Webull Review (2022) Review
Webull was founded in 2017 and is US-based. They offer zero-fee or discount brokerage services. It is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Webull offers commission-free US stock, ETF and options trading with no inactivity fees. Their minimum deposit is $0 but unfortunately, they have no demo account.
What can be traded
They offer a limited product portfolio that includes only US-based stocks, ETFs and options. They also offer investing in foreign companies’ ADR.
Two account types:
- IRA – saving for retirement
- Individual Brokerage Account – the general account which allows you to buy and sell securities and assets.
Broker regulation
Webull is registered with and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is a member of the SIPC, which protects you against the loss of cash and securities held by a customer at a financially troubled SIPC-member brokerage firm.
Demo account
A demo account is one of the best ways to learn. It’s a virtual account mirroring the live one. You can learn on a real platform with virtual money, that is pre-loaded. Demo accounts are usually free and unlimited, but each broker has different conditions, so don’t forget to check them out. From other reviews I learnt that they offer a demo account, but this fact is not highlighted on their website. So, I tried to click the “open account” button to see if the option to open a demo is there.
Fees
You can trade US stocks, ETFs and options commission-free, which is a big plus. There are some activities you’ll be charged for though. On trades, the SEC and FINRA charge fees, which are small. There are also margin fees which range from rates of 3.99% to 6.99%. And you’ll pay a 1% point spread on either side of a crypto trade. All fees are transparent on their website.
Registration process
You can sign up or login at any time on their website. The option is in the top pane but also on other pages. A short digital form comes up wanting your email a password and a verification code.
The code is sent to the email you filled in immediately.
After clicking on the “open account” button, I was asked for other types of verification, so this is where I stop and take a step back. Because I am a beginner, I want to test investing. Unfortunately, I didn’t find a demo account here.
Trading platforms
From what I have found out, Webull offers an easy-to-use web trading platform suitable for both beginners and pros, with many advanced features. There isn’t much information about their platform on their website. But when you click “Trade” from the top pane, you end up in it. Simple as that. The desktop platform has a large amount of technical research for individuals looking to trade stocks. They offer a mobile platform too.
The web trading platform is user-friendly, clean, well-designed and has a clear structure. It is easy to navigate with the tools on the sides of the screen, and the middle works like a traditional desktop platform.
Broker website
I liked the style of their website. Different from others, summer looks blue and white. The main page shows you briefly the pluses of Webull and the top menu offers you:
I was missing extra information about account types, demo and the platform, but the fees were explained well. I didn’t find any educational support or chat.
Social networks
Webull has an active Facebook, Instagram and Twitter account. Facebook is up to date, where the last post is only a couple of hours old. They post all sorts, news, facts, mottos and so on. They have around 90 000 followers. Twitter has the same activity and around 80 000 followers.
Advantages and disadvantages of Webull
The bottom line is, that this broker is OK. Regulated by SEC and FINRA, the website works well, and they are quite active on their social networks’ accounts. You can trade US stocks, ETFs and options commission-free and other fees are transparent on their website. The product portfolio is quite limited, I didn’t find the demo account or anything about it. There are no other educational tools and no chatbot.
Pros
- Regulated
- User-friendly platform
- Active on their social network accounts
- Free commission
Cons
- Missing information
- No demo
- Limited portfolio
- No chatbot
Pros / Cons
- Regulated
- User-friendly platform
- Active on their social network accounts
- Free commision
- Missing information
- No demo
- Limited portfolio
- No chatbot
Our Score
Webull founded in 2017 in the US offers zero-fee or discount regulated services. They do commission-free US stock, ETF. Minimum deposit is $0, it has no demo.