Can I Place A Stop Buy Order On Robinhood Or Webull?

Can I Place A Stop Buy Order On Robinhood Or Webull?

Webull is one of the newer online brokers, forming in just 2017 and launching with just a mobile app in May 2018. Webull’s primary target market, the millennials, was reflected in this mobile launch. Webull is positioning itself to serve newer and more active traders, and others drawn to a platform offering a broad range of services for free, including no account minimums, commission free trading of stocks/ETFs and their options, and multiple cryptocurrencies. Webull is more geared towards self-directed investors and offers a smaller range of services than its full-service competitors. Webull customers still get a lot for their money. Webull offers a great platform with many useful tools and features as well as competitive margin rates. We’ll take an in-depth look at Webull to help you decide if it is the right broker for your portfolio needs.

Webull won Investopedia’s Best Broker for Low Cost Options Trading, Best Day Trading Platform and Best Low Cost Options Broker in our 2021 Best Online Brokers Review.

KEY TAKEAWAYS

  • Webull does not charge commissions for stock, ETF or option trades. There are no minimum account requirements. Margin trading is available to accounts of $2000 and higher.
  • Webull offers stocks, ETFs, options, and cryptocurrencies. This smaller selection of assets is meant to serve a client base that skews towards younger, self-directed customers comfortable with technology and wanting information on the go.
  • Webull is easy to use, providing good trading functionality and a broad package of tools and functionality including news, fundamental and technical analysis, and stock screeners.
  • Webull is not the broker that people should use if they are looking for more products such as managed accounts, mutual funds, fixed income, and mutual funds. Investors who prefer working with an investment advisor and want access to live trading assistance should look elsewhere.
  • Fractional cryptocurrency trading is possible in multiple cryptocurrencies including Bitcoin, Dodgecoin and Bitcoin Cash.

Who is Webull for?

Webull is an investment platform that allows investors to trade without commissions and open up new avenues for trading. Webull isn’t a full-service broker. Its customers require a DIY approach to some aspects of portfolio management. Webull customers have skewed younger than at other brokerage companies. The broker’s no cost model will also appeal to active traders. Webull’s no-cost options trading will be particularly appealing to active traders. This is because all other brokers, including those that offer free stock and ETF trades such as Schwab, still charge commissions for each leg.

Pros

  • No commissions on stocks/ETFs, options, or cryptocurrencies
  • No minimums or fees, easy account setup
  • Free real-time streaming quotes
  • Simple to use platforms that provide excellent content and tools
  • Access to trading hours that are extended and pre-market

Cons

  • No income on excess cash
  • Potential for execution to be halted by payment of order flow
  • Limited range of tools for portfolio management
  • Access to fixed income, mutual funds or foreign exchange is not available.

Pros Explained

  • Webull offers something free of charge. There is no commission stock or ETF option. Cryptocurrency trading is especially appealing for traders who don’t want their hands tied. Lower implementation costs makes it easier for traders to profit off a trading strategy.
  • It takes only a few minutes to open an account. It takes only a few minutes to get approval for account and options trading. You can also add your bank account or set up an ACH transfer free of charge in a matter of minutes. Once the transfer is set up, you can receive buying power on the account even though the fund transfer may not be complete for a few days.
  • Webull offers free real-time streaming quotes, and a three month free subscription to Level 2 Advance quotes. This service is Nasdaq TotalView and provides more information about market depth as well as a deeper range of bids and questions on security. You can also find auction crossing information for all NASDAQ NYSE stocks and regionally listed stocks on NASDAQ Marketplace Center.
  • Webull’s mobile and desktop applications platforms are both relatively new. It has an intuitive design, is simple to use, and it is fresh. The applications are packed with helpful tools for trading, especially considering all the tools are free to the user. You can access news and fundamental information about companies through the customizable workstation platform. Charting is available, as well as watchlists, stock screeners, charts, aggregate ratings and aggregate ratings from multiple analyst. Despite all the information, it is organized in a way that makes it easy to use.
  • Webull customers have access to these hours, which is a popular choice for active traders who trade the market during the pre- and/or extended trading hours. Traders have the option to make their orders available during non-regular trading hours.

Cons Explained

  • Customers of Webull do not receive interest on any cash balances. As Webull doesn’t support mutual fund trading, customers can’t proactively invest their unused cash in a money market fund. In today’s low short-term interest rates, this may not seem to be a problem. However, the potential loss of interest on cash could be more apparent if rates rise.
  • Webull can offer trading and all other services for free because it receives payment for order flow (PFOF). This may affect Webull’s execution quality. The speed and precision that orders are generally filled at today somewhat lessens this as a significant issue for most traders, but day traders and those using other strategies highly dependent on execution quality may be at a disadvantage.
  • Webull offers a number of useful tools for traders, but the portfolio management tools are not as good. Customers of Webull are expected to be able to make their own trading and investing decisions. There are no intra-day or daily market letters and no analyst reports or research on stocks other than aggregated analyst statistics. Webull does not offer financial advisors, recommended portfolios for rebalancing, control of tax lots on sales, or offer a dividend reinvestment program (DRIP). Webull currently doesn’t offer fractional shares. However, the broker stated that they are working on adding fractional stock shares.
  • Webull offers a wide range of stock, ETFs and options, as well as cryptocurrencies. Webull does not offer fixed income investments, mutual funds or international equities, options, or foreign currency offerings. You get what you see.

Usability

Webull is simple to use with intuitive navigation. Webull offers a website, desktop workstation and mobile app. They are all well-designed. The platforms share a modern look and feel because of having been built so recently.

The website and desktop workstation are almost identical. They share the same menu and window layout. This main set of buttons is located on the left side of your screen. These buttons allow you to launch customizable quote boards. A stock page that provides a wealth information about a single stock, ETF or stock, as well as a market overview page and stock screener. An account tab shows balances, positions and buying power. You can also access bank transfers to and from your account. There is also a dedicated paper trading area. The website has some differences from the workstation. It only supports single-leg options.

Although the mobile app has the same primary features as the website and workstation websites, there are design differences that allow for smaller screens. The menu buttons on the bottom of the app screen change to be relevant to the content shown at the time. For example, an options button appears as a choice at the bottom of the stock screen showing an individual stock/ETF.

Watchlists can be easily created across all platforms directly from stock screener results. Watchlists also remain consistent between the desktop, web, mobile app, so you don’t need to set these up on multiple platforms. It’s easy to order and traders can customize the trading ticket information, such as share amounts and order type.

Trade Experience

Webull’s workstation is highly customizable, with templates available for trading stocks and ETFs, options trading, day trading, and for cryptocurrency trading. Trader can toggle between the different templates pages or create their own layouts using widgets. The widgets contain different information, such as news, fundamentals, options, as well as order entry, time & sales, and so on. The widgets can be combined to save screen space, with the different widgets accessible through marked tabs at the top of the window. Widget windows can also be grouped together so a stock entered in one of the widgets will automatically update in the other widgets in the group.

The trading setup also allows for a highly customized user experience, including hot keys, home page loaded on startup, default stock and option orders, and frequently used share quantities. You can do the most customization and flexibility on your workstation. The website did not have all of the trading page templates available on the workstation, and the learning center was not accessible from the website. The system will guide you to different pages when appropriate, such as taking you to the stocks window to see stock-specific information, news, options, charting, and an analyst ratings overview.

It is easy to enter an order through Webull. The order screen can be added to different screens, and the stock order entry screen includes contingency orders for stop loss and/or profit taking levels. You can also create order tickets directly from the account holdings, and clicking on the bid or offer of a market will automatically enter that information into the trade order widget. Trading was also available directly from the charting program, with active positions and orders clearly shown on the chart.

Mobile Trade Experience

As mentioned, although there are some minor differences between the website and the workstation, there is a basic consistency across all the platforms. Although the mobile app offers the same basic features of the website and the workstation, there are some design differences that allow for smaller screens. The menu buttons adjust to the content screen, so you can access the most important functions you need. Mobile’s charting also shows your open positions and allows trading directly from the chart. Webull’s drawing tools were also easier to use than the mobile charting software of many other brokers. The mobile app doesn’t allow access to Webull’s stock screener, but you can convert search results done on the website or workstation into a watchlist that will sync to the mobile app.

Range of Offerings

Webull focuses on U.S. Stock and ETF trading, and U.S. listed options and offers only personal and IRA accounts in the United States. Although Webull’s product offerings are not as extensive as full-service brokers, they can meet the needs for younger customers who are less interested in fixed income. Webull allows trading in multiple cryptocurrency for as low as $1, which is a departure from many full-service brokers. Webull does not offer traditional forex trading, fixed income, mutual funds, futures or traditional foreign currency trading. Webull investors can trade the following:

  • US listed Stocks/ETFs long and short (2,085 stocks are currently on Webull’s easy to borrow list for short sales
  • US Listed Options on stocks and ETFs
  • Cryptocurrency trading with Bitcoin, Dodgecoin and Bitcoin Cash, Ethereum, Litecoins, ZEC, and XLM
  • Note: NY State is the only US state that has not yet approved cryptocurrency trading on Webull, but the company expects the approval shortly.

Types of Order

Webull offers the most commonly used order types, including market, limit, stop, stop limit, and trailing stops. There are also specialty orders such as one-cancel-the-other (OCO), one-triggers-an-OCO (OTOCO), and one-triggers-the-other (OTO), allowing traders to setup a conditional order where a filled limit order establishes an OCO attaching both a stop loss and a profit taking level order once the initial position is established. Webull does not offer market-if-touched, market-on-close, or similar orders.

Webull doesn’t offer traders control over tax lots on sales to close a long stock position; they use the first in, first out (FIFO) methodology. Webull does not offer automated trading, backtesting strategies or the ability to place orders.

Trade Technology

Although Webull’s trading technology may be basic, it can get the job done. Webull reports net price improvement of 0.0056 a share and $1 per options contract. There is no smart order routing, no trading automation, no backtesting capabilities, and no way to route your own orders. That said, this is in keeping with the broker’s bare bones approach to keep costs down.

Prices

Webull is not a low-cost broker but a free broker. They offer commission-free trading in stocks, ETFs and listed options. There is no fee for minimum account requirements or access to their powerful platforms and tools. Webull’s margin rates are also competitive. Webull’s commission-free trading means that we don’t charge for trades. However, they must pay Securities and Exchange Commission (SEC), transaction fees and other regulatory fees. These fees are usually pennies to fractional pennies per contract. Webull’s costs are as follows:

  • No commissions for online trades in equities, ETFs, or OTCBB trades
  • Exchange traded options are free of commissions
  • There is no commission for cryptocurrency trading
  • Margin can be used for leverage or short sales. Margin rates vary depending on account size. Breakpoint: Below $25K 6.99%, $100K 6.49%, $250K 5.99%, $500K 5.49% and $500K 5.49%. $1MM 4.99%. $3MM 4.49%. And >$3MM 3.99%.
  • Money transfers: No charge for ACH Deposits and withdrawals; Wire Transfers are $8 for deposits in the US and $12.5 if international, and $25 for withdrawals in the US and $40 if international
  • Paper statements charges: Confirmations are $2 per confirm, account statements $5 per statement, and prospectus fees $2.5 per mailing

How this broker makes money for you and from you

It has become harder to understand how brokerage firms generate revenue in the age of no commission trading. Webull is not afraid to tell investors how they make their money, which allows them provide sophisticated trading platforms and zero-fee trading.

  • Payment From Order Flow: Webull is clearly all-in on the continuing race towards no commission trading – even options are free to trade on Webull now – and they are very transparent in stating at the top of its pricing page that PFOF is the primary reason they can offer no commission trading and no fees for access to their well-built platforms. Webull receives an average of $0.00024 per share for its order flow, and an average of $0.525 per options contract; Webull’s price execution improvement averages are $0.0056 per share, and $1 per option contract.
  • Interest on Cash: Another important revenue stream for Webull is its ability to generate income from cash in its traders’ accounts, as the company does not pay interest on cash balances. When you have cash in your account, the interest generated by Webull is kept by Webull.
  • Stock Lending Program: Webull offers a stock lending program. The investor who lends the securities shares the revenue. The interest paid through the lending program depends entirely on the market demand for your securities.

Account and Research Amenities

Webull offers a broad array of account information and research amenities, including fundamental data, news, and charting to help traders make informed investment decisions and identify stocks to trade. Webull doesn’t offer the same tools and information as full-service brokers such as individual analyst reports, daily market reports, or portfolio analysis tools.

Stock Screener

Webull offers a stock screener. It is available on the website and at the workstation, but not in the mobile app. Although the screener can only be used for stocks, it is simple enough and offers some functionality not offered by other broker screeners. Only the United States, China and Canada can be selected; Webull offers data and charts for US, Honk Kong and Canada markets. However, U.S. account holders have limited access to trading in U.S. market markets. For the U.S., you can select the exchanges to include (NYSE, AMEX, NASDAQ), and can filter by more than 25 industry sectors, financial information such as EPS, P/E, Dividends, and by nine pre-set technical indicators including overbought/oversold and moving average crosses.

Although the technical indicators are simple to use, they are not very comprehensive. We were unable to screen for stocks above their 200 moving. Other filters available include a consensus analyst rating with five grades (strong buy, buy, hold, underperform, sell) and if the stock can be traded on margin. Stocks can’t be screened for socially responsible investing (SRI). A customized search can be saved and converted to a watchlist. You can choose any stock from the search results to view key financial and technical information, as well as an order window.

ETF and Mutual Fund Screener

Webull does not offer an ETF screener, and they do not offer mutual funds on their platform at all.

Option Screener

Webull doesn’t have a screener that can identify potential option trade opportunities. However, they have tools to help you construct the most popular one, two and four leg options strategies (vertical spreads. Straddles/strangles. Butterflies/condors etc.). using a drop-down menu on the option chain table to select the strategy. The strategy’s payout graph will be displayed at maturity. You can also customize it by choosing different order types and adjusting the strike price ranges in multi-leg strategies.

Fixed Income Screener

Webull doesn’t offer fixed income through their platform.

Charting

Webull developed its own charting functionality and it is a solid offering. Mobile app charting is a bit different than on the web and workstation because of the smaller screen size, but it is very intuitive. Charts can be used to create alerts and order tickets. You can also add analysis such as Bollinger bands(r), moving or exponential moving averages, relative strength index (RSI), average trade range (ATR), multiple stochastics variants, and other commonly-used analysis to your chart. Again, it seems odd that neither the 50, 100, or 200 period MA was included in the set of six defaults in the program.

If you have heard about Webull before, it is the new web based trading system that has just made waves in the Forex market. Webull, which is operated by Chinese online holding business Fumi Technology, enables clients to purchase and sell an assortment of virtual assets, such as shares, ETFs, derivatives and commodities such as gold, dogecoin and shiba inu coin. It also offers trade alerts and market commentary from industry experts, so that traders can be assured of their investment decisions. Investors will need to open a demo account to see how the system works and determine if it is suitable for them.

 

The Java-based software platform used for desktop trading platforms is the basis of the webull trading app. The webull platform provides access to stock and option prices in real-time, as well as fundamental data such market depth, price, volume and price. The webull desktop trading platform can be used on both iOS and Android devices. It comes with over 1,000,000 product images and a wide variety of media files. To use the webull app, first download the free trial web version and install the webull trading platform on your phone. In less than five minutes you are all set and ready to trade from anywhere in the world!

 

With webull, traders can buy and sell securities using real money. Webull trading doesn’t require any special knowledge to execute trades. The app uses sophisticated algorithms and mathematical algorithms to detect good opportunities and prevent losses by analyzing market signals and actions. For example, once the app identifies that the peak volume for a given security may be on the rise, it immediately alerts traders so that they can take action before the price starts to move. The best thing about trades is their ability to be customized. This means that traders can set limits on how much they would like to invest, the maximum strike amount, and also what type of stop loss they want to use – a custom, or an automatic, limit set at the time the investor thinks the investment is under risk.

 

Webull requires a minimum deposit to trade. The maximum amount is unlimited. Once investors have created an account with webull, they can start depositing funds into their new account. Traders can start either holding a ‘buy’ or’sell’ option, and they are able to do transactions in two ways – using cash transactions or using credit card transfers. Using credit cards is recommended for smaller investments because there are more transfer fees.

 

Many people have asked us why webull is better than traditional trading platforms. Webull allows investors to do two types of transactions, buying and selling. In traditional trading, you need to wait until the end of the day to complete a transaction, and this will be reflected on your profit or loss statement. You can choose the time you want to make a transaction with webull. This will be reflected on your trading Profit and Loss Statement. Additionally, trading with webull will allow you to set a limit to the amount of money you are willing to spend or lose, thereby providing you more control and accountability for the money you are investing.

 

Webull’s financial trading platform offers investors real-time protection against third parties. This is another reason why webull is superior than other systems. Because webull has a counterparty protection feature, it is impossible for anyone but the authorized user to modify, change or close your accounts. Therefore, webull provides you with true asset protection, which is much better than any system that does not provide this type of protection. Webull can also inform investors that they are not legally required to pay taxes on gains from investments in the U.S. as webull contracts or investment deals are not considered income.

 

Webull is used by many traders as their main trading platform. However, there are many others who use it for back testing, fundamental tests, margin calls, and transactions. Webull can also be used by investors for their custom trading needs. For instance, some brokers provide webull trading as a free service to their clients. This service may be offered by some webull brokers for a small fee. Regardless, webull is an excellent product for all investors, both large and small, because of the benefits it offers.

 

Overall, webull is an excellent platform for new traders, as well as experienced ones, because it provides a low-cost, hands-free, transparent way to trade on the equity market. The investor can decide how much he/she trades because there are no fees or commissions to pay. Webull is hard to beat.

 

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