Webull Review 2022: Free Stock Trading Platform

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Webull Review

Over the past few years, the competition among online brokerages and investing/trading apps has heated up significantly. As a result, investors are benefitting from added features, lower fees, and some enticing promotions. In this Webull review, we’ll look at one of the leaders in the industry.

Webull is a trading platform that offers commission-free trading through its mobile app (available for iOS and Android), a desktop app, and a browser-based platform. In some ways, Webull is similar to other online brokerages and apps like Public and Robinhood, but Webull also differentiates itself in some key ways.

Free Stocks from Webull

Currently, Webull is offering two free stocks when you sign up through our referral link and fund your trading account with any amount.

You’ll get the first free stock (valued up to $300) for opening the account, and you’ll get the second free stock (valued up to $3,000) when you deposit any amount.

Related: Legit Ways to Get Free Stocks

Webull Review: Summary

We’ll look at all the important details of the Webull platform in-depth below, but here you’ll find some quick highlights if you want to get familiar with Webull without reading the entire article.

  • Commission-free trades of stocks, ETFs, and options.
  • Buy fractional shares for as little as $5 to start investing with small amounts.
  • Buy and sell 25 different cryptocurrencies for as little as $1.
  • No minimum balance, so Webull is suitable for all investors.
  • Advanced reporting and analysis tools that experienced investors will love.
  • IRAs and Roth IRAs are available in addition to taxable brokerage accounts.
  • Extended trading hours are supported (4:00 am – 8:00 pm).

While some of these features are offered by many other online brokerages and investing apps, others (like the advanced analysis tools and extended hours trading) help to set Webull apart for trading stocks and other assets. Overall, Webull is most appropriate for the experienced investor who will appreciate and take advantage of these features.

Commission-Free Trades
Get Two Free Stocks from Webull! Get Two 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 two free stocks when you signup through our link (use the button below) and deposit any amount.

Pros:
  • 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
Cons:
  • No joint accounts
  • No custodial accounts

Commission-Free Trades

A few years ago, commission-free trades were unheard of. Now, most online brokers, including Webull, offer commission-free trades of stocks and ETFs. Whether you’re making one trade a year or several trades each day, you won’t have to pay any trading fees or commissions to buy and sell stocks and ETFs on Webull.

Fractional Shares

Like some other online brokers (including Public and Robinhood), Webull supports the buying and selling of fractional shares. This functionality was not included when Webull first launched in 2018, so this is a significant improvement.

If you want to buy a share of Amazon, Apple, Facebook, Tesla, or some other hot individual stock but you don’t have hundreds or thousands of dollars to purchase a full share, you can purchase a fractional share. Webull supports fractional shares for as little as $5. This applies to ETFs as well as individual stocks.

Even if you do have hundreds or thousands of dollars to invest, you’ll be able to diversify and own a greater variety of stocks or ETFs through fractional shares.

Options Trading

It’s possible to make money in any market climate through options trading. If you believe a stock’s value will go up, you can buy a call option. If you think it will go down, you can buy a put option. Webull supports options trading with $0 commissions, $0 contract fees, and $0 assignment or exercise fees.

Margin Accounts

Margin trading accounts allow you to trade using money that’s borrowed against the value of the securities in your account. This is different from a cash account where you’re investing using cash that’s settled in your account.

Webull offers margin trading for investors who have a balance of at least $2,000 in their account. Margin accounts will be subject to interest (calculated daily and paid monthly) and the rate will be determined by the size of the margin loan. Currently, margin rates at Webull range from 3.99% – 6.99%.

Trading on margin provides leverage; however, it also increases the risk significantly. As a result, only experienced traders should trade on margin.

Day Trade Limits

Day trading involves buying and selling a security within the same trading day. With a cash account, only settled funds can be used for day trading. After cash has been used for a trade, it will be unsettled for two business days, and unsettled cash cannot be used for day trading.

If you have a margin account, both settled and unsettled cash can be used for day trading. If your balance is below $25,000, you can make up to three day trades within five successive business days (Webull counts day trades and displays the remaining amount on your Home tab). If your margin account balance is at least $25,000, you have unlimited access to day trading.

Webull App

The Webull mobile app is available for iOS and Android. With the mobile app, you’ll have full access to all features and functionality, so you can manage your account and make trades from your smartphone or tablet.

Webull differentiates itself from other apps like Public and Robinhood by offering advanced features like deeper analysis and reporting tools. These tools and options are likely to be appreciated by experienced traders, but they do force Webull to pack more into the mobile app. As a result, Public and Robinhood are a little cleaner and slightly easier to use, especially for beginners.

Webull Desktop

In addition to the mobile app, Webull can also be used on a desktop. If you’re doing a lot of analysis, you may prefer to work on a laptop or desktop rather than a mobile phone.

Webull can be used in a few different ways on a desktop. There’s a desktop app for Windows, Mac OS, and Linux that can be downloaded. Alternatively, you can simply log in to the website and use Webull straight from your internet browser.

The functionality of Webull is very similar on a phone, tablet, or desktop. Of course, the usability is a bit different, but you have full access to manage your account regardless of how you prefer to do it.

Extended Hours: Pre-Market and After Hours

Another appealing feature of Webull is the ability to place trades before and after the market is closed. Traditional stock market hours are 9:30 am to 4:00 pm, but Webull allows you to make trades with pre-market (4:00 am to 9:30 am) and late trading hours (4:00 pm to 8:00 pm).

Extended hours are offered by some, but not all, brokers. It’s a nice perk if you’re using Webull since it basically doubles the time you can trade each day.

Webull Crypto

Support for cryptocurrency trading is another feature that Webull has added since it initially launched. Webull users can buy and sell 25 different crypto tokens for as little as $1. Unlike stocks and ETFs, cryptocurrencies can be traded 24/7.

Since Webull is known for its analysis and reporting tools, it’s only appropriate that real-time data, customizable charts, and indicators are also available for crypto traders.

Here are the cryptocurrencies currently supported by Webull:

Bitcoin (BTCUSD), Bitcoin Cash (BCHUSD), Ethereum (ETHUSD), Litecoin (LTCUSD), Dogecoin (DOGEUSD), Zcash (ZECUSD), Stella Lumens (XLMUSD), Ethereum Classic (ETCUSD), Cardano (ADAUSD), Dash (DASHUSD), Shiba Inu (SHIBUSD), Basic Attention Token (BATUSD), Chainlink (LINKUSD), Uniswap Protocol Token (UNIUSD), Algorand (ALGOUSD), Polygon (MATICUSD), Sushi (SUSHIUSD), Avalanche (AVAXUSD), Terra (LUNAUSD), REN (RENUSD), Cosmos (ATOMUSD), Decentraland (MANAUSD), Fantom (FTMUSD), The Graph (GRTUSD) and Solana (SOLUSD).

More will be added soon.

Crypto Wallet

Buying crypto on Webull is a bit different than buying at Coinbase or another crypto exchange. You don’t need a digital wallet to store cryptocurrency bought at Webull, which may be a perk for investors who are new to crypto. Webull uses Apex Crypto for all cryptocurrency transactions, and they also securely store it for Webull users.

The downside is that you cannot transfer your crypto out of Webull. You’ll hold it until you’re ready to sell it, but that’s the extent of what you can do with crypto on Webull. It’s possible that Webull will support digital wallets in the future (as Robinhood is in the processing of doing). But for now, Webull’s crypto functionality is suitable for those who don’t want to store it in their own digital wallet.

Other Unique Features

Here are a few other features of Webull that are worth pointing out.

Paper Trading (Simulated Trading)

Paper trading or demo accounts are offered by some online brokerages, including Webull. This simulated trading is an excellent way to learn or try new techniques without risking real money.

To use paper trading, create a regular Webull account. Once your account is open, you can select paper trading or paper day trading to get access to virtual money that you can use to practice.

Instant Deposits

When you make a deposit to Webull, you’ll get instant buying power. Instead of waiting five business days for an ACH transfer to clear, you can put your money (or some of it) to work right away thanks to instant buying power. There’s no charge or fee for this feature, but it’s best to only use it for securities that you plan to hold at least until the transfer has fully cleared.

The amount that will be available for instant buying power depends on a few factors like your account type, cash balance, the market value of your positions, the value of income transfers, your credit scores, and more. The limit for a new account is usually $1,000. The amount of instant buying power will not exceed the amount of the transfer.

Referral Bonus

If you want to earn some free stocks, Webull offers a referral program. Tell your friends about Webull and you’ll get a free stock when they open an account. The specific promotions change from time to time, but Webull’s referral program is a great way to pad your account. You’ll get a random stock that you can hold or sell after it clears.

IRA and Roth IRA

Webull now offers Traditional IRAs, Roth IRAs, and Rollover IRAs. Webull’s IRAs offer the same investment options and commission-free trades as you would have in a taxable brokerage account. Many investing apps don’t offer IRAs, so this is a welcomed addition to Webull.

Webull Customer Service

Webull offers 24/7 customer support by phone (1-888-828-0618) or email. If you’re using the app, you can also contact support directly within the app. Access to support reps around the clock is rare, and most of Webull’s competitors cannot match this.

Webull Fees

Webull offers commission-free trades of stocks and ETFs. They also offer free accounts with no subscription or payment required. Here are some of the details related to Webull’s fees (check their fee schedule for full details):

  • Trades of stocks and ETFs: $0 commission
  • ACH deposit: $0 fee
  • ACH withdrawal: $0 fee
  • Deposit via wire transfer: $8 per deposit
  • Withdrawal via wire transfer: $25 per withdrawal
  • Deposit via international (non-US) wire: $12.50 per deposit
  • Withdrawal via international (non-US) wire: $45 per withdrawal
  • Annual interest rate on margin accounts: 3.99% – 6.99%
  • Paper confirm fee: $2
  • Paper statements fee: $5
  • Paper prospectus fee: $2.50

About the Company

The Webull app is owned by Webull Financial LLC. The company was founded in 2017 (privately held) and the mobile app was launched in May of 2018. Webull is a registered broker-dealer with the SEC and a member of FINRA and Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). You can see more at FINRA’s BrokerCheck.

Is Webull Safe?

As was mentioned earlier, Webull is registered with the SEC and a member of FINRA and SIPC. The SIPC protects the securities of its members’ customers up to $500,000 (including $250,000 for claims for cash). Webull is also fully encrypted and uses bank-level security to protect user data.

Using any online stock trading platform or app does come with a small level of risk; however, Webull takes every necessary and appropriate precaution to protect its customers.

Pros and Cons

Like any other app or platform, Webull comes with some pros and cons. Let’s take a look.

Pros:

  • Commission-free trades of thousands of stocks and ETFs. This is the industry-standard these days, but Webull matches up with the competition in this area.
  • Fractional shares. Buy fractional shares of stocks and ETFs for as little as $5.
  • Buy and sell 25 cryptocurrencies. Some online brokerages support cryptocurrency and others don’t. Webulls support for crypto trading is on par with competitors like Public.
  • Free to set up and no minimum balance. When you combine this with the free trades and fractional shares, Webull is very attractive, especially for a beginner investor who may not be dealing with large sums of money.
  • Advanced reporting and tools for technical analysis. This is probably the feature that’s most significant in differentiating between Webull and competitors like Public and Robinhood. Investors will love the access to data that’s available from Webull. This data can go a long way in helping you to invest more effectively.
  • Retirement accounts. You can open a traditional IRA, Roth IRA, or rollover IRA.
  • Extended trading hours. Trade from 4:00 am – 8:00 pm on weekdays.
  • Free stock promotions. Sign up for Webull through our link and you’ll get a free stock for opening your account and another free stock for making any deposit.

Cons:

  • More suitable for experienced investors. With the advanced tools, Webull is less beginner-friendly than Public and Robinhood, while being more appropriate for experienced investors.
  • No joint accounts. All accounts with Webull (currently) are individual accounts without the option to create a joint account.
  • No custodial accounts. Webull does not offer the option to create a custodial account for minors.

Who is Webull For?

Webull is an excellent stock trading platform and investing app for anyone who wants to trade stocks, ETFs, options, or cryptocurrency. We feel that it’s best-suited for experienced investors who will use and value the advanced reporting and analysis tools offered. These tools make the dashboard of the app slightly more cluttered, so we feel that the ease of use of Public is better for beginner investors who aren’t likely to use the advanced tools offered by Webull.

However, new investors who are looking to get some practice will appreciate the paper trading or demo account options with Webull.

How to Get a Free Stock

Currently, Webull is offering two free stocks when you sign up through our referral link and fund your account with any amount.

You’ll get the first free stock (valued up to $300) for opening the account, and you’ll get the second free stock (valued up to $3,000) when you deposit any amount.

Commission-Free Trades
Get Two Free Stocks from Webull! Get Two 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 two free stocks when you signup through our link (use the button below) and deposit any amount.

Pros:
  • 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
Cons:
  • No joint accounts
  • No custodial accounts

Frequently Asked Questions

Who is the founder of Webull?

Webull was founded in May of 2017 by Wang Anquan, formerly of the Alibaba Group.

Who is the CEO of Webull?

Anthony Denier has been Webull’s CEO since July of 2017. Denier is a graduate of Columbia University and previously served as Vice President with ING and CEO of LXM Group, a privately-owned financial services provider.

Does Webull offer IRAs?

Yes, Webull now offers Traditional IRAs, Roth IRAs, and Rollover IRAs. Account-holders can make commission-free trades of stocks, ETFs, and options with the retirement account.

Does Webull offer joint accounts?

No, Webull does not currently offer joint accounts.

Does Webull offer custodial accounts?

No, Webull does not currently offer custodial accounts.

Is Webull better than Robinhood?

Webull offers more advanced reporting and analysis tools that make it a better option for experienced traders. However, new investors may prefer Robinhood‘s ease of use.

Is Webull really free?

Webull charges no fees for accounts and offers commission free trading. However, like all brokers, Webull must charge SEC, FINRA, and OCC fees ($5.10 for every $1,000,000 in proceeds for stocks and ETFs or $0.02 per trade.

Final Thoughts

Although there are many online brokerages and investing apps out there today, Webull stands out with a combination of commission-free trades and advanced analysis tools available on a mobile app or desktop.

Competitors like Public and Robinhood may offer a slightly better user experience for stock trading beginners, but Webull’s advanced tools are sure to appeal to any experienced and active trader. Traditional brokers like TD Ameritrade also offer advanced tools, but they don’t provide the same experience for mobile users. We hope this Webull review has helped you to understand if this is the best online brokerage for you.



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