Webull Stock App | DO NOT DOWNLOAD Until You Read This

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Program Name: Webull

Sign-Up Website: Webull.com/sign-up

Type of business: Investment/Trading Brokerage

Price: $0 – You get free stocks

Owner: Wang Anquan

Overall Rank: 4.0 stars

What Is Webull?

Many of you may have already heard about the Webull stock app and what it’s for. If you don’t know, Webull is a brokerage where you can buy and sell stocks, ETFs, Cryptocurrency, and Options all commission-free. They also allow for American Depositary Receipts (ADRs) trading for a small commission. They are registered with the SEC and a member of FINRA and SIPC.

Webull is a subsidiary company of Fumi Technology, a multinational Chinese Company. Webull started off in 2016 as a simple research firm and launched in 2018 as an online brokerage firm headquartered in the United States.

Webull is known for having one of the most generous incentive programs that separates it from most brokerages. It is currently giving out four free stocks valued up to $3700 for opening an account. The value of these stocks and the number of free stocks given can vary depending on the promotion they are having at a given time.

Webull is a research-oriented platform available on Mobile and Desktop with free in-depth market data. There is no minimum requirement to open an account on Webull. It is currently only available for citizens and residents of the United States, India, Brazil, Turkey, the Philippines, Malaysia, Japan, China, and Korea.

Webull offers customer support via email, 24/7 chat, and phone support. However, there have not been all positive experiences with their customer support service. 

How Safe Is Webull?

As investors, when we sign up for an investing account, it is crucial that we can have the peace of mind that our investments are safe in the case that the brokerage was to be going out of business. Although this scenario is very unlikely, it has happened before with other brokerages. 

This is why it is important that the investor is aware of how safe their cash and securities are in the case that this was to happen to Webull.

Webull is just as safe as Robinhood. In short, your money is insured. Webull is a member of The Security Investment Protection Corp (SIPC). This means that it has SIPC Insurance, which covers up to $500,000 for securities and $250,000 for uninvested cash, all per individual account. Be careful not to confuse this with FDIC insurance, which is coverage offered by the federal government. 

Webull also runs its transactions through Apex Clearing House. If you’re unaware of what this means, a Clearing House is simply an institution that takes on the risk of a transaction between two parties and makes sure that it is settled to everyone’s satisfaction. Apex Clearing has purchased an additional insurance policy, this coverage provides protection of $37.5 million for any one customer’s securities and $900,000 for anyone customer’s uninvested cash.

Please bear in mind that for both forms of insurance, SIPC and Apex Clearing, they do not cover individual losses for poor investment activity. This means that if you lose money from a bad trade, that loss will not be covered. This is the case with any brokerage out there.

To begin investing and/or trading with Webull, you must provide your personal information to get verified. This information includes your personal identification, your social security number, your residential address, and a funding method (bank account). These are all pieces of information that are required to start investing with any brokerage. Webull does not sell any of this information, and it is safely encrypted before being stored. 

How Does Webull Make Money?

You’re probably wondering: if Webull is free, how does it even make money? And no, it is not a non-profit organization, it does make money. But how?

Similar to Robinhood, they found that it wasn’t necessary to take the traditional route of charging commissions to make money from customers. Instead, they found that there are ways in which they can make money without charging commission fees to customers for transactions.

Webull makes money through a variety of other means. They include the following:

  • Paid Subscriptions
  • Interest On Uninvested Cash
  • Margin Interest
  • Directing Order Flow
  • Short Selling Fees
  • Wire Transfer Fees
  • ACAT Fee
  • Regulatory Exchange Fees
  • ADR Fees

These have allowed for your transactions to be completely commission-free. Thus, saving the investor a lot of money in the long run.

Webull Services & Features

Webull offers free access to a variety of services, including the following:

  • Domestic stocks
  • IRAs (Traditional, Roth, Rollover)
  • Trading on margin
  • ETFs
  • Options trading
  • Short selling
  • Cryptocurrency
  • Pre-market and after-hours trading

These are only a small variety of their services. Let’s go more in-depth though.

Real-Time Data: As stated earlier, Webull first started off as a simple research platform. It wasn’t until later that they became an investing platform. Stemming from its research-centered origin, Webull has FREE real-time US market data available for all its investors.

Trading Simulator (Paper Trading): A great feature by Webull is that it gives you access to a trading simulator with $1,000,000 of fake money. Here you can practice your trading or investment skills and familiarize yourself with the platform and its usability. And guess what, this is also a free feature!

Analyst Recommendation: If you are interested in a specific stock, you can find aggregate reports of analyst recommendations. This will help you get a view of what experts are saying about a stock.

Margin Trading: Margin trading is when you borrow money to buy more securities. This can magnify your gains and losses. In order to open a margin account, you must have a minimum of $2,000 on your account. Webull also charges percentage fees on margin accounts. 

Extended Trading Hours: Believe it or not, the stock market has its own hours of operation, similar to a regular business. These hours are Monday through Friday, 9:30 am to 4:00 pm EST. Webull allows you to make trades from 4:00 am to 8:00 pm EST Monday through Friday for free! Bear in mind that volatility tends to be much higher during extended hours.

IPO Opportunities: A service that is not commonly provided among brokers is the opportunity to buy Initial Public Offerings (IPOs). An IPO is when a company’s stock first goes public. Volatility tends to be a lot higher for IPOs.

Short Selling: Unlike many of its investing app competitors, Wbull offers its users a short-selling feature. If you are unfamiliar with short selling, this is basically when you borrow money to buy a stock, sell it, then buy the stock back at a lower price for a profit and return it to the lender. When the stock goes down in value, you make a profit because you sold it when it was at a higher price. Keep in mind that in order to complete short sale transactions, it must take place within a margin account. 

Stock Lending Program: Webull has a great feature where it gives you the opportunity to earn income from lending fully-paid stocks to Webull and having them pay you interest for borrowing your stocks. 

Community Tab: Webull gives this to its users so that they can share their ideas and thoughts on potential investment opportunities in the market. 

Learning Center: If you go to the ‘Help’ tab Webull’s app or website, they provide educational resources that will help you learn about different investments.

Stocks Screening: This in-depth screening tool gives the opportunity to narrow down your selection of stocks based on a number of different features that you may be paying attention to. 

Cryptocurrency Trading: Webull gives its users the opportunity to buy and sell cryptocurrency. Similar to Robinhood though, your crypto funds cannot be moved out of their platform into a separate wallet, this means you don’t have complete control of your cryptocurrency. 

Fundamental Data: Although Webull may not be the best for long-term investors, investors looking for fundamental data can find great benefit in using Webull. Webull offers data such as Balance Sheets, Cash Flow Statements, Income Statements, EPS estimates, PE Ratios, comparison tools, and more!

Webull Drawbacks

Not Beginner Friendly: Although Webull may seem like it has it all, it is certainly not perfect. One common complaint from newer investors is that they find the overload of information on Webull to be overwhelming. Webull’s interface is also not the friendliest out there! Robinhood may still be a better option for newer investors. 

No Fractional Shares Or Dividend Reinvestment Plan: Long-term investors may also not be too fond of Webull, as it does not offer any fractional shares or automated dividend reinvestment plans for users. If you want to purchase a share, you must buy it in full and your dividends cannot purchase the share either, as they will likely not be enough to cover the full cost of a share. 

Limited Securities & No Pre-built Portfolios: You must build your own portfolio from your own selection of securities. Webull does not offer any mutual funds or bonds either. 

No Cash Account: Webull does not offer you a cash account where you can use your uninvested cash as if it were in a checking account. It also does not pay any interest on this cash as Robinhood does. 

Complaints About Customer Support: Common complaints on the internet have talked about Webull’s lack of customer support, even for the over-the-phone service. Customers have complained about waiting for long periods of time over the phone and multiple days via email, and on top of that, receiving very vague responses to their inquiries. 

No Recurring Deposits: Several investors like to have a ‘set it and forget it’ system for their investments. This is not the case for Webull. If you want to deposit money or buy securities on Webull, you must do this actively. As stated before, Webull is not the best option for long-term investors. 

Non-Residents Have No Access: This one speaks for itself. Only people in the following countries have access to Webull’s services. 

  • United States
  • India
  • Brazil
  • Turkey
  • Philippines
  • Malaysia
  • Japan
  • China
  • Korea

Limited Account Types: Joint accounts, trusts, and custodial accounts are not available on Webull. 

Withdrawal Issues With Large Sums Of Cash: There have been many complaints from users stating that they run into technical issues when withdrawing large amounts of money from Webull. It takes a lot of time for customers to complete their withdrawals. This could be an issue if you need to have access to liquid cash. So, word of advice for this issue is: if you have a large sum of cash that you want to withdraw from the platform (say, $25,000), make smaller withdrawals one at a time ($5,000 withdrawals every week or every two days) to avoid this issue.

Who Is Webull Best For?

Webull is great for intermediate to active investors looking for a large volume of fundamental and technical data. A newer investor who may not be too familiar with all the data on Webull might find it a lot easier to get their feet wet and familiar with the basics via a platform like Robinhood.

That’s not to say that there is no room for newcomers on Webull, they would simply need to be prepared to be open-minded on the platform and absorb as much as they can. Getting thrown straight to the wolves has pushed people to learn a lot more in a shorter time period, just don’t be irrational about it. 

Take advantage of their tools, especially their paper trading tool with $1,000,000 of fake money. Familiarize yourself with the platform and make sure to not trade or invest on emotional rationale. Or, if you just want to sign up with them to get the free stocks, sell them, and keep the money to do whatever you want with it, hey, go right ahead.

I have personally had a good experience with Webull, I have not had any issues with it since I started using it. I’m also very happy with the generous sign-up bonuses I got with them. After using the platform myself, the biggest flaw I experienced with their platform was that their interface is not as user-friendly as other platforms out there, they can certainly improve on that but it’s also not terribly hard to figure out how it works. 

In order to find more flaws on Webull, I had to conduct more in-depth research, for multiple reasons, 1. I did not have issues with it, other than getting to know how everything is set up on their interface, and 2. There are a lot of positive things about Webull all around the internet that it is very tough to find the negatives. To find all the cons of Webull, a lot of in-depth research had to be conducted. So if you’re still planning on getting started with Webull and you’re grateful to finally run into an honest review that doesn’t sugarcoat it, I’d appreciate the support by having you sign up here. It’s a win-win, you get free stocks, up to $3700 in value, you help this website out for creating this review, and you get started building your investment future with this app!

If you’ve made it this far, please let me know any thoughts or questions you still may have about Webull. I will respond to each one of them, and I would also like to hear the experiences from those of you who happen to be on this page and already use Webull.


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42 Comments

  1. WeBull is safe and that is the most important part. You don’t want to lose all your money by using a platform that is unreliable. 

    The only downside of the program is that your cryptos cannot be moved to other wallets and platforms. That is a drawback. 

    I think your review covers everything one needs to know. Great job.

    Regards,

    Aps

    1. Thank you so much for your feedback 🙂 glad this was helpful. There is another article incoming where I will go over how they make money and you’ll get more detail on that!

  2. As long as it’s legit I don’t mind trying it out. It’s good to diversify across exchanges in case one is hacked. Do you really get free stocks worth $3700? What’s the catch? Usually you can’t cash out those, or there’s some other caveat. Nothing comes free from my previous experience with such exchanges.

    1. I agree! I also use multiple brokers.

      Regarding the free stocks, it varies by their promotion. The current promotion involves 2 free stocks (each stock is valued between $2.50 – $250) for opening a Webull brokerage account. 

      And then: 2 more Free Stocks (each stock is valued between $8 – $1600) for funding your account with $100. 

      It takes about 15 days for the stocks to process in your account and then for them to officially be yours to sell.

      I’ve seen some people fund their account to get all four stocks, then sell them, and withdraw all the money haha. Not something I did but if someone is exclusively looking for the money, that is an option haha.

  3. The title indeed caught my eyes, I wasn’t sure which way it was going to go, it was either going to be a scam or something legit. And it is something legit so that’s great!

    I haven’t heard of webull until today but that’s probably because I’m not based in the US. It does seem like a good company so it’s a shame it’s not widely available, oh well there are plenty of other platforms to look for.

    Thanks for this information I’m sure many are going to find this really useful and helpful!

    1. Thank you very much for your feedback! 

  4. It is good to note that Webull is legit. 

    This is first time for me to read about Webull and I will be happy to share this article with my relatives residing in the US. I read through your other article ‘Robinhood Stock App Review’ and will try this for me instead.

    Thanks for sharing this helpful review.

    God bless you,

    Chuna

    1. Sounds good! I appreciate your feedback and sharing 🙂

  5. I’m glad to learn one more stock app from this article. What is good about Webull is that we get free stocks, though I am not sure whether there is any catch to it? It seems amazing that we can get up to $3700 in value. Too good to be true? A pity is that Webull is offered only in the US. But at least 2 things make this a possible turnoff for a beginner, one being the seemingly poor customer service and it is not beginner-friendly. Thanks for the review to honestly bring out the pros and cons!

    1. Absolutely! And really there is no catch to getting the first two stocks. All you have to do is sign up! However, with the second two, you need to deposit $100 into your account, but there’s no need for you to actually invest that $100, you could always withdraw it back. Also, it depends on the specific promotion. And yes, sadly it’s not available outside the US but, as stated on here, if you’re looking for a beginner-friendly app, Robinhood might be a great option it depends on where you live though 

  6. Webell is actually pretty great. I started from robinhood and wanted to learn more about day trading and stats they offer is amazing. You can always learn how to utilize each graph with some research. Those free stocks are awesome and I have gotten some pretty good ones out of it that I still own!

    1. That’s awesome man! Thank you so much for the feedback, glad you’re having a good experience with Webull 🙂

  7. WeBull is safe and that is the most important part. You don’t want to lose all your money by using a platform that is unreliable. 

    The only downside of the program is that your cryptos cannot be moved to other wallets and platforms. That is a drawback. 

    I think your review covers everything one needs to know. Great job.

    1. Thanks 🙂 and yes that is a big drawback of Webull 🙁

  8. Thanks for the Webull Stock App review! Although Webull isn’t meant for international traders or investors, I appreciate the fact that it’s a legit trading platform where trading stocks are issued to members for free, unlike most trading platforms out there that suck too much of members’ money. Good to know members can get up to $3700 in value completely free to trade with.        

    I’m not currently in the US right now, but I hope to give this platform a try whenever I come to the States. Thanks for the helpful review!

    Joyce

    1. I’m glad that this was helpful  🙂 And yes, it’s easy to tell that Webull’s goal isn’t to suck out the money from their customers. Thanks for your feedback 

  9. Hi Misael, Thank you for your highly comprehensive review of the Webull Stock App. Your research was obviously extensive and I really appreciated your advice that Webull is not recommended for beginners (unless they are prepared for a sharp learning curve). I am quite a novice when it comes to investing in stocks, cryptocurrencies, etc. So I think this is not for me. I do think, however, that for those who have a serious and active involvement in their own investments, it could be just what they need. And, the free gifts on sign-up are certainly an enticement.

    1. Absolutely! I agree and I appreciate you stopping by and leaving your feedback!

  10. I was also wondering how Webull actually made money and then I saw the comprehensive list that you provided and it makes sense.

    I haven’t heard of this particular platform, and I wondered if anybody can use it no matter what country you are from? A lot of these brokerages only take Americans.

    I also like that there is a learning center, which is great especially if you are a beginner. But you do say that the platform is not beginner-friendly. I will also take a look at your other recommendation Robinhood to see which is the better one to try.

    1. Yes, sadly it is only for US residents. I’m glad this review was helpful for you 🙂 And yes, let me know if you find anything particularly interesting about Robinhood!

  11. Hi Misael, 

    Great Article on Webull. Interesting offer, I am disappointed I can not take part. Do you think Webull will ever be opened for non-Americans?

    That being said, why do you think it is only for Americans? I really appreciate your site and enjoy your content.

    Looking forwards to your next article.

    Ntlhane

    1. That’s a great question! I do think they will continue to expand into other countries, they already have! I don’t have an official answer backed up by anything for your second question but my guess is that since they are still relatively new, they are still expanding and are working their ways into other nations, I don’t think the platform is only useful for Americans, it can be very useful for residents of other nations too. I hope that was helpful, I appreciate your feedback 🙂

  12. I must admit, I’m definitely a newby.  Webull’s trading simulator sounds really interesting.  I think I might have to try it out and see how I do.  Do you know if Robinhood as a trading simulator as well?  Should I have any concerns about Webull being a subsidiary of a multinational Chinese company?  Could something happen to my money/investments/accounts if the relationship between the US and China degraded?

    1. Robinhood does not have a trading simulator, Webull definitely takes the glory on that one. And some people have concerns about it being a subsidiary but there isn’t much data that proves an argument of it being a negative concern. Considering the SEC, SIPC, and FINRA associations, I don’t believe that it would be a big issue if conflicts arise between the US and China

  13. This actually looks like a great investment opportunity, but I was wondering do they also operate in the UK, and if so would I still be insured to use it over here, because we have different legislations? I love the idea of being able to try risk free with no sign up fee, so would love to try this if so! 🙂

    1. Unfortunately, no 🙁 it is not available in any European nations yet, I would try out Etoro in your spot though!

  14. Hi, I am pleased to come across Webull Financial LLC, which I didn’t know before. It seems to be  a very interesting platform. However, I’m not pleased to find out that this Wellbull is only available for citizens and residents  of only few certain countries. For online platforms, it’s best if they are worldwide, so that anybody from anywhere can join it.

    1. Yes, I agree, it is unfortunate that they aren’t available in other areas. But they are still a growing company so it makes sense. I’m sure that with time, they will expand to many more regions

  15. You got me hanging Misael!

    Intelligently written and would really prompt people especially those you got the interest to join.

    You have just presented how the money of investors are protected. It is important that someone’s hard earned money is insured and protected.

    Thanks for providing people with a choice that gives them confidence and peace of mind.

    1. Thank you for your kind words! 

  16. During the lockdown that started on March, a year ago I have been using Robinhood. I gave it a shot once I discovered it is a securities brokerage and as such, is regulated by the Securities and Exchange Commission (SEC). So, now I think I’m prepared to give Webull a try. Thanks for encouraging me to do so through your post.

    1. Absolutely!

  17. I have had Robinhood for about 2 years now and I am pleased with how I have done. Like you said, I was a completely new investor and really had no idea what I was doing, but now, I am much more confident and knowledgeable. Would it make sense to you to have both a Robinhood and a Webull account, or does it make more sense to stick with one service?

    1. I personally still have both. I’m not a day trader so I haven’t been affected by any of their haults. But I see nothing wrong with having both. If you want to stick to one though, I would say Webull is a better option despite its more complex look. Robinhood hasn’t been doing very well lately 

  18. I’m just starting to explore the field of investing, so given everything written, it’s my opinion that the Webull stock App isn’t for me right now. However, I am very grateful to have read your article because I have received a lot of new and useful information. I like to prepare well before I get into anything, so articles like this are always very welcome. I’ve read some great posts on your website already, so I keep coming back. Thank you for sharing your knowledge and information with us.
    Friendly greeting,
    Nina

    1. Always happy to have you on the site! Thank you for your feedback 

  19. I usually don’t get excited about these types of exchanges because it’s hard to know whether or not they’re legitimate, but I’ll give this one a try since I’m always willing to try out new things. Is it true your cryptos can’t be moved around on other wallets and platforms? That sucks if it’s true.

    1. Unfortunately for now, it is. You technically don’t own your crypto on webull

  20. Hi Misael, 

    This is truly a great opportunity, it’s a shame it is not a World wide company. My country is not on the list 🙁 Anyways, I was super caught in this opportunity as I would like to get involved with a stock market.. 

    Please do let me know if anytime they include some other countries in their program. 

    Thanks 

    1. Will do!

  21. This sounds like a great platform!  I like the fact that they don’t take commissions.  I also like the perks, such as real-time data and margin trading.  I’ve always been interested in trading so I will probably start here since they give a signup bonus.  I have one question, though.  If this is free to use but the platform makes money off paid subscriptions, does that mean my free account will be restricted in some way?  Or is it a free trial? 

    1. There are minor restrictions that arent’ too extreme to make a difference. For example, global market data access. I speak more on this question on this article where I talk about how Webull makes money!

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