Webull review

What you can trade on Webull in Canada

• Canadian & US stocks
• Canadian & US ETFs
• (US options are coming soon)

Account types available with Webull Canada

• Cash
• Margin

Latest Webull updates

January 2, 2024: Webull officially launched in Canada after gaining approval to become a member of the Canadian Investment Regulatory Organization (CIRO) on November 15, 2023. Customers in Canada can now trade US and Canadian stocks and ETFs through the Webull app. US options trading is coming soon.

February 28, 2024: Webull announced that it has agreed to list its shares on the Nasdaq through a merger with SK Growth Opportunities Corporation (NASDAQ: SKGR). The combined company will be called Webull Corporation and will trade under a new ticker symbol. The combined company is valued at $7.3 billion USD.

Where Webull shines

Compared to the self-directed investment platforms run by many of Canada’s Big Banks, Webull has some of the lowest fees in the industry. For each trade, customers pay just $2.99 (CAD or USD depending on the trade currency), and the account fee is only $10/year. You can also earn 4% interest on your uninvested CAD cash balance (3% for USD balances).

We also like Webull‘s new account offers. Pay $0 commissions on Canadian and US stock trades for 90 days from the date of account opening. If that wasn’t enough, you can also score some extra cash. Get a $50 cash bonus when you deposit $1,000 and another $50 when you maintain your balance for 30 days.

Beyond costs, Webull stands out for offering big broker trading tech, a sleek app design and features we’ve come to expect from fintech brokers. You’ll find multiple, powerful trading platforms with advanced tools and services.

You can invest in both Canadian and US securities using multiple order types, including limit orders, market orders, stop orders (stop-loss orders) and stop limit orders. Margin trading is also supported.

Where Webull falls short

Being fairly new to Canada, Webull only lets you trade stocks and ETFs (although US options trading will be available soon). If you want to trade bonds, mutual funds, crypto, or futures, you’ll need to look elsewhere.

Outside of Webull‘s promotions, you can’t get zero-commission trading like you can with some other discount brokerages in Canada. Customer support options are currently limited to email, an in-app contact form and online help articles, but we’d like to see this expand to include live chat.

Webull Canada fees

Minimum deposit	$0
Annual account fee	$10
Stock & ETF trade fees	Each trade costs $2.99 (CAD or USD depending on the trade currency). The SEC charges $0.000008 USD X Trade Value for each US securities trade (min. $0.01). The DTC charges $0.01 to $0.03 USD per ADR share.
Margin account rates	CAD: 9.2% – 9.7% USD: 10.5% – 11%
Wire transfer withdrawal	Domestic (CAD/USD): $50 International (USD): $100
Foreign exchange fee	1.5% ($10 min. exchange amount)
Account transfer fee	Full transfers: $150 + tax Partial transfers: $50 + tax
Inactivity fee	$0
NSF/reversal fee for EFT transfers	$50

Is Webull legit?

Yes, Webull is a legit US-based fintech company founded in 2017. In the US, it’s registered with the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

In Canada, Webull is registered with the Canadian Investment Regulatory Organization (CIRO) and must comply with security standards set out by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Webull’s platform is easy to use

Here are some of the tools you can use to trade with on Webull:

• Stock watchlist
• Advanced charts
• Technical indicators
• Demo account (paper trading simulator)
• Screeners
• Educational videos
• Level 2 quotes through Nasdaq TotalView ($4.99 CAD subscription fee applies unless you make one trade every 30 days)

Webull’s app

Webull offers a powerful mobile app that lets you manage your portfolio on the go. Stay across positions and consolidate watchlists, analyze charts and place orders. Create your own screener and monitor what you want by market cap, prices, percent changes, volume, turnover rates and listing dates. Monitor data in two primary market tabs: United States and Global.

Webull’s app store reviews in Canada

App store	Rating	Total reviews
Google Play	4.1 out of 5 stars	242 reviews
Apple Store	3.0 out of 5 stars	24 reviews

Webull Desktop

Webull customers have free access to a customizable desktop platform and its suite of research and analysis tools, which includes screeners, alerts, trading widgets and 20+ charting widgets that support over 60 indicators.

Webull’s customer support

Currently, customers in Canada can connect with Webull via email and an in-app contact form.

How to open a Webull account in Canada

1. Go to Webull‘s website or download the mobile app and select Sign up.
2. Enter your phone number, and create and account password.
3. Select Open Account.
4. Verify your identity by taking a photo of your ID and a selfie. If everything checks out, it shouldn’t take more than a minute or two.
5. Enter your personal information, employment details and financial information. Confirm whether you’re a professional trader.
6. Indicate your shareholder communication preferences, and confirm your tax residency.
7. Select the account you want to open (cash or margin).
8. Read and electronically sign the required documents.
9. Submit your application. You might be approved almost instantly, although it could take up to two business days. Supplementary information may be required.

Eligibility and required information

How safe is Webull?

According to Webull‘s privacy policy, it “uses reasonable, industry standard security measures to protect information” and regularly conducts audits of its system. Through its membership with the CIPF, brokerage customers are insured up to $1 million if Webull becomes insolvent. Learn more about CIPF coverage here.

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