There are a lot of online trading platforms out there, but if you are in search of the best platform to invest your money and also have a zero commission on stock trading, Webull is one of the best platforms to go to.
Webull is an online brokerage. It allows investors to trade stocks, options, and ETFs. Webull supports extended-hours trading. Also, you don’t have to be a professional stockbroker before using the platform.
Now, I know you will be wondering if Webull is legit or a scam
Well, you are not wrong by having that kind of thought, as it involves you investing your money. Not to worry, our Webull review will show if it is legit or a scam and how they work.
In addition, Webull gives you an easy-to-use graphical interface that lets you watch the market, and the performance of specific stocks, either from your desktop or a mobile device.
So, stay with me till the end of our Webull reviews because I will show you all you need to know about Webull.
But before we continue, you can go through the table of content below for an overview of what to expect in this article.
About Webull?
Webull is a US-based Fintech startup offering zero-fee or discount brokerage services. The company was founded in 2017 and is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Webull is regulated by top-tier financial authorities and provides a maximum of $500,000 investor protection, including a$250,000 limit for cash under the Securities Investor Protection Corporation’s (SIPC) protection scheme, This is the reason why it is considered safe.
In addition, it offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading, and short-selling.
Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit.
Webull is widely considered one of the best Robinhood alternatives.
How Does Webull Work?
Webull allows investors to set up stock trading accounts online so they can buy and sell stocks and other securities from the comfort of their home or on the go.
This platform can be accessed on smartphones and desktop devices. Webull reviews show that they offers different account types.
For trading, the broker offers cash and margin accounts — investors can open one or both. A Webull margin trading account allows you to access loans toward securities purchases.
In addition to the trading accounts, they offer an IRA account, that supports Traditional, Roth, and Rollover retirement savings plans. But first as an investor you must open a Webull trading account to create an IRA.
Furthermore, you might have to pass an approval process before you can trade options on Webull. Also, Setting up a Webull account only takes a few minutes.
The broker uses an automated approval method. Webull lets investors transfer stocks from their old broker to their new Webull account.
For more information, you can go to the website by clicking on the click below.
Webull Reviews: What Are The Features Of Webull?
Webull as an online broker provides all their own services in one proprietary trading platform that is user-friendly and has a range of integrated, advanced and intelligent tools and services.
There’s no shortage of investment apps out there. So, here are some of the Webull features that will probably make you love them.
Wubell Reviews: Wubell Commission And Fees
Webull doesn’t charge any commissions for trades or to open and maintain an account. But only requires you to pay SEC and FINRA fees, which you would pay with any other brokerage, including Robinhood.
You’re expected to have a minimum of $2,000 in your account to trade on margin. Also Webull offers a free stock promotion in which you and someone you refer to Webull could receive 1 share of stock worth up to $1,000.
However, below is the table that shows applicable margin rates for a set of dollar account balances.
| Dollar Range | Margin Rate |
| $0 to $25,000 | 6.99% |
| $25,000.01 to $100,000 | 6.49% |
| $100,000.01 to $250,000 | 5.99% |
| $250,000 to $500,000 | 5.49% |
| $500,000.01 to $1,000,000 | 4.99% |
| $1,000,000.01 to 3,000,000 | 4.49% |
| >$3,000,000 | 3.99% |
Webull Reviews: What Are The Types Of Webull Account?
Webull supports two types of individual accounts which are cash and margin. Each user can have one of each. If you already own one kind, you will need to create a new login before applying for the other.
While IRA support Traditional, Roth, and Rollover IRAs. Each user can open one IRA. You must have an individual account before creating an IRA.
The account types differ in terms of the minimum deposit required and the availability of leverage, day trading and short selling.
What Are The Requirements Of Opening Webull Account?
To be able to open an account with Webull, you are generally required to provide proof of identity and proof of residency like SSN, passport, national ID card, and driver’s license
How Can I Open An Account With Webull?
Webull account opening is fully digital, easy, and fast. Their account was verified within one business day.
Therefore, you can open your Webull account on the web, desktop or mobile platform. Below are steps on how to open an account.
Webull Reviews: Pro and Cons Of Webull
| Pros | Cons |
|---|---|
| Strict Regulation | The platform is for U.S. client only |
| Securities Investor Protection Corporation (SIPC) | Limited leverage |
| Commission-free trading in over 5,000 different stocks and ETFs | Limited funding option |
| Thousands of different instruments for trading | No trading in options, mutual funds, bonds, or OTC stocks |
| There are no account maintenance fees or platform fees. | No online chat customer support |
| Intuitive trading platform | |
| Technical and fundamental analysis tools | |
| Offers margin without a subscription (unlike Robinhood with their Gold membership) |
Webull Reviews: Webull Vs Robinhood
Webull and Robinhood both leverage the underappreciated market of millennial traders, but which app provides the most bang for the figurative buck? Let check from the comparison we did after we research.
| Webull | Robinhood | |
|---|---|---|
| About | Webull is Webull is an online brokerage similar to Robinhood. It allows investors to trade stocks, options, and ETFs. Webull supports extended-hours trading. | Robinhood is an investment platform that offers commission-free trades with a $0 account minimum required. The goal is to make it easy for even novice investors to get started. |
| Best For | 1.Active traders 2. Intermediate traders 3. Advanced traders | 1. Beginner traders 2. Mobile traders |
| Platform and Tools | Webull’s platform is like Robinhood on steroids. The platform is easily navigated with a low learning curve. | Robinhood’s platform is simple and sleek but does leave a lot to the imagination compared to Webull. |
| Commission and fees | Webull has no fees or commissions on any stock or ETF trade. | Robinhood is also commission-free on all trades, including options and cryptocurrency trades. |
| Security | Webull is a registered broker-dealer and customer accounts are SIPC protected. In addition, Apex Clearing has an insurance policy for up to $37 million in securities and $900,000 in cash. | While, Robinhood went the official broker-dealer route. Customer funds are protected by SIPC insurance and Apex’s additional policy. |
| Customer Support | Webull shows a large collection of FAQs to help customers find answers. Customers also get phone and email support and responses come fairly quickly. | Robinhood also has FAQs and email, but no phone support. Getting responses from Robinhood support can take a while, too. |
| Ease to use platform | Webull takes a little longer to get used to because there’s a lot to unpack. Technical trading indicators can be intimidating to the novice trader, so be prepared for a learning curve. | Robinhood is one of the best investing apps for the inexperienced trader. The app is sleek and the interface takes no time at all to learn. |
After reading through the comparison between Wubell and Robinhood in this review, you can choose that best suits your investment plan when it comes to how easy it is to use, security, commission, and fee, etc.
Is Webull Legit Or Scam?
I know that no investor wants to be a victim of a scam. That is the reason why many investors want to know if Webull is safe and legit.
Well, as far as Webull is a member of the FINRA and SIPC. The SIPC membership means that Webull customer accounts are protected up to $500,000 against loss of cash and securities if the brokerage fails.
The FINRA safeguards market integrity, so investors can participate in the market with confidence. Also, Webull is SEC regulated. So, with all this, I think Webull is legit.
CONCLUSION
If you only trade U.S. stocks and ETFs as a U.S. citizen, Webull can be an excellent choice for you. You can access the stock and many other markets with the touch of a screen or click of a mouse.
The platform’s charting abilities are more than adequate for many traders using technical analysis, with over 22 technical indicators.
The platform’s news feeds and analyst evaluations will also give you considerable fundamental information for both investment and trading analysis. This Webull review will give you every information and help you need to start.
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