If you are coming across Webull for the first time and wondering whether to sign up or not, here is a comprehensive review delving into how it works, its key features, and its pros, and cons.
To start with, Webull is a US-based fintech startup founded in 2017. It offers zero-fee brokerage services.
The US market is highly regulated and requires brokers to register with relevant authorities. Webull is regulated by US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is also a registered broker in Hong Kong where it is regulated by the Hong Kong Securities and Futures Commission (SFC).
How it works
Webull offers cryptocurrency, Stocks (Including fractional shares), exchange-traded funds (ETFs), Options, and ADRs. But you need to register for an account with them for you to start trading.
The account opening process is easy, fast, and fully digital and it only takes a day for the account to be verified. You can open a Webull account using the broker’s official website, desktop platform, or mobile platform.
After providing all the necessary information including your personal information, employment information, financial experience, and verifying your identity, you need to choose the type of account you wish to open.
Webull offers individual cash and margin accounts as well as IRA accounts. It also offers corporate and entity accounts, although with some restrictions.
However, you must first create an individual account before creating an IRA account. Webull’s margin account offers margin rates that are in line with most brokers in the US although slightly higher than Robinhood.
Key Features
Financial instruments: crypto, Stocks, ETFs, Options, and ADRs.
Account types: Webull offers individual cash and margin accounts and IRA accounts to US residents (traditional, Roth and Rollover IRA accounts). & It also offers corporate and entity accounts, although with some restrictions.
Account minimum: no account minimum is required.
Fees: free trades on stocks, options trades, exchange-traded funds (ETFs), and American depository receipts. However, there is a $75 transfer fee for all transfers made from Webull.
Trading platforms: Web, desktop, mobile.
Mobile app: Webull’s mobile trading platform is available both for iOS and Android.
Customer support: 24/7 phone, email and chat.
Welcome bonus: Webull offers up to 12 free stocks valued at up to $30,600. When you open a Webull account for the first time you have two free stocks each valued at $3 &- $300. Then, when you deposit any amount of money into your account you get up to 10 free stocks each valued at $7 to $3,000.
Pros and Cons of Webull
Pros
Webull does not charge trading fees.
It does not charge inactivity fees.
Webull’s web, desktop, and mobile platforms are easy to use.
It offers cryptocurrency trading with access to up to 44 cryptocurrencies.
Its trading platform offers advanced charting and trading tools.
Cons
Webull does not offer joint, custodial, or corporate accounts.
It lacks access to some common securities, such as mutual funds and bonds.
It only offers a thing educational support.
Webull’s IRA account does not offer diversity across assets traditionally found in a retirement portfolio.
Webull does not offer any interest on cash that is not invested. It does not have a default fund for cash that isn’t invested or any ancillary banking or cash management product to make up for this like some of its competitors like Robinhood and Ally have.
Why you should use Webull for trading
If you are looking for a zero-fee broker where you can trade stocks (including fractional shares), crypto, ETFs, Options, and ADRs, then Webull could be a good choice for you.
While it is not that recommended for beginners owing to the technicalities of the financial products that it offers, Webull is a great choice if you have some level of experience in the instruments it offers. It does not have a set minimum amount that you should deposit to start trading; you can start trading with as little as you wish.
Webull has also set itself apart from its competitors when it comes to the cost of trading and advanced trading tools making it a good choice for advanced orders and technical analysis.
Final Verdict
Selecting a broker can be quite involving especially due to the number of brokers out there. However, with a clear mind of what you want, it should be a bit easier.
Webull provides an opportunity for traders looking to invest in cryptocurrency, stocks including fractional shares, options, ETFs, as well as ADRs. However, due to the choice of financial instruments, it is important to first get some understanding of how to trade these instruments before signing up with Webull.
The post Webull Review: pros and cons appeared first on CoinJournal.
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