- No-commission trades – It goes without saying that no commissions are a good thing. While many robo-advisors, like Robinhood, offer this too, no other robust platform for active investors offers commission-free trading like Webull.
- Fast approval – You can apply for and get approved for an account rather quickly. As soon as you are approved, you can get up and running, funding your account and making investments as quickly as you want.
- Robust research and analytics – Since Webull was made for active investors, it makes sense that their research and analytics goes above and beyond. The data is very technological, which is great for investors looking to make multiple trades a day.
- You can’t trade fractional shares – Some Robo-advisors allow you to trade less than a full share. In other words, you buy as much of a share as you can afford. This makes it easy to afford to invest in stocks like Apple or Amazon, which many advisors would otherwise be unable to afford. Webull doesn’t offer this option.
- Webull’s customer service is lacking – You can’t get in touch with a human if you have a question (at least in most cases). Webull encourages the use of their live help button in the app, or you can send an email.
- Limited account types – You may only open an individual taxable account or individual retirement account. Webull doesn’t offer joint accounts.
Is Webull Legitimate?
Webull is legitimate and is great for serious and advanced investors. Because they are regulated and insured by the SIPC, it’s easy to see that they are legitimate. Even though they are a newcomer to the online brokerage scene, they have plenty of offer serious investors, including the safety and security of working with a legitimate broker.
Webull Referral Program (free stock)
Webull pays its current investors to refer clients to Webull. The promotions change often but typically involve free stock. The current promotion offers 15 free stocks for the first three referrals investors provide during the promotional period. After the promotional period, investors receive 2 free stocks for every referral. Stocks are worth between $8 – $1,600. You can use this Webull referral link and read our other article if you need more information regarding the current Webull referral program.
Webull Trading Platforms
Webull offers a desktop, mobile, and web trading platform. I’ll cover each of them.
Web Trading Platform
The web trading platform is great for beginning and advanced investors. You can customize the dashboard, and it’s easy to navigate. It has a one-step log-in, quality search features, and you can easily set up alerts.
Mobile Trading Platform
Webull’s mobile trading platform is available on both iOS and Android. It’s user-friendly and offers most of the functionality you’d find online. You can place orders and receive alerts, just like you can online. The mobile platform has two-step authentication, which is important for a mobile device.
Desktop Trading Platform
The desktop trading platform is identical to the online platform, but it’s local to your computer. Webull desktop 4.0 is user-friendly and fully customizable. It is a native cross-platform application for Windows, Mac, and Linux. You can make multiple displays with your customized layout and experience multi-screen support and better performance.
Webull Options Trading
Webull is a great broker for options trading because they charge $0 commissions, contract fees, or assignment fees. Most brokers charge $0.65 per contract (per leg). It offers basic and complex options trading, but only certain investors may trade the most complex options as your abilities depend on the level Webull assigns you upon signing up. Webull determines your level based on your experience.
Webull Margin Trading Fees
If you have at least $2,000 invested at Webull, you may be eligible for a Webull margin trading account. The fees you pay depend on the amount borrowed (much like a traditional loan). Webull calculates interest on a daily basis, but you pay it monthly. The rates are variable based on the amount you borrow:
$25,001 – $100,000 – 6.49%
$100,001 – $250,000 – 5.99%
$250,001 – $500,000 – 5.49%
$500,001 – $1,000,000 – 5.0%
Webull vs. Tastyworks vs. Robinhood
How Does Webull make money?
If Webull is basically free, how do they make money? It’s not as complicated as you think, and it’s not a scheme either. Webull makes money on some or all of the following:
Interest earned on uninvested cash you have in your account
Subscriptions to Level 2 market data
Interest on margin accounts
Interest on short sold stocks
Should you Consider Webull?
If you’re in the market for a new online broker and are an experienced investor, check out Webull. It’s hard to beat the commission-free trades and robust technical analysis they offer. With extended hours of trading and plenty of support, investors love the versatility of this robust investing platform.