Webull Review: Is Webull the Best Trading App for You?

Start the Webull review by weighing the platform’s strengths and weaknesses:

About Webull

Webull is an online brokerage featuring a clean and simple interface and advanced research tools, charting and technical indicators for intermediate to advanced traders. Although beginners can use Webull, many of the features may be too advanced initially. The learning curve may be steep, but you’ll find that Webull has everything you need as you learn and grow as an investor.

You’ll be able to trade options, stocks, ETFs and crypto all in one place, with access to sophisticated research tools and charts, such as Nasdaq’s Level-2 Advance.

Webull Features

Webull is a full-featured, online trading app designed for today’s mobile-dependent investors. Here are some of Webull’s top features worth noting:

Webull Features and Accounts Overview

Webull is a relative newcomer in the trading world. It launched in 2018 and has made significant changes to evolve with the market, such as adding retirement accounts and the ability to trade cryptocurrencies.

Although the platform is best for investors with some knowledge about trading, motivated beginners can hit the ground running by joining Webull’s community of fellow traders. You can learn through trial and error by entering paper trading competitions and sharing your progress with the community to learn more.

Accounts

You can choose from two types of accounts:

• Individual brokerage account
• IRA: Webull Traditional, Roth or Rollover IRA

Research Tools

Webull really shines when it comes to the number of research, real-time data and analysis tools available. They include:

• Three months free of Nasdaq TotalView Level-2 Advance
• NBBO
• Charts
• Technical indicators

Trading Hours

There are times you may want to jump on trading to capitalize on after-hours news. In addition, crypto trades 24/7. Webull allows you to trade during pre-market and after hours to extend your day from 4 a.m. EST to 8 p.m. EST.

Webull Fees

Webull is a low-cost trading platform. There are no trading fees and commissions, although sales incur:

• An SEC trading fee of $0.0000051 multiplied by the trade amount for a minimum of $0.01
• A FINRA fee of $0.000119 multiplied by the total trade for a minimum of $0.01 and a maximum of $5.95
• A clearing fee for options trades only of $0.045 per contract for a maximum of $55 per trade
• An options regulatory fee for options trades of $0.0388 per contract

What Webull Is Best For

Webull is best for the active, tech-savvy trader who is comfortable with buying and selling options, crypto or equities and wants an easy, low-cost platform with sophisticated real-time research tools and charts.

Initial Investment

There are no opening balance requirements or fee structures to worry about. As long as you buy full shares–as fractional trades are currently not available–, you are free to trade as much or as little as you need.

Margin Trading

Webull provides account holders with margin trading once they have a balance of $2,000 or more. Interest rates are based on your balance and range between 3.99% to 6.99%.

Virtual Trading

Webull allows paper and virtual trading, which could be a great way for new traders to learn about investing and help more active traders polish their skills. Joining the online community can be fun. The group hosts investing contests with actual prizes.

Where Webull Falls Short

Webull may seem like a comprehensive online brokerage, but it falls short in a couple of regards.

No Mutual Funds

Mutual funds are considered by many an essential part of investing. However, true traders may find mutual funds too passive. They may prefer to trade the equivalent ETF.

Timid Beginners Should Start Elsewhere

The platform may be too complex for someone who is just getting started in investing. There may be too many tools and options, which can overwhelm a newbie. The online glossary is helpful, but the explanations may not be basic enough for a beginner. However, the Webull community is a good place to get some hands-on experience by trying your hand at paper trading competitions as well as getting–and giving–feedback.

Webull vs. Competitors

Here’s how Webull measures up to other similar investment platforms.

Webull vs. Robinhood

Webull and Robinhood both allow trading of ETFs, stocks, options, crypto and ADRs. Robinhood allows fractional trading, which offers a lower entry point for new investors.

Webull’s margin trading does not require a paid subscription as Robinhood’s requires. However, Robinhood offers an interest-earning uninvested cash account that earns 0.30% APY, something that Webull does not offer at this time.

Webull vs. Merrill Edge

Both platforms provide commission-free trading with low minimums. Webull’s margin fees are lower. Merrill Edge allows traders to buy and sell mutual funds. However, the platform isn’t complete. Webull offers crypto trading which is currently not available over at Merrill Edge.

Merrill Edge may be more beginner-friendly thanks to in-depth tutorials on investing and broker-assisted trades are allowed for a fee of $29.95. But Webull’s community and virtual trading competitions are a good way to learn through trial and error.

Who Should Use Webull? And Who Shouldn’t.

Webull is ideal for active traders in search of a clean interface and robust investing and research tools. The fees and commissions are minimal and you’ll have the option to buy and sell crypto, stocks, ETFs, ADRs and more.

However, newer investors may not find some aspects of Webull’s very user-friendly. The advanced charting and tools may be overwhelming, but at least they’re cleanly designed so they’re easier to understand. All in all, Webull is a great choice for the younger investor not interested in safe, slow or passive investments that’s comfortable with trading stocks, options and crypto.

John Csiszar contributed to the reporting for this article.

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