Webull review 2024: $0 commission trading with advanced tools
Webull isn't available on Finder right now.
- Stock trade fee
- $0
- Minimum deposit
- $0
Our verdict
Webull offers a modern trading and investing platform with low costs, advanced trading tools and a robo-advisor.
Webull's a modern, low-cost trading platform with advanced trading tools, a growing list of tradable assets and access to a robo-advisor. Trade stocks, ETFs, options and futures, with no commission on stocks, ETFs and options and no option contract fees. Webull differentiates itself from other mobile-first brokers by offering robust advanced trading tools and a dedicated desktop trading platform. And its 4.25% APY cash management account is one of the most competitive in the industry. However, you'll need the separate Webull Pay app to trade crypto and like other mobile-first brokers, Webull doesn't offer access to human advisors. Webull was a finalist in Finder's 2023 Investing Innovation Awards.
Best for: Active traders and investors
Pros
-
Zero-commission stock, ETF, options, with no options contract fees
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User-friendly mobile app with advanced trading tools
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Free desktop trading platform
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Fractional share trading
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Robo-advisor
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Earn 4.25% APY on your uninvested cash
Cons
-
Need the separate Webull Pay app to trade crypto
-
$2.99 per month for Level 2 data access
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0.20% annual advisory fee for its robo-advisor, Smart Advisor
Webull at a glance
| Feature | Rating | Details |
|---|---|---|
| Investment options | ★★★★★ |
|
| Trading costs | ★★★★★ | Zero commission stock, option and ETF trades, with competitive margin rates and no options contract fees. |
| Account fees | ★★★★★ | No annual or inactivity fees. |
| Account types and minimums | ★★★★★ |
|
| Trading platforms and technology | ★★★★★ |
|
| Features and amenities | ★★★★★ |
|
| Customer support | ★★★★★ | Contact Webull by live chat, email and phone during regular business hours. |
| Mobile app | ★★★★★ | Google Play app reviews: 4.3/5 stars based on over 190,600 reviews Apple App Store app reviews: 4.7/5 stars based on over 300,900 reviews |
| Cash sweep rates | ★★★★★ | Offers a cash sweep program that pays a 4.25% APY, with automatic sweeps. |
To learn how our star ratings are calculated, read our methodology.
Webull is best for active traders and investors
Webull’s commission-free trading and no minimum deposit requirements give traders and investors a platform to trade without high fees eating into their balances. Active traders of all levels can hone their trading skills and test new and experimental strategies through the paper trading demo account without risking their money. Meanwhile, active traders should find Webull’s dedicated desktop platform and advanced charts, indicators and screeners attractive.
Latest Webull updates
May 1, 2024: Webull is reviving its Fully Paid Securities Lending (FPSL) program, according to a customer email we received. Customers who enroll in the program can earn income when other Webull users borrow their eligible fully paid securities.
March 5, 2024: Webull announced it’s upcoming launch of futures trading. Webull customers can join the waitlist for early access and rewards, including three months of commission-free futures trades and three months of free CME market data.
February 29, 2024: Webull sent out an email to customers that it’s launched an IRA promotion offering a 3.5% match on contributions and transfers through April 30, 2024. Get an additional 1% if you successfully refer a friend to open a Webull IRA, for a match total of 4.5%.
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.
February 9, 2024: Webull’s introducing bond trading, according to an email we received. No launch date was provided.
What we like about Webull
Webull stands out for its low trading costs, advanced trading tools, user-friendly mobile app and high-yield cash management account.
Low trading costs
Webull has some of the lowest fees in the industry, including no minimum deposits or inactivity fees, zero commissions on stocks, ETFs and options and no equity option contract fees. Its margin rates top out at 9.49% as of June 2024, several points below most other brokers.
Advanced trading tools
Webull’s trading tools are more comparable to big brokers than those offered by other mobile-first trading platforms. It offers a free desktop platform, web-based trading and a fully-featured mobile app that includes advanced market insights, detailed charting analysis, customizable tools and filters and technical resources.
Here are some of the tools you can use to trade with on Webull:
- Watchlists
- Advanced charts with drawing tools and on-chart technical indicators
- Paper trading simulator
- Screeners
- Options chains
- More than 10 order types
- Customizable tools and filters
- Level 2 quotes through Nasdaq TotalView ($2.99 per month subscription required)
- Educational videos
User-friendly mobile 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.
High-yield cash account
Earn 4.25% APY on your uninvested cash and access and manage your account with the Webull mobile app. Your money accrues interest daily, which is paid to your brokerage account automatically on the 15th of every month. It’s also eligible for FDIC insurance up to $250,000 per program bank, up to $1,250,000 in total.
Where Webull falls short
Webull is one of the most feature-rich trading apps we review but it has a couple drawbacks to know about:
- Need the separate Webull Pay app to trade crypto. Webull no longer offers crypto trading on its main platform through which it offers access to stocks, ETFs, options and its other investment options. To trade crypto with Webull, you’ll need to open a separate account with Webull Pay. It’s a minor inconvenience that you can no longer trade all your assets through a single platform but it’s worth mentioning.
- Level 2 data fee. After one month free, you’ll need to pay $2.99 per month for Level 2 data access.
- Robo-advisor fee. Though it’s lower than other robo-advisors that charge an annual fee, you’ll need to pay a 0.20% annual advisory fee for Webull’s robo-advisor, Smart Advisor.
Webull’s fees
Type of fee Fee details Minimum deposit $0 Annual fee for Webull Smart Advisor 0.20% Stock trade fee $0 Option trade fee $0 Crypto trade fee (through Webull Pay 100-basis point spread to buy and sell Inactivity fee $0 Level 2 Advance data fee $2.99 per month Margin rate 9.49% Wire transfer and withdrawal $8 per deposit, $25 per withdrawal Outgoing account transfer fee $75 Is Webull legit?
Webull is a legitimate US-based fin-tech company founded in 2017. It’s registered with the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).
Webull’s platform is also considered safe and secure. 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 SEC, FINRA and SIPC memberships, brokerage customers are insured up to $500,000 for securities, with a $250,000 limit for cash, if Webull becomes insolvent.
Customer experience
Webull’s customer feedback across the Better Business Bureau (BBB) and Trustpilot are largely negative. On the BBB, Webull earns a 1.19 out of five stars based on 42 customer reviews, as of June 2024. It’s not BBB-accredited and holds an F rating.
On Trustpilot, Webull earns a 1.4 out of five stars based on over 210 reviews, as of June 2024. Frequent complaints center around poor customer service, troubles withdrawing money and Webull’s free stock promo, which several users say they never received. Satisfied customers seem to appreciate the platform’s trading tools and clean interface.
Compare Webull to other platforms
Webull
★★★★★
Finder rating 4.6 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Earn up to 40 fractional shares and an extra 2% APY for 30 days
Tastytrade
★★★★★
Finder rating 4.4 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Get $50-$5,000
Robinhood
★★★★★
Finder rating 4.5 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Get a free stock
Frequently asked questions
How many Webull accounts can I have?
Webull allows each customer to have two different individual accounts. For example, a customer can have a margin account and a cash-type account.
When does Webull stock market open?
Trade with Webull before and standard market hours:
- Pre-market: 4 a.m. to 9.30 a.m. ET
- Regular market hours: 9.30 a.m. to 4 p.m. ET
- After hours sessions:4 p.m. to 8 p.m. ET
How does Webull make money?
Webull makes money several ways, including through payment for order flow (PFOF), stock loans, interest on free credit balances and margin interest.
How do I close my Webull account?
Webull allows you to close your account from both its mobile app and desktop. Expect your account closure to be processed within 1-3 business days. In the mobile app, go to the Menu page, click Settings then Account & Security. Scroll down to Delete account and follow instructions. From the desktop, log into your account, click on Manage my account, then delete account and follow instructions.
How we rate trading platforms
★★★★★5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.
Your reviews
Matt Finder
Editor, Investments
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