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Webull Review

Chris McKhann

Written by Chris McKhann, Blain Reinkensmeyer
Edited by Carolyn Kimball
Fact-checked by Sam Levine

Last updated September 28, 2022
Published January 10, 2022

Webull offers a unique community experience and easy-to-use trading platforms that will satisfy most young investors. However, for everyday investing, Webull lacks the trading tools and features to compete with industry leaders — who, like Webull, also offer $0 stock and ETF trades.

Webull
starstarstarstar_borderstar_border Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.00
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Top Takeaways for 2022

After spending three months testing 15 of the best online brokers for our 12th Annual Review, here are our top findings on Webull:

  1. Webull is a community-driven, mobile-focused online broker. Alongside Webull's unique social community features — which won it our Investor Community award in our 2022 Annual Review — our testing found the mobile app to be well-designed and very easy to use.
  2. Webull offers more capabilities than Robinhood, but can't compete with the vast amount of trading tools, research, and education provided by traditional full-service brokers such as TD Ameritrade and Fidelity.
  3. Like most of the industry, Webull offers $0 trades on stocks/ETFs. Webull also provides $0 option trades and crypto trades. Webull does not currently offer mutual funds, bonds, or futures.

Overall summary

Feature Webull logoWebull
Overall starstarstarstar_borderstar_border
Investment Options starstarstarstar_borderstar_border
Commissions & Fees starstarstarstarstar_border
Mobile Trading Apps starstarstarstarstar_border
Platforms & Tools starstarstarstar_borderstar_border
Research starstarstar_borderstar_borderstar_border
Customer Service starstarstar_borderstar_borderstar_border
Education starstar_borderstar_borderstar_borderstar_border
Ease Of Use starstarstarstarstar

Offering of investments

Webull offers stocks, ETFs, options, and the ability to trade fractional shares and sell shares short. Webull also gives traders access to IPOs without imposing minimum account requirements. Mutual funds, futures, forex, and bonds are not supported. Webull does not offer any banking services, robo portfolios, or advisory services.

Cryptocurrency: Webull offers nearly a dozen popular cryptocurrencies, allowing users to trade the following: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Zcash (ZEC), Stella Lumens (XLM), Ethereum Classic (ETC), Cardano (ADA), Shiba Inu (SHIB) and Dash (DASH) through Apex Crypto.

Feature Webull logoWebull
Stock Trading Yes
OTCBB / Pink Sheets No
Options Trading Yes
Complex Options Max Legs 4
Bonds (US Treasury) No
Futures Trading No
Forex Trading No
Mutual Funds (Total) 0
Advisor Services No
Crypto Trading Yes
Crypto Trading - Total Coins 11

Commissions and fees

Webull charges no commission for trading stocks, ETFs, and options. While most brokers charge $0.65 - $0.75 for option contracts, Webull charges $0. Webull makes money from margin lending, interest on cash balances, and payment for order flow. Almost all brokers, except for Fidelity, sell your order flow to wholesale market makers because it's one of the only ways to directly offset the costs of offering $0 trades. Learn more about order execution quality.

Other fees: Webull does not charge any deposit or withdrawal fees if you use ACH transfer. Wire transfers have an $8 deposit fee and $25 withdrawal fee for domestic clients, and a $14 deposit fee and $45 withdrawal fee for international clients.

Webull does not impose a minimum account balance; however, customers who want to short stocks will have to open a margin account, which requires a minimum deposit of $2,000.

Feature Webull logoWebull
Minimum Deposit $0.00
Stock Trades $0.00
Penny Stock Fees (OTCCB) N/A
ETF Trade Fee 0.00
Options (Base Fee) $0.00
Options (Per Contract) $0.00
Options Exercise Fee 0.00
Options Assignment Fee 0.00
Futures (Per Contract) N/A
Mutual Fund Trade Fee N/A
Broker Assisted Trade Fee N/A

Mobile trading apps

Webull's mobile app is sleek and user-friendly, presenting graphs and data in an easy-to-digest format.


Webull's app is easy to use as well as easy on the eyes. Press play for a walkthrough of its features.



Ease of use: Navigation is a breeze, making the app ideal for newer investors. Webull does a good job keeping the user experience consistent across devices, as the mobile closely resembles the desktop and web version of the platform.

Watch lists: These are basic but very clean and functional. The ticker, name, a small daily chart and current price with price change are listed. Clicking through takes you directly to the stock information and the charts.

Charting: The charting in the app is excellent. It supports a horizontal view and has a great range of customization, indicators, drawing tools, time frames and includes time and sales. You can drag and expand easily.

All in all, while Webull's mobile app offers more features than rival Robinhood’s, it struggles to compete with the extensive amount of trading tools provided by the best stock trading apps.

Feature Webull logoWebull
iPhone App Yes
Android App Yes
Apple Watch App No
Stock Alerts Yes
Charting - After-Hours Yes
Charting - Technical Studies 50
Charting - Study Customizations Yes
Watch List (Streaming) Yes
Watch Lists - Create & Manage Yes
Watch Lists - Column Customization No

Other trading platforms and tools

While Webull's web and desktop platforms lack the extensive range of tools found on trading platforms from TD Ameritrade and TradeStation, Webull will satisfy most casual traders. The tools are easy to navigate and use, making it simple for beginners.

Charting: Webull offers a standard lineup of charting features, including several different chart types, adequate drawing tools, 52 technical indicators, the ability to add hotkeys, and grid layouts to compare multiple charts. I found charting to be clean and easy to use on the web platform and nearly identical on the desktop version.

Trading tools: The platforms are effortless to use with a versatile layout that can be customized quickly, thanks to drag-and-drop widget boxes. It includes predefined lists such as Hot ETFs, and essential watch list and screener functionality. I also appreciated that new traders seeking to learn the ropes can practice trading with a virtual portfolio from the Webull desktop, website, and mobile app. There are several unique features, such as the Net Order Imbalance Indicator (NOII). This indicator is integrated into the trade ticket as a research tool that breaks down institutional holdings for a given symbol. You can also code custom indicators. See: Best trading platforms for day traders.

Options trading: Webull is light on options trading tools. You can set up multi-leg trades and you can see a nice Profit/Loss graph on the position. Beyond that, there isn’t much you can do. See: Best options trading platforms.

Quote data: Like Robinhood, traders must pay a monthly fee to view Level 2 quotes after their free data subscription expires. That said, it is worth noting that Webull dropped its Level 2 subscription cost to just $1.99 per month following a partnership with Nasdaq TotalView, and its basic data is free. For options, if you trade at least one options contract per month at Webull, you get real-time options data (OPRA).

Feature Webull logoWebull
Desktop Trading Platform Yes
Web Trading Platform Yes
Paper Trading Yes
Trade Journal No
Watch Lists - Total Fields 35
Charting - Indicators / Studies 52
Charting - Drawing Tools 14
Charting - Study Customizations 2
Charting - Save Profiles No
Trade Ideas - Technical Analysis No
Streaming Time & Sales No
Trade Ideas - Backtesting No

Research

Community aside, which is engaging and unique (see below), Webull's research tools fall far short when compared to industry leaders TD Ameritrade, Fidelity, and Charles Schwab, who also offer $0 stock and ETF trades.

Stock research: For researching stocks, Webull offers a screener, analyst ratings, price targets and company news, and lists out ETFs that include the stock as a holding. Aside from this, no research reports, technical analysis insights, or in-house market commentary is provided. Webull does have a blog, but it seems to mainly involve press releases.

Webull community: The Webull community, a unique feature, acts as a private Twitter feed. Users can comment on individual stocks and news with their thoughts or post reactions to a price movement. Users can also predict whether a stock will rise or fall, earning points for correct predictions. Points are redeemable for Webull products, such as entries to paper trading competitions, where users can win real money by trading virtual portfolios. The functionality of this feature garnered Webull our Investor Community award for 2022.

Feature Webull logoWebull
Research - Stocks Yes
Stock Research - ESG No
Stock Research - PDF Reports 0
Screener - Stocks Yes
Research - ETFs Yes
Screener - ETFs No
Research - Mutual Funds No
Screener - Mutual Funds No
Research - Pink Sheets / OTCBB No
Research - Bonds No

Education

Aside from some basic articles, Webull offers almost no investor education. Traders seeking interactive courses, webinars, or highly detailed articles should check out top brokers such as TD Ameritrade and Fidelity.

Feature Webull logoWebull
Education (Stocks) No
Education (ETFs) No
Education (Options) No
Education (Mutual Funds) No
Education (Bonds) No
Education (Retirement) No
Paper Trading Yes
Videos No
Progress Tracking No
Interactive Learning - Quizzes No

Customer service

To score Customer Service, StockBrokers.com partners with customer experience research firm Confero to conduct phone tests from locations throughout the United States. For our 2022 Broker Review, 159 customer service tests were conducted over six weeks. Here are the results for Webull.

  • Average Connection Time: 3-5 minutes
  • Average Net Promoter Score: 5.3 / 10
  • Average Professionalism Score: 4.2 / 10
  • Overall Score: 5.1 / 10
  • Ranking: 12th of 13 brokers

Final thoughts

Webull, like Robinhood, has attracted a loyal following of customers because it is easy to use and was one of the first brokers to offer $0 trades.

Comparing Webull vs Robinhood, Webull offers more features, hands down. That said, when comparing Webull to the best online brokers that also offer $0 stock and ETF trades, Webull left me wanting more.

Is Webull good for beginners?

Webull is simple and easy to use, both in terms of the web platform and the trading app. It also has very low costs across the board. Given these features as well as paper trading ability, Webull made our top five picks for best trading platform for beginners for 2022. Those looking for education will have to find it elsewhere, however.

Can you make money with Webull?

You can make money with Webull as well as you can with most other online brokers. Option traders will especially like the $0 commissions, which you don’t find elsewhere. That said, investing and trading are inherently risky endeavors where making money is never guaranteed.

Is Webull a safe app?

Webull is a member of the Securities Investor Protection Corporation, or SIPC, which protects customers’ funds up to $500,000 in the event of a brokerage going bankrupt. Their clearing firm, Apex Clearing, has additional insurance. However, it’s important to understand that, as with any broker, such insurance does not protect against market losses.

About Webull

Webull is part of China-based Fumi Technology, a fintech company that provides real-time market data, analytical tools, and trading technologies. Webull’s technology team is based in Hunan, China, while customer-facing and brokerage operations are located in New York City.

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2022 Review Methodology

Our mission at StockBrokers.com is simple: provide thorough and unbiased reviews of online brokers, based on an extraordinary level of hands-on testing and data collection. Our ratings and awards are based on this data and our experts’ deep authority in the field; brokers cannot pay for preferential treatment. Here’s more about trustworthiness at StockBrokers.com.

For the StockBrokers.com 12th Annual Review published in January 2022, a total of 3,075 data points were collected over three months and used to score 15 top brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy. Brokers also were offered the opportunity to provide executive time for an annual update meeting.

Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.

Webull fees and features data

The data collection efforts at StockBrokers.com are unmatched in the industry. The following tables show a deeper dive into the offerings available at this broker. You can also compare its offerings side-by-side with those of other brokers using our Comparison Tool.

In addition to meticulous annual data collection by our in-house analyst, every broker that participates in our review is afforded the opportunity to complete an in-depth data profile. We then audit each data point to ensure its accuracy.

Trading fees

Feature Webull logoWebull
Minimum Deposit $0.00
Stock Trades $0.00
Mutual Fund Trade Fee N/A
Options (Base Fee) $0.00
Options (Per Contract) $0.00
Futures (Per Contract) N/A
Broker Assisted Trade Fee N/A

Account fees

Feature Webull logoWebull
IRA Annual Fee N/A
IRA Closure Fee N/A
Account Transfer Out (Partial) $75.00
Account Transfer Out (Full) $75.00
Options Exercise Fee 0.00
Options Assignment Fee 0.00

Margin rates

Feature Webull logoWebull
Margin Rate Under $24,999.99 6.99%
Margin Rate $25,000.00 to $49,999.99 6.49%
Margin Rate $50,000.00 to $99,999.99 6.49%
Margin Rate $100,000.00 to $249,999.99 5.99%
Margin Rate $250,000.00 to $499,999.99 5.49%
Margin Rate $500,000.00 to $999,999.99 4.99%
Margin Rate Above $1,000,000.00 4.99%

Investment options

Feature Webull logoWebull
Stock Trading Yes
Fractional Shares Yes
OTCBB / Pink Sheets No
Options Trading Yes
Complex Options Max Legs 4
Futures Trading No
Forex Trading No
Crypto Trading Yes
Crypto Trading - Total Coins 11
Mutual Funds (No Load) 0
Mutual Funds (Total) 0
Bonds (US Treasury) No
Bonds (Corporate) No
Bonds (Municipal) No
Advisor Services No
International Countries (Stocks) 1

Order types

Feature Webull logoWebull
Order Type - Market Yes
Order Type - Limit Yes
Order Type - After Hours Yes
Order Type - Stop Yes
Order Type - Trailing Stop Yes
Order Type - OCO Yes
Order Type - OTO Yes
Order Type - Broker Assisted No

Beginners

Feature Webull logoWebull
Education (Stocks) No
Education (ETFs) No
Education (Options) No
Education (Mutual Funds) No
Education (Bonds) No
Education (Retirement) No
Retirement Calculator No
Investor Dictionary No
Paper Trading Yes
Videos No
Webinars (Archived) No
Progress Tracking No
Interactive Learning - Quizzes No

Stock trading apps

Feature Webull logoWebull
iPhone App Yes
Android App Yes
Apple Watch App No
Trading - Stocks Yes
Trading - After-Hours Yes
Trading - Simple Options Yes
Trading - Complex Options Yes
Order Ticket RT Quotes Yes
Order Ticket SRT Quotes Yes

Stock app features

Feature Webull logoWebull
Market Movers (Top Gainers) Yes
Stream Live TV No
Videos on Demand No
Stock Alerts Yes
Option Chains Viewable Yes
Watch List (Real-time) Yes
Watch List (Streaming) Yes
Watch Lists - Create & Manage Yes
Watch Lists - Column Customization No
Watch Lists - Total Fields 35

Stock app charting

Feature Webull logoWebull
Charting - After-Hours Yes
Charting - Can Turn Horizontally Yes
Charting - Multiple Time Frames Yes
Charting - Technical Studies 50
Charting - Study Customizations Yes
Charting - Stock Comparisons Yes

Trading platforms overview

Feature Webull logoWebull
Desktop Trading Platform Yes
Web Trading Platform Yes
Paper Trading Yes
Trade Journal No
Watch Lists - Total Fields 35

Trading platform stock chart features

Feature Webull logoWebull
Charting - Adjust Trades on Chart No
Charting - Indicators / Studies 52
Charting - Drawing Tools 14
Charting - Notes No
Charting - Index Overlays Yes
Charting - Historical Trades Yes
Charting - Corporate Events Yes
Charting - Custom Date Range No
Charting - Custom Time Bars No
Charting - Automated Analysis No
Charting - Save Profiles No
Trade Ideas - Technical Analysis No
Charting - Study Customizations 2
Charting - Custom Studies Yes

Day trading features

Feature Webull logoWebull
Streaming Time & Sales No
Streaming TV No
Direct Market Routing - Stocks No
Ladder Trading No
Trade Hot Keys Yes
Level 2 Quotes - Stocks Yes
Trade Ideas - Backtesting No
Trade Ideas - Backtesting Adv No
Short Locator No
Order Liquidity Rebates No

Investment research overview

Feature Webull logoWebull
Research - Stocks Yes
Research - ETFs Yes
Research - Mutual Funds No
Research - Pink Sheets / OTCBB No
Research - Bonds No
Screener - Stocks Yes
Screener - ETFs No
Screener - Mutual Funds No
Screener - Bonds No
Misc - Portfolio Allocation No

Stock research features

Feature Webull logoWebull
Stock Research - PDF Reports 0
Stock Research - Earnings Yes
Stock Research - Insiders Yes
Stock Research - Social Yes
Stock Research - News Yes
Stock Research - ESG No
Stock Research - SEC Filings Yes

ETF research features

Feature Webull logoWebull
ETFs - Strategy Overview Yes
ETF Fund Facts - Inception Date Yes
ETF Fund Facts - Expense Ratio Yes
ETF Fund Facts - Net Assets Yes
ETF Fund Facts - Total Holdings Yes
ETFs - Top 10 Holdings Yes
ETFs - Sector Exposure Yes
ETFs - Risk Analysis No
ETFs - Ratings Yes
ETFs - Morningstar StyleMap No
ETFs - PDF Reports No

Mutual fund research features

Feature Webull logoWebull
Mutual Funds - Strategy Overview No
Mutual Funds - Performance Chart No
Mutual Funds - Performance Analysis No
Mutual Funds - Prospectus No
Mutual Funds - 3rd Party Ratings No
Mutual Funds - Fees Breakdown No
Mutual Funds - Top 10 Holdings Yes
Mutual Funds - Asset Allocation No
Mutual Funds - Sector Allocation Yes
Mutual Funds - Country Allocation Yes
Mutual Funds - StyleMap No

Options trading overview

Feature Webull logoWebull
Option Chains - Basic View Yes
Option Chains - Strategy View No
Option Chains - Streaming No
Option Chains - Total Columns 21
Option Chains - Greeks 5
Option Chains - Quick Analysis Yes
Option Analysis - P&L Charts Yes
Option Probability Analysis Yes
Option Probability Analysis Adv Yes
Option Positions - Greeks Yes
Option Positions - Greeks Streaming No
Option Positions - Adv Analysis No
Option Positions - Rolling No
Option Positions - Grouping No

Banking features

Feature Webull logoWebull
Bank (Member FDIC) No
Checking Accounts No
Savings Accounts No
Credit Cards No
Debit Cards No
Mortgage Loans No

Customer service options

Feature Webull logoWebull
Phone Support (Prospect Customers) Yes
Phone Support (Current Customers) Yes
Email Support Yes
Live Chat (Prospect Customers) No
Live Chat (Current Customers) No
24/7 Support No

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About the Author

Chris McKhann
Chris McKhann

Chris McKhann has been in the industry for more than 20 years. He has worked for many of the top names in the online trading space, including TD Ameritrade and optionMONSTER, which later became part of E*TRADE. His work has been cited in the Wall Street Journal, Reuters, the Financial Times, Forbes, CNBC, Nasdaq.com and Nikkei. He has also been an advisor and outside trader for several hedge funds. He was one of the first traders to delve into the VIX tradable products and to write about them (back in 2006). Chris is also an educator who teaches high school statistics, finance and computer science.


Blain Reinkensmeyer
Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.


Carolyn Kimball
Carolyn Kimball

Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.


Sam Levine
Sam Levine

Sam Levine is a longtime writer, investor and educator with nearly three decades of experience in the investing industry. His specialty is making even the most complicated investing concepts easy to understand for beginning and intermediate investors. He holds two of the most widely recognized certifications in the investment management industry, the Chartered Financial Analyst and the Chartered Market Technician designations. Previously, he was a contributing editor at BetterInvesting Magazine and a contributor to The Penny Hoarder and other media outlets.


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