What Is Webull?
Webull is an app that allows people to trade without paying any commissions. You can download the app on multiple platforms, including Android, Windows, and iOS. It has features such as real-time quotes, real-time news, tracking forex, equities, ETFs and more. They not only enable you to trade but provide well-researched information to help you make wise trades.
The company behind the app is known as Webull Financial LLC. They were founded in the year 2016. They provide an investment platform and tools and services for traders. They are a registered broker with the SEC and a member of SIPC and FINRA.
Pros
- Free: Plenty of features are indeed free. They have no trading commissions, and you can get access to a wide range of features such as global market data and paper-trading for free.
- Support: You will get all of the support that you need. Support has become a necessary feature of trading platforms, and the support offered by Webull is impressive.
- Great Research Tools: They have plenty of research tools available that will serve the beginners as well as the advanced traders well.
- Growing Platform: They are constantly working towards adding more features, and soon, options trading will be available.
- Security: The SIPC insurance protects your money, so you don’t have to worry about this platform going bankrupt and losing your money as a result.
Cons
- Limited Trading Options: They don’t have a lot of trading options at the moment, but I am sure that all of the major trading options will be added over time.
What does the Webull app offer?
Without wasting any time, let us take a look at what the app offers.
Personalized Stock Portfolio: You can easily build a stock portfolio by keeping track of multiple stock markets and creating multi-stock watchlists. You are not limited to creating watchlists as you can add holdings, create alerts, and save notes on your watchlist as well. It is possible to sync all of your devices by signing in with Google or Facebook.
Global Market Data: You can get real-time market data through the app. The market data of Nasdaq, Dow Jones, Hang Seng, and various other indexes is available inside the app.
Advanced Order Types: This app supports four different order types, which are limit orders, market orders, stop limit orders, and stop orders. You can automate your order by using order types. This will allow you to set your buying price and selling price so that you can buy and sell stocks at the prices that you choose automatically.
Full Extended Trading Hours: In simple words, you can trade stocks even after the market closes and trade even before it opens. So, you don’t have to wait for the market to open if you want to trade. Pre-market trading hours are 4.00 AM to 9.30 AM Eastern time, and after hours are 4.00 PM to 8.00 PM Eastern time. They offer this feature for free like a lot of other features in this app.
Paper Trading: This is a cool feature for sure. You can trade with virtual money to see how it goes without risking money. So, you can become a better trader this way without risking any real money. You can even win free stocks through virtual trading by participating in competitions inside the app.
Research Tools: You get research tools for free that you would most likely have to pay for if you were using some other app. You get research tools such as press releases, revenue data, financial calendars, stock screeners, watchlist, and historical EPS. They also provide you access to technical indicators such as exponential moving averages and relative strength index.
These are some of the features that I thought were worth mentioning here. As you can see, they do offer a lot for free.
What are Webull’s fees and commissions?
Like I mentioned before, the trading commission is zero. You do need to pay a margin rate while margin trading. You need $2,000 to qualify for a margin account. The percentage of the annual margin rate depends on your debit balance. The following are the different ranges of debit balances and their annual margin rates.
$0-$25,000: 6.99%
$25,000.01-$100,000: 6.49%
$100,000.01- $250,000: 5.99%
$250,000.01-$500,000: 5.49%
$500,000.01- $1,000,000: 4.99%
$1,000,000.01-$3,000,000: 4.49%
>$3,000,000: 3.99%
There are some other fees charged by the regulatory agencies and Webull that you can read about on their website.
What do the customers think about Webull?
The app has a great rating of 4.4 stars on Google Play. People love the data that they provide and features such as advanced charts and paper trading. Honestly, there are some issues with the app design, but they should be solved when they update the app.
Who should try the Webull app?
This app is ideal for traders of all experience levels as long as they are interested in not paying the trading commissions. The experienced traders will appreciate the wealth of information available inside the app as well as the research tools. The beginner traders will be able to use the paper trading feature to learn how to trade well. In the end, people who want to be serious traders should consider this app.
Who should avoid the Webull app?
The app is not that good for beginner traders as the information provided by the app can be a little overwhelming. It is easy to get confused and even become anxious if you have no idea about trading. The app is not great for long-term trading, so you have to consider that as well.
Final Thoughts
Webull is a great app, and it has brought something new to the trading scene. I recommend this app, especially if you find trading commissions annoying. It would be exciting to see how this app becomes better as new features are added.
I am sure that they will continue their great performance as time progresses. They have the potential to become the best trading app with zero trading commission.