Webull Review (Short Description) : In this we have reviewed and explained what is Webull, what services you get here, tools provided by webull, deposit amount and pros and cons of the trading platform.
What is webull?
Webull is a latest US-based fintech startup focusing on zero commission trading. Most of the competitors offer services for which they charge a few amounts. But Webulls’ zero commission policy is giving it an ace in the competition.
Webull is majorly focusing on technical traders, it has provided large technical analysis for its users looking for trade stocks. If you open a an account, they will give you two free gifts of stock. They are registered member of FINRA and SIPC. This is a privately owned company founded in 2016.
Webull launched its app back in 2018. The clearing house of company is Apex Clearing Corporation. They have created Webull with the view that everyone has equal opportunity to control their own financial future. Webulls’ majorly strive to provide real time market data, analysis tool and trading commission completely free.
Webull is regulated by a top tier financial institute, hence it is considerably safe to deal in trade with this one. One can easily open an account via their website Webull.com or through their mobile app. It takes mostly one hour to approve your application. Sometimes it may take longer to approve your profile due to some verification reason, but it’s completely normal you can contact them if you need any further clarification.
What do you get ?
Most of the features related to brokerages are free in Webull. It provides news, real time data, analysis tools and trading commission all for free. For the beginners who want to know how apps work will open a demo account to know its working.
Research tools :
- Press Release
- Historical EPS
- Revenue Data
- Financial Calendar
- Trend Analysis
- Desktop Platform Overview
- Desktop Platform Features
- Quote Data
This is one of the most unique features of Webull. The community is an organisation which provides real time data on their feed. Users can comment and post their reaction to the price movement. Users can also make predictions on the movement of price, if they get the correct prediction they will be awarded with points. They can use these points to purchase Webull products.
Webull provides a user friendly mobile application. It provides graphs, charts and data in the easy to interpret format. Usage is so easy that new traders can easily find what they are looking for. They tried to provide a mobile UI a little bit the same as the desktop or web version.
Do they charge any fees?
In terms of brokerage charges Webull is free of cost, but a little bit of commission is charged by SEC and FINRA. Charging for transfer is a normal thing with all the trading platforms. This doesn’t cost anything on normal bank transfer but your bank may charge you. Wire transfer will charge $25 for domestic and $45 for international.
Is Webull safe?
To check the safety of brokerage you should check the background of the broker you’re dealing with. But in case of Webull, all customers of are covered by Financial LLC and the US investor protection scheme called the Securities Investor Protection Corporation (SIPC).
The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash.
Account type :
Webull offers only individual cash and margin accounts.
Webull minimum deposit :
No deposit is required or we can say $0 is required to open a an account. The only limitation is that it uses only the US Dollar as base currency.
Webull only provides a demo account, it doesn’t provide additional data to learn new things just like others do.
|User friendly||Poor phone support|
|Free stocks, equities and options||No live chat|
|Fast and easy account opening||Only bank transfer for deposit/withdrawal|
|Doesn’t charge any commission||Limited products|
|Great trading platform||Hire wire transfer cost|
Customer Service :
Webull does not have any customer service facility till 2020. It will improve its services in 2021, but currently it offers email support, live chat support and limited phone support.
Is Webull legit or scam?
Yes! It is a legit platform regulated by the top tier financial institute of the US. Along with this the Webull committee provides its customers with a protection package of $500,000. And as they allowed you with the option to open an account with min. deposit, hence, you can easily check the potential and credibility of the platform.
Bottom line :
Webull is easy to use. You can easily trade free US stocks, ETFs and options. The account is fast and easy to open. User friendly user interface of website as well as mobile app. The drawback it has is that it provides limited products to invest in and poor customer service.