Is it safe to give my SSN to Webull?
Yes, you can trust Webull with your Social Security number. Webull uses top-of-the-line encryption to protect your data. In addition, the company's privacy policy states that it shares personal information, like Social Security numbers, only with third-party analytics companies such as Google Analytics.
Why do apps like Webull and Robinhood ask for your SSN? Any legitimate broker must report to tax agencies. This is the primary reason for asking for SSN. But, with access to financial tools such as margin it's important user identity is verified.
No, you do not need SSN for Webull. If you are not a US citizen or do not want to provide SSN, you can provide an Individual Taxpayer Identification Number (ITIN) to a Webull broker.
Webull is highly reliable and secure. It is a member of many financial institutions that regulate and ensure that it is functioning according to the laws and the secured customer assets. Webull regulations include: Regulated by the Securities and Exchange Commission (SEC) in the United States.
The free stocks you receive through Webull will be reported on the 1099-MISC as miscellaneous income. If you sell the free stock received, the sale will also be reported on the 1099-B.
To own stock in a brokerage account, you are required under federal law (the Patriot Act) to provide your Social Security number. This information is used to verify your identity and prevent the bad guys from gaining access to the stock market. Every brokerage must adhere to this requirement.
A dishonest person who has your Social Security number can use it to get other personal information about you. Identity thieves can use your number and your good credit to apply for more credit in your name. Then, when they use the credit cards and don't pay the bills, it damages your credit.
Yes, Webull not only report Stocks, Dividends, Crypto, they also report any Options Trading to the IRS. In simple terms, whether you sell a stock or receive a dividend, you need to report everything in your income tax.
Please visit www.webull.com/cryptocurrency to see a list of crypto available to trade. Crypto trading only available to US residents. All investments involve risk, and not all risks are suitable for every investor.
Does Webull affect my credit score? No, applying for or having a Webull account should not impact your credit score. They do run a soft credit check for background check purposes. However, a soft credit check is not a scoring factor that should negatively impact your credit score.
Is Webull safer than Coinbase?
Coinbase is one of the safest crypto exchanges, and it provides more information than Webull about its security measures.
Based on our scoring methodology, Webull is a broker that we can recommend for beginners.
If you fail to report the gain, the IRS will become immediately suspicious. While the IRS may simply identify and correct a small loss and ding you for the difference, a larger missing capital gain could set off the alarms.
After you buy stock, you own actual shares. If you short stock, you are borrowing shares.
If you receive a Form 1099-B and do not report the transaction on your tax return, the IRS will likely send you a CP2000, Underreported Income notice. This IRS notice will propose additional tax, penalties and interest on this transaction and any other unreported income.
Anyone can refuse to disclose his or her number, but the requester can refuse its services if you do not give it. Businesses, banks, schools, private agencies, etc., are free to request someone's number and use it for any purpose that does not violate a federal or state law.
- Beware of Cold Contacts. ...
- Have a Conversation. ...
- Do Some Research. ...
- Verify SIPC Membership. ...
- Check Your Statements Regularly. ...
- When in Doubt, Withdraw Funds and Complain.
Any legitimate investment company will need your SSN in order to properly report annual results on your 1099 form and to the IRS.
A threat actor can use your Social Security number together with PII to commit many forms of identity theft. Among other things, they can use this information to apply for loans, avoid criminal responsibility, or attempt to steal your tax refunds, social benefits, or even medical coverage.
You should never send your SSN by email. This is because you can't guarantee where the email will be stored or passed along after sending it. Furthermore, your SSN is at risk if either email account is hacked. So even if the email transfer is secure and you delete it on your side, there's still an unknown risk present.
When should I give my SSN?
When are you required to give your number? There are essentially two situations: You are doing something that is reportable to the IRS or your state's tax department; and/or. You are engaged in a financial transaction that is subject to the Customer Identification Program.
If you have investment accounts, the IRS can see them in dividend and stock sales reportings through Forms 1099-DIV and 1099-B. If you have an IRA, the IRS will know about it through Form 5498.
Webull withdrawal fee. Webull does not charge a withdrawal fee for ACH (electronic) transfers. An $8 fee is charged for domestic wire transfers, while international wire deposits cost $12.5.
Assets the IRS Can Seize
The IRS can seize practically any asset that has value/equity and can be liquidated into cash. This includes real estate, cars, jewelry, and even the investments you made to give yourself a comfortable retirement.
We've been getting this question from so many members of our community lately. The answer is YES! Through an Individual Taxpayer Identification Number or (ITIN), people who do not have social security numbers can open investment accounts.
There is no citizenship requirement for owning stocks of American companies. While U.S. investment securities are regulated by U.S. law, there are no specific provisions that forbid individuals who are not citizens of the U.S. from participating in the U.S. stock market.
Investors who want to invest directly in international markets will be best served by Interactive Brokers in almost every situation. For investors outside the U.S., Interactive Brokers is the obvious choice as there is no real comparable alternative.
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Webull.
| Type | Privately held company |
|---|---|
| Services | Stockbroker |
| Owner | Wang Anquan Xiaomi Shunwei Capital Hongdao Capital Bojiang Capital Gopher Asset Management |
Robinhood is most suitable for active traders as well as the new investor, while Webull is a mobile-first trading platform suitable for the intermediate investor. Webull and Robinhood offer commission free stock trading, ETFs, options, and crypto trading, but Webull has more cryptocurrency pairs than Robinhood.
The Webull platform is owned by Webull Financial LLC which is headquartered in New York. Its parent company is Fumi Technology, a Chinese holding company of which Anquan owns 35%. The other stakeholders in Fumi Technology include Xiaomi, Shunwei Capital, Hongdao Capital, Bojiang Capital, and Gopher Asset Management.
What is the downside to Webull?
It is a good choice for beginner investors. On the negative side, Webull's product portfolio is limited, covering only stocks, ETFs, options and crypto. Only bank transfers are available for deposits and withdrawals. Phone support doesn't work properly and there is no live chat.
Is TD Ameritrade better than Webull? After testing 15 of the best online brokers over six months, TD Ameritrade (95.41%) is better than E*TRADE (92.52%).
So, you can now use Webull Crypto in order to buy, sell and trade different cryptocurrencies online. The only downside is the fact that you have only four cryptocurrency options available, respectively Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
Costs. Webull is a no cost broker, not a low cost broker. They offer commission free trading in stocks, ETFs, and listed options, and they do not charge a fee for account minimums or for their robust platforms and tools.
A dishonest person who has your Social Security number can use it to get other personal information about you. Identity thieves can use your number and your good credit to apply for more credit in your name. Then, when they use the credit cards and don't pay the bills, it damages your credit.
A live phone call is a much more secure method of sending your Social Security number because your SSN won't be kept in text form on any servers. Unless someone is eavesdropping on your phone call, your SSN is unlikely to be stolen.
While employers can ask for your Social, "it absolutely cannot be required to get a job," Hanson said. So it shouldn't be on any job application. If they won't budge and you're not comfortable giving them your personal information, then don't.
If your Social Security number falls into the wrong hands, someone could open credit accounts in your name and steal your identity. Once your identity is compromised, your credit score can suffer the consequences, and it could become harder to purchase a house and get other types of financing.
Obtain credit cards or loans in your name
And a stolen SSN gives them plenty of opportunities to steal your money or destroy your credit. In 2020 alone, there were 363,092 cases of fraud by new credit card accounts [*]. With just your SSN, name, and address, fraudsters can take out a credit card or loan in your name.
Although it's important to always be safe and smart about who you're giving your SSN to, the last four numbers of the SSN are the most important to protect. For this reason, it is recommended not to share it with anyone, not to include it in emails, and not to use it as your security PIN.
How can I check to see if someone is using my Social Security number?
Contact the Internal Revenue Service (IRS) at 1-800-908-4490 or visit them online, if you believe someone is using your SSN to work, get your tax refund, or other abuses involving taxes. Order free credit reports annually from the three major credit bureaus (Equifax, Experian, and TransUnion).
If you know your Social Security information has been compromised, you can request to Block Electronic Access. This is done by calling our National 800 number (Toll Free 1-800-772-1213 or at our TTY number at 1-800-325-0778).
