong Kong can also trade stocks/ETFs listed in Hong Kong, Shenzen and Shanghai.
It's a great feature of Webull‘s service portfolio that you can trade fractional shares. Penny stocks and OTC products are also available.
Get your free stocks from Webull
As part of a promotion campaign, clients get 1 free stock valued between $3-$300 when they sign up using a referral link; if they deposit any amount, they'll receive a second free stock valued between $8-$2,000. The promotion is valid for first time Webull brokerage account opening only.
Options
Webull provides access to some US options markets, although it's not clear which options exchanges specifically.
This selection is average compared to competing brokers.
Cryptos
| Webull | moomoo | Robinhood | |
|---|---|---|---|
| Cryptos (#) | 62 | – | 19 |
This selection is great compared to competing brokers. Both moomoo and Robinhood offer a narrower crypto selection.
Research
Score: 5/5
Webull offers easy-to-use research tools, including great recommendations and fundamental data. We would have loved to see more analytic tools, such as an economic calendar.
| ✅ Pros | ❌ Cons |
| ❖ Trading ideas ❖ Data on asset fundamentals ❖ User-friendly | ❖ No/limited set of analytic tools |
Webull offers research tools on all of its platforms. On first use of the trading platform, it's not too easy to find where the research tools are. They are located on the bottom section after clicking on an asset.
Trading ideas
Webull provides trading ideas.
By clicking on the ‘Analysis' tab you can see analyst opinions on buying, holding or selling stocks.There is also a calculation for an average analyst price target. What we missed however is information about the analysts.
Webull review – Research – Recommendations
Fundamental data
Webull offers fundamental data.
You will find financial statements and some basic ratios (EPS or EBIT for the last 5 years).
Webull review – Research – Fundamental data
Charting
Webull has good charting tools. You can use 68 technical indicators.
Webull review – Research – Charting
News feed
We liked Webull's news feed. You can find news items by clicking on a specific asset or on the separate ‘News' tab on the mobile platform. There are links to articles from CNBC, Seeking Alpha and Benzinga, to name a few. However, we felt that Webull could increase the amount and prioritize the most important news stories.
We also liked the wide range of real-time market data. You can see trading information not just for equities and ETFs, but also indexes, forex and futures. All the major markets are integrated, so you can easily collect data from almost all over the world (North America, Asia, Europe).
Other research tools you may enjoy
Webull provides a great screener tool that offers filters ranging from some basic company information to financial indicators like EPS or PE ratios.
COMPARE RESEARCH PROS AND CONS
Customer service
Score: 2.1/5
Webull‘s customer support could be better, as phone support is hard to reach and there is no live chat. However, the platform's message center works great.
| ✅ Pro | ❌ Cons |
| ❖ Platform message center quick and useful | ❖ No live chat ❖ Slow phone support |
You can contact Webull via:
- phone
- message center through the trading platforms
We received relevant and fast answers to our messages under the ‘Feedback' section on the trading platform. We liked that this customer support channel is available even on the weekends.
We received answers within the day by email and they were relevant. We also liked that there is a really detailed FAQ under the ‘Help' section.
Phone support is really hard to reach, but the answers they gave were relevant. When calling Webull, you have to select a topic. We had to wait more than 5 minutes until the representative was connected, but the guidance and answers we eventually got were helpful.
Webull review – Customer Service
Education
Score: 4/5
Webull offers a demo account and some quality educational content.
| ✅ Pro | ❌ Cons |
| ❖ Demo account | ❖ Slow account verification |
At Webull you can learn through the following ways:
- Demo account
- Platform tutorial videos
- General educational videos
- Quality educational articles
The demo account,called Paper Trading, is great, as you can test almost all of the live account's features.
The articles are OK, providing wide coverage but lack updates. The FAQ is a useful place to get familiar with some basic brokerage services.
Webull review – Education
So far no problem, great learning tools and receive small amounts of free crypto for learning.
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Safety
Webull is regulated by top-tier financial authorities that provide a high amount of investor protection. On the negative side, it is not a listed company and thus does not publish any financial information.
| ✅ Pros | ❌ Cons |
| ❖ Majority of clients belong to a top-tier financial authority High level of investor protection | ❖ No negative balance protection ❖Does not hold a banking license ❖ Not listed on stock exchange |
Is Webull regulated?
Yes, it is regulated by the US Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Hong Kong Securities and Futures Commission (SFC).
Is Webull safe?
To be certain that a brokerage is safe, we highly advise that you check two facts:
- how you are protected if something goes wrong
- the background of the broker.
How you are protected
Depending on your country of residence, you will belong to one of the Webull entities below. This is important because the investor protection amount and the regulator differ from entity to entity.
| Country of clients | Protection amount | Regulator | Legal entity |
|---|---|---|---|
| US | SIPC: $500,000, which includes a $250,000 limit for cash | Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) | Webull Financial LLC |
| Hong Kong | HKD 500,000 for securities, no protection for cash | Hong Kong Securities and Futures Commission (SFC) | Webull Securities Co., Ltd. |
The US investor protection scheme called the Securities Investor Protection Corporation (SIPC) protects against the loss of cash and securities in case the broker goes bust. Not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual fund and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.
On the negative side, Webull does not provide negative balance protection.
Additional protection
Webull's clearing firm, Apex Clearing, has an additional insurance policy under which clients are eligible for an aggregate of $150 million in protection for cash and securities. The maximum limit of protection per client is $37.5 million for securities and $900,000 for cash.
Background
Webull is a relatively young company, as it was established in 2017. The longer the track record of a broker, the more proof that it has successfully survived previous financial crises.
Finding more information about the company is no easy task. The amount of financial information is quite limited compared to other brokers, as Webull is not a public company and thus does not have to publish any financial data.
On the other hand, being regulated by top-tier financial authorities and offering a high amount of investor protection are all great signs for Webull's safety.
Bottom line
Webull‘s fee structure is truly appealing. You can trade US stocks, ETFs and options commission-free. The account opening is easy, fully digital, and fast while the trading platforms are easy to use and well-structured. You can also earn a competitive 5% interest on your uninvested cash.
Webull has some drawbacks though. The product portfolio is quite limited, including only stocks, ETFs, options and crypto.Bank transfer is the only option for deposits and withdrawals, and wire transfers carry a fee in both directions. Customer support is hard to reach on the phone.
As the account opening is seamless and Webull offers commission-free stock and ETF trades, feel free to try it.
FAQ
Below you can find links to all aspects of Webull in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our Webull fees article.
What about the minimum deposit?
Our ultimate guide to the Webull minimum deposit is updated regularly.
How to start your Webull account?
Look no further than our evaluation of the Webull account opening.
How's their trading app?
Here's our expert view after checking the Webull trading app.
Is the quality of customer service satisfactory?
All you need to know about the Webull customer service.
Legit or scam?
Is Webull legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether Webull is really free.
Is this broker good for beginners?
We checked it in Is Webull good for beginners.
Should you buy your silver bullets on Webull?
Research for silver bugs in the Silver buy on Webull guide
I want to trade options, are they available at Webull?
We explored the topic in Can you trade options on Webull?
What is the minimum account balance at Webull?
Check out the current account balance requirements at Webull in our What is the minimum account balance at Webull article.
Looking for commission and fees data for Webull?
We collected them in Webull commission and fees.
How do you withdraw money from Webull?
We tested it and collected the options and costs in How to withdraw money on Webull.