Webull Review 2022: Overview, Pros & Cons

WeBull Overview

Webull is a technology-driven investment platform. He has IRA plans as well as regular brokerage accounts. Webull’s product line includes stocks, fractional stocks, exchange-traded funds, options and US certificates of deposit – certificates issued by banks for investors to gain exposure to foreign assets.

Main characteristics

Here are some of Webull’s most notable features.

Cost/Fees

Webull itself does not charge any account fees or commissions for trading stocks, ETFs or standard options. However, some regulators charge minor fees on buying and selling which are passed on to the base costs.

Index options – which track a particular market or sector – have fees per contract bought and sold. The amount depends on the chosen index. A full breakdown can be found on Webull’s website.

For deposits and withdrawals, there are no user fees for automated clearinghouse transactions from a US bank account. Domestic wire transfers incur an $8 fee, or $12.50 if international payment for deposits. Higher fees are charged for domestic and international wire transfer withdrawals – $25 and $45, respectively.

There is no fee for a client to transfer existing stock ownership to Webull, but outbound transfers incur a $75 fee.

Tools

Traders can take advantage of Webull’s full suite of tools, including relevant market data, real-time news, comprehensive charting solutions, learning resources and the ability to create hotkeys. Over 60 technical indicators, earnings infographics and alerts can also be configured.

Webull is also designed for multi-screen trading on desktop computers and has a paper trading platform for beginners. An added benefit is the ability to trade pre-market and in the market after hours.

Cryptocurrency

Webull gives users access to trading 41 cryptocurrencies. Webull operates cryptocurrency trading 23 hours a day, seven days a week. Due to scheduled account reconciliation and maintenance, users are unable to trade from 5:30 p.m. to 6:30 p.m. Eastern Time , every day.

All available cryptocurrencies can be purchased in USD. Options are more limited for New York residents, however, who can only buy and sell:

• Bitcoin (BTC)
• Litecoin (LTC)
• Ethereum (ETH)
• Bitcoin Money (BCH)
• Aave (AAVE)
• Basic Attention Token (BAT)
• Chain link (LINK)
• Synthetic (SNX)
• Bancor Network Token (BNC)

Webull states that there is no cryptocurrency account or trading fee, but a 100 bps markup is charged on every trade made by users. Another downside is that there is no specific crypto wallet available on Webull, and cryptocurrency transfers are not possible.

A few short steps are required to enable cryptocurrency trading on Webull. The process is as follows:

• Install or update to the latest version of the Webull app.
• Select the Webull icon.
• Choose “More”.
• Select “Crypto trading” to apply.

Mobile app

Webull is available for download on the App Store and Google Play, where it has been rated 4.7 stars and 4.4 stars respectively. It has all the same functionality as on a tablet, desktop or browser, so users can choose the type of device they want to use based on their preferences.

How does Webull stand out?

Webull offers courses for its members to educate them on financial products, and it has also incorporated paper trading. Additionally, Webull offers new users up to six free shares when they open an account and deposit any amount.

Comparable options

Here is an analysis of how Webull’s offering performs against some of its closest competitors.

Robin Hood

Webull and Robinhood offer zero-fee cryptocurrency trades and trades starting at $1. In addition to this, Robinhood offers early access to initial public offerings and allows users to generate additional income through stock lending.

More recently, both companies have started developing their own crypto wallets for decentralized applications and non-fungible token markets.

M1Finance

Webull and M1 Finance allow users to trade commission-free. However, M1 Finance also has checking accounts with a 1% annual percentage return and credit cards with up to 10% cash back, which Webull does not currently offer.

How to register

To create a Webull account, new users will need to visit its website or download the app from Google Play or the App Store.

The process requires filling in a few standard details from there. Typically, account approval is completed within 24 hours.

Who Webull is for

Webull is ideal for consumers who want to manage all of their investments from one place. This method is suitable for people who prefer to keep their other accounts used for different purposes, such as checking and savings, completely separate.

Final grip

Webull offers everything you expect from an investment platform. It has specialized in a handful of assets and trading tools to differentiate itself from its rivals.

Information is accurate as of June 27, 2022.

Editorial Note: This content is not provided by Webull. Any opinions, analyses, criticisms, evaluations or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise endorsed by Webull.