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Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    7. Webull vs. Robinhood 2023:...

    Webull vs. Robinhood 2023: Features, Pros & Cons

    webull review
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    robinhood crypto review
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    Webull and Robinhood are 2 popular trading platforms that offer financial products but when compared, which brokerage comes out on top? 

    In this article, we will look at the fees, security, usability, etc of Webull and Robinhood. 

    To reach our conclusion, we got first-hand experience with both trading platforms, deep-dived into their offerings and analyzed user reviews.

    Webull vs. Robinhood: Verdict

    Webull is our pick. The brokerage offers a large selection of digital assets for cryptocurrency trading, caters to investors and advanced traders (supports margin accounts, and extended hours trading), and is arguably the leading platform offering commission-free trading. 

    Webull offers commission-free trading on ETFs, stocks, and options.

    webull logo

    Pros

    Cons

    robinhood logo us

    Pros

    Cons

    Webull vs The Robinhood Brokerage: Unique Features

    Unique Features of Webull

    Webull Paper Trading 

    webull trading

    The paper trading/trading simulator is available to users who wish to practice their trading strategies and skills before trading in the actual market. 

    The trading simulator imitates actual market movements which allows the user to have a realistic experience while practicing. 

    All trades within the simulator are done with virtual cash. Webull Paper Trading offers unlimited virtual cash to traders. 

    Contrary to what many people believe, paper trading in a demo account is not just for beginners, it is also an essential tool for more experienced traders and active traders. It allows traders to back-test trading strategies and limit losses in the actual crypto market. 

    Webull Paper Trading is available on the web platform, desktop platform, and mobile apps. 

    Paper trading also gives traders access to real-time quotes, price alerts, 13 charting tools, and 50 technical indicators. 

    Webull Mobile App

    Just like other mobile apps, the Webull mobile app gives users access to their crypto assets on the go. The app allows users to access all of Webull’s features from their mobile devices. It is available for download on the Apple app store and the Google Play store. 

    The Webull mobile app has a user-friendly interface with lots of features that makes crypto trading and management of crypto assets easy. 

    The app has a facial recognition feature that allows users to log in with their Face ID. 

    Users can also place crypto trades and search for assets using voice search. 

    The app also allows users to set up 4 different widgets on their phones. Each widget can be set to view an individual stock or assets or an entire watchlist. 

    The mobile app features a feeds page which is similar to social media feeds. The feed displays scrollable crypto news and posts from other Webull app users. The feeds page also displays the watch list of the user’s favorite quotes and top streaming news. 

    The app further features other pages like the market research page, stock overview page, and order entry pages. 

    It also gives users access to 50 different technical indicators, 8 chart types, 15 time intervals, 5 time frames, 17 drawing tools, and 8 different chart layers.

    Unique Features of Robinhood

    Robinhood Cash Card

    Robinhood cash card

    Robinhood Cash Card is a prepaid debit Mastercard that allows users to invest as they spend and earn weekly benefits

    Users earn rewards when they use the card for eligible payments and services. The cash card allows users to earn between 10 to 100% on their weekly roundup. 

    The bonus is invested in users’ chosen crypto or stocks 

    The cash card has a daily limit of $3,000 and a monthly limit of $10,000 on debit card spending. 

    While the daily limit and monthly limit for ATM withdrawals are $510 and $5,000 respectively. 

    Robinhood Gold

    Robinhood Gold is Robinhood’s paid premium subscriptionIt gives users access to a suite of advanced tools, features, and data

    Robinhood Gold subscription costs $5 monthly, there is, however, a free one-month trial. 

    Robinhood Gold account holders enjoy several benefits including access to level II market data from NASDAQ, advanced charting, professional research from Morningstar, margin investing at 7%, and a bigger instant deposit (Robinhood Gold offers a bigger instant deposit limit of up to $50,000 depending on the user’s brokerage account balance and status). 

    Robinhood Gold users also earn up to 4% interest on their uninvested brokerage cash with cash sweep. 

    This is 2.5% higher than the 1.5% earned by non-Gold members. 

    Users can upgrade to Robinhood Gold and downgrade at any time. When a user downgrades from Robinhood Gold, access to all Robinhood Gold accounts benefits is revoked. 

    Winner in Unique Features

    This round is a draw as both Webull and Robinhood offer user-friendly features that make trading on the platform easy.

    Webull vs The Robinhood Brokerage: Cryptocurrencies Availability

    Cryptocurrencies Available on Webull

    Webull users can trade over 44 cryptocurrencies on the platform. Supported cryptocurrencies include Ethereum, Bitcoin, Litecoin, Ethereum Classic, Bitcoin Cash, Polygon, Decentraland, Dogecoin, Stellar Lumens, Avalanche, USD Coin, Shiba Inu, Uniswap, etc. 

    Cryptocurrencies Available on Robinhood

    crypto available on robinhood

    Robinhood supports over 19 cryptocurrencies

    Available cryptocurrencies include Bitcoin, Ethereum, Bitcoin Cash, Bitcoin SV, Tezos, Solana, Litecoin, Chainlink, Compound, Uniswap, Polygon, Cardano, Dogecoin, Shiba Inu, Uniswap, Avalanche, Aave Ethereum Classic, etc.

    Winner in Crypto Availability

    Webull wins. It supports more cryptocurrencies than Robinhood. 

    Webull vs the Robinhood Brokerage: Can you Buy and Sell NFTs on Robinhood? 

    No, you cannot buy and sell NFTs on Robinhood. But you can receive and hold NFTs on the Polygon and Ethereum blockchains. 

    The platform is currently working on allowing its users to send NFTs out of their wallets as well. 

    Winner in NFTs Availability

    Robinhood wins in NFT availability as the brokerage allows you to not just trade in cryptocurrencies, Exchange Traded Funds, margin trading, etc. but to also hold NFTs.  Webull does not offer any form of NFT support. 

    Webull vs the Robinhood Brokerage: Fees

    Webull Fees

    Webull offers commission-free trades for stocks, ETFs, and options. However, it isn’t completely free as the trading platform charges a 1% spread as a transaction fee

    There are also regulatory fees charged by various bodies for stocks and options trading. 

    For margin trading, Webull charges the following tiered annual margin accounts interest rates:

    For wire deposits and withdrawals, Webull charges $8 and $25 respectively.

    Robinhood Fees

    Robinhood offers commission-free trading for cryptocurrency trading, ETFs, and stocks. That said, commission-free trades do not mean Robinhood isn’t generating revenue. 

    Robinhood charges a dynamic spread via pay order flow for crypto trades that aren’t made known before executing trades. 

    So what you’ll be charged is dependent on the particular cryptocurrency being traded. 

    Robinhood besides its main trading platform offers a Web3 wallet for cryptocurrency trades and swaps and on this solution, users are not charged network fees. 

    The trading platform also does not charge users for bank account withdrawals excluding Robinhood card withdrawals, which are charged at 1.5% of the transaction. 

    Winner in Fees

    While both Webull and Robinhood offer free trading of stocks and options, Webull wins in fees as it offers a clearer fee schedule than Robinhood and a low fee for margin account.

    Webull vs the Robinhood Brokerage: Payment Methods

    Webull Payment Methods

    Whether you’re funding retirement accounts or an investment account, Webull, like most brokerage platforms, offers 1 payment method: Bank account transfer. 

    Robinhood Payment Methods

    Robinhood supports debit cards and bank transfers for payment methods. It also allows users to set up direct deposits for automatic payments. 

    Winner in Payment Methods

    Robinhood wins in payment methods. It offers more options than Webull. 

    Webull vs Robinhood: Security

    Webull Security

    Webull is regulated by the Securities and Exchange Commission and the Financial Industry Regulatory Authority

    It is a member of the Securities Investor Protection Corporation and has up to $500,000 covered against loss of cash and securities. 

    Every Webull account is secured with two-factor authentication. Users are required to provide their trading password and a random verification code generated in the Google Authenticator app whenever a transfer is initiated. 

    Robinhood Security

    Robinhood is a member of the Securities Investor Protection Corporation but it is not protected by the commission

    The platform employs several security measures to ensure the security of users’ crypto assets. 

    Some of the security measures include hashing and storing every Robinhood account password in a scrambled format and encryption of all sensitive information before storage. 

    All communications between the web application and mobile apps are done securely using the Transport Layer Security protocol. 

    Users’ accounts are also protected with password protection and two-factor authentication. 

    Winner in Security

    Webull wins. While both Webull and Robinhood offer good security, Robinhood has been hacked in the past.

    Webull vs the Robinhood Brokerage: Earn/Staking Rewards

    Robinhood Earn/Staking Rewards

    Robinhood does not support staking. However, the brokerage offers a Learn to Earn program that enables traders to learn about either AVAX or USDC and then take a test for crypto rewards. 

    Winner in Earn/Staking Rewards

    Robinhood wins as Webull does not offer any Earn program.

    Webull vs the Robinhood Brokerage: Usability

    Webull Usability

    Webull offers a web, desktop, and mobile trading interface that caters to intermediate and more advanced users. 

    The platform requires a steep learning curve and offers tons of advanced products like extended hours of trading, margin account, trading simulator, short selling, and much more

    Robinhood Usability

    The Robinhood app is easy to use for beginners and quite straightforward. It is also arguably one of the easiest online brokers for newbies interested in stocks, options, and crypto assets. 

    Winner in Usability

    Robinhood wins in usability. The brokerage is easy to use and even offers social trading to make decisions easier for newbies.

    Webull vs The Robinhood Brokerage: Customer Service 

    Webull Customer Service

    help webull

    Webull offers customer services via email at customerservices@webull.us and phone at +1 (888) 828-0618. The platform also has a FAQ page and a learning center that is well-equipped with helpful guides on how to use the platform. 

    Robinhood Customer Service

    Robinhood offers 24/7 customer service via email, live chat, and phone. It also has detailed guides about different aspects of the platform. 

    Winner in Customer Service

    This round is a draw as both Webull and Robinhood have poor customer service.

    Conclusion: Final Verdict

    In our review of Webull and Robinhood, Webull comes out on top. This is primarily due to its sizable selection of digital assets when compared to Robinhood and the clarity of its fee structure. 

    FAQ

    Most frequent questions and answers

    The primary downside to Webull is its lack of ample crypto-related product support. For instance, Webull does not support staking or NFTs. 

    Webull is one of the leading commission-free trading platforms and offers lower fees than Robinhood, which has a dynamic fee system for trading cryptocurrency assets in place. 

    TradeStation might be a better alternative to Webull as it offers even lower fees and more crypto-related products. 

    No, Webull’s primary audience is advanced users; the platform might be a little overwhelming at first for beginners. 

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