Overview of Webull Financial
Webull offers both self-directed and advisory investment services. Here is our review of the company:
Investment Systems
Webull used to only offer self-managed accounts. Recently, they introduced an investment advisory service that manages robotic accounts. This service invests in a select group of low-fee ETFs, mainly SPDR funds.
For self-directed accounts, Webull offers a wider range of trading options including thousands of ETFs, stocks, options, and closed-end funds.
The stock category in Webull’s self-directed service includes
over-the-counter stocks (OTC stocks), American Depository Receipts (ADRs), and Real Estate Investment Trusts (REITs).
You can open either a self-directed or an automated account as a personal taxable account,
Traditional IRA, Rollover IRA, or ROTH IRA. Other tax structures are not currently available.
Webull Pricing
Investments | Commissions |
Stocks and ETFs | $0 |
Options | $0 |
Mutual funds | not offered |
Futures (all regular outright) | $1.25 per contract |
Mini futures | $0.70 per contract |
Micro futures | $0.25 per contract |
US Treasuries (0-12 months) | 0.07% |
US Treasuries (1-3 years) | 0.4% |
Other Fixed Income | 0.07% |
Investments | stocks, options, ETFs, futures, fixed income |
Minimum deposit to open account | $0 for cash account, $2,000 for margin account |
Fees | Webull fees |
Promotion |
Webull promotions
|
Webull’s robo advisory service has an annual fee of 0.20%. This fee is billed monthly with a minimum of $1, meaning accounts under $6,000 pay more than 0.20%.
Self-directed accounts have no recurring fees. Webull has always been a no-commission broker, and this remains the case, although some exceptions like 55¢ per contract for certain options trades do apply. Penny stocks traded over 100,000 shares or certain foreign stocks may also incur additional charges.
Free Webull Account
Visit Webull Website
Margin Trading
Webull’s self-directed accounts (excluding robo accounts) allow trading on margin, meaning you can trade securities using borrowed money. This service has competitive interest rates:
Debit Balance
|
Webull Margin Rate
|
under $25,000
|
9.24%
|
$25,000.01 - $100,000
|
8.74%
|
$100,000.01 - $250,000
|
8.24%
|
$250,000.01 - $500,000
|
7.74%
|
$500,000.01 - 1,000,000
|
6.74%
|
1,000,000.01 - 3,000,000
|
6.24%
|
>3,000,000.00
|
5.24%
|
The cost for shorting stocks varies by the security and the day the position is held. Webull’s software effectively displays these rates and other relevant details for specific stocks. This includes:
- Maximum shares to sell short
- Day trades left
- Overnight short leverage
- Day-trading leverage
- Maintenance requirement
Mobile App
Webull clients can research and trade assets using the broker’s high-quality mobile app. The app features a community forum for each asset, where users can discuss news and connect with others. There’s also a Stock Sentiment score that shows client opinions on potential investments.
The app offers two types of order forms: Classic and Big Button. The Classic is standard, but you can switch to the Big Button form, which has larger, easy-to-use buttons for quick trading. There are many order types available, including buy at market, sell at bid, stop limit, trailing stop, and OCO (one cancels the other).
The app also offers extensive charting tools like lines, Fibonacci retracements, and shapes. There are many technical indicators available, such as RSI, Fast Stochastic Oscillator, and Exponential Moving Average.
The app comes in three themes: bright, dark, and black. You can switch between them in the Menu tab.
The main limitation of the mobile app is its lack of a check-deposit feature.
Website
For more advanced trading, Webull offers a web-browser platform. It's simple to use, focusing primarily on account management, but the trading platform is very robust, with many resources available.
The web platform provides excellent charting capabilities, including the ability to expand a graph to full screen for detailed analysis. It offers more technical indicators than the mobile app and allows for extensive customization.
It also features more order types, including an Advanced ticket for complex trades and a Price Ladder for quick bid or ask price selections.
Additional features include:
- Hotkeys
- Customizable themes and colors
- Syncable watchlists
- Stock screener
- Market news
Desktop Platform
Option chains are available on asset profiles, allowing for quick selection of bids or asks that automatically populate the Advanced trade ticket.
The trade ticket also includes a Graph button for generating a profit/loss diagram, where you can easily adjust trade parameters and see potential outcomes.
The desktop platform provides the best charting experience with multiple plotting styles and a right-click menu for quick order placement. It defaults to the Advanced order ticket for executing complex trades.
Like other platforms, the desktop version also includes a Paper Trading mode for risk-free practice.
Open Webull Account
Visit Webull Website
Bonus Services
IPO Access: Webull offers access to Initial Public Offerings. The mobile app keeps a current list of upcoming stock launches.
IRA Service: Webull provides Traditional, Rollover, and Roth IRAs with no ongoing fees or minimums. However, it does not offer margin for IRA accounts, which restricts trading options.
Extended-hours Trading: Webull offers extended trading hours at no extra cost, including pre-market and after-hours, totaling 16 hours of trading each day.
Fractional Shares: Webull clients can buy fractional shares of stocks and ETFs in either whole dollars or securities.
Dividend Reinvestment Plan: Currently, Webull does not offer a Dividend Reinvestment Plan (DRIP).
Stock-Lending Income Program: Through Apex, Webull allows clients to earn interest by lending their stock shares.
Recommendations
Beginning Investors: An automated account at Webull is a good start for beginners.
Retirement Planning & Long-Term Investing: While Webull offers IRAs and robo accounts, it lacks other essentials like mutual funds, bonds, and annuities, unlike
Charles Schwab.
Stock and ETF Trading: Webull, with its advanced software and fractional-share trading, is a strong choice for stock and ETF trading.
Small Accounts: Webull’s self-directed accounts have no minimum deposit requirement, but the robo program requires at least $100 to start.
Mutual Funds: A limitation of Webull is its lack of mutual funds.
Firstrade offers over 11,000 mutual funds with no transaction fees.
Individual Retirement Accounts: Webull offers three types of IRAs, while
Charles Schwab provides a broader range with extensive retirement planning services.
Awards
Webull Review Summary
Webull offers a comprehensive range of services, though it has some limitations. High-powered traders will appreciate the robust software options, and the new robo service caters well to entry-level investors.
Webull Promotion
Visit Webull Website
Updated on 7/19/2024.
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.
|