Webull Review

Webull is an excellent choice for beginning and intermediate traders. The user experience is outstanding, and Webull has better charts than its natural competitor, Robinhood. Options contracts are commission-free and futures prices are very low, but crypto markups and markdowns are on the high side. Long-term active investors might prefer the deep research reports available at Schwab, Fidelity, and Merrill Edge.

Pros & Cons

Here are our top findings on Webull:

Overall summary

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Webull is a top-rated broker on the following guides

• Best Trading Apps
• Best Crypto Trading Platforms

Investment options

Webull offers stocks, ETFs, crypto, options, and futures. Mutual funds, forex, and bonds are not supported. Though it doesn’t offer debit cards and checking, it does have an attractive cash sweep account option.

Cryptocurrency: Webull transferred all crypto trading to its new wallet app Webull Pay this year. The main app and website have streaming quotes but no trading.

Webull separated crypto to insulate its traditional business from the regulatory heat directed at crypto trading. Though it’s slightly inconvenient to switch between two apps, Webull Pay carries over the feel of the main Webull app. It’s a minor inconvenience, but I expect other brokers to follow suit eventually.

Webull Pay offers eight cryptocurrencies for trading, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Ethereum Classic, Litecoin, Shiba Inu, and USD coin. New York state residents can only trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Futures: Futures trading was rolled out in April 2024, and Webull’s pricing is very competitive. E-Mini contracts are only $0.70 and Micros are $0.25. Cryptocurrency futures are $1.50. The initial minimum deposit is $1,000, but Webull seems to be taking a conservative approach to margin. You may need to deposit more to trade index Micros.

One reason I like Webull for beginning traders is the convenient default platform layouts. They’re intuitive and easily customizable. That applies to their Futures Trader layout, except for one miss that confused the heck out of me at first: the ask column is displayed before the bid in the options window. It took me a few confused glances before I figured out why the “bid” price was higher than the “ask.”

Penny stocks: Webull allows liquidating penny stocks, but says that it “generally” does not support opening positions in OTC stocks trading at under $5 per share. Over-the-counter (OTC) stock trading is limited to a list of around 500 stocks, a big increase from last year’s hundred or so names.

Commissions and fees

Webull charges no commissions to U.S. customers for trading stocks, ETFs, and stock options (there are fees for index options). Webull U.S. makes money from margin lending, interest on cash balances, and payment for order flow. Most brokers accept payment for routing customer orders to market makers. A few brokers do not, such as Fidelity, Vanguard, and Public. Learn more about order execution quality here.

While most brokers we cover charge $0.65 - $0.75 for stock option contracts, Webull charges nothing. Zero. Zip. Nada. Firstrade, SoFi, and Robinhood are other brokers with zero cost option trading.

Other fees: Webull does not charge deposit or withdrawal fees if you use ACH transfers. Wire transfers are $8 to deposit and $25 to withdraw.

Like most U.S. brokers, Webull doesn’t have a minimum account balance to open an account. If you want to use margin, there is a $2,000 equity requirement, but that’s per the Federal Reserve.

Mobile trading apps

Webull's mobile app is sleek and user-friendly, presenting graphs and data in an easy-to-digest format. The community feed is prominent in the mobile app. Like most social media today, Webull’s community feed is best read for entertainment rather than as a source of actionable investment ideas.

Ease of use: Other than a few counterintuitive icon choices, navigation is a breeze. We suggest the first step all new clients take is to adjust notification preferences. With notifications left at the default, Webull bombarded us with emails, texts, and banner notifications.

Watch lists: Watch lists are very clean and very detailed. The vertical view keeps things simple. But once you turn your phone horizontally, there’s column after column of price data and fundamentals to scroll through. Clicking through takes you directly to the stock information and the charts.

Charting: Though the feature set is narrow compared to what’s available at the brokers we’ve rated as best for traders, Webull’s charting still felt top-notch. Scrolling, pinching, zooming, and drawing made many other brokerapps seem positively clunky in comparison. The mobile app supports a horizontal view, and all platforms have a solid range of tools, customization, indicators, and timeframes that will satisfy beginners and intermediate-level traders.

A walkthrough of Webull's mobile app.

Other trading platforms and tools

While Webull's web and desktop platforms don’t have the extensive range of tools found on trading platforms such as Schwab’s thinkorswim and TradeStation, or the whiz-bang graphic design and analytics on tastytrade, Webull will satisfy most casual traders and delight many with a gratifyingly quick learning curve and attractive graphic design. The browser-based platform is very similar to the desktop version. Both are buttery smooth — no herky-jerkiness here. My compliments go out to Webull’s software engineers.

Charting: Charting is a treat on both the web and desktop versions. Chart trading is a welcome feature. I tried it out and found it well implemented. There’s a standard lineup of charting features, including several different chart types, adequate drawing tools, 59 technical studies, the ability to add hotkeys, and grid layouts to compare multiple charts.

Beginners will appreciate being able to practice first with paper trading and, once they’re ready, investing in fractional shares. More sophisticated and demanding traders can also code custom indicators. See best trading platforms for day traders.

Options trading: Webull really upped its options trading game with the recent rollout of its Options Trader page. Both the underlying asset and the selected option are displayed on charts by default and I found it easy to modify orders with a click and drag on both the chart and ladder. Note: The option chain displays the ask before the bid. Also, the web platform has expiration dates on a dropdown, which seems to favor trading the nearest option.

I prefer the desktop platform’s Options Trader page. The scrollable chain displays expirations conveniently and it has customizable columns, which is important for traders who speak Greek.

The layout and workflow on both the web and desktop platforms are terrific, but they are missing what I think are mission-critical tools, specifically a profit/loss calculator. If you want even more tools, check out our guide to the best brokers for options trading.

Robo advisor: I’m not impressed by Smart Advisor, Webull’s new robo-advisory service. The investment decisions appear to be delegated to State Street Global Advisors, which has a vested interest in using its own ETFs. I tested Smart Advisor by opening an account with $1,000.

My model holdings weren’t disclosed before I opened and funded an advisory account, which meant I couldn’t estimate the ETF management fees. Once I dropped in some cash and the portfolio was set up, I wasn’t too surprised that State Street Global Advisors only used State Street Global Advisors ETFs in my portfolio. I was, however, surprised that the fund used actively managed ETFs, because those are typically more expensive than straight index funds.

The weighted average fund management fees were 0.23%, more than the 0.20% Webull charges for the service. If the portfolio doesn’t change, my annual charges will be in the range of 0.43%, which is a hefty fee for a lazy portfolio. (See more on lazy portfolios at our guide on how to invest for retirement.)

Quote data: As with Robinhood and Public, traders must pay a monthly fee to view Level 2 quotes once the free data subscription expires. At Webull, the Level 2 cost is only $1.99 per month. If you trade at least one options contract monthly at Webull, you get free real-time options data (OPRA); otherwise it’s $2.99 per month. Other brokers often provide this data for free.

Research

Webull's research tools fall far short when compared to industry leaders Merrill Edge, Fidelity, and Charles Schwab, who also offer $0 stock and ETF trades. That’s understandable, as Webull is targeted more toward price- and volume-driven traders than long-term investors.

Stock research: For researching stocks, Webull offers a screener, analyst ratings, price targets, and company news. Many investors will miss the market commentary available at larger brokers.

I do like how Webull presents stocks’ financial data. Along with tables, it can be displayed graphically, making it easy to spot equity, revenue, and profitability trends. Snazzy.

The stock market views on the web and desktop platforms are a bit quirky. For example, there are tabs for the U.S. and Hong Kong/China, but not the rest of Asia, Europe, South America, or Africa.

Community feed: Webull’s mobile and desktop platforms have a Twitter-like… err, excuse me, X-like… social feed that has active community engagement, but there’s more emotional venting going on than insightful analysis. If you like reading real-time commentary from fellow retail traders, I recommend checking out eToro.

Education

Webull has frantically expanded its educational content since our last review, but the quality has unfortunately plummeted. Rather than ask you to take my word for it, let’s dissect one passage I found:

Definition of a portfolio

A portfolio is a collection of your financial assets. Your portfolio shows your investment scope and risk tolerance. For example, you plan to invest $10,000 in total. You have limited risk tolerance but want to take a chance at high-volatility investments. You decide that the maximum loss you can bear is $3,000. So, here is how you decide to allocate your money.

To be safe, you put $3,000 in municipal bonds and another $3,000 in utility stocks. You put $1,000 in an ETF tracking the S&P 500 index. For the remaining $3,000, you put $1,000 in an emerging medical stock and $2,000 in cryptocurrency. [Source]

Gentle readers, municipal bonds and utility stocks are not what any financial planner would call a “safe” portfolio. The writer may have meant that $3,000 in municipal bonds and $3,000 in utility stocks is the conservative part of your portfolio, but even that’s open to question.

Long-term bonds and utility stocks are subject to interest rate risk. It’s not unusual for them to drop by 20% or more over an economic cycle. It’s possible to lose far more than $3,000 in that portfolio. Theoretically, the portfolio can drop to zero, and that needs to be explicitly stated. That passage is just one out of several that concerned me. The takeaway: Learn your investing basics elsewhere.

Customer service

To score Customer Service, StockBrokers.com partners with customer experience research firm Confero to conduct phone tests from locations throughout the United States. For this year's testing, 135 customer service tests were conducted over six weeks, with wait times logged for each call.

Customer service representatives were asked for assistance or details for prospective customers in several areas of broker services, including account opening, trading tools, apps, rollovers, active trading, and more. Here are the results for Webull.

• Average Connection Time: 4-5 minutes
• Average Net Promoter Score: 4.7 / 10
• Average Professionalism Score: 3.5 / 10
• Overall Score: 4.42 / 10
• Ranking: 13th of 13 brokers

Final thoughts

Webull, like Robinhood, has attracted a loyal following of customers because it is a joy to use, has an active investor community, and was one of the first brokers to offer $0 trades. But that’s standard fare among beginner-friendly brokers nowadays. Webull’s competitive strength comes from its snappy web and desktop platforms.

Between Webull vs Robinhood, I prefer Webull, Webull’s educational content excepted. When comparing Webull to the best brokers for free stock trading, Webull does a fine job for its target market of novice to intermediate short-term traders, but less so for long-term investors.

Here are our top takeaways on Webull for 2024:

1. Webull is a trading-focused online broker that provides clean layouts, a friendly user interface, and an active trading community. The desktop application is super easy to customize and comes across as crisp and modern. The mobile app shares much of the desktop and browser experience.
2. Experienced traders and long-term investors will long for additional features routinely offered by the most established brokers. For example, Webull does not currently offer mutual funds or bonds, and its investor education, advanced tools, and fundamental research pale when compared to Fidelity, E*Trade, and Interactive Brokers.
3. Beginning traders will find Webull to be a very good fit and may be satisfied for years. It’s highly functional without being overwhelming. Long-term stock pickers and financial planning-focused investors will find better fits elsewhere.

Read next

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• Best Stock Brokers & Trading Platforms for 2024
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• Best Brokers for Penny Stock Trading of 2024
• Best Futures Trading Platforms for 2024
• Best Options Trading Platforms for 2024
• Best Paper Trading Platforms for 2024

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Popular Stock Broker Reviews

Is Webull good for beginners?

Yes, Webull is good for beginners unless you want a large quantity of educational articles or videos to click through. Beginning stock, ETF, and crypto traders will find Webull’s simplicity allows them to focus on their trades instead of operating the platform. Webull also has low costs (other than crypto) and offers both fractional shares and simulated trading. But if you’re looking for a huge library of educational articles or videos, you’ll have to find it elsewhere.

Can I use Webull if I’m a minor?

No, if you are a U.S. resident you must be at least 18 years of age to open an account on Webull. Its offering does not currently support custodial accounts either, so if you are a parent or guardian who would like to open an custodial brokerage account or tax-advantaged educational investing account for a child then a competitor like Fidelity, which even has a dedicated mobile app for Youth investing, would likely serve your purpose better.

Is Webull good for options?

Yes, Webull is good for trading options with no commission as long as you aren't looking for in-depth research. Webull is somewhat unusual among the brokers in our annual review for charging nothing on options contracts. Firstrade, SoFi and Robinhood also offer zero commission and fee options trading. If you trade one contract a month or more, OPRA real-time quotes are free. If you frequently roll positions or perform in-depth analysis, you’ll find it quicker to enter orders and analyze potential trades or scenarios at other brokers.

Can you trade futures on Webull?

Yes, you can now trade futures on Webull as of April 2024. Its pricing is highly competitive but research coverage is light. In our guide to futures brokers, we ranked the following as among the best for trading futures:

• Interactive Brokers - Best for professional futures trading
• tastytrade - Best for casual futures traders
• TradeStation - Great platforms and low commissions
• E*TRADE - Best trading platform for beginners

Is Webull safe?

Webull is a member of the Securities Investor Protection Corporation (SIPC), which protects customers’ funds up to $500,000 in case a brokerage goes bankrupt. Its clearing firm, Apex Clearing, has additional insurance. However, it’s important to understand that SIPC does not protect against market losses, which is true for any broker.

Is Webull a good choice?

Webull is a fantastic choice for short-term investors who wish to trade options and futures. Day traders in particular will enjoy the commission-free options contracts and low prices for futures. However, long-term investors primarily interested in only holding stock may wish to look at competitors who offer richer research reports and the ability to purchase mutual funds or bonds.

About Webull

Webull is part of China-based Fumi Technology, a fintech company that provides real-time market data, analytical tools, and trading technologies. Webull’s technology team is based in Hunan, China, while customer-facing and brokerage operations are located in New York City.

Webull 2024 Results

For the StockBrokers.com 2024 Annual Awards, announced on Jan. 23, 2024, all U.S. equity brokers we reviewed were assessed on over 200 different variables across eight areas: Commissions & Fees, Investment Options, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall.

StockBrokers.com also presented “Best in Class” awards to brokers for additional categories Beginners, Options Trading, Futures Trading, Day Trading, IRA Accounts, Investor Community, Penny Stock Trading, Bank Brokerage, High Net Worth Investors, and Customer Service. A “Best in Class” designation means finishing in the top five brokers for that category.

For more information, see how we test.

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Our research team conducts thorough testing on a wide range of features, products, services, and tools for U.S. investors, collecting and validating thousands of data points in the process; this makes StockBrokers.com home to the largest independent database on the web covering the online broker industry. We test all available trading platforms for each broker and evaluate them based on a host of data-driven variables.

As part of our process, all brokers had the annual opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy. Brokers also were offered the opportunity to provide executive time for an annual update meeting.

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