If you are thinking about trying your hand at trading or perhaps are in the process of switching platforms, you may be considering Webull.
This stockbroker is relatively new and offers zero-commission trading. Read this review to learn if Webull is a suitable option for you.
Who is Webull?
Webull Financial LLC is a mobile app that offers its clients free stock trading.
As a broker-dealer, Webull is registered with the Securities and Exchange Commission (SEC) and is also a member of the Financial Industry Regulation Authority (FINRA) and the Securities Investor Protection Corporation (SIPC.)
Webull provides active traders with technical indicators, ratings from research agencies, economic calendars, and margin trading with short-selling. This Wall Street, New York City company is licensed to operate throughout the United States.
The LLC was established in May of 2017, and its CEO, Anthony M. Denier, has 19 years of professional experience in global brokerage services. Webull’s clearing firm is Apex Clearing Corporation.
According to Denier, Webull’s objective is to make a professional-level informational and trading platform available to everyone—not only to professionals and the super-wealthy.
Webull also strives to provide real-time market data, analysis tools, and trading free of commissions to their clients while continually improving its platform and tools.
Webull primarily caters to intermediate and seasoned traders. The platform offers several intuitive features and a design that novice traders will find easy to learn.
Additionally, Webull also provides a series of trading courses, as well as a trading simulator with real-time data and advanced charting. If you are a novice trader, you may find these features especially helpful to develop a trading plan.
How Does WeBullWork?
Opening a Webull Account
The first step is to download the Webull app from your phone’s app store or Webull.com.
Then you have to set up your new account through the app and wait approximately one hour for your account to be approved. After you have successfully opened your account, you will need to fund it with an ACH bank transfer.
There is no minimum deposit necessary to unlock your account. However, if you want to trade stocks, you have to deposit $2,000, and you need a margin account approval.
If you are a beginner trader and want to learn how the platform works, you can open a demo trading account that doesn’t need real money. Beginners also have access to Webull’s trade ideas and trading courses.
Fundamental and Technical Analysis
The Webull trading platform is available as a mobile and desktop app, and it features tools that provide information and insights to help you make informed trading decisions. The platform also incorporates tools for fundamental and technical analysis.
The technical analysis tools include a real-time bar, candlestick, and line charts with timeframes ranging from one to sixty minutes.
You also have access to historical data for the past five years; other tools for technical analysis include Bollinger Bands, oscillators, and MACD.
To allow for fundamental analysis, you have access to analyst recommendations as well as revenue and historical earnings per share data.
The platform also lets you access insider trades, key statistics, and critical stock information that include earnings, dividends, and stock splits.
Research Pages
The app provides four different research pages for news, markets, individual stocks, and stock screeners.
The screener page is particularly valuable as it allows you to track specific stocks while setting technical parameters and smart alerts. This page also features an economic calendar for upcoming IPO dates and news.
Commissions and Fees
Webull doesn’t charge commissions for United States stock trades or opening and maintaining an account. There are, however, applicable SEC and FINRA fees.
FINRA charges a trading activity fee of $0.000119 per share on stock sales, and there is an SEC fee of $13 for a total of 1,000,000 of principal on stock sales. Both SEC and FINRA fees have a minimum of $0.01.
Customer Support
There are two ways to get help with Webull’s platform. The first is to contact customer support via email. There are no online webchat options or phone numbers, but Webull’s customer support usually responds within one hour to a query.
The second way to get information is to visit Webull’s FAQ page. This page contains a lot of information on opening an account and the transfer of cash and stocks.
Usability
Webull has an intuitive interface and trading platform that makes it easy to use for traders of all experience levels.
Downloading the app, registering your account, and locking live trades are simple processes. You can access the platform from your mobile app or desktop version, so it is always available to you, regardless of where you are.
If you have the minimum funds, you can also change from a normal to a margin account directly from the platform. The platform is also fully customizable, and you can set alerts, make watch lists, and set technical parameters.
Is WeBull Legit?
Yes, WeBull is a legitimate company and one of top rated online brokerage accounts.
Webull is a member of the SIPC, your securities are protected up to $5,000, which includes $250,000 for cash claims.
Apex Clearing Corporation’s insurance policy also protects securities and cash up to a total of $150 million. This insurance is subject to maximum limits of $37.5 million for one customer’s securities and $900,000 for one customer’s cash.
The insurance that Apex Clearing Corporation provides does not offer protection against a loss in the market value of securities.
According to Webull’s website, they use high-end security measures when handling customer information. As a result, your information is fully encrypted and never shared with third parties.
Company History
Webull Financial LLC was founded in 2016 and is a privately-held, venture capital-backed company. Webull announced its app on May 30, 2018, in a press release.
Anthony Denier, the CEO of Webull Financial LLC, has more than 19 years’ experience in equities in the United States and was previously the CEO of LXM Financial.
Pros
- Zero account maintenance and software platform fees
- Open and maintain your Webull account at no cost
- User-friendly trading platform
- Trade in more than 5,000 different stocks and ETFs without paying commission
- Short-selling available for margin accounts
- Free demo account trading
- Research tools such as news streams and analyst guides included
- Advanced charting featuring price and momentum indicators
- Multiple watch lists and article storage
Cons
- No support for trading in options, OTC stocks, bonds, or mutual funds
- No Good-to-Cancel (GTC) limit orders
Conclusion
Because of its free offerings, Webull is often compared to platforms like Robinhood and M1 Finance.
While Webull’s platform is more advanced than those of its competitors, it is still a viable option for beginners with its simulator and trading courses.
Leave a Reply