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Webull is a mobile-focused brokerage. Its strength: Better platform functionality than its closest rivals. In this Webull review, we'll take a deep dive into the perks and potential drawbacks of using Webull to invest. We'll also cover what investors should know before opening an account.
As a mobile-focused brokerage, Webull provides better functionality than its competitors, along with offering some cash and stock bonuses.
$0 per trade
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On Webull's Secure Website.
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We love Webull! This brokerage is currently on these "best" lists:
We recommend comparing brokerage options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of our best trading platforms of 2024.
This broker is a good fit for: Active traders who mainly deal in stocks and options and want to do so exclusively via a mobile app.
Like most online brokers, Webull offers $0 commission stock and ETF trades. Customers can also trade fractional shares on Webull, which is a great feature -- especially for beginning investors.
Most brokers still charge a per-contract commission for buying and selling stock and ETF options. Webull doesn't. There are no assignment or exercise fees, either. These factors make Webull a solid broker for options trading.
Most brokers charge customers to transfer their existing accounts to another brokerage. The industry standard fee for this is about $75. Webull will provide a transfer reimbursement of $100 when you transfer a brokerage account with $2,000 or more in assets or an IRA transfer with at least $5,000.
Webull doesn't have a minimum deposit requirement to get going. You can join Webull and start investing with just a few dollars.
Webull's mobile trading platform offers more features than many other mobile-oriented brokers.
Webull offers some of the most competitive margin rates we've come across. And unlike main rival Robinhood, Webull doesn't require a subscription.
Unlike some of the mobile-focused brokers, Webull offers traditional and Roth IRAs. These are offered in addition to standard brokerage accounts.
Many brokers offer cash bonuses for new accounts -- but only after users meet certain minimum deposit requirements. Webull gives free fractional shares of stocks to customers with small deposit thresholds. These stocks are worth anywhere from $3 to $3,000 per share.
READ MORE: Webull Promotions of 2024
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There is no such thing as a perfect broker, and Webull has some potential drawbacks investors should know about before opening an account.
Webull doesn't offer investing in bonds, CDs, futures, or forex. To trade crypto with Webull, you must download the Webull Pay app separately.
Unlike some of the major brokerages, Webull doesn't offer much in the way of educational resources. This is a drawback of many app-based trading platforms.
Webull doesn't allow customers to open joint brokerage accounts. It also doesn't support trusts, UGMA/UTMA accounts, Coverdells, SIMPLE IRAs, SEP IRAs, Solo 401(k)s, and several other account types offered by competitors.
Like most online brokers, Webull has done away with stock trading commissions. The platform offers $0 commission online stock and option trades.
However, most brokers still charge a per-contract commission for options trades. Webull doesn’t.
Stocks and ETFs | Options | Mutual Funds |
---|---|---|
$0 | $0 (no per-contract charge) | Not available |
One of Webull's biggest weaknesses is that it doesn't let you invest in mutual funds -- not yet, anyway. If you want to make mutual funds a major part of your investment strategy, Webull is likely not the right brokerage for you.
As mentioned, Webull offers commission-free stock and options trades, but that doesn't mean it's entirely a fee-free platform. For example, if you trade on margin, you'll pay interest on your debit balance. We'll discuss this in greater detail below.
In addition, Webull does charge some other fees. Here are some of the most relevant:
One of Webull's biggest strengths is its highly rated app-based investment platform. The company's mobile app currently has a 4.3 out of 5-star rating on the Google Play store and a 4.7 out of 5 on the Apple App Store. The platform offers many features active traders may find useful. These include excellent charting tools, the ability to enter complex trade orders, and a feature-packed stock screener. And unlike some other mobile trading platforms, Webull lets investors sell stocks short.
Plus, customers can participate in extended-hours trading from 4 a.m. to 8 p.m. EST. Webull is also one of the few mobile-first brokers to allow for virtual stock and options trading. Webull also offers a desktop trading platform with all of the same features, but to be clear, this is a mobile-first broker.
We're generally not fans of margin trading, but we know that many investors are. If you use margin (borrowed money) regularly or occasionally, be aware that doing so isn't free: Brokers charge margin interest. So a broker with relatively low margin rates can be attractive.
Webull has some of the most competitive margin rates we've seen, especially in the relatively high-rate environment we're in now. As with most of its competitors, the rate you pay depends on how much you've borrowed, but these are generally low when compared to some of the biggest brokers we've looked at:
Margin Balance | Interest Rate |
---|---|
$0 - $25,000 | 9.74% |
$25,000 - $100,000 | 9.24% |
$100,000 - $250,000 | 8.74% |
$250,000 - $500,000 | 8.24% |
$500,000 - $1 million | 7.24% |
$1 million - $3 million | 6.74% |
Over $3 million | 5.74% |
Webull's platform is mainly targeted at traders, not long-term investors, but it can certainly be used for long-term purposes, especially for knowledgeable investors to open IRAs. Having said that, there isn't much in the way of research -- or fundamental analysis in general, for that matter.
Webull could be an excellent choice if these statements apply to you:
Wondering how Webull stacks up to the competition? Check out our reviews:
There are a few main downsides to Webull. For one thing, it only offers individual brokerage accounts and traditional and Roth IRAs. It doesn't offer mutual funds or several other investment types. And like most mobile-first trading platforms, Webull falls short when it comes to educational resources and research access.
Webull can be a good place for beginning investors to start, as it has one of the more user-friendly platforms in the brokerage industry. However, it is best suited for investors who have a good working knowledge of how the stock market operates, and are comfortable doing their own research.
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Fidelity disclosure
Fractional share quantities can be entered out to 3 decimal places (.001) as long as the value of the order is at least $1.00. Dollar-based trades can be entered out to 2 decimal places (e.g. $250.00)
Robinhood disclosure
All investments involve risk and loss of principal is possible.
Securities are offered through Robinhood Financial LLC, member FINRA/SIPC. Cryptocurrency services are offered through an account with Robinhood Crypto, LLC (NMLS ID 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected. For more information see the Robinhood Crypto Risk Disclosure.
Trades of stocks, ETFs and options are commission-free at Robinhood Financial LLC. Other fees may apply. Please see Robinhood Financial’s Fee Schedule to learn more.
Fractional shares are illiquid outside of Robinhood and are not transferable. Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement.
Robinhood Gold is an account offering premium services available for a $5 monthly fee. Not all investors will be eligible to trade on Margin. Margin investing involves the risk of greater investment losses. Additional interest charges may apply depending on the amount of margin used. Bigger Instant Deposits are only available if your Instant Deposits status is in good standing.
E*TRADE services are available just to U.S. residents.