Can You Day Trade on Webull?

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Can You Day Trade on Webull?

Day trading is a risky strategy that’s popular with some investors who aim to outperform the stock market as a whole. While we don’t recommend day trading, if you’re willing to accept the risk with your investment fund and want to give day trading a go, can you day trade on Webull?

In this article, we’ll explore how to day trade on Webull if this is the strategy that you decide to pursue.

Related reading: How to Get Free Stocks

Webull currently offers new users up to 12 free stocks for trying the platform. You’ll get two free stocks (each worth $3 – $3,000) for signing up. Deposit any amount to get up to 10 more free stocks. Sign up for Webull through this link to be eligible for the bonus.

What Is Day Trading?

Simply put, a day trade is when you purchase and sell a stock on the same trading day. You’ll buy and sell stocks throughout the day, closing out all positions before the end of the trading session. This strategy is used by active investors who are prepared for the high-risk nature of this type of trading.

Day trading strategies rely on more than good feelings or intuition about a particular stock on any given day. Investors using this short-term strategy aim to make profits from any small market price fluctuations on specific ETFs or stocks. This is basically the opposite of the long-term strategies that use historical market movements and a stock’s track record to make investment decisions.

While most investors study the market movements consistently to get an overall picture of the stock and market, day traders prefer to ride the roller coaster. They are constantly monitoring even small price moves and jump in when they see the opportunity to buy and sell.

This has the potential to be highly lucrative, but it’s just as easy to lose your shirt. If you don’t have the trading experience or a carefully drafted strategy, you could easily implode your portfolio.

Can You Day Trade on Webull?

In one word, yes. Webull does allow day trading and offers the basic tools needed by data traders. Thanks to commission-free trading, support for fractional shares, access from desktop and mobile devices, and tools for technical analysis, Webull is a popular choice for day traders.

However, there are some things that you need to know before you start day trading on Webull. We’ll cover details like order types and pattern day trading rules to provide an overview of the subject.

Commission-Free Trades
Get Up to 12 Free Stocks from Webull! Get Up to 12 Free Stocks from Webull!

Webull is a free investing app that provides advanced reporting tools and allows you to make free trades of stocks, ETFs, and options. Right now Webull is offering up to 12 free stocks when you signup through our link (use the button below) and deposit any amount.

  • Commission-free trades of stocks, ETFs, options, and cryptocurrency
  • Buy fractional shares for any amount
  • Extended trading hours
  • Advanced reporting tools
  • IRAs now available
  • 24/7 customer service

Order Types

Before you can day trade on Webull, you need to know the various order types and how to properly use them. Webull offers an array of order types, but the most common are:

  • Limit buy
  • Limit sell
  • Stop loss
  • Buy loss
  • Market buy
  • Market sell
  • Buy stop
  • Buy stop limit
  • Sell stop limit
  • Trailing stop loss
  • Trailing stop limit order

The PDT Rule

The PDT or Pattern Day Trader rule is designated by the SEC and requires that you maintain at least $25,000 in your trading account if you want to day trade three times a week or more.

The PDT rule can be one of the most frustrating aspects of day trading, so you will need to know how to navigate around it and work within the rule.

Keep in mind, this rule applies whether you’re using Webull or any other investment app or brokerage.

For more on Webull, please see:

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How to Day Trade On Webull:

Assuming that you’ve already opened a Webull account, we’ll walk you through how to day trade on this platform.

Log in and Unlock Trading

Log in to the platform and press the “Unlock Trading” button on the right-hand side of the page. This will require that you validate your identity to fund your trading account. You will need to upload a picture of both sides of your driver’s license or a valid U.S passport, ITIN (Individual Tax Identification Number or your Social Security Number. You can also open your account with an L1, E1, E2, E3, F1, O1, TN1, or H3 visa if you’re a U.S resident.

Set Your Day Trading Strategy

There are several day trading strategies that will depend on your trading style and temperament. The most popular include:

  • Breakouts: This is a strategy suited to patient traders, but it requires a technical analysis background. Trading breakouts typically involve taking positions as soon as chart patterns are breached on the price charts.
  • Scalping: This is a fast paced technique that focuses on small price changes and capitalizing on them. You’ll typically hold positions for a short time and liquidate as soon as you show a profit. You can also take losses quickly to reduce the risk of a further loss.
  • News Trading: Market activity usually revolves around the current financial news. For example, when companies release an earnings report, it creates a news event that may impact their stock price. This can also occur if there is a rumor such as if there is talk of an exploration firm about to announce an oil discovery. There can also be other news releases such as economic indicators or macroeconomic reports that affect the market as a whole and move the individual stock prices.

Fund Your Account

There are two funding options for your Webull trading account.

Wire Transfer

Webull accepts both domestic and international wire transfers for funding an account. There is an initial fee of $8 for the first deposit, but subsequent deposits under $25,000 attract a $12.50 fee, which is waived if the deposit is over $25,000.

This is the least cost-effective way to fund your account, as you may also incur a fee from your bank for the outgoing wire. The only advantage is that domestic wire transfers only take up to two business days to complete.

ACH Transfer

ACH or Automatic Clearing House transfers require you to link your checking or savings account to your Webull trading account. You’ll need to provide the bank account and routing numbers to Webull who will make two micro-deposits into your bank account. This is designed to verify that you can access activity on the account.

After verification, you can make a deposit that will typically take up to five business days. However, Webull does allow you to immediately use a portion of each deposit, once you initiate a transfer. There is a daily deposit limit of $50,000 per account for this funding method.

Practice With Virtual Trading

This is an optional step, but it can be invaluable if you’re new to day trading. It provides a hands-on way to gain trading experience, buying and selling stocks without any monetary risk. You can use virtual money to practice your day trading strategies and test your trading plans.

Live Trade

Now, you’ll actually start your day trading. Of course, the stocks you buy and sell will depend completely on your own research. If you’re using fundamental analysis, a good starting point could be stocks of companies that you’re already familiar with. But, if you have no trading experience, you will need to learn how the stock market works and how to use technical analysis to spot objective trading signals that you can incorporate into your trading plan.

Webull does provide extensive resources with a learning center that you can access via the book icon on the main page. There is also a charting function that allows you to view charts and standard indicators technical analysis. There is helpful material in the learning center on how to use these features along with free articles, and tutorials.

Pros and Cons of Webull Day Trading

We’ve already indicated that day trading is highly risky, but if you’re still unsure if you would like to try it, you need to be aware of both the positives and potential negatives of Webull day trading.

The Pros

  • Easy to Use Platform: Webull has a great interface that’s fast and easy to manipulate. While new traders may feel a little overwhelmed by the various graphs, charts, indicators and screens, this information is crucial for day trading. There are also tools to provide insights to help you to make more profitable trades and you can use them for both technical and fundamental analysis.
  • No Commission: Webull charges 0% commission for trading U.S listed options, stocks and ETFs on the desktop or mobile platform. This can help you to trade in smaller amounts without needing to cover fees, so you can learn how to actively trade.
  • Paper Trade Simulator: This simulator allows you to practice trading with virtual currency, so you can develop your strategy and expertise. There are even competitions with real prizes to help the budding trader.

The Cons

  • Limited Technical Indicators: Webull only offers ten of the most popular technical indicators, with notable gaps such as a lack of ADX and RSI (relative strength index).
  • Limited Stock Screener Customization: Your stock screener should provide you with different information based on some unique criteria, so you can identify potentially profitable options. The Webull stock screener has few filters and limited customization possibilities. While this is an improvement on other platforms, such as Robinhood, which doesn’t offer any screening capabilities, it may be insufficient for day trading.
  • Lack of App Hot Keys: Speed is key for day trading, as you need to be able to get in and out of your trades with the press of a button. While the Webull Desktop interface has hot keys, this is not a feature on the app.

Related reading: Webull vs. Robinhood

Webull Day Trading Fees

Although Webull does not charge commission on trades, there may still be SEC and FINRA fees, you’ll need to consider when day trading on Webull.

  • SEC Fees: A charge of $13 for $1 million of principal on stock sales only, with a one cent minimum.
  • FINRA Fees: Trading activity fees on stock sales only of $0.000119 per share with a one cent minimum and a maximum of $5.95.

Additionally, if you’re trading on margin, you will essentially be borrowing funds from Webull and will need to pay back the loan with interest. While this will allow you to buy more shares than is possible with only your available cash balance, it could account for the majority of your trading costs and will need to be included in your calculations as you’re making each trade.

Final Thoughts About Day Trading on Webull

Day traders are a particular breed. Since this is such a risky trading style, you need to have sufficient trading experience and be prepared to act emotionlessly. This is something that you can learn, but it is an enormous risk if you’re a newbie. You also need to be prepared to lose a large amount of capital. U.S legal rules require a minimum of $25,000 to start day trading, so unless you are willing to lose everything, day trading should be left to the pros.

However, if you do want to start day trading, Webull is a decent option for an undercapitalized trader who only wants to day trade in stocks and options. Since there is no minimum deposit requirement and no trading fees, it’s a good option if you want to make the most of your trading capital.

Webull offers an easy-to-use platform, but it does lack the ability to customize sophisticated macros and does not offer direct market access. So, think carefully about whether you want to start day trading and if Webull offers sufficient tools for you to accomplish your trading strategies.

Webull currently offers new users up to 12 free stocks for trying the platform. You’ll get two free stocks (each worth $3 – $3,000) for signing up. Deposit any amount to get up to 10 more free stocks. Sign up for Webull through this link to be eligible for the bonus.

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