Webull

WeBull DRIP (Dividend Reinvestment Plan) and Automatic Investing


2020 WeBull dividend reinvestment plan (DRIP) fee and setup for stocks, mutual funds, ETFs, and ADRs. WeBull automatic investing plan.



WeBull DRIP Plan


Right now WeBull does not offer DRIP - dividend reinvestment plan. As an alternative you can use higher rated $0-commission broker Ally Invest that not only offers DRIPs but also mutual funds, bonds as well as IRA accounts.


Ally Invest Promotion


Up to $3,500 cash bonus + $0 commission trades.

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WeBull Automatic Investing Plan


WeBull also does not offer Automatic Investing Plan (AIP). See which brokers offer AIP plans »


What is Webull?


Webull is one of the newest low-cost brokers to enter the trading scene, similar to competitors M1 Finance and Firstrade. This article will provide a quick summary of what Webull does well, and where they could use some improvement.


Free Trades


Webull’s big selling point is that trading is always commission-free with them, except for the regulatory and exchange-mandated fees (which most brokers pass through to clients and are usually quite small). This is in line with other relatively new brokers, like Robinhood and Firstrade. There are also no minimum account requirements or maintenance fees at Webull in order to qualify for the free trades; all you must do is open an account.


WeBull reinvest dividends


What Can I Trade?


Probably the biggest drawback to trading with Webull is the range of investments they currently offer, which is quite limited. You can trade most U.S.-listed stocks and ETFs, as well as options but that’s it. Foreign stocks, penny stocks, mutual funds, futures, and bonds – none of these are currently supported by Webull.

It’s hard to imagine that the scope of their investment offerings would be so limited, especially when other “free” brokers are all offering a broader universe to trade. That said, it would not be surprising if Webull eventually rolled out some of these other assets on their platform as well.


Other Fees


As we already mentioned, there are no commissions and no account maintenance fees at Webull, but there are a couple fees to be aware of that are typical with most brokers. Webull will charge you between $8 and $45 for a wire transfer; however the more common ACH transfer is free. If you want to transfer your Webull portfolio to another broker this will incur a $75 fee.


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Trading Platforms


Webull has a website with a “Help” section that addresses the most common questions; however there is no account login page because all trading has to happen through their app. People accustomed to trading on their smartphone probably won’t care, but this could be a drawback for anyone who still prefers to do their trading on a computer.


Customer Service


As mentioned previously, there is a help section on the website with answers to most questions that will come up. For any questions not addressed here, there is a messaging service within the app to contact customer service. The one drawback with Webull’s customer service is that they don’t have a customer service phone number, which can be frustrating for the questions that really require a human’s ability to process information.


Stock Information


Webull’s app provides the company information you’d expect from any broker, such as relevant news headlines, financials, analyst ratings, and stock charts. Webull also provides real-time market data, which is especially important for day traders.


Webull Dividend Reinvestment Plan Disclaimer


For the most recent information on Webull dividend reinvestment program (DRIP) visit their website.


Open Webull Account


Get 3 FREE stocks valued up to $1,600 + $100 in ACAT reimbursement.

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