Webull is an American-based financial company and exchange founded in 2017 and located in New York.
Webull isn’t supported in Europe at present but is fully regulated in the United States and offered in China and in Hong Kong too.
Webull created their platform with users at heart, emphasizing how important customers are for them and the market and that their patrons shouldn’t be left out.
This is the reason why they put technological tools in place, and created opportunities and accessibility for their users.
heir platform is easy and smooth to use. We explored their features and options to help you choose if it would be the right tool for you.
Webull allows users to trade via
- ETFs: Exchange-traded funds, which is a group of several companies representing an industry or a sector.
- Options: When you can trade an asset that gives you the right to buy or sell a security at a specific price.
- Margin trading: When you can borrow money to invest more against a first deposited amount of money and at a certain rate (margin rates).
- ADRs: American Depositary Receipt – the possibility to invest in foreign companies from an American platform.
- They also offer the possibility to open a retirement account, ‘Roth IRAs, Traditional IRAs, and Rollover IRAs’ these accounts allow users to invest in a tax-advantaged manner on the platform.
Is Webull Exchange Limited To Expert Traders?
Webull is a light and beginner-friendly platform where it is easy to navigate through and find what you are looking for.
Trading at Webull is intended to be simple and to be a pleasure, in fact, they state on their website ‘Enjoy Tech. Enjoy Investing’ and ‘Everyone gets smart tools for smart investing’.
It is ideal for beginners as there isn’t too much jargon, when there is, it is always explained in a few words. It is well organized, and each section is explained.
On the other hand, this exchange is also a great tool for advanced traders as they offer various trading options with stock, options, ETFs, and ADRs.
As mentioned earlier, this platform is a financial company first, therefore any user interested in finance should be satisfied with the diversity of investments possible.
In terms of cryptocurrency trading, it is quite limited as you can only buy, sell and trade 41 crypto assets which are the following Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dogecoin, Cardano, Algorand, Polygon, Fantom, and others.
(It is important to note that only 9 assets are available to New York citizens including Bitcoin, Litecoin, Ethereum, Aave, Basic Attention Token, and others).
Another downside would be that traders cannot transfer their assets in and out of Webull and they do not offer a wallet system.
Therefore, traders are not in direct control of the crypto that they buy.
Pros & Cons Of Webull
|A fast, simple, and beginner-friendly exchange||Only available in the United States, Hong Kong, and China|
|Multiple investing platforms (with Stock, ETFs, Crypto, Options, Margin trading, and more)||Only 41 cryptocurrencies supported (with only 9 in New York)|
|In-depth analysis tools (level 2 advance Nasdaq TotalView)||Traders cannot transfer their crypto in and out of Webull exchange|
|24/7 Customer Support||Limited possibilities to deposit and withdraw money (can only be done via bank transfer)|
|Temporary offer of 6 Free stocks when you sign up and fund an account (before 06/09/2022)||Can only invest during a specific period of the day (stock exchange type, not before 4 am and not after 8 pm ET)|
Our Take On Webfull
As a whole, Webull is a very interesting and diversified platform with a variety of investment types.
Novice traders and/or users who intend to invest for the first time can really get an overview of what is investing thanks to this financial and exchange platform with crypto, stock, ETFs, options, and more.
There are also a few articles and videos which can be of help for beginners to get into trading and investing smoothly.
On the other hand, cryptocurrency enthusiasts and advanced traders may feel limited as they can only buy, sell and trade a few crypto assets on the platform.
Another drawback is that they cannot transfer their assets out of the exchange, and they do not have a wallet on the platform either.
So, this exchange would be ideal for investors aiming at diversifying their portfolio with various assets but wishing to keep them all in one place.
Webull offers zero commissions and no deposit minimum system to provide accessibility to all of their traders.
They do not charge accounts for inactivity. Although there is not minimum deposit amount, there is a maximum amount of $50,000 daily. There are no fees to deposit or withdraw when traders use ACH transfers.
Fees will, however, apply when traders use wire transfers with $8 to deposit and $25 to withdraw in the United States, against $12.5 to deposit and $45 to withdraw outside of the US on the international scale.
Is Webull Safe?
Webull platform being an American-based financial company is highly regulated by various authorities such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
They are also part of the Securities Investor Protection Corporation (SIPC) which protects users against loss of their cash (up to $500,000), the New York Stock Exchange (NYSE), and more.
It is therefore a safe exchange that can be trusted by traders.
There is a wide choice in terms of investing on the Webull exchange with Stock, ETFs, Options, ADRs, Cryptocurrency, Margin trading, and more.
Users can even invest in an account for their retirement if they wanted to. With that being said, traders interested in diversifying their portfolios can explore and invest freely.
However, as seen earlier, it is pretty limited in terms of cryptocurrency investments.
In fact, traders can only buy, sell and trade up to 41 cryptocurrencies at the moment. They cannot transfer their assets in and out of the platform which could be a drawback for some users.
Other than that, all of their features are well described and explained clearly from their homepage if you just scroll down a bit.
Their features are also explained in their Learning sections with articles and videos for in-depth details.
Banking At Webull
Webull only offers a few possibilities to deposit and withdraw money in and out of their platform.
Though, depending on the account used, the fees can get really high.
Find a table below with the breakdown of the current fees of transactions (also available on their website):
|Deposit via Wire Transfer||$8 per Deposit|
|Withdraw via Wire Transfer||$25 per Withdrawal|
|Deposit via Wire Transfer (International)||$12.5 per Deposit|
|Withdraw via Wire Transfer (International)||$45 per Withdrawal|
As a whole, the fees will vary from no fee at all to very expensive fees depending on the type of account you will use.
The amount is also dependent on your location, and in fact, it is more expensive outside of the US.
Webull App Experience
Their mobile app Webull: Investing & Trading can be downloaded from their website in the ‘download’ section.
It can be downloaded for desktop as well as for Android (on Google Play) and for IOS (on the App Store).
It is simple to navigate through and is similar to the website browser and application.
Easy to use, the app is perfect for novice traders. Users will have access to watchlists that are easy to read and monitor.
The app also offers charts that are user-friendly and easy to keep track of too with colors and a range of customization tools at the user’s disposal.
Webull Site Experience
As seen right above, there are 3 different platforms, the desktop browser, the desktop application, and the mobile application.
There are all user and beginner-friendly.
Users will have access to charting with various features such as drawing tools, technical indicators, and a grid to compare multiple charts and various chart types.
The trading tools are also customizable with widget boxes, predefined lists of most popular ETFs but also watchlists.
To open an account with the Webull mobile app, users will have to enter either their email address or their phone number in order to receive a verification code.
Then they will have to select ‘open an account’ and click continue.
At this stage, traders will have to fill the Identification section with their country of residence, providing an ID, full name, home address, SSN (Social Security Number), date of birth, and other details.
They will also be asked to take a picture of their ID.
Then they will have to fill in details about their marital status as well as their occupation and employer.
After that, their ID and Social Security Number will be verified.
Once verified, they will have to choose which type of account they want between Margin Account (where traders can borrow money to invest) and Cash Account (which is a regular account).
Users will also have to choose their trading preferences (several can be chosen) between Stocks, ETFs, Options, and Crypto Trading.
Right after that, they will be required to sign the agreement and disclosures and verify their email address (a verification code should be received within just a few minutes).
At this stage, the application will be submitted for approval and should take between 2 to 3 business days to be verified.
Once it is verified, traders will be able to deposit money by clicking on ‘Make your first deposit’.
They will need to link the bank account of their choice (the daily maximum for a deposit is $50,000 and there is no minimum deposit).
When you deposit money during the week, from Monday to Friday, it should take approximately one business day to process.
However, doing it on a non-business day (on a Saturday or on a Sunday) won’t process until the next business day.
Finally, traders will have to set a trading password, and a 6-digit number, confirm their date of birth, and pick 3 security questions and will then be ready to start trading on the platform.
Webull Global Restrictions
Webull isn’t currently available in Europe as seen previously.
It is, however, regulated and supported in the United States as well as in China and in Hong Kong.
While 41 cryptocurrency assets are supported in most states of America, New York citizens will only have access to 9 assets (due to agreement restrictions).
Webull Customer Service
From their homepage, by just scrolling down, it is stated ‘Our customer service reps are ready 24/7 to help guide you through our multiple platforms and answer all your questions’.
They are available via email at [email protected] or by phone.