Webull Desktop Trading

Webull Desktop Trading

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 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 doesn’t charge commissions on stock, ETF, or options trades and has no account minimums. Margin trading is available for accounts with a minimum of $2000.
  • Webull offers options, stocks, ETFs 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 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. Customers at Webull are generally younger than customers at other brokerage firms. Active traders will be attracted to the broker’s free model. 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
  • Easy to use platforms with excellent content and tools
  • Access to trading hours that are extended and pre-market

Cons

  • Excess cash does not earn you any income
  • Potential give up on execution due to payment for order flow (PFOF)
  • Limited range of tools for portfolio management
  • No access to fixed income, mutual funds, foreign exchange, or futures markets

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. You will receive account and options trading approval very quickly and it only takes a couple of additional minutes to add your bank account and set up a free ACH transfer. Even though the transfer might not be completed for several days, you will receive purchasing power.
  • Webull provides free streaming quotes and three-month free access 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. There is also auction crossing information for all NASDAQ-NYSE and regional listed stocks on NASDAQ Market 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 the information density, all of this is set up to work effectively in a streamlined way.
  • 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 can choose whether they want their orders active during the non-regular trading day times.

The Cons

  • Webull customers receive no interest on cash balances in their account. 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. Customers of Webull are expected to be able to make their own trading and investing 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). Webull currently doesn’t offer fractional shares. However, the broker stated that they are working on adding fractional stock shares.
  • Stocks, ETFs, options and cryptocurrencies make up the entire menu at Webull. There are no fixed income investments, mutual funds, international equities, futures, or foreign exchange offerings at Webull. What you see is what you get.

Usability

Webull is simple to use with intuitive navigation. Webull offers a website, desktop workstation and mobile app. They are all well-designed. Because they were built so recently, the platforms have a modern look.

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. The website has some differences from the workstation. It 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 app screen’s menu buttons are updated to reflect the current content. An example of this is the options button, which appears at the bottom to show an individual stock/ETF.

Watchlists can be easily created across all platforms directly 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.

Trade Experience

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. The widgets contain different information, such as news, fundamentals, options, as well as order entry, time & sales, and so on. 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.

Trading setups allow for highly customizable user experiences, such as hot keys, home page loaded at startup, default stock, option orders and commonly 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. When necessary, the system will direct you to other pages, such as the stocks window, which allows you to view stock-specific information, news and charting.

It is easy to enter an order through Webull. 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. Order tickets can be created directly from your account holdings. Simply click on the market bid or offer to automatically add that information to the trade order widget. Trading was also possible directly from the charting program. The chart shows active positions and orders.

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. 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. 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. Unlike many of the full service brokers, Webull offers trading in multiple cryptocurrencies for as little as $1. There is no fixed income, mutual fund, futures, or traditional foreign exchange trading available. Investors using Webull can trade the following:

  • US Stocks/ETFs, long and short (2,0005 stocks) are currently listed on Webull’s easy-to-borrow list for short sales
  • US Listed Options on stocks and ETFs
  • Cryptocurrency trading in Bitcoin, Dodgecoin, Bitcoin Cash, Ethereum, Litecoin, ZEC, and XLM
  • Notable: Although New York State is the only US state to not have approved cryptocurrency trading on Webull yet, the company anticipates that it will soon be approved.

Order Types

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 does not offer traders the ability to control tax lots for sales to close long stock positions. Instead, they use the first in and first out (FIFO), methodology. Webull also lacks automated trading, backtesting of strategies, and the ability to stage orders.

Trading 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. No smart order routing, trading automation, backtesting, or route control are available. This is in line with the broker’s basic approach to keeping costs low.

Costs

Webull is not a low-cost broker but a free 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 are also 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. 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 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 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 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 gets an average $0.00024 per share from its order flow and $0.525 per option contract. Webull’s average price execution improvements are $0.0056 per shares 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 market demand for your securities determines the interest rate.

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. The screener is limited to stocks and is easy enough to use, but it does not offer all the functionality that rival broker screeners offer. 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.

Options Screener

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.) Select the strategy by using the drop-down menu in the option chain table. You can then bring up the payout graph at maturity for the strategy, and use tools to further customize the strategy through different order types or adjusting the width between strike prices in multi-leg strategies.

Fixed Income Screener

Webull doesn’t offer fixed income through their platform.

Charting

Webull built 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.

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. You can also get market commentary and trade alerts from industry experts to help you make informed 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 is designed for both iOS and android devices and comes loaded with over one million product images and a large 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. You can trade anywhere in the world in less than five minutes!

 

Webull allows traders to buy and sell securities with real money. Webull trading doesn’t require any special knowledge 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 part is that all trades are fully customizable. 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.

 

Trading with webull requires a minimum deposit of just $500, and the maximum 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. Credit cards are recommended for smaller investments due to the higher 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. 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. 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.

 

Another reason why webull is superior to other systems is that the webull financial trading platform provides investors with real-time protection from third parties. Because webull has a counterparty protection feature, it is impossible for anyone but the authorized user to modify, change or close your accounts. 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. 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. Webull is a great product for investors large and small because of all 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. Overall, it is hard to beat webull.

 

  • Sample Page