Webull Review – Everything You Should Know
Webull may just seem like a broker that focuses on commission-free trading. However, unlike other brokers, Webull is really going after traders with skillsets in trading stocks. Their mobile and desktop platforms have plenty of research material to help people invest in stocks.
Moreover, our in-depth Webull review will let you compare it to our picks for the best online stockbrokers. Opening an account with Webull earns a free gift of stock valued at $3-$300 if they additional open their account and $8-$2000 if they direct deposit $5 or more per month.
What is Webull?
Webull is a popular app that offers stock trades for free. While their legal name is Webull Financial LLC, they are a registered broker-dealer with the US Securities and Exchange Commission, as well as a member of the National Futures Association and also Securities Investor Protection Corporation. They have been around since 2016 and have received venture capital funding.
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What Does Webull Offer?
Advanced Trading Tools And Resources
Webull has a handy trading platform for the different types of technical traders. Moreover, you’ll find 50 indicators and 20 tools to help you decide when to buy or sell. Some examples include:
- Bollinger Bands
- Exponential moving averages
- Money Flow Index
With the free Level 2 market data, users can easily access financial forecasts, market news, and more. Also, you’ll also have the liberty to start and stop your trading on a simple screen.
- Analyst recommendations
- Press releases
- Revenue data
- Historical EPS
- Insider holdings and transactions
- Stock screeners
- Financial calendars
- Watchlist and alerts
Moreover, the Webull API is open from 4am – 9:30, 4pm – 8pm (ET).
As of July 13th, 2021, Webull had added the ability for their customers to buy fractional shares. Also, it was a feature that was still lacking in its other services before. There is now a $5 minimum or 1/10000 share cost. You will also pay 0 trade commissions on this amount.
Free Options Trading
Now that commissions are no longer charged on options trades, there are very few option trading platforms that don’t charge for at least one transaction fee. Webull, which was one of the first to offer completely commission-free trades over a multi-leg period, is ahead of the curve in this area. Currently, it supports up to Level 3 strategies and will add support for Level 4 and 5 soon.
Webull is a short stock brokerage platform that requires you to have a $2,000 deposit and comply with margin account approval. Webull allows margin intraday and overnight trading between 4X to 6X margins. Keep an eye on your account status, as it can be shut down if the equity drops below $2,000. Webull uses a tiered system for its markup rates based on the amount of money you borrow. These rates range from 3.99% to 6.99%.
Webull, one of the few stockbrokers that supports crypto trading, has a pricing structure that doesn’t require any commission.
Therefore, it says you can trade with them commission-free. However, the rate is higher than if you use Gemini or Coinbase. Also, webull’s markup rate is 100 basis points (1%). Before choosing a brokerage for trading crypto, this price difference between Webull and other brokerages should be considered.
- Offers cryptocurrency investing
- Free stock bonus
- Virtual trading
- No per-contract fees on options
- Joint and other account types
Webull Pros and Cons
- Low costs.
- $0 stock and ETF commissions.
- Easy-to-use platform.
- No account minimums.
- Advanced tools.
- Competitive margin rates.
- Access to cryptocurrency.
- No mutual funds.
- Thin educational support.
Is Webull legitimate?
Yes, because he is also a member of SIPC. Therefore, clients’ assets are insured for up to $500,000 for losses due to brokerage failure.
Is My Money Safe with Webull?
Webull is an authorized member of the Securities Investor Protection Corporation, which protects its members’ customers’ securities up to $500,000.Apex Clearing Corporation includes a $150 million protection limit for securities and cash.
An additional insurance policy provides coverage up to $900,000 for anyone customer’s cash limits and $37.5 million for any one customer’s stock limits. Similar to the Securities and Exchange Protection Corporation (SIPC), Apex Carrier does not protect against loss in the market value of securities.
Webull Charges and Fees
With Webull, commissions are free. There is a small commission if you are involved in a crypto trade, though it can be paid to the SEC and FINRA instead. Moreover, there are also coin margin fees, which range from 3.99% to 6.99%.
Additionally, Webull charges a low flat fee for transferring funds from your bank. Additionally, transferring through bank wires also costs $25 domestically and $45 internationally but is free on Webull’s end.
How Long Does Webull Take To Approve Your Account Application?
Webull’s review mentioned that your account application would be approved up to 60 minutes ago. While it reflects reality, Webull closely follows the posted deadline. Moreover, some parts of the Help Center page in Webull, like this one, state that your account application is processed without any delays. The review also mentions no set time frame for the approval process.
Additionally, the Help Center of Webull says that your account application is approved automatically. The company said this in its statement. Additional verification may take time, but there is no actual timeframe.
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How Long Does Webull Take to Approve Other Processes?
Many other processes on Webull are instant, meaning you don’t have to worry if your investment will be delayed. Also, your question that every investor is most interested in is how long it takes for money transfers. According to the type of transfer, it takes about one to five business days.
There are a few different procedures that you can plan to link Webull to your bank account. Also, these will either take less or equal time. Let’s look at transferring stocks: wait for five to seven business days, barring any complications; transfer taking place becomes sure once any activity on your outgoing side is checked out, like unsettled stocks or ACH transactions; to link Webull with a normal cash account, it takes four business days; and lastly, waiting for the settlement of cash takes the least out of them all and may take as much as six business days.
How Do I Contact Webull?
Webull boasts 24/7 customer support, which is unsurpassed by that of a full-service broker. Moreover, to contact an agent from Webull’s Live Chat team, call 888-828-0618 or email them at firstname.lastname@example.org.
With a time-efficient AI, you can create relevant blog posts in minutes rather than hours. With Webull, you can submit your application and follow up if the approval does not come soon enough. Therefore, the community has exploded in recent years, so, commonly, a new customer will fall victim to delays in their account undergoing verification by the team. Sometimes when dealing with difficult issues at home or work, you need help from Webull.