Webull Investing Review 2024 (2024)

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Overall rating

Webull Review: Is Webull right for you?

Webull is an online discount brokerage offering commission-free trading, retirement accounts, cryptocurrency trading, and margin trading. However, many of the best online brokerages offer a wider range of investment options than WeBull, which is better suited to new investors interested in active trading.

The company also offers several other key features, including free real-time market quotes, full extended-hours trading, and 24/7 online customer support.

However, one downside of the brokerage is that it doesn't offer any automated investing accounts, nor does it support IRAs outside of traditional IRAs and Roth IRAs.

You can use the Webull mobile app on iOS and Android devices.

Webull vs. Interactive Brokers

Webull and Interactive Brokers bothoffer commission-free trading for investments like stocks and ETFs.

However, Interactive Brokers could be a suitable fit for more types of investors. It offers self-directed brokerage accounts, automated investing accounts, IRAs, and other wealth-building products.

Webull is a better choice for options traders, as it charges $0 per options contract.

Webull vs. Robinhood

Webull and Robinhood are good choices for beginner active traders in search of low-cost brokerage products and simple user interfaces. But Robinhood is a better choice for IRA investors since it offers a 1% match on investor contributions in its recently launched traditional and Roth IRAs.

Webull, however, is better for those in search of perks like extended hours trading and advanced market data.

Ways to invest with Webull

Brokerage accounts

Webull primarily offers individual cash and margin brokerage accounts. Accounts have no minimum account requirements, nor do they charge commissions on US-listed stocks, ETFs, or options. However, some of Webull's regulatory agencies and clearing firms still apply small fees on each trade.

For instance, the US Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and the Options Clearing Corp. (OCC) all charge less than $0.05 for certain stock, ETF, and option transactions.

Webull's margin accounts give you extra buying power by allowing you to use any securities you own or unsettled funds to buy additional securities. You'll need a minimum of $2,000 to get started.

You can also trade multiple cryptocurrencies through the platform. Webull currently supports bitcoin, ethereum, bitcoin cash, litecoin, dogecoin, zcash, stella lumens, ether classic, cardano, dash, and shiba inu.

While the cryptocurrency market is always available 24/7, Webull's extended hours trading feature makes it possible to trade traditional investments like stocks and ETFs from 4 a.m. to 9:30 a.m. or 4 p.m. to 8 p.m (The stock market's normal hours last from 9:30 a.m. to 4 p.m. Eastern Time).

Retirement accounts

Webull supports traditional IRAs, Roth IRAs, and rollover IRAs. So in other words, you can set up an individual retirement account and contribute with pre-tax or post-tax contributions. In addition, you can rollover your employer-sponsored retirement plan if you choose.

Webull's IRA accounts only allow stock and ETF trading.

Webull: Is it trustworthy?

Webull has received an F rating with the Better Business Bureau. The BBB uses a grade range of A+ to F when rating companies, so this is the lowest score a company can receive. The BBB also says on its website that its ratings don't guarantee whether a company will be reliable or perform well; its ratings mainly take customer complaints into account. It's best to do your due diligence before making a final decision.

According to its website, the BBB has given Webull an F for multiple reasons, including government actions against the brokerage and Webull's failure to respond to customer complaints.

In 2021, Webull (along with Robinhood, TD Ameritrade, and other brokerages) temporarily restricted trading on Gamestop (GME), AMC Entertainment (AMC), and multiple other stocks whose prices skyrocketed due to a Reddit-related short squeeze. This elicited a lot of user backlash, but the investment app eventually resumed trading of the stocks.

BBB data shows that Webull has closed more than 40 complaints in the last 12 months. Its profile shows that it currently has 12 unresolved complaints and 56 unanswered complaints.

Webull — Frequently Asked Questions (FAQs)

Methodology: How We Reviewed Webull

Webull was reviewed using Personal Finance Insider's rating methodology for investing platforms. It examines factors like asset availability, access, ethics, fees, and overall customer experience. Platforms are given a rating from 0 to 5.

Online brokerages usually offer multiple assets, trading tools, and other educational resources. Some platforms are better for more advanced investors or active investors, while others may be better for beginners and passive investors. Webull was evaluated with a focus on how it performs in each category.