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Webull Review 2021: Is Webull Investing Safe & Worth it? (+Pros & Cons)

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Webull Review

Webull logo

Webull is an app-based brokerage featuring commission-free stock and ETF (exchange-traded fund) trading. The platform is best for active traders, offering them advanced and intelligent tools and services to leverage their trades.

Legit & Safe

Service Fees

Min Investment

Portfolio Mix

Pros

  • No account minimums required
  • Commission-free trading in over 5,000 different stocks and ETFs
  • No account maintenance fees, membership or software platform fees 
  • A clear interface makes all the charts and tools easily understandable

Cons

  • No interest on uninvested cash available
  • Doesn’t support trading in mutual funds, bonds or OTC stocks

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What is Webull & How Does it Work?


Webull is an app-based brokerage featuring commission-free stock and ETF (exchange-traded fund) trading. 

The platform is best for active traders, offering them advanced and intelligent tools and services to leverage their trades. It’s mostly designed for intermediate and advanced traders, however, beginner traders can also benefit from the features Webull has to offer.

Here’s the list of advanced tools Webull offers:

  • Technical indicators
  • Economic calendars
  • Ratings from research agencies
  • Margin trading
  • Short-selling

The Webull founders believe that technology is an investor’s best friend and provides digital financial solutions. Whatever device you’re using, whether it’s a smartphone, a Mac or a Windows-powered computer/laptop, there’s a Webull app available for you. 

Is Webull Legit?


Webull is a legitimate company that’s regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

These regulatory bodies ensure the security of your funds and make sure the company can refund your money even if anything happens to the company.

So you’re insured with a maximum of $500,000 investor protection, including a $250,000 limit for cash under the SIPC (Securities Investor Protection Corporation) protection scheme.

However, Webull customers complain about its features, resulting in a 2.6 out of 5-star rating on Trustpilot. Especially, people on Trustpilot talk the most about Webull’s weak customer support and withdrawal issues.

Webull’s Trading Platforms & Tools


Webull provides mobile and desktop apps that satisfy most active traders. Let’s take a look at what Webull has to offer.

Research

Webull offers research tools so you get more informed and invest smarter.

The stock research tool is used for researching stocks using a screener, analyst ratings, price targets, company news and the list of ETFs that include the stock as a holding. However, the platform doesn’t provide any technical analysis insights, research reports or in-house market commentary.

The Webull community acts like a private Twitter feed where users share their thoughts or post reactions to a price movement on individual stocks and news. You can not only learn a lot from this community but also earn points if you share your prediction and it comes true. Webull points are redeemable for Webull products like entries to paper trading competitions where you can win real money trading virtual portfolios.

Web Platform Charting

Webull offers charting features, including different types of charts, adequate drawing tools, technical indicators, grid layouts so you can compare multiple charts and the ability to add hotkeys.

Market Replay

The market replay is a unique feature Webull offers. It allows you to view video replays of stock chart time-lapse. This is an educational feature giving you a unique perspective not found at any other broker.

Desktop App & Its Features

Webull offers intuitive apps that you can download on different desktop devices. You can easily customize the layout using the drag and drop widget boxes. 

Moreover, the desktop platform provides a high-level overview of markets, news headlines and analyst ratings. It also includes predefined lists (e.g. hot ETFs), essential watch list and screener functionalities.

Mobile App

Webull’s provides intuitive and sleek apps for mobile devices where you can find graphs and data in an easy to digest format.

The Webull app is available on iOS and Android devices.

Customer Service

You can find answers to most of your questions on Webull Help Center at any time. 

Alternatively, you can email customer support at customerservices@webull.us or call at +1 (888) 828-0618.

Webull Fees & Commissions


Fees Charged By Regulatory Agencies & Exchanges

While Webull doesn’t charge commissions for trading stocks, ETFs and options listed on the US exchanges, fees are still applied by the regulatory bodies like SEC, FINRA and OCC. 

These regulatory agencies ensure the security of your funds. They also make sure that you can withdraw your funds anytime, even if the company goes bankrupt.

Annual Margin Rate

Webull requires you to have a minimum balance of $2,000 on your account to trade on margin. The table below shows the margin rates for a set of dollar account balances.

Debit BalanceAnnual Margin Rate
$0 to $25,0006.99%
$25,000.01 to $100,0006.49%
$100,000.01 to $250,0005.99%
$250,000 to $500,0005.49%
$500,000.01 to $1,000,0004.99%
$1,000,000.01 to 3,000,0004.49%
>$3,000,000 3.99%

Deposit & Withdrawal Fees

How to Start Investing with Webull?


Step 1 – Set Up an Account

The very first step to getting started with Webull is to set up an account. You can either sign up using an email address or your mobile number. Once you’ve provided your email or phone number, Webull will send you a verification code you need to input to move to the next step.

Once you’ve entered the verification code, you’ll be required to fill out the form with your personal information. 

You’ll need to enter:

  • Country of residence
  • Your legal name
  • Date of birth (you must be at least 18 years old)
  • Marital status
  • Social security number
  • Employment status

Lastly, Webull will also need to understand your financial goals. That’s why you’ll be required to answer some questions, such as your total net worth and your annual income.

Step 2 – Verify Your Identity 

After you finish filling out your application, you’ll be required to verify your identity. In fact, the regulatory bodies (SEC and FINRA) require Webull to ask you to verify your identity. 

You’ll simply have to take a shot of your State ID or driver’s license and upload a picture to the platform.

Step 3 – Leverage the Webull Features

Finally, shortly after you upload the proof of your identity, the Webull team will review your application and approve your account. 

Once your account is approved, you can start using the app and make your first deposit to start trading.

Webull Pros & Cons


Pros

  • No account minimums required
  • Commission-free trading in over 5,000 different stocks and ETFs
  • No account maintenance fees, membership or software platform fees 
  • A clear interface makes all the charts and tools easily understandable

Cons

  • Lack of educational content 
  • No interest on uninvested cash available
  • Doesn’t support trading in mutual funds, bonds or OTC stocks

Webull Alternatives


Webull vs. Robinhood

Robinhood Summary

  • Free trading
  • No minimum deposit
  • Access cryptocurrencies
  • Get stock news alerts

Robinhood and Webull both have no trading or membership fees. And while Robinhood offers a more diverse selection of investment options (stock trading, fractional shares and options) compared to Webull, Webull offers an overall better experience with trading and research tools. However, Robinhood is better for beginner investors than Webull, because it provides educational content as well.

Webull vs. Public

Public App Summary

  • Possible to buy shares in small dollar amounts
  • Free investment platform – there are no commission or membership fees
  • 2.5% interest rate on your uninvested cash 
  • Ability to trade fractional stocks (or the whole thing) in real-time

Webull offers investors to trade stocks, options, equities, closed-end funds, ETFs and cryptocurrencies. On the other hand, the Public only offers access to ETFs, closed-end funds and stocks. Moreover, Webull has a robust platform that is available on both mobile and desktop devices, offering advanced trading tools and features. But Public has a website with no login and you can only manage your account using your mobile device. 

Webull vs. Stash

Stash Summary

  • Start investing with as little as $5
  • Buy fractional shares of stocks in companies like Amazon or Apple
  • Set automatic deposits on either a weekly or monthly basis into your account
  • Only $1 monthly fee (for accounts under $5,000) or 0.25% annual fee for accounts over 5k

Webull is a commission-free trading platform that gives you access to advanced features, including market data and trading charts. Compared to Webull, Stash is not as user-friendly, offering portfolios and limited stocks for a monthly membership fee of $3 or $9.

Is Webull Good for Beginners?


If you’re an active trader, with an intermediate or advanced level of experience, Webull is definitely an app to try. The Webull tools help you level up your trading skills through advanced features like technical analysis.

However, if you’re a beginner or if you haven’t built a well-diversified, long-term portfolio yet, then Webull might not be the right place to start. The platform lacks educational content, so if you’re still in the learning process the advanced tools Webull provides may only be confusing and not give you much value.

Webull

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