WeBull vs Interactive Brokers

Interactive Brokers (IBKR) or WeBull - which is better in 2022? Compare investing accounts, online trading fees, stock broker extended hours, and differences.

Interactive Brokers vs. Webull Introduction

Which brokerage house delivers the better trading experience, Webull or Interactive Brokers? Webull has a new desktop platform, while Interactive Brokers has access to foreign exchanges.

Here’s a more in-depth look:

Cost

Broker Fees	Stock/ETF Commission	Mutual Fund Commission	Options Commission	Maintenance Fee	Annual IRA Fee
WeBull	$0	na	$0 per contract	$0	$0
IB	$0	$14.95	$0.70 per contract	$0	$30

Services

Broker Review	Cost	Investment Products	Trading Tools	Customer Service	Research	Overall Rating
WeBull
IB

Promotions

WeBull: 3 FREE stocks valued $3-$3,000 give-away at Webull.

Interactive Brokers: Use this referral link to get up to $1,000 of IBKR stock for free!

Webull Pros and Cons

Webull clients get these pros:

- Desktop and browser platforms
- Options trading
- Very good mobile app
- Ultra-low commission schedule
- Fractional shares

But the broker has several cons, including:

- Small selection of tradable assets
- No OTC trading

Interactive Brokers Pros and Cons

IB clients will really like:

- Professional-level charting on professional-level platforms
- Whole-dollar investing
- Some esoteric assets are available

Despite the broker’s strengths, it does carry these downsides:

- Commission schedule for IBKR Pro customers can be complicated
- Software has a steep learning curve

What Investments Can Be Traded?

Interactive Brokers has a very long list of assets that can be traded. There are:

Precious metals
Mutual and closed-end funds
Structured products
Warrants
ETFs
Futures contracts
Stocks
Options and options on futures
Bonds
Forex
Contracts for difference
Crypto-currencies

On top of this large smorgasbord, IB has an extensive selection of IPOs and over-the-counter stocks.

Webull’s list is quite a bit smaller:

Stocks
Options
Exchange-traded funds
Closed-end funds
Crypto-currencies

To make matters even worse, Webull doesn’t offer access to the OTC marketplace (although it does have an IPO section on its mobile app).

Winner: Interactive Brokers

What Desktop Software Is Available?

Both brokerage firms in this rivalry offer desktop platforms with no account minimums or trading requirements. Even better, both programs offer simulated trading, so it’s really easy to get extra practice in without any risk.

Webull’s most recent platform release offers charting with over 20 technical indicators. While this may sound like a small number, it’s actually an increase over the older version. The software offers two trade tickets: one is a speed ticket for fast order entry, while the other is the standard ticket with several options. The latter one has bracket orders.

Webull Trading Platform

Interactive Brokers’ platform Trader Workstation offers over 100 technical studies. While there is only one trade ticket, it provides a lot more features, such as adaptive orders and OCO orders. Besides a more advanced order ticket, the software delivers these really great features:

IB vs Webull

iBot, an artificial intelligence
Time & sales data
Bloomberg TV

Winner: Interactive Brokers

And What About Other Web-Based Platforms?

Traders who find IB’s desktop software too complicated can use the firm’s client portal instead. It is accessed through the website and offers the following features:

Basic charting
Order ticket with several time-in-force choices and order types
Watchlist

A second browser platform is available to IBKR Pro customers.

Webull has its own browser platform. It is designed after its desktop cousin and has many of the same features. We especially like:

Active trader mode with multiple tickets and graphs
Multiple watchlists

Winner: Interactive Brokers

And Mobile Apps?

If you don’t care for any of the computer-based trading platforms, you can always trade on a mobile platform. Both brokers have them, and both programs come with simulated trading, advanced charting, and multiple order types.

IBKR Lite vs Webull

Webull’s platform has a community forum where traders can connect with each other. The broker-dealer also provides trading competitions in simulated mode.

WeBull or IB

Winner: Webull

Which Firm Is Better For Investment Education?

If you’re just starting out or need to review some trading basics, Interactive Brokers has a huge library of materials. On its desktop platform, an educational tab (located in the lower-left of the platform) is a great place to start. The broker’s website itself has a large educational section with resources for:

Investment vehicles
Software
Security analysis

Webull’s website has a FAQ section with answers to lots of questions. Its computer platforms have extensive security analysis tools, including data sourced from financial statements.

Winner: Interactive Brokers

How About Options Trading?

While both brokerage firms offer trading in options, there is a world of difference between them. Currently, Webull only provides trading in Level I and II option strategies. These include short positions like covered calls and cash-secured puts. But there is no Level III trading, which means no multi-leg strategies. Moreover, Webull doesn’t provide any advanced option tools (other than Greek values).

At Interactive Brokers, traders do have access to option tools; in fact, the firm offers many of them on Trader Workstation. Moreover, IB’s software has several pre-installed option spreads. And it’s possible to create your own multi-leg order if you wish.

Webull has no per contract fees, while IB charges up to 70 cents per contract.

Winner: Webull

Where Should Day Traders Go?

Shorting. IB has an online portal that displays the number of shares available for shorting. Webull simply shows whether a security is available for shorting or not.

Extended Hours. Available at both brokerage firms from 4:00 am until 8:00 pm (only for IB Pro pricing plan that charges commissions).

Level II Quotes. Also available at both brokers. Only $1.99 per month is Webull and over $50 per month at IB.

Direct-access routing. Only Interactive Brokers offers specific venues.

Margin. Margin details are available on Trader Workstation and all three Webull platforms. IB consistently has the lowest rates in the industry.

Routing Fees and Rebates. Interactive Brokers customers, but not Webull clients, can trade using maker-taker fees.

Winner: Interactive Brokers

Here’s a Few Other Services

Dividend Reinvestment Program: Somewhat surprisingly, Webull doesn’t offer a DRIP plan. Interactive Brokers does.

IRAs: Both firms in this contest offer Individual Retirement Accounts. IB has more account types.

Automatic Mutual Fund Investing: Not available at either firm.

Winner: Interactive Brokers

At the End, Our Recommendations

Beginners: Although Webull doesn’t have the same level of educational resources, its software is easier to use. We pick Webull.

Long-Term Investors and Retirement Savers: We choose Interactive Brokers for its long list of mutual funds (more than 34,000 currently).

Stock/ETF Trading: Interactive Brokers definitely.

Small Accounts: Webull or IBKR Lite will work.