Webull is a brokerage platform that offers $0 per trade for stocks, ETFs, and options, making it an appealing choice for those interested in stock trading and stock market trading. It provides a variety of investment options, including stocks, ETFs, options, cryptocurrencies, commodities, and futures, catering to the needs of both beginner and intermediate investors.
Webull sets itself apart with its mobile-first design, advanced charting tools, and extended trading hours from 4:00 AM to 8:00 PM ET, appealing to active traders seeking trading strategies and tools. While its research and educational content may be limited compared to some competitors, Webull offers features like paper trading, voice commands, and access to IPOs and OTC stocks, making it a compelling choice for those seeking a user-friendly trading platform.
Webull’s Standout Features
User Experience and Design
Webull provides an excellent user experience across all devices with crisp layouts, easy configuration, and great graphic design. The mobile app is sleek and user-friendly, with great charting capabilities, while the web and desktop platforms have a similar look and feel, with smooth performance and good charting tools.
Zero Commission and Low-Cost Trading
- Webull offers zero commission options trading and low-cost micro futures at $0.25 per contract.
- It charges no commissions for trading stocks, ETFs, and stock options.
- Webull recently launched commission-free trading in commodities and futures.
Fractional Shares and Paper Trading
Beginners can use simulated (paper) trading and invest in fractional shares, allowing them to practice strategies without risking real money and gain exposure to expensive stocks with smaller investments.
Investment Products
| Supported | Not Supported |
|---|---|
| Stocks | Mutual Funds |
| ETFs | Forex |
| Crypto (via Webull Pay) | Bonds |
| Options | |
| Futures |
Webull offers stocks, ETFs, crypto, options, and futures, but does not support mutual funds, forex, or bonds.
Competitive Pricing
- Webull’s futures trading is very competitively priced, with E-Mini contracts at $0.70 and Micros at $0.25.
- It charges a $2.99 per month fee for Level 2 data access.
- Webull’s Smart Advisor robo-advisor service has a 0.20% annual advisory fee.
Account Types and Promotions
- Webull has a $0 minimum deposit to open an account.
- It offers brokerage accounts and retirement accounts (traditional, Roth, and rollover IRAs).
- Webull has promotions and bonuses, including up to 4.5% in matching IRA funds and up to 12 free stocks valued up to $30,600.
Additional Features
- Webull offers a paperTrade feature for paper trading to test strategies without risking real money, as well as advanced charting tools.
- It provides Level 2 Quotes and NBBO for detailed market insights, as well as extended trading hours (pre-market 4 AM-9:30 AM ET, after-hours 4 PM-8 PM ET).
- Webull’s platforms (mobile, web, desktop) are accessible to all users, and the platform includes a community for sharing trading ideas and educational resources.
Investment Products and Services
Trading Products
Webull offers a diverse range of trading products to cater to various investor needs. Here’s a breakdown of the investment options available on the platform:
- Stocks, ETFs, and Options
- Webull allows trading in stocks, exchange-traded funds (ETFs), and stock options, including index options.
- It charges no commissions for trading stocks, ETFs, and stock options.
- Futures
- Investors can trade futures contracts on indices, cryptocurrencies, foreign exchange (FX), gold, and more.
- Cryptocurrencies
- Webull provides access to trade cryptocurrencies through its Webull Pay feature.
- Over-the-Counter (OTC) Stocks
- Webull supports trading in over-the-counter (OTC) stocks.
- American Depositary Receipts (ADRs)
- Investors can trade American Depositary Receipts (ADRs) on Webull.
- Commodities
- The platform offers trading in various commodities.
Investment Services
In addition to trading products, Webull offers several investment services to enhance the user experience:
- Margin Trading and Fractional Shares
- It provides margin trading capabilities and allows investors to purchase fractional shares.
- Cash Management
- Investors can earn a 5.0% annual percentage yield (APY) on their uninvested cash through Webull’s cash management feature.
- Robo-Advisory
- Webull Smart Advisor is the platform’s robo-advisory service, offering automated investment management.
- Recurring Investing
- Investors can set up recurring investments to automate their investment process.
- Retirement Accounts
- It supports traditional, Roth, and rollover individual retirement accounts (IRAs).
Limitations
While it offers a diverse range of investment products and services, it does have some limitations:
- IT does not offer open-end mutual funds or fixed-income products like bonds.
- It charges a $0.55 per contract fee for non-equity options.
- Compared to full-service brokerages like Fidelity, Webull lacks certain investment options.
Overall, Webull’s investment offerings are better suited for analytical, data-driven investors rather than those seeking a simpler trading experience like Robinhood.
Fees and Account Details
Commission and Trading Fees
Webull charges zero commissions for trading stocks, ETFs, and options. However, it imposes a $0.55 per contract fee for certain options trades. Additionally, Webull passes through the following regulatory fees:
- Regulatory Transaction Fee: $0.000008 * Total Trade Amount (Minimum $0.01), charged on sell transactions only.
- FINRA Trading Activity Fee: $0.000166 per share for each sale of a covered equity security (Maximum $7.27 per trade).
Other Potential Fees
Webull may charge additional fees for specific trading activities, such as:
- Over-the-Counter (OTC) Securities:
- Low-Priced Securities (under $1.00/share, over 100,000 shares): $0.0002 per share (Maximum 5% of principal value)
- F-Stocks (foreign settlement): Buys – $5.00 per trade, Sells – $0.05 per trade
- Illiquidity Charge: Additional fees and interest may be charged for trades that trigger an NSCC illiquidity charge
- Account Transfers:
- Transfer to Webull: $0.00, contact contra broker for details
- Transfer from Webull: $75 per outgoing stock transfer, contact contra broker for details
Margin Trading and Interest Rates
Webull does not charge margin interest or short selling fees for intra-day trading, but regulatory, exchange, and option contract fees may apply. The margin interest rates range from 9.74% for $0-$25,000 to 5.74% for over $3,000,000.
Other Fees
- Webull charges an $8 fee to deposit money by wire.
Account Protection and Minimums
- Webull accounts are protected by SIPC coverage up to $500,000 (including $250,000 in cash).
- Webull’s clearing firm, Apex Clearing, has additional insurance coverage up to $150 million.
- Webull has a $0 account minimum and $0 per trade for stocks, ETFs, and equity options.
Data and Platform Fees
- Webull charges for Level 2 quotes and real-time options data unless users meet certain trading activity thresholds.
- Webull requires a $2,000 equity requirement to use margin.
Conclusion
Webull offers a comprehensive trading platform designed to cater to the needs of active traders and investors. With its intuitive user interface, advanced charting tools, and extended trading hours, it provides a seamless experience across devices. While Webull excels in commission-free trading, a diverse range of investment products, and competitive pricing, its research and educational resources may be limited compared to some competitors.
Ultimately, Webull’s suitability depends on an investor’s specific needs and trading style. For those seeking a user-friendly platform with robust trading capabilities and a wide array of investment options, Webull could be an attractive choice. However, for those seeking more comprehensive research and educational resources or a more traditional brokerage experience, exploring other options may be advisable.
