Webull Review 2022: Overview, Pros and Cons

GOBankingRates Score

4.2
Quick Take: Webull is a great low-cost option for anyone — from beginners to advanced traders — that is looking to invest. It performs particularly well when it comes to its suite of trading tools.
  • Cost/Fees
    4.5
  • Tools
    4.8
  • Cryptocurrency
    3.5
  • Mobile App
    4.0
How did we calculate this?

Pros

  • Comprehensive trading features
  • Commission-free trading
  • 41 cryptocurrencies to buy and sell
  • Extended-hours trading

Cons

  • No crypto wallet yet
  • Transfer fees
  • Issued cease-and-desist letter from the Department of Financial Protection and Innovation in California due to non-compliance

Webull Overview

Webull is a technology-first investment platform. It has IRA plans as well as regular brokerage accounts. Webull’s range of products includes stocks, fractional shares, exchange-traded funds, options and American depositary receipts — certificates issued by banks for investors to get foreign asset exposure.

Key Features

Here are some of Webull’s most notable features.

Cost/Fees

Webull itself doesn’t charge any account fees or commissions for trading stocks, ETFs or standard options. However, certain regulatory bodies charge minor fees on buying and selling that are passed on to cover basic costs. 

Index options — which track a particular market or sector — carry a fee per contract bought and sold. The amount depends on the index chosen. A full breakdown can be found on the Webull website.

For both deposits and withdrawals, there are no user fees for Automated Clearing House transactions from a U.S. bank account. Domestic wire transfers incur an $8 fee, or $12.50 if it’s an international payment for deposits. Higher fees are charged for domestic and international withdrawals by wire transfer — $25 and $45, respectively.

There is no cost to a customer for transferring existing ownership of stocks to Webull, but outgoing transfers generate a $75 fee. 

Tools

Traders can take advantage of Webull’s comprehensive suite of tools, including relevant market data, real-time news, extensive charting solutions, learning resources and the ability to create hotkeys. More than 60 technical indicators, infographics for earnings and alerts can be set up too.

Webull is also built for multiscreen trading on desktops and has a paper trading platform for beginners. An additional benefit is the ability to trade premarket and in the after-hours market.

Cryptocurrency

Webull gives users access to the trading of 41 cryptocurrencies. Webull operates cryptocurrency trading 23 hours a day, seven days a week. Due to scheduled account reconciliation and maintenance, users cannot trade from 5:30 p.m. to 6:30 p.m. Eastern time daily.

All the available cryptocurrencies can be purchased using USD. The options, however, are more limited for New York residents, who can only buy and sell:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Aave (AAVE)
  • Basic Attention Token (BAT)
  • Chainlink (LINK)
  • Synthetic (SNX)
  • Bancor Network Token (BNC)

Webull states there are no cryptocurrency account or trading fees, but a 100bps markup is charged on each transaction users make. Another downside is that there is no specific crypto wallet available on Webull, and cryptocurrency transfers are not possible.

A few short steps are required to activate cryptocurrency trading on Webull. The process is as follows:

  • Install or update the latest version of the Webull app.
  • Select the Webull icon.
  • Choose “More.”
  • Select “Crypto trading” to apply.

Mobile App

Webull is available for download on the App Store and on Google Play, where it has been rated 4.7 stars and 4.4 stars, respectively. It has all the same functionalities as on a tablet, desktop or browser, so users can choose what type of device they want to use based on their preference.

How Does Webull Stand Out?

Webull has courses for its members to educate them on financial products, and it also has paper trading integrated. Additionally, Webull is offering new users up to six free stocks when they open an account and deposit any amount. 

Comparable Options

Here is an analysis of how Webull’s offering performs in relation to some of its closest competitors.

Robinhood

Webull and Robinhood offer fee-free trading and cryptocurrency trading starting from $1. In addition to this, Robinhood offers early access to initial public offerings and allows users to generate extra income from stock lending.

More recently, both companies have begun developing their own crypto wallets for decentralized applications and non-fungible token marketplaces.

M1 Finance

Both Webull and M1 Finance allow users to trade commission-free. However, M1 Finance also has checking accounts with a 1% annual percentage yield and credit cards with up to 10% cash back, which Webull doesn’t currently offer.

How To Apply

To set up a Webull account, new users will need to visit its website or download the app on Google Play or the App Store.

The process requires filling out a few standard details from there. In general, account approval is completed within 24 hours.

Who Webull Is Best For

Webull is ideal for consumers who want to manage all their investments from one place. This method is suited to people who prefer to keep their other accounts used for different purposes — such as checking and savings — completely separate. 

Final Take

Webull offers everything expected from an investing platform. It has specialized in a handful of assets and trading tools to differentiate itself from rivals. 

FAQ

Here are some questions people often ask about Webull.
  • Can Webull be trusted?
    • Webull is regulated by the Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority. However, it has been issued a cease-and-desist letter by the Department of Financial Protection and Innovation in the State of California as a result of non-compliance in relation to customer complaints.
    • The Better Business Bureau has given Webull an F rating — it is not BBB accredited.
  • Is Webull worth using?
    • Webull is a good option for traders no matter their experience level. That said, some may opt to invest with a platform that has been accredited by the BBB.
  • Is Webull owned by China?
    • Webull Financial LLC is a subsidiary of Webull Holdings (US) Inc. — formerly Fumi Technologies, which was founded in China.
  • Is Webull safer than Robinhood?
    • Webull and Robinhood offer the same customer protection: up to $500,000 for securities and $250,000 for cash in the event of a business failure. Robinhood has been criticized for its gamification of investing, which has the potential to encourage reckless decisions.
    • Both companies have received an F rating from the BBB.

Information is accurate as of June 27, 2022. 

Editorial Note: This content is not provided by Webull. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Webull.

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About the Author

David is a qualified financial advisor in the Republic of Ireland. He has a bachelor's degree in business and entrepreneurship, as well as over five years of investing experience.
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