|
Webull Assets Under Management in 2026
|
Webull AUM
Webull Financial is a fast-growing company in the world of online trading. The ultra-low-cost broker offers $0 commission on
many products. So how many customers and how much in total assets under management does Webull have?
As of last earnings report, Webull's assets under management are $21 billion.
How Many Users Does Webull Have?
Webull has over 26 million users globally;
4.93 million have funded accounts.
Webull Review
Continue to Webull Review »
Webull Average Account Size
The average account size at Webull is estimated by dividing total AUM
($21 billion) by the number of funded accounts
(4.93 million), which comes out to roughly $4,200.
How Does Webull Make Money?
You are not alone if you’ve ever asked how zero-commission brokers generate revenue. At first, “free trading” makes it seem like the broker earns nothing from trades. A closer look shows that brokers like Webull rely on several other revenue sources.
Beyond trade commissions, Webull generates income from many other parts of the trading experience. Payment for order flow and subscription services are meaningful revenue streams. Fees related to
margin use,
account transfers, and
money transfer fees are additional ways Webull and its clearing firm, Apex, earn revenue.
Below are some details about Webull's business model.
Webull Sells Order Flow
For many commission-free brokers, selling order flow to market makers is a key source of revenue. Webull follows this model and earns income by routing orders to market makers in exchange for payment.
Many market-making firms use high-frequency trading strategies that aim to capture the spread between bid and ask prices.
These strategies rely on automated systems that seek to earn small profits on each trade. As a result, market makers pay Webull for order flow whenever customers place trades.
Margin Rates
Like banks and other lenders, brokers charge interest when clients borrow funds.
While opening a margin account at Webull does not have a direct fee, there are charges associated with borrowing and certain margin-related services the broker provides.
Whether you borrow to increase buying power, sell securities short, or use advanced options strategies, Webull applies interest to the borrowed amount. Annual rates range from
8.74% for smaller balances to 4.74% for very large account balances.
In addition to margin interest, there are other costs tied to margin trading. For example, borrow rates for short sales are calculated daily and vary by security.
Fees for Deposits and Withdrawals
Some brokers generate revenue through deposit and withdrawal fees. Webull does not directly charge clients for moving funds in or out of accounts. Instead, its clearing firm, Apex, applies certain fees for these services.
Apex typically charges fees for wire transfers, including domestic and international wires, with amounts varying by direction and destination.
Account Transfer Fees
For outgoing ACAT transfers, Webull uses a similar structure as it does for deposit and withdrawal fees. Webull does not set the fee itself, but Apex Clearing charges for outgoing account transfers.
Webull customers are charged Apex Clearing’s fee for outgoing ACAT transfers. Any fee for incoming ACAT transfers is determined by the receiving broker.
WSubscriptions
Webull also earns revenue from optional subscription services. A common example is the monthly fee for Nasdaq Level II market data (Nasdaq TotalView).
A Nasdaq TotalView Level II subscription provides access to deeper order book data, additional market depth, and auction information.
Because Level II data is popular with active traders, subscription revenue contributes to Webull's overall earnings.
Cash Balances
Webull can earn revenue on uninvested cash held in customer accounts. Interest generated on cash balances generally goes to the broker rather than being paid directly to the client, depending on the cash program in place. Webull may place client funds in interest-bearing accounts or low-risk instruments such as U.S. Treasury securities, and the interest earned accrues to Webull.
Investors who want to earn interest on idle cash can find this feature at other brokers that offer money market funds or cash sweep programs that pass interest through to clients.
Is Webull Actually Low-Cost?
With all of these pass-through fees, it’s reasonable to ask whether Webull is truly low cost. In practice, the answer is still yes.
The exchange and regulatory fees passed to customers are small compared with the commissions investors used to pay. With commissions eliminated, the overall cost of trading remains lower for most investors, even after accounting for these additional fees.
Updated on 2/12/2026.
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.
|