Webull Review 2020 (Best Commission-Free Brokerage)
Have you heard of the Webull investing platform and want to know more? I guess you're looking for an in-depth Webull review?
Great!
Webull is a trading platform that gives you the tools you need to analyze and buy stocks—commission-free.
This makes Webull a great option whether you're new to investing or an experienced trader.
Webull specializes in the following investments:
- Stocks
- Options
- Exchange-traded funds
You can get a free stock, valued up to $1600 when you invest $100 with Webull here.
In this Webull review, I'm going to explore what Webull is, the sign up process, some great features, some pros and cons, and more!
Webull Sign Up Process
To start investing with Webull, you'll need to set up an account. You can sign up with either an email address or your phone number.
Once you have selected this option, you will have to enter the verification code that they send you.
You have to be at least 18 years old to open an account with Webull. In the next section, you'll need to fill in your age, gender, and marital status.
You also need to have a residential address in the U.S to sign up with Webull (which means I can't buy stocks with Webull as I'm from Australia).
Next, you'll need to provide your social security number or your Tax ID.
After that, you'll have to provide some employment information. If you're a student you can just select that option.
In the next section, you need to provide some information that will help Webull understand your investment strategy. They'll want to know things like your objective in investing and your timeframe.
At the end of the sign-up process, Webull will ask for some information about your finances. Including your net worth and your annual income.
Pricing for Webull
Webull doesn't have brokerage fees and there are no account minimums. But you will still have to pay regulatory fees, as with any trading platform.
Regulatory fees are basically fees that help the US treasury run the equities market, and are typically minimal.
Here are some of the fees you might have to pay with Webull:
Webull Features
There are plenty of investment apps out there, here are some of Webull's notable features.
Low Trading Costs
As I said earlier, Webull offers commission-free trading—so you can start investing without losing a percentage of your money to fees right off the bat.
Full Extended Trading Hours
Webull supports full extended trading hours, so you can trade outside of the normal 9:30 am to 4 pm trading hours.
Their extended trading hours include full pre-market (4:00 AM – 9:30 AM ET) and after hours (4:00 PM – 8:00 PM ET) sessions.
Quick and Easy to Sign Up
You can sign up for Webull in a matter of minutes and most accounts are approved within one hour.
Research Information
Webull has an easy-to-use modifiable dashboard and all the financial information you need to make your investments.
Some of the tabs you'll find when analyzing a stock are:
- Quotes
- News
- Analysis
- Press releases
- Financials
- Profile
Who Should Use Webull
Active Investors
Webull's feature-filled dashboard is great for people who are actively managing their investments. You don't need to watch your investments all day to make money, but it's great that all the financial information is there when you need it.
Who Shouldn't Use Webull?
People Who Like to Talk to Brokers
Webull is a self-managed investment platform. All the information is there, but it's up to you to make your own investments. If you like to call up and talk to your broker before buying a stock, this is not the platform for you.
International Traders
Webull focuses on US stocks. You can learn more about the best brokers for international trading here.
Pros and Cons of Webull
Pros
- No commissions
- No minimum balance
- Plenty of resources to make your investments
- Has a paper trading feature
Cons
- Requires membership to access advanced features
- Completely self-guided investing
Is Webull Safe?
Webull has Securities Investor Protection Corporation insurance (SIPC), which provides coverage of up to $500,000 ($250,000 for cash only). SIPC insurance protects you from losing cash and securities that are held by a brokerage firm.
Webull is also registered with the Financial Industry Regulatory Authority (FINRA).
These two protections are standard in the brokerage industry. The SIPC protects you against a brokerage firm that is facing financial trouble, while the FINRA lets you invest with confidence.
Webull vs Its Competitors
Webull isn't the only commission-free trading platform, so I'll make a comparison of Webull and its competitors below.
Robinhood
Robinhood offers commission-free stock, ETF, and options trades. Robinhood was the only platform to offer commission-free trading until recently.
Robinhood’s streamlined trading platform and cryptocurrency trading help it continually stand out from the rest.
M1 Finance
M1 Finance is a hybrid between a traditional stockbroker and a Robo-advisor.
M1 Finance allows you to easily invest in stocks and ETFs without personally managing your investments.
First, you select your investments and your allocations, then you automate the entire portfolio!
The app focuses on low-cost passive investing, with additional features such as dynamic portfolio re-balancing and investing pies.
M1 Finance has become the go-to app for passive stock market investing.
Firstrade
Firstrade is a US discount stockbroker and was founded in 1985 under the name of First Flushing Securities.
Firstrade offers commission-free stock, options, ETF, and mutual fund trading. Their platform features high-quality research and has a lot of tools to help you analyze your investments.
Webull Review Summary
Webull is a great trading platform for investors who like to do their own research and make their own investment decisions.
Don't forget you can get a free stock, valued up to $1600 when you invest $100 with Webull here.
