|
Webull vs Firstrade (2024)
Firstrade or Webull: which is better? Compare investing accounts, online trading
fees, stock broker extended hours, and differences.
|
Webull vs Firstrade Comparison
Which broker outperforms the other, Firstrade or Webull? Firstrade has more available securities;
while Webull is the top dog for software.
Cost
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
WeBull
|
$0
|
na
|
$0 per contract
|
$0
|
$0
|
|
Firstrade
|
$0
|
$0
|
$0 per contract
|
$0
|
$0
|
Services
| Broker Review |
Cost |
Investment Products |
Trading Tools |
Customer Service |
Research |
Overall Rating |
|
WeBull
|
|
|
|
|
|
|
|
Firstrade
|
|
|
|
|
|
|
Promotions
Webull:
Up to 40 FREE fractional shares when you make a deposit at Webull.
Firstrade: Get 2% IRA match and up to $250 in transfer fee rebate.
Webull Pros and Cons
Webull delivers the following perks for its clients:
- Updated desktop software
- Unbeatable commission schedule
- Free stocks
- Fractional shares
But Webull fails in these areas:
- Limited selection of securities
- Only a few account types
Firstrade Pros and Cons
Investors choose Firstrade for:
- Large mutual fund offering
- Trade bar on its website
- Discrete options trading platform
But Firstrade comes with these weaknesses:
- Limited software
- Customer service has been curtailed
Available Investments
Before picking a brokerage firm, you probably will want to know what assets the place actually offers. After all, if you plan to buy mutual funds, and the broker doesn’t offer them, you made the wrong choice.
Firstrade customers can buy and sell these assets:
- Stocks
- Fixed income
- Mutual funds
- Exchange-traded and closed-end funds
- Option contracts
Firstrade’s stock offering includes access to the over-the-counter market.
Webull's list:
- Equities (excluding OTC stocks)
- ETFs and closed-end funds (but no mutual funds)
- Options
- Bonds
- Futures
Winner: Firstrade
Education
Webull’s website has a very good FAQ section that will answer many questions new customers will have. A search field is located at the top of the page, and this makes searching through all the questions quick and easy.
Stock profiles on Webull’s trading platforms deliver many important details, such as:
- Analyst ratings
- Price targets
- Global index data (but not trading in global assets)
- News articles
- Heat maps
- Financial statements
Although Webull does have a stock screener, the tool doesn’t have many search variables. Moreover, the broker-dealer doesn’t have a fund screener, a major faux pas.
Firstrade does have a fund screener. Actually, it has two of them, one for ETFs and another for mutual funds. Both are easy to use and offer many search variables. Ditto for the broker’s stock screener.
Security profiles on Firstrade’s site are taken directly from Morningstar’s website. This results in a similar experience that you would get surfing through Morningstar.com. The result is a lot of information, including:
- Commentary
- Price target
- Financial statements
- Return history
- Dividend history
- Valuation metrics
For general investment education, Firstrade has articles and a few videos on basic trading topics.
Winner: Firstrade
Website Trading
Webull’s website now has a login (something it previously didn’t offer). There are limited stock profiles, account management tools, and zero trading capability. The firm does offer a browser platform that pops out into a new tab. Here, you’ll find:
- Trading ticket with 5 order types
- Bracket orders
- Watchlists
- Simulated trading
- Charting with several tools
Firstrade doesn’t have a browser platform. But that doesn’t mean it underperforms Webull in this category. After logging into the broker’s site, you’ll find a very capable trade bar sitting at the bottom of the screen. The software doesn’t offer bracket orders, but there are 6 order types and security analysis (in limited form).
Charting on Firstrade’s site is now available in two formats: Morningstar’s and TradingView’s. The latter option can be done in full-screen mode with a hundred technical indicators and several drawing tools.
Winner: Tie
Desktop Software
If you don’t care for Webull’s browser platform, you should check out its desktop program. The latest release is version 4.1.3. The software is similar to the browser platform, but offers these advantages:
- Active trade ticket with color-coded trade buttons for quick order entry
- Level II quotes
- Net Order Imbalance Indicator
- 25 technical indicators (the browser platform has just 10)
- Widgets window
Many features found on the browser system are also available on the desktop program. These include paper trading, watchlists, and margin details.
Firstrade has no desktop platform, so there’s nothing to report on here.
Winner: Webull
Mobile Apps
Although Firstrade fails to deliver a desktop platform, it does have a capable mobile app. Because it has Touch ID, logging in is a breeze on Apple devices. Firstrade’s mobile app boasts the following features:
- Multiple watchlists with pre-installed ones
- Order ticket with trailing orders
- Discrete short button
- Horizontal charting with 7 display styles
Webull’s app also has Touch ID. One feature it has that Firstrade’s app doesn’t is a demo mode that allows for practice trading. Other highlights include:
- Multiple watchlists
- Horizontal charting with dual charts and replay mode
- Level II data
- Extended hours
- Bracket orders
Webull’s app also has a community forum, something we looked for but couldn’t find on Firstrade’s app.
Winner: Webull
Options Trading
Although both brokerage firms offer trading in derivatives, software tools do differ quite a bit. Webull provides chains for calls and puts on all of its platforms. Notice that we said “calls and puts.” There are no spreads, and there is no ability to create your own strategy in a trade.
Firstrade’s website offers chains for calls and puts plus multi-leg strategies like straddles and calendars. Moreover, Firstrade customers can use OptionsPlay, a user-friendly software platform that helps users find derivative trades.
For example, you can input a stock symbol, select whether you’re bullish or bearish on the stock, and then the software will suggest option trades. An order ticket will be automatically filled, and there are profit-loss diagrams to provide quick maximum and minimum trade values.
Both brokers offer Greek values for free.
Winner: Firstrade
Miscellaneous Services
Dividend reinvestment program: Offererd at both firms.
IRAs: Retirement accounts are available at both brokerage houses in this examination. Firstrade offers both SEP and SIMPLE IRAs, which are missing in action at Webull.
Automatic mutual fund investing: Firstrade offers this convenient service.
Winner: Firstrade
Our Recommendations
Stock/ETF trading: We very much like Webull’s latest desktop software, and this is where you want to trade stocks and ETFs, especially if you’re day or swing trading.
Beginners: Webull is the only broker in this review to offer simulated trading on its software. We pick Webull.
Small accounts: Either Firstrade or Webull.
Long-term investors and retirement savers: Firstrade has the edge here with several IRA types and its (very extensive) mutual fund offering.
Promotions
Webull:
Up to 40 FREE fractional shares when you make a deposit at Webull.
Firstrade: Get 2% IRA match and up to $250 in transfer fee rebate.
Webull vs Firstrade Judgement
With its desktop platform, Webull is a great broker for frequent equity traders. Mutual fund investors
and option traders will find better resources at Firstrade, though.
|
|
Updated on 10/7/2024.
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.
|