Webull Review: Investing App With Commission Free Trades (2024)

If you’re looking for a mobile trading app with no minimum initial investment, no trading fees, and plenty of technical analysis tools, you’ll be interested in Webull.

Since it’s a new stock trading app, it does have limited trading options. But the trading platform is highly intuitive, and a good choice for experienced investors.

The company is also offering a generous promotion package, particularly on larger accounts. (see details below).

Who is Webull?

Founded in 2017, launched in 2018, and based in New York City, Webull is a mobile stock trading app that offers platforms on mobile, desktop and web for google chrome. The platform provides completely free trading in thousands of stocks in ETFs, with plans to roll out options trading in the near future.

Webull specifically targets more advanced traders, particularly technical traders, as it offers a wealth of tools for technical analysis.

The mobile app can be downloaded at Google Play for Android devices and at The App Store for iOS devices. The platform is also available on web via google chrome.

No money is required to open an account, but there is a $2,000 minimum for margin accounts to access leverage and shorting, and $25,000 for unlimited day trading.

The company is privately owned, and funded by venture capital. But it already has more than 10 million users.

How Webull Works

Minimum initial investment: $0 for a Cash Account, or $0 to $25,000 for a Margin Account, depending on features and functionality you want access to.

Account types available: Individual taxable accountsand traditional, Roth, and rollover IRAs.

Available investments: Stocks and exchange tradedfunds (ETFs). Webull indicates options trading is coming soon. You cannot tradeforeign stocks, however you can invest in foreign companies through AmericanDepositary Receipts (ADRs).

Geographic availability: All 50 states and outlyingUS territories.

Clearing agent: Apex Clearing.

Trading hours: Regular market tradinghours, as well as pre-market hours (4:00 am to 9:30 am) and after-hours (4:00pm to 8:00 pm), all times Eastern.

Mobile App: Available for both Androidand iOS mobile devices.

Customer service: Support can be contacted by e-mail, live help in app and by phone.

Account protection: Provided by the SecurityInvestors Protection Corporation (SIPC) for up to $500,000 in securities andcash, including up to $250,000 for cash. There is additional insurance providedthrough Apex Clearing for securities and cash up to an aggregate of $150million, subject to maximum limits of $37.5 million for any one customer’ssecurities, and $900,000 for anyone customer’s cash.

Webull Accounts

Webull offers two types of accounts, Cash Accounts and Margin Accounts. Cash Accounts are regular trading accounts, and do not permit you to use margin.

As the name implies, MarginAccounts enable you to borrow for the purpose of investing. There are somelimitations and benefits based on the amount of equity you have in a MarginAccount:

• For account balances under $2,000 you’re limited to no more than three day trades within five business days. However, you’re not permitted to use leverage or shorting with this account balance.
• For account balances between $2,000 and $25,000 you can also make up to three day trades within five business days, with 4X leverage on day trades, and overnight borrowing power up to 2X. This account balance range also permits short sales.
• On account balances over $25,000 you’ll get unlimited day trading as well as short sales. This account size also comes with 4X leverage on day trades, and overnight borrowing power up to 2X.

Webull offers individualtaxable accounts as well as IRAs. However, they do not yet offer jointaccounts, custodial accounts, or trusts.

The Webull Trading Platform

Webull offers trading in more than 5,000 US listed stocks and ETFs. They also offer access to initial public offerings (IPOs) to investors from underwriters before the stock is listed.

There are major limitations of the types of investments offered. Webull does not offer mutual funds, bonds, options, over-the-counter stocks, forex or futures. But if you mostly trade in individual stocks and ETFs, that won’t be an issue.

The platform does permittrading in penny stocks subject to the following minimum price limitations:

• Less than $0.01, not permitted.
• $0.01 to $0.099, minimum quantity 1,000 shares.
• $0.10 to $0.999, minimum quantity 100 shares.
• Greater than $0.999, minimum quantity, one share.

The platform accommodates market orders, limit orders, stop orders, stop limit orders, bracket orders, take profit, and one-cancels-other orders.

The trading platform provides watch lists, real time stock quotes and market information and stock quotes and a stock screener. They even provided an economic calendar listing upcoming IPO dates, as well as news and earnings reports on stocks held on your watchlist.

Technical analysis toolsinclude Bullinger Bands, MACD, RSI, money flow index and exponential movingaverages. You will also have access to up-to-the-minute news and pressreleases, revenue data, insider positions and transactions, a customizedwatchlist, and historical earnings per share.

Webull does offer a papertrading platform that will enable you to sharpen your investment skills beforeyou begin trading with real money. And though the platform is designedprimarily for experienced investors, they do offer training courses, includingone for day traders.

Webull Pricing & Fees

There’s nothing but goodnews on the fee front. Webull has zero trading commissions across the board.There aren’t even any deposit or withdrawal fees if your account is connectedto a US bank account.

If you trade ADRs, a fee ofbetween $0.01 and $0.03 per share will apply.

Market interest rates are asfollows:

• $0 to $25,000 – 6.99%
• $25,000.01 to $100,000 – 6.49%
• $100,000.01 to $250,000 – 5.99%
• $250,000.01 to $500,000 – 5.49%
• $500,000.01 to $1 million – 4.99%
• $1,000,000.01 to $3 million – 4.49%
• Over $3,000,000 – 3.99%

As is the case with allbrokers, there are certain fees charged by regulatory agencies as follows:

Current Promotions

Webull is currently offering a promotion where you can get free stock when you open a Webull account and make a deposit.

Free Stock Promotion

Here’s what you need to do to get your free stock.

• Fund your account with $100 or more within 30 days of opening it, and you’ll receive a free stock valued up to $1,600.

Webull will also reimburseup to $100 in transfer fees for an initial account transfer of $2,000 or more.

How To Open A Webull Account

To open a Webull account,you must meet the following qualifications:

• Be 18 years or older.
• Have a valid Social Security number.
• Have a legal residential address in the US and outlying USterritories.
• Be a US citizen, US permanent resident, or have a valid US visa.

The sign-up process can becompleted in minutes, and approved in under an hour. You’ll need to link aUS-based bank account to make transfers into and out of your account.

Webull Pros & Cons

Pros:

• No-fee trading.
• Up to 4X leverage on day trades, and overnight borrowing power up to 2X.
• Generous sign-up bonus that includes up to $1,600 in free stock.
• Designed for experienced traders, particularly those who favor technical analysis.
• Offers margin trading, day trading, and short sales.
• Webull provides a paper trading platform that will help you learn the Webull system and improve your trading skills.

Cons:

• New trading app (about 1.5 years old) still developing and adding new features and investments.
• Limited trading platform that does not accommodate foreign stocks, over-the-counter (OTC) stocks, mutual funds, bonds, options, futures or Forex. Webull also does not accommodate fractional shares.
• Account types are limited to individual taxable accounts and IRAs. Joint accounts, trusts and custodial accounts are not available yet.
• Webull accounts are not available to non-US residents.

Should You Open an Account with Webull?

Webull is a good choice for a self-directed, experienced investor and especially one who favors technical analysis. It’s also a natural choice for anyone who engages in margin trading, short sales, and day trading.

The platform is currently designed to be primarily for trading stocks and ETFs (though options are reportedly in the pipeline soon). Since it doesn’t offer other investments, like mutual funds, options, bonds, real estate investment trusts and other common investment types, it may be necessary to maintain an alternate investment or trading account along with Webull.

Webull is less suitable for inexperienced investors, or for anyone who wants to have all their investments in one place.

But Webull is a relatively new trading platform, having been launched only in the spring of 2018. The platform has made considerable progress since its launch, and promises more upgrades in the near future.

If you’d like more information, or you’d like to open an account, visit the Webull website via the link below.

Get Started With Webull