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Webull Review

February 28, 2023

Webull is an excellent choice for beginning and intermediate traders. The user experience is outstanding, and Webull has better charts than its natural competitor, Robinhood. Options contracts are commission-free, but crypto markups and markdowns are on the high side. Experienced investors may eventually miss the features, research, and investment choices available at leading brokers.

Webull
4.5/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.00

Pros & Cons

After spending three months testing 17 of the best online brokers for our 13th Annual Review, here are our top findings on Webull:

thumb_up_off_alt Pros

  • Webull provides a terrific user experience across all devices thanks to its crisp layouts, easy customization, and great graphic design.
  • Options traders will be delighted by Webull’s zero-cost option trading.
  • Crypto traders can choose from 44 cryptocurrencies.
  • Beginners can get their feet wet with simulated (paper) trading and fractional shares.

thumb_down_off_alt Cons

  • Stock and market research content is thin compared with industry leaders.
  • The educational content is also limited and a bit on the dry side. A good chunk of what Webull classifies as “learning” is instruction on Webull platforms and features.
  • Investment options are limited to stocks, exchange-traded funds, and options. Open-end mutual funds or fixed income are not available.
  • Webull charges one percent markups and markdowns on crypto trades.

Overall summary

Feature Webull logoWebull
Overall 4.5/5 Stars
Investment Options 4/5 Stars
Commissions & Fees 4.5/5 Stars
Mobile Trading Apps 4.5/5 Stars
Platforms & Tools 4.5/5 Stars
Research 3/5 Stars
Customer Service 3.0/5 Stars
Education 3.5/5 Stars
Ease Of Use 4.5/5 Stars

Investment options

Webull offers stocks, ETFs, and options. That’s it. Webull also gives access to IPOs without imposing minimum account requirements. Mutual funds, futures, forex, and bonds are not supported. Webull does not offer banking services, robo portfolios, or advisory services. It also restricts over-the-counter (OTC) stock trading to a list of about 100 stocks.

Cryptocurrency: Webull offers 44 cryptocurrencies for trading, including Bitcoin, Ethereum, Litecoin and Dogecoin.

Feature Webull logoWebull
Stock Trading Yes
Margin Trading Yes
OTC Stocks Yes
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 44
View More

Commissions and fees

Webull charges no commissions for trading stocks, ETFs, and options. The broker makes money from margin lending, interest on cash balances, and payment for order flow. Almost all brokers, except for Fidelity, accept payment for routing customer orders to market makers. Learn more about order execution quality here.

While most brokers covered in our 2023 Annual Stockbroker Review charged $0.65 - $0.75 for option contracts, Webull charges nothing. Zero. Zip. Nada. Firstrade, SoFi, and Robinhood are other brokers with zero cost option trading.

Other fees: Webull does not charge any deposit or withdrawal fees if you use ACH transfers. 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 (OTC) 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
View More

Mobile trading apps

Webull's mobile app is sleek and user-friendly, presenting graphs and data in an easy-to-digest format. It also adds community features not found on the web and desktop platforms. Just like most social media today, Webull’s community feed is best read for entertainment rather than as a source of actionable investment ideas.

Ease of use: Other than a few counterintuitive icon choices, navigation is a breeze. We suggest the first step all new clients take is to adjust notification preferences. With notifications left at the default, Webull bombarded us with emails, texts, and banner notifications.

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: Though the feature set is narrow compared to what’s available at the brokers we’ve rated as best for traders, Webull’s charting still felt top-notch. Scrolling, pinching, zooming, and drawing made many other apps seem positively clunky in comparison. The mobile app supports a horizontal view, and all platforms have a solid range of tools, customization, indicators, and timeframes that will satisfy beginners and intermediate-level traders.


A walkthrough of Webull's mobile app.


Feature Webull logoWebull
iPhone App Yes
Android App Yes
Apple Watch App Yes
Stock Alerts Yes
Charting - After-Hours Yes
Charting - Technical Studies 56
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 don’t have the extensive range of tools found on trading platforms from TD Ameritrade and TradeStation or the whiz-bang graphic design and analytics on tastytrade, Webull will satisfy most casual traders and delight many with a gratifyingly quick learning curve and attractive graphic design. The browser-based platform is very similar to the desktop version.

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. Charting was a delight on both the web and desktop versions.

Trading tools: When thinking about how to describe the feel of the trading tools on Webull, the words that come to mind are “silky” and “buttery smooth.” The web and desktop versions had versatile layouts that could be customized quickly, thanks to drag-and-drop widget boxes.

Beginners will appreciate paper trading and fractional shares. Several unique features exist, 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. Advanced options traders should review our best brokers for options trading.

Quote data: As with 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 Level 2 cost is only $1.99 per month and its basic data is free. If you trade at least one options contract monthly at Webull, you get free real-time options data (OPRA). Other brokers often provide this data for free.

Feature Webull logoWebull
Active Trading Platform N/A
Desktop Trading Platform Yes
Desktop Platform (Mac) Yes
Web Trading Platform Yes
Paper Trading Yes
Trade Journal No
Watch Lists - Total Fields 35
Charting - Indicators / Studies 52
Charting - Drawing Tools 19
Charting - Study Customizations 2
Charting - Save Profiles Yes
Trade Ideas - Technical Analysis No
Streaming Time & Sales Yes
Trade Ideas - Backtesting No
View More

Research

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. Webull is targeted more toward chart traders than long-term investors.

Stock research: For researching stocks, Webull offers a screener, analyst ratings, price targets, and company news. Many investors will miss the market commentary available at larger brokers. Headline company financial data is displayed graphically, making it easy to spot trends in profitability.

The broad stock market views on the web and desktop platforms are a bit quirky. For example, there are tabs for the U.S. and Hong Kong/China, but not the rest of Asia, Europe, South America, or Africa.

Webull community: The Webull community on the mobile app acts as a private Twitter-like feed, where users can comment with their thoughts on individual stocks and news or post reactions to a price movement. Its engagement efforts put Webull among our Best in Class for investor community for 2023.

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 Yes
Research - Bonds No

Education

Webull’s learning center has improved since last year’s Annual Stockbroker Review. There’s enough information to start beginning traders off, but the articles are dry. Many of the articles come from third parties, such as Nasdaq, Direxion Funds, and the Cboe. Investors who want deep libraries of interactive courses, webinars, or highly detailed articles should check out top brokers such as TD Ameritrade and Fidelity.

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

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 2023 Broker Review, 168 customer service tests were conducted over six weeks, with wait times logged for each call.

Customer service representatives were asked for assistance or details in several areas of broker services, including account opening, trading tools, apps, rollovers, active trading, and more. Here are the results for Webull.

  • Average Connection Time: 5-6 minutes
  • Average Net Promoter Score: 6.7 / 10
  • Average Professionalism Score: 5.6 / 10
  • Overall Score: 5.8 / 10
  • Ranking: 14th of 14 brokers

Final thoughts

Webull, like Robinhood, has attracted a loyal following of customers because it is a joy to use, has an active investor community, 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 offering $0 stock and ETF trades, Webull left us wanting more.

Here are our top takeaways on Webull for 2023:

  1. Webull is a crypto-leaning online broker that provides clean layouts, a friendly user interface, and an active trading community. The desktop application is super easy to customize, and graphic elements are crisp and modern. The mobile app carries over most of the desktop and browser experience.
  2. Experienced traders and long-term investors will long for additional features routinely offered by the most established brokers. For example, Webull does not currently offer mutual funds, bonds, or futures, and its investor education, advanced tools, and fundamental research pale when compared to Fidelity, E*Trade, and TD Ameritrade.
  3. At the time of this review, Webull offered compelling incentives for opening a new account or referring new clients. Like most online brokers, Webull offers $0 trades on stocks and ETFs, and offers $0 option trades as well, a less common perk.

Best Broker Guides

Explore our broker rankings:

Is Webull good for beginners?

Beginning stock, ETF, and crypto traders will find Webull’s simplicity allows them to focus on their trades instead of operating the platform. Webull also has low costs (other than crypto) and offers both fractional shares and simulated trading. But if you’re looking for a huge library of educational articles or videos, you’ll have to find it elsewhere.

Is Webull good for options?

Webull is somewhat unusual among the brokers in our annual review for charging nothing on options contracts. Firstrade, SoFi and Robinhood also offer zero commission and fee options trading. If you trade one contract a month or more, OPRA real-time quotes are free. If you frequently roll positions or perform in-depth analysis, you’ll find it quicker to enter orders and analyze potential trades or scenarios at other brokers.

Can you make money with Webull?

You can make money with Webull as you can with other online brokers. Options traders will appreciate the $0 commissions. Rapid-fire crypto traders will find Webull expensive. Ultimately, your investing or trading results will depend more on your knowledge and ability than on the broker you use. Making money is never guaranteed.

Does Webull have hidden fees?

Webull’s fees are clearly listed on a “Pricing” page on their website, except for the one percent markups and markdowns Webull applies to cryptocurrency trades. That highly relevant piece of information was on a separate page from the pricing. We don’t think it should be.

Can Webull be trusted?

Webull is a member of the Securities Investor Protection Corporation (SIPC), which protects customers’ funds up to $500,000 in case a brokerage goes bankrupt. Its clearing firm, Apex Clearing, has additional insurance. However, it’s important to understand that SIPC 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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2023 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 13th Annual Review published in January 2023, a total of 3,332 data points were collected over three months and used to score 17 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 2023 results

For the StockBrokers.com 2023 Review, all U.S. equity brokers we reviewed were assessed on 196 different variables across eight areas: Commissions & Fees, Investment Options, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall.

StockBrokers.com also presented “Best in Class” awards to brokers for additional categories Beginners, Options Trading, Futures Trading, Active Trading, IRA Accounts, Investor Community, Penny Stock Trading, Banking Services and Customer Service. A “Best in Class” designation means finishing in the top five brokers for that category.

For more information, see how we test.

Primary categories

Webull logoWebull Overall Commissions & Fees Research Platforms & Tools Mobile Trading Apps Investment Options Education Ease of Use
Rating 4.5/5 Stars 4.5/5 Stars 3/5 Stars 4.5/5 Stars 4.5/5 Stars 4/5 Stars 3.5/5 Stars 4.5/5 Stars
Rank #1
Streak #1
Best in Class
Best in Class Streak

Secondary categories

Webull logoWebull Active Trading Banking Services Beginners Customer Service Futures Trading Investor Community IRA Accounts Options Trading Penny Stocks
Rank #1
Streak #1
Best in Class check
Best in Class Streak

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 $0.00
IRA Closure Fee $0.00
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 $25,000 9.49%
Margin Rate $25,000 to $49,999.99 8.99%
Margin Rate $50,000 to $99,999.99 8.99%
Margin Rate $100,000 to $249,999.99 8.49%
Margin Rate $250,000 to $499,999.99 7.99%
Margin Rate $500,000 to $999,999.99 6.99%
Margin Rate Above $1,000,000 6.49%

Investment options

Feature Webull logoWebull
Stock Trading Yes
Margin Trading Yes
Fractional Shares Yes
OTC Stocks Yes
Options Trading Yes
Complex Options Max Legs 4
Futures Trading No
Forex Trading No
Crypto Trading Yes
Crypto Trading - Total Coins 44
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) 0
View More

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

Stock trading apps

Feature Webull logoWebull
iPhone App Yes
Android App Yes
Apple Watch App Yes
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 56
Charting - Study Customizations Yes
Charting - Stock Comparisons Yes

Trading platforms overview

Feature Webull logoWebull
Active Trading Platform N/A
Desktop Trading Platform Yes
Desktop Platform (Mac) 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 Yes
Charting - Indicators / Studies 52
Charting - Drawing Tools 19
Charting - Notes Yes
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 Yes
Charting - Save Profiles Yes
Trade Ideas - Technical Analysis No
Charting - Study Customizations 2
Charting - Custom Studies Yes
View More

Day trading features

Feature Webull logoWebull
Streaming Time & Sales Yes
Streaming TV No
Direct Market Routing - Stocks No
Ladder Trading Yes
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 Yes
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 No
ETFs - Sector Exposure Yes
ETFs - Risk Analysis No
ETFs - Ratings Yes
ETFs - Morningstar StyleMap No
ETFs - PDF Reports No
View More

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 No
Mutual Funds - Country Allocation No
Mutual Funds - StyleMap No
View More

Options trading overview

Feature Webull logoWebull
Option Chains - Basic View Yes
Option Chains - Strategy View Yes
Option Chains - Streaming No
Option Chains - Total Columns 23
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
View More

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 Yes

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About the Editorial Team

Sam Levine, CFA, CMT
Sam Levine, CFA, CMT

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.


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.


Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.


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