ACAT Fee For Transfers INTO Webull
Webull does not charge anything if you are transferring account to them. You can use a
promotion offer below to open an account and begin the transfer:
Open WeBull Account
Does Webull Cover Transfer Fee? (ACATS In)
Webull reimburses up to $75 of ACAT transfer fee charged by your current broker.
The transferred account balance must be $2,000 or more when transferring a brokerage account;
$5,000 or more when transferring an IRA account.
Webull Outgoing Transfer Fee (ACAT Out Fee)
Webull ACAT fee is $75 for a full account transfer (stock, option, and ETF positions). If you move your account to
TD Ameritrade,
they will reimburse this ACAT fee.
To learn how to transfer your Webull account to another broker, go to Transfer Webull to TD Ameritrade »
Open TD Ameritrade Account
Open TD Ameritrade Account
Webull Disadvantages
Are you looking for an ultra-low-cost broker? If so, you definitely need to check out Webull. Be
aware, however, that there are some weaknesses that this company has:
Lack of Investments
Most brokerage firms today, including many $0 commission brokers, offer a wide selection of tradable
assets. Webull, however, only offers stocks, American Depository Receipts, options, cryptos, and exchange-traded
funds. Four security types, and that’s it. Not even over-the-counter stocks are available.
By comparison, TD Ameritrade
(another $0 broker) provides trading in all of Webull’s smorgasbord plus mutual funds, forex,
futures, closed-end funds, warrants, OTC stocks, contracts for difference, fixed-income products,
and foreign stocks.
No Banking Features
Unlike a lot of other brokerage houses today, Webull has not added cash management features to its brokerage accounts. There are no checks, and forget about a debit card. Obviously, there is no FDIC insurance. Uninvested cash earns 0.00% interest.
Other brokerage firms do provide some or all of the features listed here. Fidelity, Schwab, and TD Ameritrade are a few examples.
Mobile App Lacks Important Features
During our testing of Webull’s mobile software, we found that it lacked quite a few important tools. For instance, the app doesn’t have mobile check deposit, which we consider a must-have for any financial app today. The Merrill Edge app, by comparison, does have it.
Also missing on Webull’s mobile app is video news. Bloomberg streams for free in high definition on Fidelity’s app. There is no Zelle transfer, PayPal transfer, or bill pay on Webull’s app, either.
Desktop/Browser Platform Fails to Deliver Needed Tools
Webull has one platform that is used as both a browser and a desktop system. That itself is a flaw because the desktop is supposed to offer more than the browser system.
On this piece of software, there are some good tools, and we’ll look at them shortly; but many features are missing, including Level 2 quotes, direct-access routing, and streaming video news.
Surprisingly, there is no ETF screener. Although there is a stock screener, there aren’t many search variables.
Charting on the platform only provides 10 technical studies. By contrast, thinkorswim has over 300. The order ticket has 2 duration choices. At other brokers, there are 3 or more.
Lack of Other Technologies
Webull traders don’t get to use a smartwatch app, a really nice piece of software that other brokerage firms (like Robinhood, a major Webull rival) do offer. Moreover, Webull doesn’t have a skill for Amazon Echo devices. Schwab has one. Webull doesn’t offer iMessaging, which TD Ameritrade does provide.
Minimal Stock and ETF Resources
The amount of research materials devoted to the stocks and ETF’s available at Webull is rather small. For example, Webull does not provide any third-party equity reports. By contrast, Fidelity offers more than 10 for every major stock.
There is no fund or stock center on its website. At E*Trade, we found website sections devoted to these investments. There are news articles, market movers, recommended trades, and more.
Updated on 9/30/2022.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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