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Webull Review 2023: Fees, Pros & Cons
Luis Clark
- URL: https://www.webull.com
- Headquarter: New York, United States
- Year Founded: 2017
- Platform App: Desktop/Mobile/Web
- No. of Cryptos: 44+
- Fiats Available: USD
- Withdraw Method: Bank transfer
- Payment Method: Bank transfer
Webull Review: Our Opinion
Webull isn’t just a trading platform for cryptocurrencies as it is a brokerage that also supports margin trading, trading stocks, ETF trades, and options trading for active traders. It is best for professional traders looking for commission-free trading platforms with advanced trading tools. However, because it is a brokerage and not a regular cryptocurrency exchange, withdrawals are strictly in USD and not cryptocurrency. This places a huge restriction on active traders of digital assets.
An Overview of Webull
Headquartered in New York City, United States, Webull is a Chinese-owned company founded in 2017. The platform is one of the leading online brokers in the world and recently expanded to Singapore and Hong Kong. Webull targets active traders and offers several services at no cost including commission-free trading, ETF trades, over 40 cryptocurrencies, margin trading, options trading, advanced trading tools, etc.
The trading platform leans towards DIY investors searching for limited offerings than full-service cryptocurrency exchanges or trading platforms. However, Webull investors get a lot of free trading and no-cost technical analysis tools.
Webull platform supports payment for order flow. This means that Webull can provide free trading and its other services because it receives payment for order flow, which will decrease Webull’s price execution value and put day traders at a disadvantage. A Webull account also does not offer mutual funds or the futures markets.
Pros
- Easy account opening process
- Zero commissions
- It offers advanced trading tools
- It allows users to trade stocks, options, and ETFs trading
- It has a mobile app
- It offers extended hours trading
Cons
- Not suitable for beginners
- No live chat
- Bank account transfer is the only supported deposit and withdrawal method
- Lacks access to mutual funds and bonds
Webull Review: Unique Features
Webull Paper Trading
Webull offers paper trading to investors who wish to practice their trading skills before trading in the actual market. The Webull trading simulator simulates actual market movements and enables the user to get a hang of actual trading without taking any risks.
Paper trading is not just for beginners, it is also perfect for traders who wish to trade but do not have enough funds, as well as traders who have the capital to trade but are not sure where to begin or wish to test new trading strategies.
Webull users have access to unlimited virtual cash when using the Paper trade feature. This enables them to try out as many trading strategies as they wish without any risks or commissions. It also gives users access to over 50 technical indicators and 12 charting tools as well as real-time quotes and set up price alerts.
The Webull trading simulator is available on the web, desktop, and mobile trading platforms. Users can switch to live to trade whenever they wish to.
Webull Crypto Wallet
The Webull crypto wallet is currently in beta testing and will soon be available to all Webull customers. The wallet is similar to other crypto wallets like Coinbase and Robinhood and enables users to easily store, buy and send crypto. The crypto wallet is currently unavailable on the web or desktop trading platform, it is only available in the mobile app.
Currently, the wallet only supports the transfer of Bitcoin, Bitcoin Cash, and Litecoin. The feature will be made available to more cryptocurrencies in the future.
Transferring cryptocurrencies to the Webull wallet is simple. All you need to do is to copy your Webull wallet address and paste it into the sending wallet. Users who wish to transfer crypto into Webull can do that from the crypto detail page, crypto positions page, and the transfer page.
All transfers in and out of the Webull wallet are secured. Users are required to provide a random verification code created in the Google Authenticator app whenever a transfer is initiated to and from the wallet. The wallet is secured with two-factor authentication.
Currently, the Webull crypto wallet does not support the transfer of NFTs.
Webull has a transfer limit for the three cryptocurrencies available for transfer on the platform. The transfer for a single transfer coin amount is between $10-$2,999 while the limit for a daily transfer coin amount is $5,000. Crypto transfers from the platform can only be made a maximum of 10 times a day.
Webull APP
The Webull app gives users access to their assets from their mobile devices. The app is available for download on the Google Play Store and the iOS app store. It has a user-friendly interface that allows users to easily access all the features and manage their assets.
Users can set up four different widgets on their phones. They can choose to set a widget to view an entire watch list or an individual asset or stock. Users can also use voice search to search for assets and place trades. There is also a facial recognition feature that enables users to log in with their Face ID.
The Webull app has a feeds page that is similar to that of most social media feeds. The feeds feature scrollable news and posts from other app users. Users can click on the “Plus” symbol button at the top right of the feeds page to create a Wefolio, make a list or ask a question of the Webull community.
The feeds page displays a version of the user’s favorite quotes watches list as well as a window for streaming top news. Users can also access the learning section of the app and view their followers from the feeds page.
Other pages available on the Webull app include:
Market Research
This page displays various tools and information needed to use the platform. It has a customizable list of tabs that enables users to choose which market they wish to monitor. The available tabs include an explore page, U.S markets page, crypto markets page, etc. The U.S. markets page has an IPO center feature and an industrial heatmap feature. The IPO page displays all IPOs available to Webull users and also requires a minimum investment amount of $100.
Users can view a list of all the crypto assets available for trading via the Crypto tab.
Order Entry Pages
The Webull app has different order entry pages for Options, ETFs, stocks, and crypto. Users can easily place a limit order by clicking on the bid or ask price in the quote. They can also use a sliding bar to set limits on prices and order quantities.
Stock Overview Page
This page allows users to track their stock. It shows various information about stocks such as if the stock is hard to borrow, the allowable leverage for the stocks if the stock is marginable and the borrowing fee for the stocks.
Beginners and non-professional traders can access free real-time quotes for their preferred crypto assets, ETFs, stocks, and options. They can also enjoy 3 months free subscription to Level 2 quotes For ETFs and stocks.
With the Webull app, users can trade between 4-9:30 am ET and 4-8 pm ET. That’s in the entire pre and post-market sessions.
Webull offers different charts in the app. The charts have 8 different chart types, 5 different time frames, 50 different technical indicators, 17 different drawing tools, 15 different time intervals, and 8 different chart layers. It also has general chart settings that can be customized.
Users can compare 2 different charts at the same time as well as compare multiple securities on the same chart at the same time. The app also has a replay feature that enables users to watch a live replay of a chart from the previous day.
The Webull app has various customizable alerts that enable users to create price alerts for crypto, stocks, and ETFs. The alert can be customized based on percentage movements and price level movements. The price alerts can also be created over different technical indicators and signals and volume.
Users who wish to track their performance can do so by going to the accounts page and clicking on the P&L tab. It features a distribution graph that displays a calendar showing the user’s overall gain or loss for each day as well as a distribution graph showing the profit and loss for each asset.
Users can access Webull Paper trading from the Webull app. To access the paper trading feature, go to the bottom right-hand side of the app, choose the menu tab, go to the shortcut section and select the Paper trade button.
Users can view their order history, see open positions and track their performance Information from the Paper trading page on the app. The portfolio can be reset whenever the user wishes to.
Beginners who wish to improve their trading skills can access various lessons via Webull Lessons. They can also access the various free lessons and courses on crypto and options within the Webull app. The lessons can be accessed from the Lessons area in the Feeds.
Webull users can earn points on the app by completing tasks like publishing posts, making correct sentiment predictions on stocks, and completing lessons. You can make either bearish or bullish predictions on stocks and assets via the Feeds tab on the stock page.
Webull Desktop Platform
The Webull desktop platform is available on major browsers like Firefox, Chrome, and Safari. No download is required to use the app. Users can get access to over 60 technical signals, and a seconds time interval chart which allows users to closely track market fluctuations.
The desktop platform allows users to customize their trading experience by building custom-made widgets and layouts to build their trading terminal. Users also have access to customizable hotkeys setting that suits the user’s investment habits.
You can download the Webull desktop version by going to the Webull official website: https://www.webull.com/ and clicking “Download”.
Webull Review: Cryptocurrencies Available
Webull supports the trading of over 44 cryptocurrencies. Available cryptocurrencies include Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, Ethereum, Cardano, Basic Attention Token, Uniswap, Sushi, Avalanche, Polygon, Ethereum Classic, Decentraland, Curve DAO, Stellar Lumens, Ethereum Classic, Tezos, Loopring, The Graph, Shiba Inu, USD Coin, etc.
Webull Review: Fees
Webull offers free trading, so you don’t have to pay commissions for executing trades including cryptocurrency as you would on some other platforms. But there is a 100-basis point spread on either side of a crypto trade executed via your account. This is equal to 1% so that is what you’ll have to pay for buying and selling cryptocurrency on Webull.
That said, depositing or withdrawing into your Webull account will incur some fees depending on the method being used. For domestic deposits and withdrawals wire transfers (within the United States), Webull’s clearing firm (Apex) charges a flat fee of $8 per deposit. And $25 per withdrawal. For international wire transfers, Webull’s clearing agent charges $12.5 per deposit to your cash account and $45 per withdrawal. ACH deposits and withdrawals are free.
Webull Review: Payment Methods
Regardless of whether you want to fund your margin account, engage in options trading, or buy cryptocurrency Webull only enables you to deposit funds using bank transfer. Both ACH and wire transfers are allowed, with ACH transfers being the quicker option for funding your cash account.
Security
Webull is registered and regulated by the Financial Industry Regulatory Authority and the Securities and Exchange Commission. It is also a member of the Securities Investor Protection Corporation. The Securities Investor Protection Corporation has up to $500,000 cover against loss of cash and securities. Apex Clearing Corp, Webull’s clearing firm has an insurance policy covering cash and securities up to an aggregate of $150 million.
Users’ accounts are protected with two-factor authentication. They will need to provide a random verification code created in the Google Authenticator app for every transfer attempt in and out of any account. They are also required to confirm their trading password for each transfer.
Webull Review: Opening a Webull Account
To open a Webull cryptocurrency account go to: https://www.webull.com/cryptocurrency
- Next, click on the “Get started” button at the top of the page.
- Once the next page opens, choose your country mobile code and enter your phone number.
- Read and agree to their terms of service and click “Send Code”.
- Enter the verification code sent to your mobile device.
- Next, choose and enter your password.
- On the next page, click “Continue” to Open Account at the bottom of the page.
- You should see a page with the information “Protecting Investors” which explains why Webull will need you to fill in your details. Click “OK” at the bottom of the page to proceed to the next steps.
- The next page will require you to fill in your email address. Webull will send a verification code to this email address.
- Once that’s done, you’ll need to enter your details like name, marital status, number of dependents, etc.
- Next, enter your residential address and click done.
- After this, enter your employment data and business address.
- Once you’re through, follow the subsequent on-screen instructions to complete the account application.
- Most times, opening a Webull brokerage account takes 24 hours. However, in certain cases, the brokerage will use manual verification to review your account application and this will cause a delay of 3 to 5 business days. Issues that cause delays in an account application approval are unclear ID image, mismatch of your ID uploaded and DOB, and verification of SSN/ITIN required. That said, if you need to provide further proof of your identity Webull will send you a message via your email address.
For crypto trading, you need to apply after account approval. To do so, via the mobile app or desktop trading platform, follow the steps before. You can also change your account type from a normal account to a margin account whenever you wish to.
Webull mobile app
- Launch the Webull mobile app and click the brand’s logo at the bottom of the screen.
- Next, tap the ” Manage Brokerage Account” tab at the upper right corner of the screen.
- Then tap ” Apply Now’ in the “Crypto Trading” tab and follow all on-screen prompts.
Webull Desktop Trading Platform
- Download and launch the Webull Desktop App 5.0 then click the “Account” tab on the left side of your screen.
- Beneath “Account Management” at the bottom left corner of your screen click “Crypto Trading” and follow the subsequent on-screen instructions.
Webull Review: Trading Experience
Webull, like most online trading platforms, offers a desktop trading platform, a mobile app, and a web app. For crypto trading, Webull supports market orders, stop limit orders, and limit orders. The brokerage also allows traders to place orders for buying cryptocurrency in USD or the fractional quantity of the particular cryptocurrency.
Concerning orders, Webull supports Good Till Cancel (GTC) orders, day orders, and IOC orders for crypto trading. Both cash accounts and margin accounts are eligible to purchase cryptocurrency on Webull but digital assets are considered non-marginable on the trading platform.
There’s also no minimum account balance required to trade crypto.
Customer Service
Webull offers customer support via phone. Customers can contact the support team via phone at +1 (888) 828-0618 and email at customerservices@webull.us.
Webull also has a Web detailed Learning hub and FAQ page where users can find answers to all their questions.
Customer Satisfaction
Most Webull customers attest to the ease of use of the platform. As already stated, it is best for intermediate and advanced traders. Users have however complained of difficulty getting help from the support team when trying to withdraw funds from the platform.
Webull Review: Does Webull Offer Education?
Yes, Webull offers education via the Webull Learn center. The education center features a sizable amount of topics in various subjects like: What is Payment for Order Flow? What are NFTs? Why Use a Margin Account? What is Stock Trading? What are Trading Fees? etc.
The resources are completely free and aid both beginner and advanced traders build their general and crypto trading knowledge.
Is Webull Right for You?
Webull is great for advanced active traders searching for a financial investment platform that supports a limited number of cryptocurrencies alongside stocks, ETFs, margin accounts, and zero trading fees.
Webull offers more types of investment options than regular cryptocurrency trading platforms like Coinbase, Coinhako, etc.
While this is great if you’re searching for stock trading applications that let you throw cryptocurrency trades into the mix, if you are looking for a complete cryptocurrency exchange, Webull isn’t the best option. It does not offer the features you’d expect from crypto trading platforms such as staking, NFTs, a large selection of digital assets, etc.
Final Thoughts
Webull is a brokerage and not a regular cryptocurrency exchange. Investors searching for a full-fledged crypto platform will find that when you compare Webull to other similar services a lot of expected features such as NFT availability, a large selection of cryptocurrencies, a crypto wallet, etc. are not available on Webull. You cannot send or withdraw cryptocurrency from the platform. This limits its usage with traders interested in just cryptocurrencies. So Webull is only great if you intend to primarily invest in other financial options, not just cryptocurrency.
Also, when you compare Webull to other financial investment options it does not support some products like mutual funds and fortress futures contracts. That said, Webull is excellent if you want a platform that enables you to buy and sell cryptocurrency with zero commissions and a 1% spread.
If you want to know more about on Webull Competitors and other Crypto Exchanges, you can check out our list of the Best Crypto Exchange USA. You can also read about our Binance US Review as an alternative to Webull.
FAQ
Most frequent questions and answers
No, Webull is best for investors with experience in advanced technical analysis for stock, ETF trading, and options trading. It isn’t good for first-time investors who would be better off investing on a platform like Robinhood or Coinbase for cryptocurrencies.
Yes, by investing in ETFs, stocks, and options trading you can make money on Webull. Also, since Webull supports cryptocurrency trading with no trading fees it is possible to make money on the platform via crypto asset appreciation.
Webull does not pay interest on cash balances. That said, as with all types of investment platforms you can also lose money on Webull during unfavorable market conditions.
Webull does not allow cryptocurrency investors to send or receive digital assets into or out of the platform. It also receives payment for order flow and has a long account opening process.
Yes, Webull is a Chinese-owned company. It is owned by Fumi Technology, a holding company in China.
Robinhood and Webull offer many of the same types of products such as stocks, ETFs, and options. However, Webull is geared towards advanced and intermediate traders. Robinhood, on the other hand, is the best fit for beginner traders.
Depending on whether you’re using a wire transfer or ACH, Webull charges up to $25 for withdrawals.
Webull does not charge monthly, annual, or inactivity fees.
The rule of thumb is to only invest what you can afford to lose in the event of bad market conditions. This is especially true if you intend to invest in cryptocurrencies which are extremely volatile assets.
Yes, Webull charges a 1% fee or a 100-basis spread to buy and sell cryptocurrencies.
Yes, Webull is regulated by the Securities and Exchange Commission (SEC) of the United States. Webull has also been on the scene since 2017 and has not experienced any major hacking issues.
Registering for a Webull account will not affect your credit score, as while the platform does run a soft credit check for background verification this does not impact your credit score negatively.
To withdraw money from Webull you have to ensure that if all your funds are invested you’ll have to close open positions first.
Once that’s done, head over to the homepage, click the “Transfers” tab at the top of the trading screen, click Withdraw then continue. Webull takes about 2 days to process withdrawals.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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