In this Webull Review, we have reviewed and explained what Webull is, what services you get here, tools provided by Weibull, deposit amount & pros and cons of the trading platform.
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What is webull?
Webull is the latest US-based fintech startup focusing on zero commission trading. Most of the competitors offer services for which they charge a few amounts. But Webull’s zero commission policy is giving it an ace in the competition.
Webull is majorly focusing on technical traders; it has provided extensive technical analysis for its users looking for trade stocks. If you open an account, they will give you two gifts of stock. They are registered members of FINRA and SIPC. That is a privately owned company founded in 2016.
Webull launched its app back in 2018. The clearinghouse of the company is Apex Clearing Corporation. They have created Webull with the view that everyone has equal opportunity to control their own financial future.
Webulls majorly strive to provide real-time market data, analysis tools & trading commission completely free.
A top-tier financial institute regulates Webull; hence it is considered safe to trade with this one. One can easily open an account via their website Webull.com or through their mobile app. It takes mostly one hour to approve your application.
Sometimes it may take longer to support your profile due to some verification reason, but it’s completely normal; you can contact them if you need any further clarification.
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What do you get ?
Most of the features related to brokerages are free in Webull. It provides news, real-time data, analysis tools & trading commission, all for free. Beginners who want to know how apps work will open a demo account to know it’s working.
Research tools :
- Press Release
- Historical EPS
- Revenue Data
- Financial Calendar
- Trend Analysis
- Desktop Platform Overview
- Desktop Platform Features
- Quote Data
This is one of the unique features of Webull. The community is an organization that provides real-time data on its feed. Users can comment and post their reactions to the price movement.
Users can also make predictions on price movement; if they get the correct prediction, they will be awarded points. They can use these points to purchase Webull products.
Webull provides a user-friendly mobile application. It provides graphs, charts, and data in an easy to interpret format. Usage is so easy that new traders can easily find what they are looking for. They tried to provide a mobile UI a little bit the same as the desktop or web version.
Do they charge any fees?
Webull is free of brokerage charges, but a little bit of commission is charged by SEC and FINRA. Setting for transfer is a normal thing with all the trading platforms. It doesn’t cost anything on a regular bank transfer, but your bank may charge you. Wire transfer will charge $25 for domestic and $45 for international.
Is Webull safe?
To check the safety of brokerage, you should check the background of the broker you’re dealing with. But in the case of Webull, all customers are covered by Financial LLC, and the US investor protection scheme called the Securities Investor Protection Corporation (SIPC).
The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash.
Webull offers only individual cash and margin accounts.
Webull minimum deposit
No deposit is required, or we can say $0 is required to open an account. The only limitation is that it uses only the US Dollar as the base currency.
Webull only provides a demo account, it doesn’t provide additional data to learn new things just like others do.
|User friendly||Poor phone support|
|Free stocks, equities and options||No live chat|
|Fast and easy account opening||Only bank transfer for deposit/withdrawal|
|Doesn’t charge any commission||Limited products|
|Great trading platform||Hire wire transfer cost|
Webull does not have any customer service facility till 2020. It will improve its services in 2021, but currently, it offers email support, live chat support, and limited phone support.
Is Webull legit or a scam?
Yes! It is a legit platform regulated by the top-tier financial institute of the US. Along with this, the Webull committee provides its customers with a protection package of $500,000. And as they allowed you with the option to open an account with min. deposit, hence, you can quickly check the potential and credibility of the platform.
Webull is easy to use. You can easily trade free US stocks, ETFs & options. The account is fast and easy to open. The user-friendly interface of the website as well as a mobile app. The drawback it has is that it provides limited products to invest in and poor customer service.
When can I trade crypto?
You can trade crypto anytime 7 days a week. But it will be unavailable from 5:30pm–6:30pm ET for regular maintenance & settlement.
Can I move my wallet of cryptocurrency?
They only offer the ability to buy and sell cryptocurrency at this time. They do not allow wallets to be moved.
How long does stock transfer take?
It takes almost 5-7 days to complete the transfer. It may take more days if it is taking place from webull to any other account.
How do I trade on the Webull desktop platform?
To trade through Webull, you must open an account, and after your account gets verified, you can put money & can start selling. You can also download the mobile app to carry out trade from any place.