Webull Review and Tutorial 2021

Flag Traders in United States welcome
Webull Facts & Figures

Webull offers a leading online stock trading app with low fees and generous bonuses.

BonusTwo free stocks joining bonus
InstrumentsStocks, ETFs, options, cryptos
Demo AccountYes
Min. DepositNo minimum
Pay MethodsWire Transfer
Min. Trade0.01 lots
Regulated BySEC & FINRA
MetaTrader 4No
MetaTrader 5No
cTraderNo
ECN Account
DMA Account
Mobile AppsYes
Auto TradingNo
Social TradingNo
Copy TradingNo
Trade SignalsNo
Islamic AccountNo
Forex

Trade on a handful of the most traded currency pairs with leverage.

GBPUSD SpreadFloating
EURUSD SpreadFloating
EURGBP SpreadFloating
Assets11
Cryptocurrency

Webull offers trading on popular cryptos such as Bitcoin against the US Dollar.

SpreadFloating
CoinsBTC, BCH, ETH, LTC, DOGE, XLM, EOS, TRX, XMR
Risk Warning – Your capital is at risk

Webull is a broker-dealer that offers trading on stocks, options, ETFs, and ADRs. Our review discusses the quality of the brokerage and examines its free stock promotion, paper trading mode, desktop app, and fees. We also look at Webull compared to other popular brokers like Robinhood and E-Trade.

Webull Details

Webull Financial LLC is a US-based firm founded in 2017 with headquarters in New York City. Its CEO is Anthony Denier and a Chinese company named Fumi Technology is its parent corporation. The company has a global presence and is available in the United States. The broker is also available to non-US citizens in a number of countries.

This firm is regulated by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Trading Platforms

Customers can begin day trading after sign up and login. The broker-dealer has an own-brand trading platform available as both a desktop download and a web-based solution.

Desktop Platform

The most recent platform software, Webull Desktop 4.0, is available on the broker website for Windows 7 and above, along with Mac. The desktop app download is free and features the following:

Webull desktop platform
Webull desktop platform

Traders can place limit, market, stop-loss, stop-limit, and stop-loss/take-profit order types. Desktop users can also set up hotkeys or keyboard shortcuts to perform a specific action and save time when trading. Additionally, clients can use Quick Trade, a set of tools that assist in entering order parameters, for extra convenience.

Web Platform

The Webull Web Platform app can be accessed directly from the broker website. It offers:

Webull investing platform
Webull investing platform

How To Use The Platform

How To Read A Webull Chart

Traders can change the time range and intervals in the Stocks tab on the platform. Various time frames and graphing options are available, such as a 2 minute, 1 day or 200 day moving average chart. Traders can access a wide range of drawing tools and line styles to suit their strategy.

How To Do A Stop Loss

This order type is found in the Regular orders section. From the Positions tab in the platform, select the trade you wish to close and input your stop price under the Stop-Loss heading.

How To Use Take Profit

To use this Advanced order type, ensure the Take Profit/Stop Loss button is toggled and find the position you want to close. Then add your price limits under the relevant headings and click Place Order.

How To Short

Clients can short stocks on Webull if they have a margin account with a net value of $2,000 or higher. Use the Watchlist tab to find your stock of interest and look for the blue downward arrow, which tells you that shorting is available. Then click the Trade icon, tap Sell and fill out the relevant boxes to submit the order.

How To Buy Stock

Find the stock you would like to purchase on Webull using the search bar or using the stock screener integrated into the platform and click Trade. Select either a limit or market order, then input a price and quantity plus the time you wish the order to be in force for. Note the broker offers either Good ‘Til Cancelled (GTC) or Day options for time-in-force.

How To Day Trade

Clients can day trade on Webull, but should note that users with a net account value lower than $25,000 are limited to three day trades in five business days. Those with more capital have unlimited day execution.

To make trades, clients must have Buying Power. This is the total amount held in the traders’ brokerage account, plus the available margin. Users may get Instant Buying Power if they have deposited funds that are not yet settled, but this could produce a negative cash balance as borrowed funds are being used for trading.

Customers may have zero or negative crypto buying power if they are trying to trade on margin, which is not possible with this asset, or they have insufficient funds (i.e. an account value below $25,000). Traders may incur a Good-Faith Violation if stocks bought with unsettled funds are liquidated.

Webull provides basic market data for all users, although the majority of quotes are on a 15-minute delay. They offer advanced quotes on several data feed products that are available on subscription. Note that from 2020, Webull no longer shows market data for the London Stock Exchange.

How To Close

Traders can use a market, limit, stop, or stop-limit order to close a position on Webull.

Note the broker does not have an official API and clients using a VPN to open an account in a non-supported country are not likely to be successful.

Assets

Webull offers the following markets to trade:

Spreads & Commission

Webull offers zero commission trading and does not charge an inactivity fee. It makes revenue on margin interest, which starts at 7% annually for traders with a debit balance of $25,000 or less and decreases to 4% for clients with $3,000,000 and above.

Cryptocurrency trading on instruments such as Bitcoin do not incur any fees. Traders can, however, expect daily short selling fees, with pricing dependant on the market value of the borrowed shares and the stock loan rate. Small transaction and regulatory charges are also debited to the client for each trade by agencies such as the U.S. Securities and Exchange Commission.

Leverage

Users can access leverage, and utilise up to 1:4 (4x) day-trade and 1:2 overnight buying power using a margin account. Note that users must have at least $2,000 to be approved. Clients should always be aware of the risks associated with leveraged trading before opening an account.

Mobile Trading

The Webull APP offers advanced order types such as stop loss/take profit and OCO, plus the option to subscribe to Level 1 and Level 2 market data. Our review learned that the app also responds to voice prompts such as ‘buy’ and ‘sell’, allowing traders to place orders with voice commands only. Costs on the mobile solution are the same as on the desktop terminal.

Webull mobile trading
Webull mobile trading

Payment Methods

Clients have no minimum deposit requirements on any account type. Customers should visit the Help Centre to learn how to deposit and withdraw from Webull. Traders cannot increase the instant deposit limit they receive on Webull, as it is set in relation to many factors like payment amount, cash balance, and client credit score.

Traders with a US bank account can either use wire transfer or set up an ACH for deposit – note that ACH is free but capped at $50,000 per day, whereas wire allows larger transfers but charges $8 per transaction. For withdrawal, wire transfer involves a $25 fee per transaction. Members with non-US banks can expect to pay $12.50 per deposit and $45 per withdrawal for international wire.

Demo Account

Webull provides a paper trading environment for US stocks within their platform. This practice account allows prospective customers to demo the trading platform and is funded with $1 million in virtual money. If the platform is not working or keeps crashing, contact the support team using the details below.

Webull desktop trading platform
Webull demo trading

Webull Bonuses

How To Get Two Free Stocks On Webull

Our review found that Webull current advertises a sign up joining bonus in which clients receive one free stock (value $2.50-$250) when they open an account, and a second free stock ($8-$1600) after it is funded with a $100 deposit or more. Clients wondering how to claim their free stock should note that they can only be received on the mobile app and may take up to 10 business days to clear.

Webull also currently promote a user-targeted tiered deposit bonus which offers 10, 25, or 35 free stocks when clients fund their account with $10,000, $25,000 and $100,000 respectively. The broker has also previously run referral link schemes where traders get 6 free stocks after successful sign-up.

Level 2 Advance Free For Three Months

Webull offers Level 2 Advance, a premium feed for market data powered by NASDAQ TotalView, at a monthly price of $1.99. The firm currently advertises three months free subscription to this service for all registered users.

Regulation

Webull is regulated by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The broker-dealer is a member of SIPC, which protects client’s assets up to $500,000. Note that cryptocurrency is offered through a different entity and is not protected by this scheme.

Supported countries include China, Malaysia, Turkey, Japan, India and Korea. The broker is not offered in some countries in Europe such as Germany, or to residents in Kenya, Zambia, Nigeria, Ireland, Kuwait, or New Zealand. The broker also cannot be used for trading in the UK, or ISA accounts.

Additional Features

Webull runs a News Centre with market and stock updates, along with an IPO hub that details the latest information on recent filings, earnings, and dividends per share. The broker also hosts a YouTube channel with tutorial videos and has an active Twitter account that runs gift card giveaways. The website also offers 101 trading tips.

Webull advancers and decliners
Webull advancers and decliners

The dealer is a large firm often compared to other popular brokerages in online reviews, such as Webull vs Robinhood, Etoro, TD Ameritrade, Trading 212, Freetrade and ETrade. In particular, Webull is considered to have a better trading platform, tools, and research capabilities compared to Robinhood.

Account Types & Information

Cash Account

Clients opening a Webull Individual Brokerage account should know the difference between a margin vs cash account. In cash accounts, the customer pays in full for whatever assets they purchase. Members cannot day trade, use leverage, or short sell with a cash account.

Margin Account

In margin accounts, the client can utilise leverage to buy more securities. Customers with less than $2,000 in funding are limited to 3 day trades in 5 days and cannot use leverage or short sell. Those with between $2,000-$25,000 are also limited in their day execution, but can margin trade and short sell. Investors with over $25,000 have unlimited day trading.

Note that clients can create two Webull brokerage accounts, one cash and one margin, plus an IRA. Stocks and ETFs can be traded in IRAs and customers can move their assets into this account type directly from their 401k.

Webull does not currently support joint or international account types.

Benefits

Drawbacks

Trading Hours

Webull offer extended premarket (4:00 am to 9:30 am) and after hours (4:00 pm to 8:00 pm) trading, but only limit orders can be used at these times. There are no additional trading fees during these extra market hours and the firm has a scanner for top gainers and losers in these periods. Clients can also enjoy 24/7 trading on cryptocurrencies.

Customer Support

Webull provides 24/7 online help and hosts an extensive webpage on frequently asked questions. How best to contact support depends on your query – traders can close their Webull account using instructions in the FAQs, or can use these details for other support:

The support team can help if you get ‘error loading data messages’ or if the platform keeps logging me out.

Security

Webull uses physical and electronic safeguards to ensure the security of client data. Customers are asked to create a six-digit trading password on sign-up and may also choose to set up 2-factor authentication for additional account protection.

Webull Verdict

Webull is a legit broker-dealer based in the US offering stock and ETF trading alongside options and crypto on desktop, web or app platforms. The firm has no minimum deposit or commission fees plus a free stock promotion and a paper trading account. This firm would be a good choice for many beginners and more advanced traders looking to widen their portfolio and start investing in the stock market.

Accepted Countries

Webull only accepts traders from United States, India, Brazil, Turkey, Philippines, Malaysia, Japan, China, Korea.

FAQ

What is Webull?

Webull is a broker-dealer based in New York City that offers trading in stocks, ETFs, options, and cryptocurrency in the US and other selected countries.

Is Webull good for day trading?

A Webull Individual Brokerage margin account allows day trading, but this is limited to 3 day trades in 5 business days for those with less than $25,000 deposited. The broker appears to be legitimate and offers an own brand trading platform as a desktop program, browser solution, and mobile app.

What is buying power on Webull?

Buying power is the amount of cash held in the client account added to all available margin. These are the funds that the trader can access to buy securities.

Does Webull have Level 2 market data?

Webull offers Level 2 market data on subscription. This offer is powered by NASDAQ TotalView and termed Level 2 Advance, at a cost of $1.99 per month.

Is Webull a direct access broker?

Webull does not offer direct market access. See the broker details for more information around its trading model.

Can you buy XRP on Webull?

Currently, XRP is not offered by this broker. Webull allows trades in BTC, BCH, ETH, LTC and others.

How do I contact Webull?

Traders can reach Webull support 24/7 online or using the mobile app. Alternatively, clients can contact the firm by telephone or email on +1 (888) 828-0618 and customerservices@webull.us

What time does Webull close?

Normal trading hours for stocks cease at 4:00 pm, but extended market hours continue until 8:00 pm. Cryptocurrency trading does not close, and runs 24/7.

Is Webull better than robinhood?

What’s better out of Robinhood or Webull will depend on individual preference. Which one is a better trading platform depends on the assets you want to trade and the analysis tools you need. It could be worth a demo account to see which one you’d prefer.

Webull offers a leading online stock trading app with low fees and generous bonuses.

Webull vs Other Brokers

Webull vs