Webull is a great hit with investors and traders like me who savor the excellent mobile experience and a user-friendly, clean desktop interface.
I have been investing in the stock market and have traded many stocks since 2003. I’ve used many trading platforms such as eTrade, Scottrade which became TD Ameritrade and just recently was bought out by Charles Schwab. Let’s get started with my Webull review.
I first heard about Webull and Robinson from a couple of my Facebook stock investing groups. Traders were raving about Webull, especially the newer stock traders. They were talking about how you simply open an account and get two free stocks. I figured I don’t have much to lose and with their two free stock offer, why not jump into the Webull bandwagon craze to see for myself.
Who is Webull
Webull is a relatively new web and mobile app-based stock brokerage firm that offers their clients to trade in Stocks, Options, ETFs and now Cryptos. They started as a research firm and in 2017 entered into the stock brokerage field.
Webull appeals to beginners, intermediate and experienced traders and is very popular with millennials who expect an excellent mobile experience.
Webull lures active traders with a rich offering which consists of margin trading, economic calendars, in-depth charting, technical indicators, short selling, research agency research ratings, customizations, and more. All in one great, easy-to-use platform.
And you know the best part? You don’t have to pay a dime. Right now, Webull is considered by many to be the best alternative to Robinhood.
Let’s take a look into their platform and see how Webull stacks up compared to other brokerages.
Webull Review – Signing up
Signing up with Webull is relatively easy and straightforward. You will initially be sent a verification code to get started with the 4-step application process:
- Application process
- Application approval
Note that during the verification process, you will be asked which identification type you want to use:
- Driver’s license
- State ID
- Other forms of identification
In my case, I chose to use my driver’s license, in which I was asked to upload both front and back photos.
My application was approved in one hour and my initial deposit of $100 was reflected on my account the next day. All in all, it was a pretty easy application process.
During the application process, you will also be given an option if you are trading Cryptocurrencies or not. Simply place a checkmark on the box if you plan on trading Crypto. Please see below.
The Webull Free Stock Offer
When you open a brokerage account and fund it with $100 or more, Webull will give you 2 free stocks worth up to $1,850. Not just any stock from any random small company; the free stocks offered by Webull are those of US-based companies. Usually with a minimum market capitalization of $2.5 billion and listed on NASDAQ or NYSE.
By jumping onto the platform, you might just get your hands on Facebook, P&G, or Google stocks.
The free Stock allocation is random and is handled by Webull’s algorithms through a lottery system.
Here’s How The Webull Free Stock Offer Works:
You will instantly get a free stock valued between $2.50 and $250 once you open a Webull brokerage account. Then when you make an initial deposit of $100 or more, you’ll receive another free stock worth between $8 – $1850.
Please see the screenshot below of my 3 free Webull stocks.
Getting you Webull free stock is dead-easy:
- Download the Webull App and complete registration.
- Open the app and click on “Trade” at the bottom to open your account.
- After keying in your personal information and successfully opening an account, go to the menu and select “My Free Stock.”
- Press the “GET” button at the top of the My Free Stock page to see what you get.
- Your free stock will be credited in 5 trading days
My Webull Review – Why Trade Stocks on Webull
For a brokerage that offers free stock trades, WeBull is feature-rich. In fact, although it has its limitations, I find it just about as good or even better than Robinhood.
Trade stocks and other securities at 100% commission Free
Webull provides a low financial barrier to entry with 100% commission-free trading and no minimum deposit amount requirements. In my case, I initially deposited $100 to take advantage of the Free stock offer, but you are not required to do so. Not minding that, you’ll also get access to a rich collection of smart investment tools.
All trading on the Webull platform is free. But you’ll pay SEC and FINRA fees, which are standard with all stock brokerage companies. However, these fees are relatively insignificant. You’ll pay SEC $23.10 for every 1 million dollars of trading volume and $0.000119 per share to FINRA.
The Webull platform offers real-time market data on US markets for free. However, you’ll have to pay for foreign data feeds that are available in different packages as monthly subscriptions if you want to trade internationally.
ACH and electronic transfers are free. However, you’ll pay a $75 fee if you’re transferring stocks to another brokerage. You may also have to pay ACH transfer fees to fund your account after the initial free stock transfer.
Excellent mobile and web-based desktop interface
A well-designed interface is very important for me. I was impressed with how their desktop platform is customizable with many advanced features. This allows even beginner investors to easily place orders, consolidate watchlists, analyze data, and monitor their positions across mobile App, PC, and web platforms.
Webull’s highly functional mobile app has a 4.5-star (out of 5) rating on the Google Play Store and a 4.7-star rating on the Apple App Store. With this feature, I can stay current with the market and manage my trades and investments while I am out and about.
The Webull community
I find this feature of WeBull truly unique. The Webull community looks like a private Twitter feed and functions like one. I joined other users to comment on individual stocks and news or share my thoughts and reactions to a price movement or news.
Interestingly, users can earn Webull points for correctly predicting if a stock will rise or fall. You can redeem Webull points for their products, such as access to a paper trading competition.
This is where users stand a chance of winning real money by trading virtual portfolios.
Stock trading simulator
Although I did not bother trying the simulator, this ultra-useful feature allows the beginner to test the investing waters without risking real money.
In a process known as paper trading, you can place trades on the trading simulator with monopoly money just like you would with your real money. Here, you can learn to walk the trading ropes without fear of falling and get used to the Webull platform.
Webull’s trading simulator and courses are invaluable for rookie investors. They can learn and gradually build competence and craft a trading plan-all without losing real money.
I highly recommend this option to get yourself familiarized with their system and trading stocks in general.
How The Webull Paper Trading (Simulator) Screen Looks Like: Please see below.
In-depth stock research
This is the one I like the most and this is where Webull dusts every other competitor. Remember, they first started as a pure research company?
I also find Webull’s great filtering capabilities as top-notch, precious informational value, and excellent user-friendliness.
On the Webull mobile app, you can find the research on 4 pages – the markets page, the news page, the screeners page, and the individual stock page. You’ll get an economic calendar with the latest news concerning your favorite stocks and set up a watchlist so you’ll get alerts via SMS or email.
Fully extended hour trading
Nowadays, this option is a must for traders and even swing investors like me. Other platforms still offer to trade only during the traditional market hours running from 9:30 a.m. to 4:00 p.m. EST, Monday to Friday. Some trading platforms will charge you an extra fee to trade outside the regular market hours. But not Webull.
With Webull, you can place trades pre-market, that is, from 4:00 a.m. to 9:30 a.m. EST. Or, if you prefer after-market hours, from 4:00 p.m. to 8:00 p.m. EST with a limit order.
Free short selling
I don’t do short selling, so I don’t really care much about this feature. This feature was primarily found in paid brokerage accounts, but Webull was gracious enough to offer it commission-free. However, you must have a minimum balance of $2,000 in your account to open a margin account.
Short selling can only be done through a margin account. Again, I don’t short sell, so I will have to pass up on this one.
Is My Account Safe at Webull?
Absolutely, Webull is registered with the SEC and is also a member of FINRA. They protect your securities through the Securities Investor Protection Corporation (SIPC) insurance for up to $500,000 and $250,000 in cash.
Webull’s clearing firm Apex Clearing Corp also purchased an additional insurance policy for added security of your funds. The policy covers cash and securities up to $150 million. With any one customer having up to $37.5 million covers out of which $900,000 can be in cash. The Webull platform, in my opinion, is completely safe to trade on.
Should You Use Webull to Day Trade?
Webull is not ideal for very active full-time day traders who push their trading edge riding on the wings of direct market access. Any savings to be made from Webull zero-commission pales in importance compared to their need for speed and flawless execution.
Webull also doesn’t offer complex keyboard macros, which is essential in any serious day trader’s toolbox.
My Webull Review on Other Platform Features
Webull’s strong suit is in data, starting as an investment research firm before venturing into trading brokerage. Hence, when it comes to research and analytics, they have a clear edge over their main competitor – Robinhood.
I was able to access real-time stock market data for free. Global market data is available for international traders. However, it comes with a fee. Active traders rely on real-time data to make trading decisions.
Micro-trends often happen in seconds, and so any delays in getting accurate price dates may lead to losses.
What Webull offers for free, most brokerages charge for. This is what makes the platform outstanding. You’ll get real-time stock market data, zero-trading fees, stock analysis tools, and news, all for free.
For rookie investors, Webull offers you an opportunity to learn to trade with the paper trading account and build the foundations for your trading style. You can practice placing trades without fear of losing real cash.
Other notable features that Webull offers investors on the platform include technical indicators such as:
- Exponential Moving Averages (EMA)
- Moving Average Convergence/Divergence (MACD)
- Relative Strength Index (RSI)
- Money Flow Index (MFI)
- Bollinger Bands Technical Analysis
Webull investing research tools:
- Real-time news
- Company press releases
- Watchlist and alerts
- Financial calendar such as earnings release date etc.,
- Analyst recommendations
- Historical Earnings Per Share (EPS)
- Insider holding and shareholder transactions
- Revenue data
Webull provides you with customer services that you won’t have reason to complain about. I was impressed by how quickly calls were answered and issues resolved.
What I Do Not Like About Webull:
- No mutual funds or OTC stocks
- Access to some advanced features is limited to a paid membership
- You can only make deposits or withdrawals via bank transfers
Furthermore, Webull doesn’t offer education savings accounts and joint brokerage accounts. You may have to look elsewhere if this is of importance to you.
Is Webull For You?
I’ve been using the Webull platform for over two months now and I believe that anybody from beginner to experienced investors should be able to use it with ease.
Active traders and part-time traders or swing traders like me can find a lot of positives with WeBull, such as access to expert market data and cryptocurrency trading.
Webull is also suitable for swing traders like me since they don’t typically require precise executions. They do not focus on small intraday market fluctuations but rather large market movements.
As a swing trader, I can run a fundamental analysis of a particular stock using their stock charting platform and the screener, which is all I need.
Webull Review – My Last Notes
Webull is one of the best commission-free trading platforms to get you started whether you’re new to the stock market or a seasoned trader and investor. For newer investors, you’ll have an opportunity to delve into trades without risking a dime. You can then graduate to real zero-commission trading once you’ve mastered trading on the simulator.
For the intermediate and more advanced active traders, I also find Webull appealing to complement other trading platforms. The sleek platform hosts many advanced features such as customization, in-depth charting, advanced orders, dozens of technical indicators, Level II market data from Nasdaq, and more.
Webull won’t serve you if you want to access other investments such as mutual funds. They also do not offer fractional shares. However, the company is quickly stacking up its offerings: recently, they launched an individual retirement account, cryptocurrency trading, and options trading. There’s talk of fractional shares coming along shortly.
I found the account opening process seamless, and I enjoyed the well-structured user interface.
If you don’t have a ton of money to invest like me, Webull is an excellent choice. There is no minimum balance requirement, and you’ll get new account bonuses at a smaller deposit threshold than other brokerages. The Webull free stock bonus pretty much seals the deal for me to find out what they have to offer. I’m pretty happy with them so far and I will continue exploring and learning more about their platform.