How To Add Money To My Webull Account
Webull, one of the newest online brokers, was founded in 2017 and launched with a mobile app only in May 2018. Webull’s primary target market, the millennials, was reflected in this mobile launch. Webull is positioning itself as a platform that can serve active traders and other people who are drawn to a platform that offers a wide range of services at no cost, including commission-free trading of stocks/ETFs or 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. That said, Webull customers get a lot of bang without the buck: a nice platform with a wide range of helpful tools and features, along with competitive margin rates. We will take a detailed look at Webull in order to help you determine if it is the right broker.
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.
- Webull doesn’t charge commissions on stock, ETF, or options trades and has no account minimums. Margin trading is available to accounts of $2000 and higher.
- Webull offers stocks, ETFs, options, and cryptocurrencies. This is a smaller selection of assets that Webull offers to better serve younger customers who are more tech-savvy and want information on the move.
- 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 for people looking for a broader range of products, such as fixed income, mutual funds, or managed accounts. Investors who prefer working with an investment advisor and want access to live trading assistance should look elsewhere.
- Fractional cryptocurrency trading in multiple cryptocurrencies, including Bitcoin, Dodgecoin, Bitcoin Cash, Ethereum, Litecoin, ZEC, and XLM commission free.
Who is Webull for?
Webull is for investors who want to get into financial markets with no minimum account sizes and commission free 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. In particular, Webull’s free options trading will catch the attention of active options traders because other brokers, even those that have gone to free stock and ETF trades like Schwab, continue to charge commission on each leg of options trades.
- There are no commissions for stocks/ETFs, options or cryptocurrency
- No minimums or fees, easy account setup
- Free real-time streaming quotes
- Easy to use platforms with excellent content and tools
- Access to extended hours and pre-market trading
- No income on excess cash
- Potential for execution to be halted by payment of order flow
- Portfolio management tools are limited in number
- No access to fixed income, mutual funds, foreign exchange, or futures markets
- Everyone wants something for free, and that is exactly what Webull delivers. There is no commission stock or ETF option. Cryptocurrency trading is especially appealing for traders who don’t want their hands tied. Trading strategies are easier to profit from because they have lower implementation costs.
- 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. Even though the transfer might not be completed for several days, you will receive purchasing power.
- Webull offers free real-time streaming quotes, and a three month free subscription to Level 2 Advance quotes. The service is Nasdaq TotalView, and it provides a greater depth of bids and asks on a security as well as information showing market depth. You can also find auction crossing information for all NASDAQ NYSE stocks and regionally listed stocks on NASDAQ Marketplace Center.
- Webull’s desktop and mobile application platforms are relatively new, so it has a fresh, intuitive design and is easy to use. The applications are packed with helpful tools for trading, especially considering all the tools are free to the user. The customizable workstation platform provides news, fundamental information on companies, and has watchlists, a stock screener, charting, and aggregate ratings from multiple analysts. Despite all the information, it is organized in a way that makes it easy to use.
- Many active traders like to trade the market in the pre and/or extended hour trading periods, and Webull customers have the ability to access these hours. Traders have the option to make their orders available during non-regular trading hours.
- Customers of Webull do not receive interest on any cash balances. Webull does not support mutual fund trading so customers cannot proactively invest any 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. Webull customers are expected to be self-sufficient in making their own investing/trading decisions. There are no daily or intra-day market letters, and no research or analyst reports on stocks outside of 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). Currently, Webull doesn’t offer fractional equity shares, although the broker has expressed that they plan to add fractional stock shares soon.
- Webull offers a wide range of stock, ETFs and options, as well as cryptocurrencies. There are no fixed income investments, mutual funds, international equities, futures, or foreign exchange offerings at Webull. You get what you see.
Webull is simple to use with intuitive navigation. Webull has a website, a desktop workstation, and a mobile app that are all similarly 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 launch customizable quote boards, a stock page with a wealth of information on a single stock or ETF, a broad market overview page, a stock screener, a trading screen that is highly customizable on the desktop platform, an account tab showing balances, positions, buying power, performance, risk level related to margin leverage, access to bank transfers into and out of the account, and a dedicated paper trading area. There are some minor differences between the website and the workstation, and the website only supports single leg options.
The mobile app uses primary features in a way consistent with the website and workstation, but there are design differences to handle the smaller screens the app is used on. The menu buttons on the bottom of the app screen change to be relevant to the content shown at the time. An example of this is the options button, which appears at the bottom to show an individual stock/ETF.
You can easily create watchlists across all platforms from stock screener results. You don’t have to create watchlists on different platforms. Watchlists are also consistent across all platforms, including the web, mobile, and desktop. It’s easy to order and traders can customize the trading ticket information, such as share amounts and order type.
Webull’s workstation can be customized to suit your needs. There are templates for day trading, stock trading, ETF trading, options trading and cryptocurrency trading. Trader can toggle between the different templates pages or create their own layouts using widgets. Each widget contains different information such as news, basics, options, order entry, sales, time, and so forth. To save screen space, the widgets can be combined. The different widgets are accessible via marked tabs at top of the window. You can group widget windows together to ensure that stock entries in one widget will update in all other widgets.
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. The most flexibility and customization is available on the 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.
Webull makes it easy to place an order. You can add the order screen to other screens. The stock order entry screen also includes contingency orders that allow for profit taking and stop loss 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. The mobile app has the same basic features as the website and workstation, but there are design differences to handle the smaller screens. Menu buttons adapt along with the content screen you are on, serving up the main functions that you are likely to need. Mobile’s charting also shows your open positions and allows trading directly from the chart. Webull’s drawing tools are also much easier than many other brokers’ mobile charting software. Although the Webull stock screener is not available on the mobile app, you can convert search results from the website or at work into a watchlist which will be synced to the app.
Range of Offerings
Webull focuses exclusively on U.S. Stock, ETF and U.S.-listed options. Webull offers only personal and IRA accounts within 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. There is no fixed income, mutual fund, futures, or traditional foreign exchange trading available. Investors using Webull 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
- Stocks and ETFs Listed in the USA
- Cryptocurrency trading in Bitcoin, Dodgecoin, Bitcoin Cash, Ethereum, Litecoin, 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.
Webull offers most of the most popular order types such as market, limit and stop, stop limit, stop limit, trailing stops, and stop limit. 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 also lacks automated trading, backtesting of strategies, and the ability to stage orders.
Although Webull’s trading technology may be basic, it can get the job done. Webull reports a net price increase of 0.0056 per share and $1 for each option contract. No smart order routing, trading automation, backtesting, or route control are available. That said, this is in keeping with the broker’s bare bones approach to keep costs down.
Webull is a no cost broker, not a low cost broker. They offer commission free trading in stocks, ETFs, and listed options, and they do not charge a fee for account minimums or for their robust platforms and tools. Webull’s margin rates also are competitive. When we talk about commission free trading, that means Webull does not charge for trades, but they do pass through Securities and Exchange Commission (SEC) transaction fees and various exchange and regulatory fees, which are typically pennies or fractional pennies per contract. These are Webull’s costs:
- No commissions for online trades in equities, ETFs, or OTCBB trades
- No commissions on exchange traded options
- No commission on cryptocurrency trading
- Margin is available for both leverage and short sales, and margin rates are based 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: There is no charge for ACH deposits and withdrawals. Wire Transfers cost $8 for US deposits and $12.5 if you are international. $25 for withdrawals within the US, and $25 for international withdrawals.
- 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 From You and for You
With the race towards no commission trading, understanding how brokerage companies generate revenue has become more opaque. 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 clearly wants to be the first to offer no commission trading. Options are now free to trade on Webull. Webull’s pricing page is very clear and states that PFOF is the reason they are able to offer no commission trading. 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: Webull’s ability to generate income through cash in its traders’ accounts is another important revenue stream. The company doesn’t pay interest on cash balances. Webull keeps the interest earned by Webull if you have cash in your bank account.
- Stock Lending Program: Webull offers a stock lending program. The investor who lends the securities shares the revenue. The market demand for your securities determines the interest rate.
Account and Research Amenities
Webull provides a wide range of account information and research facilities, including news and fundamental data. This helps traders make informed investment decisions as well as 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.
Webull has a stock screener, available on the workstation and website but not 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. You can choose to filter the U.S. exchanges (NYSE, AMEX and NASDAQ) and you can filter by more that 25 industry sectors, financial data such as EPS and P/E, Dividends and nine pre-set technical indicators, including overbought/oversold, moving average crosses, and overbought/oversold.
The technical indicators are easy to use, but somewhat limited. We were unable to screen for stocks above their 200 moving. Additional filters include a consensus analyst rating of five grades (strong buy/buy, hold/underperform, sell), and whether the stock can be traded with margin. Stocks cannot be screened for SRI (socially responsible investing). You can save a customized search and convert it 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.
Webull does not have a screener to identify specific option trade opportunities, but they do have tools to help construct the most common one, two, and four leg option 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 does not offer fixed income on their platform.
Webull developed its own charting functionality and it is a solid offering. The mobile app charting interface is smaller than the web and works well on small screens. 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. It seems strange that the 50, 100, and 200-period MAs were not included in the six defaults.
Webull is a new web-based trading platform that has 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 webull trading app is based on the Java-based software platform that is used for desktop trading platforms. The webull platform allows access to real time quotes of stocks and options as well as to fundamental data such as market depth, price and volume. 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. First, download the free trial web edition and then install the webull trading app on your phone. You can trade anywhere in the world in less than five minutes!
Webull allows traders to buy and sell securities with real money. This means that webull trading does not require any particular expertise in order to execute trades. The app uses mathematical algorithms and sophisticated algorithms to identify good opportunities and prevent losses. It analyzes market signals and actions and then makes trades. 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. Trades can be customized to allow traders to set investment limits, strike amounts, and stop loss types. This allows them to set custom or automatic limits at the time they feel the investment is at risk.
Trading with webull requires a minimum deposit of just $500, and the maximum is Unlimited. After investors have created an account at webull, they are able to deposit funds into that account. Traders have the option to either hold a ‘buy or’sell’ option. They can also do transactions using cash or 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. We can tell them that webull allows investors to conduct 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. With webull, you can determine the time when you want to do a transaction, and this will be reflected in your trading Profit and Loss Statement. Trading with webull allows you to set a limit on how much money you are willing and able to lose. This gives you more control over your investments and accountability.
Webull’s financial trading platform offers investors real-time protection against third parties. This is another reason why webull is superior than other systems. Webull’s counterparty protection feature makes it impossible for anyone to modify, change, or close your accounts except the authorized user. Webull offers true asset protection. This is far better than any other system that doesn’t offer this level of protection. We can also tell investors that by using webull, they will not be legally obligated to pay taxes on the gains from their investments in the U.S., as webull contracts and investment deals are not considered income for the taxable year.
Many traders use webull as their main trading platform, but there are many others who also use it for back-testing, fundamental tests, and even for their margin calls and transactions. In addition, investors can also use webull for their custom trading needs. Some brokers offer webull trading as an optional service to their clients. Some webull brokers may charge a small fee for this service. 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. Because there are no commissions or fees to pay, the investor has complete control over how much he/she trades. Webull is hard to beat.