TD Ameritrade 300

Webull Automatic Investing Plan (Dollar Cost Averaging)


2021: Does Webull brokerage offer automatic investment plan (AIP) contributions? Webull dollar cost averaging program (DCA) setup and review. Weekly/monthly/quarterly auto investing in ETFs, stocks, and mutual funds.



Webull Brokerage Automatic Investing Program


Webull's brokerage account does not offer an automatic investment plan at this time.


Webull Dollar-Cost Averaging


Automatic dollar cost averaging is not available on Webull's brokerage account. Investors will have to do DCA themselves.


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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.


Webull


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.


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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.