Everyone has heard of the free commission stock trading app known as Robinhood. Well, there are other apps out there worth looking into and Webull is one of them.
Webull has the best research and analysis tools of all the free brokers. It’s paper trading capability and real-time market data make it a stand from the competition. Webull is also growing at an incredible rate and is constantly unveiling new features.
Webull launched its commission-free trading app in May 2018. Before this, they were mostly used as a research platform giving real-time data on the stock market and providing some of the best tools for helping investors prepare for online stock trading.
Now they offer one of the most professional investment apps built for online stock trading and provide it free of charge with no membership costs, no commission fees, and no data fees.
After reading this comprehensive Webull Review, you’ll know what Webull can offer you in terms of trading stocks and have all the information necessary to determine if this is an app you’ll want to add to your trading arsenal.
Inside Webull – Inside a Real Account
What Platforms Support Webull?
Currently, Webull can be downloaded at the iOS App Store and Android’s Google Play store. Their mobile apps are where you can utilize the majority of the features that I am reviewing below. I have downloaded it on my iPhone and the platform works very smoothly.
Note: I’d love to hear the experience of someone that has the Android app. Please leave a comment below if you have downloaded the android app to share your experience with the group.
They also have a Windows, macOS and Web App which I really enjoy for a trading platform. Trading, using technical analysis is very easy and intuitive on their desktop apps and I actually enjoy the larger charts for technical analysis better than using the mobile app when I am on my computer.
What Can Be Traded with Webull?
What makes Webull unique and stand out from the competition is its huge suite of research and analysis tools for the markets and stocks. I mean, I was blown away when I first saw how much data and information was provided on this app.
Securities that Can Be Traded
Currently, Webull supports the trading of over 5000 Stocks and ETFs in the United States. You can not trade options, mutual funds or bonds as of now; however, options will be available in November of 2019.
They also support the following order types:
- Market Orders
- Limit Orders
- Stop Orders
- Stop Limit Orders
Each order can be made with the option to have the trade expire at the end of the day (Day Order) or until canceled (GTC) to ensure you get your trade to execute under your conditions. This gives you the flexibility to ensure you never miss out on a trade and it also protects you from forgetting about orders you placed in the past if they would have taken several days or weeks to fill.
You can program your trade to utilize a Stop Loss and Take Profit action. This prevents you from losing more than you are prepared to lose if you are away from your app as well as ensures if your price target is met, the order closes and you don’t lose profits as well.
Webull offers extended hours trading which means that when the market is closed for the general public you will be able to make trades. The normal hours of the Stock Exchanges are 9:30 am – 4:00 pm EST. The extended hours that Webull allows for trading are as follows:
- Premarket 4:00am – 9:30 am EST
- Aftermarket 4:00pm – 8:00 pm EST
This is a pretty big benefit and a lot of brokerages do not allow trading in these time frames without paying a fee.
Many companies announce their earnings before the markets open or after they close so in extended hours you can take advantage of these press releases before everyone else!
That’s the power of extended-hours trading.
You can make three day trades within any 5 consecutive business day period (including pre-market and aftermarket). This is the same for all brokerages and is regulated outside of Webull.
If you have an account with a balance greater than $25,000; however, you can day trade unlimited on Webull. It has all of the tools necessary and the charting on the desktop apps are very intuitive and easy to navigate with 25 indicators.
That being said, there are better broker-dealers that I would recommend for day trading such as TDAmeritrade or Interactive Brokers because they offer the fastest in charting capability and order execution. Every second counts when you are trading at the speed of a day trader.
Personally, I find this app ideal for swing trading and position trading which falls right in line with my trading style. It has all of the indicators that I use and I love that I can bounce between the desktop and mobile app.
What Types of Accounts Can You Open?
Webull offers Cash Accounts and Margin Accounts. Cash accounts DO NOT require a minimum deposit.
In order to open a Margin Account, you need to initially have a balance of at least $2,000.
Margin accounts allow you trade on margin which means you can make trades without having the funds deposited in your account. Webull loans you the capital to make the trade as long as you pay the margin fee. Margin Fees are as follows:
Margin trading on Webull is very straight forward in regards to fees but I would caution beginner investors from trading on margin because you can find yourself owing Webull a lot of money if you make a bad trade and don’t have enough money in.
Even though Webull charges $0 commissions on all trades, it should be noted that standard SEC and FINRA fees may apply. These are fees that apply to all brokerages and come from outside entities. No brokerage can waive these fees although they are generally negligible and so small, you may not even notice them.
Webull Now Offers IRAs
One of the newest features Webull has introduced is the ability to open an IRA account. They offer an IRA account with Zero Commissions, Zero account opening fee, and Zero management fee.
You can sign up for a Traditional IRA, a Roth IRA, or a Rollover IRA. If you transfer a balance from another brokerage, Webull will reimburse any transfer fee up to $100.
Also, if you make a qualifying deposit amount into your new IRA account, you can get up to $1500 in gift cards following the chart later in this article.
Can You Buy Options on Webull?
Webull released the ability to trade Options in November 2019 for beta testing. My account has access to buy and sell options but it has not been released to all customers at this time. If you are interested in options trading, I would still recommend Webull since they will be rolling this feature out very soon.
I’ve been recommending Robinhood for easy commission-free Option Trading but now that Webull has opened up this feature to me, I will move the remaining money I have in Robinhood to Webull once my current contracts are closed out.
If you want to start trading options right now though, Robinhood may be a great choice until Webull completes the rollout. I’d recommend signing up for both brokerages and using Robinhood until Webull’s service is officially launched.
Webull Research and Analysis Tools
This is the most exciting feature Webull offers in my opinion. What separates Webull from its competition, is its incredible resources for investors. Webull offers a range of tools designed to help screen, analyze and research stocks.
If you ever wanted to try an investing strategy but were afraid to put your money on the table, now you can! Webull offers paper trading which means that they have a simulator built into the app that allows you to trade “fake money.”
Webull starts you out with $1,000,000 to invest. If you lose it all or want to start over, simply reset the account with the click of a button and try again.
This allows you to try various strategies risk-free and is an amazing resource.
A lot of big brokerages offer this. The fact that a brokerage that offers zero-commissions put the money into building this kind of tool is a tribute to their commitment to being the best brokerage out there.
Use Screeners to Find the Perfect Stock
Screeners allow you to build a filter based on the exact criteria you are looking for in a stock. You can sort stocks by regions, exchanges or market sectors such as NYSE technology stocks as one example.
You can also sort by Quote Indicators which will show you P/E ratio, Price, Volume, Market Cap and more.
Sorting by EPS (earnings per share), dividends and the dividend yield is also available.
Do you want to buy stocks that meet a particular Technical Indicator? There’s a way to screen for that as well. Set a screener for RSI, MACD, Three White Soldiers, and many others.
Of course, you can even sort stocks based on Analyst Ratings if you want to leave the heavy lifting for someone else.
For example, if you want to find stocks on the NYSE that are in the financial sector and have a P/E ratio between 5 and 15 and also pay an annual dividend of at least 5%, it’s as easy as clicking a few squares.
Once you hit save, all the stocks that meet the criteria you chose will be listed for you.
Browse Stocks Based on Broad Categories
You can also browse stocks by the Hottest Industries, Hottest Stocks, Hottest ETFs, Most Active, Top Gainers, and Top Losers.
By browsing these simple categories, you can identify stocks that have recently made big moves and you can look for opportunities to buy in or cash out profits!
These categories are easy to browse and are constantly updated. You are always receiving the latest and greatest in what’s trending now!
The option to see the latest and upcoming IPOs is available so you always know when new companies go public and can accept investors.
At the Earnings Center, you can see which companies are about to report earnings so you never lose sight of when a company you own or are pursuing may take a swing in price as a result of their report.
Finding stocks to invest in has never been easier. Webull just released its latest app update which means that you are getting the latest in their advanced platform.
Charting and Trading Integrated Seamlessly
With the latest update to their app, you can now analyze graphs and with the press of a single button in the corner of the graphing screen, enter or exit a trade.
This means that if you are waiting for a specific signal to occur and it finally does, you won’t miss the trade. Simply click trade and submit the order in a matter of seconds.
This is a huge feature for technical traders that use candlesticks. They also offer 25 indicators to give any experienced trader the ability to analyze stocks in accordance with their trading style.
Is My Money Secure and Safe?
In short, yes! Webull is regulated and transparent with its ability to ensure your cash.
Upon verification using FINRA’s Brokerage Checker, we see that they are registered and regulated by FINRA. FINRA which is a private corporation that is government authorized to regulate brokers and protect investors.
Webull is a member of the SIPC. The SIPC protects up to $500,000 in securities such as stocks and bonds ($250,000 limit on cash).
In addition to this though, Webull is protected by an additional insurance policy to ensure an aggregate amount of $150 million dollars (up to $37.5 million per customer for securities and up to $900,000 in cash).
Does Webull Have Any Incentives to Join?
They sure do!
When you download the app on your mobile device or join online, you will be given a free stock at random (valued at $2.50 – $250).
Next, you simply deposit at least $100 and they will gift you with a second stock (valued at $8-$1500).
If you have more than $100 to invest, you can get an Amazon Gift Card valued up to $1500. The amount depends on how much you deposit. The reward tiers are as follows:
If you transfer your funds from another brokerage, Webull will reimburse the transfer fee up to $100.
Takeaways from this Webull Review
Before we show the scorecard below, let’s discuss the simple takeaways. Webull offers an incredible suite of research and analytic tools for investors to use in order to make the best trades.
Webull’s new interface makes trading lightning-fast and integrates seamlessly with the graphing charts.
The vision of Webull is simple: giving everyone the tools to trade with zero membership fees and zero commission fees.
The only downside is that you can not trade mutual funds, bonds, or cryptocurrencies at this time.
They have plans to continuously roll out new features in the upcoming months. In the meantime, if you are interested in trading cryptocurrency for free, check out our Robinhood Review or our Coinbase Review.
I think this is one of the best apps for trading stocks on the market today. In fact, I have recently begun moving more of my money into this platform.
I hope you enjoyed this review. If so, please leave me any comments or questions below. I’d love to hear from you.
As always, Let’s Start Investing!
Ease of Use9.0/10
- Zero-Commission Fee Trading
- Paper Trading available to practice without risking actual capital
- Intuitive and Extensive Screener Tool
- Excellent Analysis and Research Tools
- Great Referral Program to get Free Stocks
- Doesn't allow for trading mutual funds, options, crypto-currencies or bonds
- No web-based platform
- Options are not fully rolled out
Eric Baglio has been investing for over ten years and learned a lot of valuable lessons along the way. He has helped numerous people start investing on their own and founded Let’s Start Investing to help anyone willing to learn how to build wealth. His favorite brokerage is Webull and his favorite stock advising service is Motley Fool Stock Advisor.