Webull Review

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Andrew Hayward
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In this Webull review, every aspect of Webull’s service have been researched to provide you with an unbiased account of Webull’s strength’s and weaknesses as an investment broker and RIA (Registered Investment Advisor).

Read more of this Webull review to find out if they are suitable for your investing requirements.

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Who is Webull Financial LLC?

The firm was created by an ex-Alibabi employee, Wang Anquan), with Chinese investors including Wang Anquan, Xiaomi, Shunwei Capital, Hongdao Capital, and Gopher Asset Management into Fumi Technology which owns Webull.

The firm was classified as an LLC in Delaware on May in 2017. In May 2018 they received mobile app approval, in May 2020 they approved robo-advisor approval, and in November 2020 they began supporting cryptocurrency transactions.

They have more than 750,000 DAU (Daily Active Users). In June 2021 they began exploring an IPO on the New York Stock Exchange with a possible valuation of $400 million.

Who is Webull for?

Webull could be a good option to add to your personal finance portfolio because it gives you free stock for signing up, it offers margin accounts, and it’s trading platforms are more sophisticated and well put together than a lot of the full service brokerage services all with no minimum deposit required (outside of margin trading requirements).

Webull Ratings


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  • Excellent paper trading account to test strategies with no risk
  • No fees on any product besides the small mandatory regulatory fees
  • Webull purchased $37,500,000 for brokerage asset insurance and $900,000 for cash investments if the brokerage has a problem funding your account.


  • The product mix is rather limited – Only Stocks, ETF’s, Options, and Cryptocurrencies with no mutual funds.
  • Webull only has 750,000 Daily Active Users which increases risk
  • One way Webull makes money is buy selling your order flow to third party brokers who use it to increase or decrease spreads.
Webull Review Homepage

Webull’s Investment Philosophy

Webull is completely focused on providing a safe, easy-to-understand trading platform for the desktop and mobile applications.

They are laser focused on customers that need free stocks, ETF’s, Options, and Cryptocurrency trading with a rock solid promise to investors that they will not lose money if something happens to Webull.

They took out a $37,500,000 million insurance policy on assets, and $900,000 for cash assets. This is unique in the industry and is a huge indicator of Webull’s commitment to their user’s safety.

If your investment objectives line up with what Webull offers, Webull is strongly recommended.

Webull Products Available

There are no account minimum deposits, Webull offers stocks ETFs and options with $0 commissions (Small regulatory fees still apply).

According to this Webull review, they also hold bitcoin cash, pay interest, offer mutual funds, free trading, and serve active traders as a $0 commission free trading for active traders. Webull offers margin trading tools and a margin interest rate table based on how much you have in your brokerage account.

Also, Webull offers a free cash account, low costs outside of regulatory fees, margin brokerage accounts with no minimum deposit. Webull does not offer foreign exchange, OTC stocks, warrants, and futures/forex at this time.

Investing Algorithms

Webull does not offer “off the shelf” algorithmic trading. If you have moderate familiarity with trading languages and APIs you could set up a robo-trader on Webull. However, there are so many other brokerages with stock and etf trading and a mobile app coding your own algorithmic trading platform is beyond most investors.

Options Trading

What really stands out is the simplicity and well-designed options trading system which is the best I have seen provided by the ultra low discount brokerages.

The options trading platform easily and intuitively adds your options trades to the portfolio and you can instantly and visually see the the impact of the options trade.

If you are moderately skilled as a programmer, and understand the investment advice, bank account, and other online brokers you could setup your own Robo-API to trade stocks on Webull. However, the amount of work required to do this means it is more profitable to look for online brokers that already offer robo-trading tools which are quite good and should serve beginning and intermediate active traders.


Paper trading is offered by Webull, and this is one of the best ways to get a sense of the brokerage for Webull customers before they make any real stock and etf trades.

The virtual trading platform also allows Webull users to setup their trading tools to match their “real” trading strategies without fees for an exchange commission, minimum account balance, margin accounts, trading platforms, and their mobile trading app.

You can have everything setup in Webull without spending a dime, and only then fund the account when you are ready to trade. This is a fantastic way to customize your cash management and trading platforms before executing your trading strategies and you can see how your withdrawal fees, bank transfers, and competitive margin rates will affect your portfolio without real money invested.

Manage Taxes

What is Instant Buying Power (Provisional Cash)?

Provisional cash is an extension of credit by Webull. It allows you to trade during the 4 days it takes for an ACH deposit to fully settle.

Webull does not give specific tax advice, if you have questions about your 1099 please see a tax professional.

Webull Special Offers

Open an account and receive any two stocks up to $300 each. Deposit any amount and receive 4 more stocks worth up to $3,000 each.

Webull also has a referral bonus of free stocks up to $300 for any friend you help onboard to Webull.

These are very attractive special offers, and can get your account trading right away with very little risk. You can sell the free stock as soon as it has settled.

Opening an account with Webull

How easy is it to do? Are there any restrictions?

Opening an account on the web trading platform and the account opening process is dead simple on the mobile trading platform. Without depositing a dime, you can participate in their paper trading account and all the education they provide is free and located on their website. They have the standard technical analysis for stocks, financial products, other brokers, etc.

Does Webull charge any fees?

Yes, Webull offers up to margin trading of 4x day-trade buying power and 2x overnight buying power with a margin account. The more you have in your account, the less you pay in fees. You must hold at least $2,000 in your account. Specific requirements below:

Margin Interest Rates by Capital Invested

The Webull Interest on margin trading is calculated on a daily basis and paid on a monthly basis. The margin rate is variable and is determined by the size of the margin loan.

Debit Balance – Annual Margin Rate

$0~25,000.00 – 9.49%

$25,000.01~100,000.00 – 8.99%

$100,000.01~250,000.00- -8.49%

$250.000.01~500,000.00 – 7.99%

$500,000.01~1,000,000.00 – 6.99%

$1,000,000.01~3,000,000.00 – 6.49%

>$3,000,000.00 – 5.49%

Does Webull charge Short Selling Fees?

Yes, for a short position you need to borrow shares before you sell them. The cost of a short sale is the fee for borrowing the equity of the company. The loan rates change on a daily basis. The formula is: Daily Margin Interest (Short) = Daily Market Value of Borrowed Stocks * Loan Rate / 360.

Regulatory Fees

Webull doesn’t charge for stock, ETFs, or options on U.S. exchanges. However, certain small regulatory fees are applied to every trade no matter what. You can find the regulatory fees below:

Trading Privileges Charged By Types Fees Rule
Stock/ETF Securities and Exchange Commission (SEC) Regulatory Transaction Fee $0.0000229*Total $ Trade Amount (Min $0.01) Sells Only
Financial Industry Regulatory Authority (FINRA) Regulatory Fee $0.000145 * Total Trade Volume Min $0.01 per – Max $7.27 per Sells Only
Options Securities and Exchange Commission (SEC) Regulatory Transaction Fee $0.0000229*Total $ Trade Amount (Min $0.01) Sells Only
Financial Industry Regulatory Authority (FINRA) Trading Activity Fee $0.00244 * No. of Contracts (Min $0.01) Sells Only
Options Exchanges Options Regulatory Fee $0.01815 * No. of Contracts Buys & Sells
Options Clearing Corp (OCC) Clearing Fee $0.02 * No. of Contracts
(Max $55 per Trade)
Buys & Sells

Does Webull have hidden fees?

Webull is totally transparent about their fees, although interpreting the regulatory fees can be very confusing based on how much information FINRA and the SIPC provide on very small commission trading.

Webull Safety Policies

How safe is this platform? What security measures are there and what protection levels do they have?

For a relatively small brokerage, WeBull takes incredible steps to protect investor cash. They took at a $150 million dollar of insurance payable if the company goes out of business. The insurance is payable for $37.5 million, and 900,000 in cash losses.

The SIPC (Securities Investor Protection Corporation) and FINRA (Financial industry regulatory authority) only provide $250,000 if the brokerage is liquidated, so this insurance is a very powerful indicator of Webull’s commitment to safety.

Webull Education

Webull doesn’t pretend to have up to date, expensive research like Bloomberg or Morningstar.

That caveat aside, Webull provides excellent investor education for new to intermediate traders. Aside from their trading tools, Webull does not provide advisory or brokerage services for their stocks ETFs and options.

Does Webull provide research?

Webull provides real-time news, but no research like Morningstar, Bloomberg, or other expensive research options.

Common questions I get asked about Webull

Does Webull support dividend reinvestment (DRIP) programs?

No, Webull does not currently support that asset, although they may support it in the future.

Are OTC trades possible through Webull?

As of now, Webull does not support the trading of OTC stocks on Webull. If you own a stock through Webull and it is delisted, you can close the position on the desktop platform or mobile platform.

Retail Execution Quality Statistics

This information is not released by Webull.

Why can’t I withdraw my ACH funds immediately?

ACH deposits take 7 days to settle, while wire transfers are available immediately.

When will all my funds settle in their investments?

  • Funds need to settle in their accounts before they can be traded again.
  • Stock trades settle on a day of execution plus business days.
  • Options trades only take one business day to settle.
  • Proceeds from a Crypto sale made before 8:15 pm EST will be available the following business day for withdrawal.
  • A crypto trade done after 8:15 pm EST will settle two business days after the trade date.

How do I view my trading performance on the Webull desktop trading platform?

Tap the “Account” tab on the left sidebar. Your current account status is on the left side of the “account” screen. That contains your positions, orders, account, stock P/L, etc.

Can I trade cryptocurrency on Webull?

Yes, Webull offers 41 cryptocurrency trading options. Some characteristics of Webull’s crypto trading programs are:

  • Buy or sell Avalanche at $1 minimum
  • Trade with instant settlement
  • Complimentary real-time data, customizable charts and indicators
  • Trade 7 days a week
  • Safe and secure 2FA (Two factor authentication)
  • Connected, personal service reps for quick help

What is the average return on Webull

Aside from personal investment strategy anecdotes, I could not find an average return for all Webull users. This is fairly sensitive information and not many companies release it. When they do, it provides an excellent “check” on the performance of the brokerage.

The average return on Webull could also be driven by the different investor strategies like trading stocks, cryptocurrency trading, margin brokerage accounts, a mutual fund, ETF trades.

These make average returns on Webull hard to compare to other brokerage which provides offer commission free trading. Past performance is also no guarantee to future results.

How fast can I make my first trade?

Login in to either the desktop app, mobile app, or web app. Fund the account with at least the minimum of one share of the stock you want to trade, and then select the symbol you want to trade on the trading screen, and how you want to trade it (i.e. is it a short sale?). Click the execute button the the trade will be executed.

How many subscribers does Webull have?

Webull has 750,000 DAU (Daily Active Users)

Does Webull trade mutual funds for $0.00?

No, Webull does not offer full load or no load mutual funds at this time.

Can you lose money with Webull?

As with any investment advice, you can lose money if the losses are based on your investment strategy. If the bank accounts force you to take a loss outside of your decisions, you are protected by $37.5 million in brokerage fee and $900,000 cash fee which are the insurance rates taken out by Webull to protect their investors. These numbers exceed even the full-service brokerages, and showcases Webulls commitment to their customers

Is Webull a Good Way to Make Money?

Webull can be a great way to make money because of the account minimum deposit and free stock trading and extended hours trading. Their promotions (up to 6 stocks or more with friends) is the highest free stocks promotion in the market.

Does Webull let you trade pre-market?

Webull offers full extended hours trading is available from pre-market hours are 4:00 AM – 9:30 AM EST and after hours from 4:00 PM to 8:00 PM.

Is the Webull trading platform good for low-cost ETFs and bonds?

Webull is a great option for low-cost $0 commission free trading, however it does not trade any fixed income products at this time.

Do you pay taxes on Webull?

Yes, you are responsible for any profits made in your 1099 account and it is taxed at the ordinary capital gains rate.

Here are some metrics Webull uses to ensure you receive the National Best Bid or Offer (NBBO) price.

  • Price Improvement: The amount of price improvement received from the trade.
  • Effective/Quoted Spread (EQ): EQ is the effective spread divided by the quoted spread. An EQ value of 100 is an order that was sold at the bid for a sell order and at the ask for a buy order. This means that the lower the EQ the better.
  • Execution Speed: Time from when order is received to time the other side takes the trade.
  • Execution Efficiency: This determines how much additional demand and orders are in the market but not necessarily shown on the volume indicators. You might trade 200 shares, only expecting 100 shares to be filled, but all shares are filled and you get your whole trade filled.

Final verdict: is Webull any good?

If you are an investor in their target investor group, Webull may be one of the best ultra-low cost online brokers. If you are a fairly savvy investor (but not a professional), and you only need Stocks, ETFs, and Options trading Webull provides excellent options.

The phone number Webull offers for customer service probably will feel like too long a delay if your systems are down, however at least they give you the option to speak with a human. The paper trading system is excellent and replicates the Webull experience 100%, so you can get used to the platform before committing any capital to the platform.

Webull also pays for $37,500,000 extra SIPC (Securities investor protection corporation) and $900,000 (Financial industry regulatory authority) which I have not seen in any other brokerage (even the full service brokerage) and this really indicates that Webull wants to protect your cash.

Webull FAQs

How long does it take to claim my free stocks from Webull?

Free stock from Webull is credited within 10 business days to the customer account.

How much does it cost to transfer my whole account from Webull to a new (contra) broker?

It costs $75 per Outgoing Stock Transfer to transfer from Webull to another broker

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