Webull Review 2024

Autor

Revisor

Last update: 6 months ago

Our veredict

Webull, predominantly recognized for its robust stock trading platform, has also made significant strides in the cryptocurrency trading arena. For newcomers to cryptocurrency trading, Webull offers a streamlined and user-friendly interface that facilitates an easy entry into the world of digital currencies. With the ability to trade popular cryptocurrencies like Bitcoin, Ethereum, and more, it caters to the mainstream market looking to explore crypto investments alongside traditional assets.

However, Webull’s cryptocurrency platform does have some limitations. It is important to note that while Webull provides the tools for trading cryptocurrencies, it does not offer a wallet service, meaning users cannot transfer their crypto holdings to external wallets. This could be a downside for those who prefer to hold their digital assets in personal wallets for extra security or for other operational flexibility. Moreover, the selection of cryptocurrencies is somewhat limited compared to dedicated crypto exchanges. This aspect may affect users looking to trade a broader range of digital currencies. In essence, Webull is best suited for traditional investors who wish to diversify into the most commonly traded cryptocurrencies without the need for complex wallet management.

Pros

Cons

4,8

Threenvest Score

Fees

Low 4,8/5

Regulated

SEC, FINRA

With the confidence of Threenvest

Year Founded: Established in 2017, Webull has rapidly gained a solid reputation in the financial market, reflecting its stability and reliability in the industry.

Number of Users: Webull boasts millions of users globally, demonstrating widespread trust and adoption among retail investors and traders.

Security Methods: Webull employs robust security measures, including two-factor authentication (2FA) and encryption protocols, ensuring the safety and protection of users’ funds and personal information.

Regulation: Webull is regulated by top-tier financial authorities, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in the United States, providing an extra layer of security and trust.

Customer Service: Webull offers responsive customer service through various channels, including email, phone, and live chat, ensuring users can get assistance when needed.

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About Webull

What is Webull?

Webull is a comprehensive trading platform that offers a wide range of investment opportunities, including stocks, options, ETFs, and cryptocurrencies. Launched in 2017, it is known for its user-friendly interface, advanced charting tools, and commission-free trading. Webull aims to make investing accessible to both beginners and experienced traders, providing a feature-rich environment for market analysis and trading.

Background and History

Webull was founded in 2017 by Wang Anquan, a former employee of Alibaba Group, with the vision of creating an advanced trading platform that is both powerful and accessible. Since its inception, Webull has quickly grown in popularity, particularly in the United States, by offering commission-free trading and a suite of advanced tools typically reserved for professional platforms. The company is headquartered in New York City and has expanded its services to include cryptocurrency trading, further broadening its appeal to a diverse user base.

Founders

Webull was founded by Wang Anquan, who leveraged his experience in the tech industry to create a trading platform that caters to both novice and experienced traders. His vision was to democratize access to financial markets by providing a powerful yet user-friendly trading experience without the high fees typically associated with traditional brokerages.

Fun Facts and Interesting Headlines

Fun Fact: Webull was one of the first platforms to introduce paper trading, allowing users to practice trading strategies without risking real money.
Interesting Fact: Webull’s mobile app has been downloaded over 10 million times, reflecting its widespread adoption and popularity.
Headline: “Webull Raises $150 Million in Series C Funding to Expand Its Reach in the Financial Market” – showcasing its rapid growth and investor confidence.

Cryptocurrency Trading on Webull

Webull offers cryptocurrency trading through its separate Webull Pay app, where users can trade 11 different cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. Although it primarily focuses on CFD (Contract for Difference) trading, Webull provides a robust platform for both casual and serious crypto traders.

Why Choose Webull?

Webull is an excellent choice for those looking to dive into the world of cryptocurrency trading. The platform stands out with its commission-free trading model, which means you won’t be burdened with hefty fees on each transaction. This is particularly beneficial for beginners who want to start small without worrying about costs eating into their profits. Additionally, Webull provides advanced charting tools and a user-friendly interface, making it easier to analyze the market and make informed trading decisions.

Another strong point of Webull is its broad range of cryptocurrencies available for trading. With 11 different digital assets, including major ones like Bitcoin, Ethereum, and Dogecoin, users have a variety of options to diversify their portfolios. The platform’s integration of social trading features also adds a layer of interactivity, allowing users to learn from each other and stay updated with market trends through community discussions.

Webull’s security measures further enhance its appeal. The platform employs robust security protocols, including two-factor authentication (2FA) and encryption, to ensure the safety of users’ funds and personal information. Being regulated by top-tier financial authorities like the SEC and FINRA adds an extra layer of trust and credibility. Overall, Webull offers a comprehensive, secure, and user-friendly environment for cryptocurrency trading, making it a solid choice for both novice and experienced traders.

Where it falls short

Firstly, the platform does not allow users to transfer cryptocurrencies off the platform. This means you can’t move your crypto assets to an external wallet or another exchange, which can be a significant drawback for those who prefer to have full control over their assets. To improve, Webull could introduce a feature that allows for external transfers, giving users more flexibility and control over their holdings.

Secondly, Webull charges a 1% spread on cryptocurrency trades, which can be relatively high compared to other platforms. This spread can eat into profits, especially for high-frequency traders or those making larger trades. To become more competitive, Webull could lower its spread or introduce a tiered fee structure based on trading volume, rewarding active traders with reduced costs.

Features	Explanation
Minimum Trade	Webull has a low minimum trade requirement, making it accessible for all users, particularly beginners.
Trading and Transaction Fees	While Webull offers commission-free trading, the 1% spread on crypto trades is relatively high compared to other platforms.
Number of Cryptocurrencies	Webull supports 11 different cryptocurrencies, providing a decent variety for users to choose from.
Crypto-to-Crypto Trading Pairs	The platform does not support trading cryptocurrencies directly against each other, limiting trading strategies.
Website Transparency	The website provides clear and detailed information on fees and trading conditions, but the user experience and navigation could be improved.
Credit/Debit Card
Storage Offering	Webull does not offer wallet services or the ability to transfer crypto assets off the platform, limiting control over assets.
Staking and Rewards	There are no staking or rewards programs available for crypto holders on Webull.
Mobile App and Desktop	Webull’s mobile app and desktop platform are excellent, featuring advanced charting tools and a user-friendly interface.
Customer Service	Customer service is available through various channels, but phone support is lacking, and response times can be slow.
Deposit and Withdraw	The process is easy, but limited to bank transfers, which can be slower and less convenient compared to other methods like credit/debit cards.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our website, I recommend Webull for those interested in cryptocurrency trading due to its commission-free model and advanced trading tools. The platform’s user-friendly interface and excellent mobile app make it suitable for both beginners and experienced traders. However, keep in mind that Webull does not allow crypto transfers off-platform, which might be a limitation for some users. Overall, Webull is a solid choice for cost-effective and convenient crypto trading.

Fees

Webull offers commission-free trading on its platform, making it an attractive option for cost-conscious investors. However, it charges a 1% spread on cryptocurrency trades, which is effectively the platform’s fee. This spread is relatively high compared to some other platforms, but it ensures that users do not face additional explicit trading fees. Webull does not charge for deposits and withdrawals made via ACH transfers, although wire transfers incur fees of $8 for deposits and $25 for withdrawals. Overall, Webull’s fee structure is straightforward and competitive for a platform offering commission-free trading .

Pros

Cons

Product selection

Pros

Cons

Read more about product selection in Webull

Services and Products Available on Webull

Webull offers a wide range of services and products designed to cater to both beginner and advanced traders. Here’s an extensive overview of what Webull provides:

Stocks and ETFs Webull allows commission-free trading of a vast selection of stocks and ETFs. This includes both major and minor stocks, giving users a broad spectrum of investment opportunities. The platform’s advanced charting tools and technical indicators make it easier for traders to analyze and make informed decisions.
Options Trading Webull supports options trading with no commission fees. Users can engage in various strategies, including single-leg and multi-leg
options, allowing for both basic and complex trading strategies.
Cryptocurrencies Webull’s cryptocurrency trading is available through its separate Webull Pay app, which supports trading for 11 different cryptocurrencies, including major ones like Bitcoin, Ethereum, and Dogecoin. However, users cannot transfer crypto assets off the platform, which might be a limitation for those looking to move their holdings to external wallets.
Fractional Shares Webull offers fractional share trading, which allows users to invest in high-priced stocks without needing to purchase a full share. This feature is particularly beneficial for those looking to diversify their portfolios with limited capital.
Recurring Investments The recurring investment feature lets users automate their investments in stocks, ETFs, and cryptocurrencies. This can help build a long-term investment strategy without the need to manually conduct trades regularly.
Paper Trading Webull provides a paper trading feature that enables users to practice trading strategies without risking real money. This is especially useful for beginners to familiarize themselves with the market and the platform’s functionalities.
Mobile and Desktop Platforms Webull’s mobile app and desktop platform are both highly rated for their user-friendly interfaces and advanced tools. The mobile app includes features like voice command and customizable alerts, while both platforms offer a wide range of technical indicators and advanced charting tools.
Cash Management Webull offers a high-yield cash management feature, providing an attractive APY on uninvested cash. This feature is one of the highest rates available among brokerages, making it a good option for managing idle funds.
Customer Support Webull provides customer support through multiple channels, including email, phone, and live chat. However, the platform’s phone support can be slow, and it lacks comprehensive educational resources, which might be a disadvantage for new investors.

Additional Features

Leverage: Webull allows margin trading, enabling users to trade with borrowed funds for potentially higher returns.
Social Features: The platform includes social trading features, allowing users to follow and learn from each other’s trades and strategies.
Advanced Orders: Webull supports various order types, including market, limit, stop, and stop-limit orders, providing flexibility in trade execution.

Conclusion

Webull offers a comprehensive suite of services and products that cater to a broad range of investors. Its strengths lie in commission-free trading, advanced tools, and user-friendly platforms. However, limitations such as the inability to transfer cryptocurrencies off-platform and a lack of extensive educational resources should be considered. Overall, Webull provides a robust and accessible trading environment for both novice and experienced traders.

Account opening

Pros

Cons

Read more about account opening in Webull

Detailed Account Opening Process on Webull

How to Sign Up

Visit the Webull Website or Download the App: Start by navigating to the Webull website or downloading the Webull app from the App Store or Google Play Store.
Click on ‘Sign Up’: On the homepage or within the app, click on the ‘Sign Up’ button to begin the process.
Enter Your Email and Create a Password: Provide your email address and create a secure password. Alternatively, you can sign up using your mobile number.
Verification: You will receive a verification code via email or SMS. Enter this code to verify your account.

Opening an Account

Personal Information: Fill in your personal details, including your full name, date of birth, social security number, and residential address. This information is required for identity verification and compliance with regulatory requirements.
Employment and Financial Information: Provide details about your employment status, annual income, net worth, and trading experience. This helps Webull assess your suitability for certain types of accounts and investments.
Identity Verification: Upload a photo of your government-issued ID (such as a driver’s license or passport) and a document to verify your address (such as a utility bill or bank statement). This step is part of the Know Your Customer (KYC) process.
Choose Your Account Type: Select the type of account you wish to open. Webull offers individual cash accounts, margin accounts, and IRA accounts (Traditional, Roth, or Rollover IRAs).
Review and Submit: Review all the information you have provided to ensure it is accurate. Once you are satisfied, submit your application for approval.

How to Buy Your First Cryptocurrency

Deposit Funds: After your account is approved, log in to the Webull app or website and go to the ‘Deposit’ section. Select your preferred deposit method (ACH transfer or wire transfer) and follow the instructions to transfer funds to your Webull account.
Select Cryptocurrency: Navigate to the cryptocurrency trading section in the Webull app. Use the search function to find the cryptocurrency you want to buy, such as Bitcoin or Ethereum.
Enter Trade Details: Click on the cryptocurrency to open its trading page. Enter the amount you wish to buy in USD or specify the quantity of the cryptocurrency you want to purchase.
Review and Confirm: Review the transaction details, including the price, fees (1% spread), and total cost. Confirm the transaction to complete your purchase.
Manage Your Holdings: Once the purchase is complete, the cryptocurrency will be added to your Webull account. You can view your holdings, track performance, and make additional trades as desired.

Account Types

Cash Account: No minimum deposit required, suitable for most investors.
Margin Account: Requires a minimum deposit of $2,000, allowing trading with borrowed funds for leverage.
IRA Account: Available as Traditional, Roth, or Rollover IRAs, suitable for retirement savings with tax advantages.

How to Use Webull

Webull Platform Navigation: Webull’s platform is intuitive and user-friendly. The dashboard provides quick access to your portfolio, market news, watchlists, and trading tools.

Research and Analysis Tools: Utilize Webull’s advanced charting tools, technical indicators, and market data to analyze stocks and cryptocurrencies.
Placing Orders: Execute trades easily by entering your order details and selecting from various order types, such as market, limit, stop, and stop-limit orders.
Tracking Performance: Monitor your portfolio’s performance with real-time updates and comprehensive reports.

Registration and KYC

To comply with regulatory requirements, Webull mandates a Know Your Customer (KYC) process. This involves verifying your identity and address by submitting the necessary documents. Ensure that the information provided matches your official records to avoid delays.

How to Deposit Money: Initiate an ACH transfer or wire transfer from your bank account to fund your Webull account. Detailed instructions are available within the app or on the website under the ‘Deposit’ section.

Security

Pros

Cons

Is Webull Legit?

Webull is a legitimate and regulated brokerage platform that adheres to the standards set by top-tier financial authorities. In the United States, Webull is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), ensuring compliance with stringent regulatory requirements. Additionally, Webull operates under the oversight of the Hong Kong Securities and Futures Commission (SFC) for its Hong Kong entity .

Regulation and Licensing

SEC and FINRA: In the U.S., Webull Financial LLC is regulated by the SEC and FINRA. This regulatory oversight provides significant protection for investors, including SIPC insurance that covers up to $500,000, with a $250,000 limit for cash claims. This ensures that clients’ assets are safeguarded in the event of brokerage insolvency . Hong Kong SFC: Webull Securities Co., Ltd., the entity operating in Hong Kong, is regulated by the Hong Kong Securities and Futures Commission. This regulatory body ensures that Webull adheres to local laws and standards, providing an additional layer of security for international investors .

Security Measures

Webull employs several robust security measures to protect its users:

Two-Factor Authentication (2FA): Users are encouraged to enable 2FA to add an extra layer of security to their accounts.
Encryption Protocols: Webull uses industry-standard encryption to protect data during transmission and storage, ensuring that personal and financial information remains secure.
Insurance Protection: In addition to SIPC insurance, Webull’s clearing firm, Apex Clearing, provides an additional insurance policy covering up to $37.5 million per client for securities and $900,000 for cash .

Is Webull Safe?

Webull’s regulatory status and comprehensive security measures make it a safe platform for trading. However, it’s important to note that while Webull offers extensive protection for securities and cash, cryptocurrency assets are handled by Apex Crypto LLC, which is not a registered broker-dealer and does not provide SIPC protection. Despite this, the overall security and regulatory compliance of Webull make it a reliable choice for investors .

Conclusion

Webull is a secure and regulated trading platform that offers substantial investor protection through its compliance with top-tier regulatory bodies like the SEC, FINRA, and SFC. The platform’s robust security measures and insurance policies further enhance its safety. However, users should be aware of the specific limitations regarding cryptocurrency protections. Overall, Webull’s strong regulatory framework and comprehensive security features make it a trustworthy option for both novice and experienced traders.

Customer service

Pros

Cons

Read more about customer service in Webull

Customer Service and Customer Feedback at Webull

Customer Support

Webull provides customer support through several channels designed to assist users with a range of issues. These channels include:

Live Chat: Accessible directly from the Webull app and website. This feature offers real-time assistance and is suitable for immediate queries and troubleshooting. While generally responsive, users may experience delays during high-traffic periods.
Email Support: Users can contact Webull’s customer service team via email for more detailed or complex issues. This method is effective for non-urgent matters where a detailed written response is preferable. The typical response time is within 24 hours.
Phone Support: Webull offers phone support, but this service has been reported to be less efficient compared to other channels. Users often encounter longer wait times, and the quality of assistance can vary. Phone support is best used for urgent issues that cannot be resolved through chat or email.
Help Center and FAQs: The Webull website and app feature a comprehensive Help Center with a variety of articles, guides, and frequently asked questions. This resource is useful for users looking to find solutions independently before reaching out to customer support.
Community Forum: Webull hosts a community forum where users can discuss trading strategies, share experiences, and seek advice from other traders. This can be a valuable resource for gaining insights and learning from the experiences of other users.

Reputation and Customer Feedback

Webull generally enjoys a positive reputation among its users, particularly for its user-friendly interface and commission-free trading model. Here’s what users typically say about Webull:

Positive Feedback:
- Ease of Use: Users appreciate Webull’s intuitive and sleek interface, which makes trading accessible even for beginners.
- Advanced Tools: Many users commend Webull for its advanced charting tools and extensive technical analysis features.
- Cost-Effective: The commission-free trading model is a significant draw, making it attractive for cost-conscious traders.
Negative Feedback:
- Customer Support Delays: Some users report frustration with slow response times, particularly for phone support.
- Limited Educational Resources: Webull’s educational content is seen as lacking compared to other platforms, which can be a drawback for new traders seeking to learn more about investing.
- Crypto Limitations: Users have expressed dissatisfaction with the inability to transfer cryptocurrencies off the platform, limiting their control over their digital assets.

Contact Methods and Response Times

Contact Methods:

Live Chat: Accessible on the Webull app and website. Best for real-time support and quick resolutions.
Email: Ideal for detailed queries. Contact via the support email provided on the Webull website or app.
Phone: Suitable for urgent issues, but may involve longer wait times.

Response Times:

Live Chat: Typically responds within a few minutes, though delays can occur during peak times.
Email: Responses are usually received within 24 hours.
Phone: Response times vary, with potential delays leading to longer wait times compared to other methods.

Additional Information

Hours of Operation: Webull’s support channels operate during business hours on weekdays, with limited availability on weekends.
Support Quality: While live chat and email support are generally effective, improvements in phone support quality and speed are needed to enhance the overall customer service experience.
User Resources: Webull’s Help Center and community forum provide valuable resources for self-service, allowing users to resolve common issues and gain insights from other traders.

Conclusion

Webull’s customer service offers multiple channels for support, catering to various needs from real-time assistance to detailed inquiries. The platform’s reputation is bolstered by positive user feedback on its interface and trading tools, though there is room for improvement in support response times and educational resources. Overall, Webull provides reliable customer service, but enhancing phone support and expanding educational content would further improve the user experience.

Is Webull Right for You?

If You Value Commission-Free Trading: Webull is an excellent choice if you are looking for a platform that offers commission-free trading. Whether you’re trading stocks, ETFs, options, or cryptocurrencies, Webull allows you to execute trades without worrying about hefty fees, making it cost-effective, especially for frequent traders and those with smaller portfolios.
If You Prefer Advanced Trading Tools and Analysis: Webull stands out for its advanced charting tools and technical analysis features. If you are a trader who relies on in-depth market analysis, Webull’s platform provides a comprehensive suite of tools that includes customizable charts, a wide range of technical indicators, and real-time market data. This makes it ideal for both novice and experienced traders who want to make informed decisions based on detailed market insights.
If You Need a User-Friendly Mobile Experience: Webull offers a highly rated mobile app that mirrors the functionality of its desktop platform, making it a strong choice if you prefer to trade on the go. The app is intuitive and supports features like voice commands and customizable alerts, making it easy to manage your investments and track market movements from anywhere.

Conclusion

Webull is right for you if you seek a cost-effective trading platform with advanced tools and a seamless mobile experience. However, consider its limitations, such as the inability to transfer cryptocurrencies off the platform and less comprehensive educational resources, to ensure it aligns with your specific needs and preferences.

Threenvest score

4,8

Fees

Low 4,8/5

Regulated

SEC, FINRA

Available cryptocurrencies

11 (CFDs)

On the crypto broker website

Threenvest score

4,8

Fees

Low 4,7/5

Regulated

FCA, KNF

Available cryptocurrencies

9 (CFDs)

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Threenvest score

4,7

Fees

Regulated

CySEC

Available cryptocurrencies

7 (CFDs)

Available cryptocurrencies and countries available

Available Cryptocurrencies and Countries on Webull

Webull supports trading in 11 different cryptocurrencies, including major digital assets such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), and Cardano (ADA). However, some notable cryptocurrencies are not available on the platform, including Binance Coin (BNB), Solana (SOL), and Polkadot (DOT).
Webull is accessible to users in the United States and Hong Kong, offering its services primarily in these regions. Despite its broad reach, Webull does not currently support account openings from residents of the European Union, Canada, and Australia. This limitation restricts access for potential users in these significant markets.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Dogecoin (DOGE)
Cardano (ADA)
Litecoin (LTC)
Polkadot (DOT)
Chainlink (LINK)
Stellar (XLM)
Uniswap (UNI)
Bitcoin Cash (BCH)
Shiba Inu (SHIB)
Solana (SOL)
Polygon (MATIC)
Avalanche (AVAX)
VeChain (VET)
Terra (LUNA)
Algorand (ALGO)
Cosmos (ATOM)
Tezos (XTZ)
Aave (AAVE)

Main countries where you can open an account

United States
Hong Kong
Singapore
Japan
South Korea
Taiwan
India
Brazil
Mexico
South Africa
United Kingdom
Germany
France
Italy
Spain

FAQs

Final opinion on Webull

How do we review crypto exchanges?

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We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

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Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.