The Best Webull Alternatives: Top Trading Platforms (2023)

Investing is essential to secure your financial future, but the process can be daunting and overwhelming.

It’s hard to know where to start when looking for an online broker or trading app, and many options exist. Webull is one of the most popular free trading apps, and while it’s an excellent option, no investment app is perfect for everyone.

Here you’ll find our list of the best Webull alternatives. At the end of the article, you’ll find our picks for the best app for each type of investor since there’s no one-size-fits-all solution.

Webull Trading Platform Basics

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.

Webull has been around for a few years (launched in 2017 as Webull Financial LLC), offering access to stock market trading with real-time data, economic trends, and current global market quotes to help you make your trading decisions.

The main advantage of Webull is its wide variety of valuable tools and resources. This includes 50 plus technical indicators, company profiles, profit earnings, statistics, and 12 charting tools.

Webull offers exclusive access to an IPO Earnings Calendar, Capital Flows, Advanced Quotations, and Press Releases. You can follow 24/7 live stock market news updates to make accurate financial analyses before making your final trade decision.

While many other stock trading apps take a simplified approach to target new investors and traders, Webull is one of the few that provides advanced tools.

Webull is also quite a user-friendly platform, as there are personalized mobile widgets that you can add to your home screen to customize it for your preferences. As you develop your skill set and confidence, there are also advanced access levels to more in-depth research. Of course, you can continue to test your skills using the paper trading feature.

Webull is completely free for trading stocks and options with no account minimums. There are no annual or inactivity fees, and you are only likely to come across nominal fees or non-platform fees, such as the $75 fee you will incur if you want to fully or partially transfer your portfolio to a new platform.

For more details, see our Webull review.

Best Webull Alternatives

Webull is a solid platform, but if you’re not completely sold on it for any reason, you’ve got options. Our top picks for the best alternatives to Webull include:

1. Public.com

Join Public to get up to $300 of free stock when you make a deposit.*

Like Webull, Public.com has also been around for a few years, but it started out under the name Matador. Public.com offers commission-free trades of stocks and funds and boasts a sleek, easy-to-use interface that’s simple for new users and more advanced traders.

Public.com offers access to 5,000+ stocks and exchange-traded funds (ETFs), with support for full or fractional share trading. You can search for companies or browse categories to find investments that interest you.

One of the most exciting features of Public.com is its collection of investment Themes. Themes are essentially lists of stocks and funds based on specific criteria.

For example, there are themes for companies with female CEOs, companies involved in blockchain technology, green power companies, and much more. With about 40 different themes currently available, Public.com makes it easy to find investment ideas that interest you.

Whenever you research a company, you can see the company’s description, history, and trends. You can also look at comments and conversations (left by other users) that relate to the company to help determine if it appeals to you.

Public.com also stands out from competitors by offering alternative investments like NFTs, fine art, and collectibles. They’ve also added the ability to easily invest in treasuries.

Where Public differs from Webull is a greater emphasis on community and collaboration. You can share your investing questions and experiences with other users. Social trading is particularly useful for new investors, as you can see what your friends and connections are buying and selling, benefitting from the expertise of more experienced traders.

Thanks to the community of users, you can check your investments, review strategies, and share advice. This creates an excellent resource for those who need to build their investing skill set or improve their confidence.

Like Webull, Public.com is a low-cost trading platform. It was developed from the idea that investing should be easily accessible to the public, so there are no commissions on stock and ETF trades and no account minimum balance requirements.

Overall, we love Public.com’s ease of use and helpful community features. For more details, please read Public.com vs. Webull.

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2. Moomoo

Join Moomoo and get up to 15 free stocks worth up to $30,000 total.

Moomoo is possibly the most direct alternative to Webull regarding features and functionality. Like Webull, Moomoo supports trading stocks, ETFs, and options. Moomoo also offers ADRs (investments in foreign companies) but does not currently offer cryptocurrency trading.

There are no minimum deposit requirements for Moomoo. However, one area where it currently lags behind Webull is regarding fractional shares. Currently, Moomoo does not allow users to buy or sell fractional shares.

Moomoo is like Webull because it offers a wealth of data and analysis tools for active technical traders. In fact, the tools provided for free by Moomoo are extremely valuable.

And like Webull, Moomoo has an excellent offer of free stocks for new users when you open an account.

Users get free access to level 2 data (not available with a free Webull account), updated short-selling data, advanced charting tools, and a consolidated news feed. Moomoo also offers AI monitoring and AI-powered price forecasts.

Any active trader who prefers to do a lot of research and analysis will love what Moomoo offers. At the same time, the mobile app is well-designed and intuitive. Because so many tools are available, it’s not quite as streamlined as Public.com, but it’s still suitable for new investors.

Moomoo also offers a nice collection of educational resources and great tutorials to learn more about investing. It also includes social features so you can interact with this community of 18 million users. The social features aren’t as extensive as what Public.com offers, but it still provides a way to connect with others.

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3. Robinhood

Robinhood was one of the first stock trading platforms to offer commission-free trades, creating a major disruption within the brokerage industry. Robinhood also started the trend of fractional share investing, as they worked to make stock market investing more accessible to the average person.

The platform’s competitive edge was somewhat neutralized when many brokers joined the no-commission strategy. However, Robinhood has created a niche for tech-savvy investors who appreciate an intuitive, clean design that delivers an excellent user experience.

Robinhood offers commission-free trades of stocks, options, and crypto (available through Robinhood Crypto), with fractional shares available. You can buy a fractional share if a stock is worth $1 or more per share and has a market capitalization of over $25 million.

This strategy has helped Robinhood remain a popular go-to option for new and more experienced traders.

There are no trading or subscription fees, wire fees, account maintenance fees, or account inactivity charges. However, if you want to trade stocks on margin, you’ll need a Robinhood Gold subscription. This does cost $5 per month but includes a $1,000 margin.

Robinhood offers self-directed IRAs in addition to taxable brokerage accounts. However, Robinhood IRAs stand out from competitors by offering a 1% match on your contributions. The match does not count toward your contribution limit, so Robinhood offers a way to get more into your IRA each year.

If you want to minimize your trading costs and appreciate a streamlined interface, Robinhood may be one of the best investment apps.

For more details, please read Webull vs. Robinhood.

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4. Ally Invest

Ally Invest is the investment arm of Ally Bank, offering numerous specialized tools to help you to build your portfolio. A wide selection of investments includes stocks, options, mutual funds, ETFs, and fixed-income products such as bonds and CDs.

A dedicated, separate platform for foreign exchange trades with over 50 currency pairs also exists. However, they do not offer cryptocurrencies or fractional shares.

Ally Invest is a fully functioning platform, but the main home screen also shows your Ally bank accounts, managed accounts, and any Ally loans. You need to click a link to launch Ally Invest Live.

Once on the Ally Invest platform, the menus feel intuitive with easy-to-navigate sub-menus. There are also some customization options but some differences between web-based and mobile platforms. The main functions and features are on the web-based platform, so you may find that charting and other features don’t work as well on the app.

Unfortunately, the Ally Invest fee structure is more complicated to understand than Webull (but that’s partly because they offer more). While there’s no commission on stocks over $2, ETFs, and foreign exchange trading, you may encounter fees for things like mutual fund trades and contract options.

Ally Invest also offers a robo advisor option with a $100 minimum investment. This is an exciting feature because Webull and most other direct competitors do not provide robo advisor services.

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5. SoFi Invest

SoFi is short for “social finance.” It began as a company focusing on refinancing student loans and personal loans. However, it has continued to expand its product line, including checking accounts, savings accounts, and investments.

SoFi Invest is an excellent add-on for SoFi customers, as you can quickly move money between accounts.

However, SoFi Invest does lack some of the features offered by the platforms we’ve previously discussed. But it does provide basic investment features and tools, including access to Certified Financial Planners if you have questions.

SoFi Invest has no account minimums, but you will need at least $1 to start investing. There are no automated investing or active stock trading fees, with a 1.25% fee for crypto trades. While you can trade in stocks, ETFs, and crypto, there are only market orders with no stop-loss orders available.

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6. Firstrade

Firstrade is one of the most well-established platforms, operating under a few different names since 1985. It was also one of the first online trading platforms. This easy-to-use platform has some interesting features that can help you stay with Firstrade as you transition from a beginner to a more advanced trader.

Since one of the typical drawbacks of a low-cost trading platform is a limited service package, Firstrade really does stand apart.

There are several language options, making it easier for overseas traders. A well-rounded selection of offerings includes stocks, options, mutual funds, bonds, and ETFs (no Forex trading or cryptocurrency). This allows Firstrade to be used for your entire portfolio, so you won’t need one for your short-term investments and another for long-term investments.

Firstrade has some first-rate investment tools, including financial calculators to help you to determine your investment goals, streaming watch lists, Morningstar reports, and custom alerts.

However, one of the most useful is the Options Wizard. This provides instant feedback on option values and calculates the likelihood of success for specific trades. This uses innovative analytics to transform stock market data into actionable information.

Firstrade is a low-cost trade platform with minimal charges. There are no trading fees for stocks, options, ETFs, and mutual funds, no inactivity fees, no account maintenance charges, and no annual fees.

If you have an account balance of over $50,000, you can access a Firstrade Gold Account. This includes all the features of a basic investment account, with access to a dedicated representative.

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7. M1 Finance

M1 Finance works much differently from the other Webull alternatives. It’s billed as a “Finance Super App,” as M1 wants to be a one-stop shop for personal finance.

The platform has the aim of helping investors in borrowing, spending, and investing. M1 wants to make investing more accessible, particularly if you’re a long-term investor. (The platform is not ideal for short-term traders.)

The investment platform is based around “pies,” pre-built portfolios that align with a specific strategy. More than 80 expert-created pies have themes including socially conscious, passive investing, and hedge fund mimics. You can also create custom pies by choosing holdings from individual stocks, ESGs, ETFs, and REITs.

There’s also an auto-rebalancing tool to keep your investments at a designated threshold. You can rebalance at any time, but it will also automatically reinvest dividends.

There are two account tiers within M1 Finance. The Basic plan is free but offers lower perks compared to M1 Plus, which costs $125 per year. The specific differences depend on the M1 Finance area:

M1 Borrow

This feature is essentially a line of credit. If you have more than $10,000 invested, you can qualify for up to 35% of your portfolio value. As the debt is secured using your portfolio as collateral, you can qualify for a low rate, but M1 Plus customers can access a preferential rate.

M1 Spend

This fairly unique feature is becoming more familiar with online brokerage platforms. M1 Spend allows you to use the platform for your everyday finances. Essentially, it is a checking account with an associated debit card. You can use the account for daily banking, including direct debits and money transfers. There are no minimum balance requirements.

M1 Plus customers can earn 1% cash back on debit card purchases and will earn interest on any cash balances in the account.

Owner’s Reward Credit Card

This is a relatively new feature on the M1 platform, but this funky metal credit card gives 1.5% cash back on purchases.

However, the difference between this card and many other reward cards is that if you own stock in a list of participating companies, you can earn up to 10% cash back when you make purchases with the brand.

There’s a list of over 70 companies participating, including Amazon, Home Depot, and Walmart. There are three reward levels, 2.5%, 5%, and 10%. You can also redeem the cashback as auto-reinvested stocks to passively help build your portfolio.

There’s a $95 annual fee for the card, but the fee is waived for M1 Plus members.

For more details, see Webull vs. M1 Finance.

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8. Tornado

Tornado has a different approach from many online trading platforms. The platform focuses on connecting users with others and leveraging community insights to help investors make more informed decisions. Tornado’s overall goal is to help its users to become better investors rather than simply providing a way to make trades.

Like Public.com, Tornado has many social features. You can connect with friends, other investors, and industry experts to discuss what others buy and sell and understand strategies. You can even have your questions answered directly by experienced investors.

Tornado also has a unique facility to optimize your investment portfolio. The Optimizer tool was developed with Nobel prize-winning research and allows Tornado to be used as an alternative to robo advisors.

Upon opening the account, you’ll need to answer several questions. This helps Tornado establish your risk tolerance, investment strategies, and financial goals. You can also create ideas, and Tornado will generate investment allocations. You can implement all of the allocations with one click or go through them line by line to dismiss or approve each one.

You can buy and sell stocks, ETFs and ADRs listed on major US exchanges, including the NYSE, Nasdaq, and Amex.

The most significant difference between Tornado and the other Webull alternatives is the monthly subscription fee of $7.99, which includes 50 free trades per month. After the first 50 trades, the fee is $4.50 each. 

Tornado’s monthly subscription fee of $7.99 includes access to their financial education program, Learn and Earn. Members can earn cash to invest after completing a series of investing lessons. Investors seeking to grow their skills and knowledge may find Learn and Earn worth the subscription fee in the long run.

Features like the Portfolio Optimizer may also justify the subscription fee for some users, but those with smaller balances may find the flat monthly fee too high.

For more details, see Webull vs. Tornado.

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Summary of Webull Alternatives & Best Options

Webull is a reputable and solid investing app with some excellent features, but as we’ve demonstrated, there are some great alternatives to Webull if the platform doesn’t appeal to you. The best alternative will depend on your preferences, requirements, and investing style.

Best for Social Community: Public.com

With its forums, chat functionality, and ability to follow other users, Public.com provides a community aspect that’s great for those who want to connect with others while building their investing confidence.

Best for Active Traders: Moomoo

With a wealth of tools, news, and data, Moomoo is an excellent choice for technical traders and others with an analytical approach. With commission-free trades plus access to stocks, ETFs, options, and ADRs, Moomoo is a solid choice for options trading or active, high-volume traders.

Best for Automation: M1 Finance

M1 Finance is ideal for long-term investors who want to take advantage of automation. While it’s unsuitable for active traders who move in and out of positions quickly, M1 Finance has much to offer those who want to develop a long-term investing plan.

Best All in One: M1 Finance

If you want to have your investing and everyday finances within one platform, M1 Finance is a great fit. You can earn cash back on debit card transactions, qualify for free stocks and enjoy smart transfers with modest fees.

Best For Broker Advice: SoFi

SoFi offers investment customers complimentary access to Certified Financial Planners. This would incur a fee for a retail investor with most other investment platforms.

Best for Low Fees: Robinhood

Robinhood was one of the first free trade platforms, and it maintains its reputation for low fees. Most investors will be able to trade without incurring any fees whatsoever.

Best for Tools: Firstrade

Firstrade has an impressive selection of trading tools that satisfy investors of all skill levels. Whether you’re a newbie, need basic help, or want to delve into a more in-depth analysis, Firstrade will indeed have the appropriate tool or feature.

Final Thoughts on Webull Alternatives

We’ve looked at the best mobile-first trading platforms, but of course, you could also use more traditional brokerages like TD Ameritrade or Fidelity.

Since each platform has a particular specialty, it’s worth considering what you’re looking for in an investment platform. However, since most are free to join with minimal fees, if you’re unsure, consider trying out more than one to get the feel of the platform and discover which of these Webull alternatives is best for you.

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.

*Public.com offer valid for U.S. residents 18+ and subject to account approval. This is not a recommendation. You can lose money with any investment. Open To The Public Investing is a member of FINRA & SIPC. Regulatory and firm fees apply. New customers receive free stock with value $3-300; 0.3% receive the max value. Cryptocurrency trading provided by Apex Crypto LLC (NMLS ID 1828849). Apex Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. See Public.com/disclosures/