WeBull rating

WeBull Review


Overview of WeBull Financial


Although Webull Financial is known as an ultra-low-cost broker, it does manage to deliver some pretty good services. But are they enough to pull you away from your current brokerage firm? Here’s the answer:


WeBull Pricing and Minimum Deposit


InvestmentsCommissions
Stocks and ETFs $0
Options $0
Mutual funds not offered
Treasury Bills, Notes, Municipal and Agency Bonds, Zeros & Strips not offered

Investments stocks, options, ETFs
Minimum deposit to open account $0 for cash account, $2,000 for margin account
FeesWeBull fees
Promotion WeBull promotions


Bulls Rave About...


Competitive commission schedule. With the fallout of the brokerage price war, Webull is no longer a rare bird. Most brokers offer $0 equity commissions today. But it still has competitive advantage in some areas, especially for option traders.

Good mobile app. Webull’s mobile app is a major highlight.

Information on global markets. But strangely, Webull doesn’t offer trading in foreign securities.


Bears Rave About...


Desktop platform is too basic. Many features found on other desktop programs are missing on Webull’s.

Many services don’t exist. Webull is a pretty young company and did not have a chance yet to develop some investment services.

Several assets can’t be traded. Webull has a small selection of tradable investments.


Customer Service


WeBull Customer Rating

Webull recently posted its phone number on its website, a huge improvement from last year, when its customers had no idea what its phone number was. It also has an email address for service inquiries. It’s customerservices@webull.us. In a test e-mail, it took less than 24 hours for us to receive a response.

Unfortunately, the Webull site has no login, which means there is no internal messaging. Another disappointment in this category is the lack of robo or human chat on the website, with or without a login.

Also missing at Webull is a network of branch locations. On the mobile app, there is a self-help section. For instance, we found icons to download statements, transfer funds, add a beneficiary, and transfer stocks.


Webull review


Available Securities


WeBull Securities Rating

Once upon a time, Webull didn’t offer trading in options. Today it does. This addition improves things in this category. The other available investments are stocks, ETFs, and closed-end funds. Obviously, there’s need for improvement; but options are finally available.

Penny stocks priced above 1¢ can also be traded. This too is an improvement over the broker’s previous policy. Over-the-counter equities are still off limits, however.

Also missing at Webull are precious metals, cryptocurrencies, futures, forex, bonds, and mutual funds.


Account Types


WeBull Account Rating

Besides the addition to the products mentioned above, Webull has also added Individual Retirement Accounts to its taxable accounts. Clearly, this broker-dealer is growing, and that’s a great thing. A taxable account can be setup with margin.

The firm still doesn’t have a 529 plan, a solo 401k, UGMA/UTMA accounts, or Coverdell Education Savings Accounts.


Commission Schedule


WeBull Pricing Rating

Now we come to the $64 million question, or perhaps we should say the $0 question: what does Webull charge for its services?

Stock and fund trades are $0. Option trades have the same base charge, and believe it or not, there are no per-contract fees.

The broker doesn’t charge anything to open or close an account; and there’s no minimum balance requirement, another great feature.

On the flip side, the brokerage house does have lots of charges for wire transfers (anywhere from $8 to $45). The Automated Clearing House system is free, but a returned ACH is $30.

Margin rates are very low: they range from 3.99% for very large debits to 6.99% for balances under $25k.


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Platform


WeBull Trading Rating

Webull has one platform. It is able to function in a web browser or as a desktop platform. In either case, the layout and tools are the same. The software functions on both Mac and Windows.

During our investigation, we found several nice tools. Perhaps the biggest highlight is a simulated-trading mode. In the far left-hand column, there is a list of icons. The dollar sign with a circle around it is for paper trading. This is where you can learn the program without risking real money.

Charts on the platform have 11 indicators. While this isn’t a large number, hopefully Webull will add more in the future. Some of the current studies include Alligator and Pivot Points. Each indicator has an explanation, and there are millions of colors to choose from.

Drawing tools make an appearance, too. There are 14 of these, including Fibonacci gadgets and trend lines. Colors can be changed, but there aren’t as many choices as indicators have.

There are 8 graph styles. Base line and hollow candles are a couple of examples.


Webull Trading Review


A watchlist is integrated in the platform. It’s easy to create new ones and move stocks from one list to another. A watchlist can be displayed either in the traditional list format or in a grid format, which presents a small graph with each stock.


Webull Watchlist Grid


A “Trade” icon in the far left-hand column creates a grid-view of 3 stocks with an order ticket underneath each one. At the top of each column is a small graph. It has the same tools that a full-size graph offers. Beneath the graph is a window of time & sales data. And below this is the order ticket.


Webull Platform Review


The platform’s trade ticket offers several important features. Extended hours can be selected. Besides market and limit orders, there are also stop, stop loss, stop limit, and take-profit varieties. On the downside, there are only 2 time-in-force options: day and GTC.


Mobile App


WeBull App Rating

If you’re away from your desk, Webull offers a mobile app. Not long ago, this was the only platform the company offered. It was more advanced than its desktop cousin for some time, and some features remain so.


WeBull Financial Review


For example, the mobile app has a community section where customers can sign up for trading competitions, read comments about stocks and contests, and make posts as well. Various bonuses are posted on the mobile platform that don’t appear on the computer platform.

Another nice feature on the mobile app that we didn’t find on the PC platform is an IPO center. Here, users can browse through previous IPO’s Webull has participated in. Current offerings are shown along with a sign-up button.


WeBull IPO


Other features not found on the desktop platform that do make an appearance on the mobile app include account statements, tax documents, an ACH transfer tool, beneficiary preferences, a stock transfer tool, and a currency converter.

The app’s graphing system has some nice highlights that we need to mention. A chart can be shown in horizontal mode. There are 12 drawing tools, which is a large number for a mobile platform. In the technical realm, we counted 10 studies, a decent number for a mobile app.


WeBull Review: Charting


There are two order tickets on the app. One displays horizontally next to a chart. It is generated by clicking on a “Trade” button that sits underneath a chart in horizontal mode. Market and limit orders are displayed. For the latter type, buy orders are populated at the ask price and sell orders at the bid price.


Webull Trading Ticket


The vertical trade ticket offers more order types. Stop and OTO (one triggers the others) are available. For the latter type, up to 6 secondary orders can be attached. Limit orders can have any limit price, which is one advantage over the horizontal ticket. Other advantages include extended-hours trading and take-profit and stop-loss choices.


Webull Chart Trading


Options Trading


WeBull Options Rating

With the addition of options trading, Webull’s software hasn’t changed much. On the mobile app, there is an “Options” icon on a stock’s profile. Tapping on this produces option chains.

On the computer platform, it’s a little hard to find. At the bottom of a chart, there is a double up-arrow. Clicking on this expands an options chain window. Next to the up-arrow is an expand icon if you want to replace the chart with chains. To the far-left side, a yellow icon is displayed next to the word “Options” to indicate real-time data is turned on for derivative prices.

During our testing of both platforms, we found it fairly easy to place option orders. Clicking on a bid or ask price (or tapping on one on the mobile platform) automatically populates a trade ticket. Here, the break-even point of the trade is shown along with maximum gain and loss numbers.

Webull doesn’t currently offer multi-leg strategies. It does say it has plans for them, though.


Security Analysis


WeBull Investing Rating

Before you jump into the deep end with real money and start placing trades, you may want to thoroughly educate yourself with the broker’s learning materials. For general education, there’s not a whole lot. We did find a glossary on its site along with a helpful list of FAQs.

For security research, the computer platform and mobile app both offer screeners. There are a few search criteria on the desktop platform’s screener. Strangely, geographic region is one of them, although Webull doesn’t offer trading in any of the results. Other choices include EPS, market cap, and technical indicators. Somewhat oddly, the mobile app has more search criteria. Both platforms offer pre-defined screens.


Webull Screener


A markets section on both the platform and mobile app present data on important economic sectors, most active stocks, cryptocurrency rates, market indexes, net flows on major exchanges, upcoming IPOs, precious metals prices, and more.

On the mobile app, there is an economic calendar. Sections include stocks with ex-dividend dates, earnings releases, and economic data to be released by the government.


WeBull Markets


Other Services


WeBull Services Rating

Webull has a pre-market trading service that starts at 4 o’clock in the morning, EST, and runs to the opening bell. After the market closes, another session begins and runs until 8 o’clock in the evening. These are the best trading hours offered at online brokers right now. Only Interactive Brokers matches these and only on its non-free pricing plan.

There is no DRIP service at Webull right now, and obviously, no periodic mutual fund investing.


Comparison


WeBull Comparison

One ultra-low-cost rival to Webull is dough. The latter broker offers trading in stocks and ETFs, but not option contracts. dough has no desktop software of any kind, and that’s a major difference between the two firms.

RobinHood is next in line. It does offer options trading. Moreover, its mobile app has multi-leg strategies, which is a significant advantage over Webull for options traders... at least for now. Like Webull, Robinhood charges no per-contract fees. Robinhood also offers cryptocurrency trading, a service Webull needs to add.

Sofi Invest also has cryptocurrency trading. The broker-dealer permits trading in fractional shares of some securities.


Recommendation


Mutual Fund Investors: Webull won’t work. But Fidelity and Firstrade would.

Individual Retirement Accounts: Webull currently offers Roth, traditional, and rollover IRA’s. Missing are several other types, including Minor, SIMPLE, SEP, and Inherited. We would suggest Ally Invest.

Beginners: Webull doesn’t have the necessary learning materials or customer service to support newbies. But TD Ameritrade does.

Active Stock and ETF Trading: Webull’s commission schedule and software make it a good choice for traders.

Long-Term Investors and Retirement Savers: Fidelity customers get target-date mutual funds, portfolio management services (including a robo option), solo 401(k)’s, and more IRA’s than Webull customers.

Small Accounts: Small investors will do well at Webull.


Awards





WeBull Review Summary


Webull has made tremendous progress in multiple areas during the past year. Its future looks bright.


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