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Webull Review

Webull Review

 

 

 

Webull is a forex broker company in the United States. A Forex broker is a firm that gives traders admittance to platforms that let them buy and sell foreign currencies.

Finding a reputable Webull review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review regarding Webull to help you make an informed decision before opening your account or trading on their platform.

Forex brokers are also known with traders as retail forex brokers or currency trading brokers. There are slight differences between the two and retail currency traders use these brokers to gain access to the 24-hour currency market for trading purposes.

Forex brokers can also provide services to not just an individual trader, but also to institutional clients and large businesses, like for example, investment banks.

Webull is a well-known forex broker company in the United States that is based in New York, with offices in both China and New York. The technology comes from the Hunan offices, China, and customer operations operate from New York City.

The brokerage has more than 9 million users globally. Webull is part of China-based Fumi Technology, which provides real-time market data, analysis tools, and trading commissions. The broker operates from the United States.

This brokerage is suitable for active trading with low costs and a great mobile-first experience.

Webull quickly grew from 2017 to be a preferred broker for active traders looking for a low-fee experience.

Webull familiarizes its own platform with tech-savvy traders who can handle most of their accounts and trading needs on their own. So this broker is suited best for the more skilled and self-disciplined investor.

Although they do not currently offer cryptocurrency trading, Webull announced that trading will be available in the future, including bitcoins, Litecoin, and other cryptocurrencies.

Webull is regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA).

Webull is measured as safe because it is regulated by the top-tier financial authorities and provides a maximum of $500,000 investor protection including a $250,000 limit for cash as part of the SIPC protection scheme.

 

Awards and Recognition

When it comes to deciding what broker to choose, a trader has to look at the broker’s stability and reputation over the years.  Awards gained by a brokerage by esteemed organizations do provide much more confidence in the world of forex.

Webull was recently awarded in the 2019 Benzinga Global Fintech as the best for Giving Back to Traders and the Community award.

 

Webull Accounts

A forex account that is held by the trader is normally given by the broker with the sole purpose of trading different currencies and market instruments. Usually, the number and type of accounts that a trader can open with a broker company differ according to the broker or country in which they operate.

Normally the country of residence of the broker would provide the relevant regulation.

Accounts usually differ in the way spreads or commissions are applied, what minimum deposit is needed to open that type of account, and certain services or advantages that account holders may get access to.

In the case of Muslim customers, special Islamic accounts, that is swap-free accounts, are offered that mirror the other account types, but which operate in accordance with Shariah law.

 

 

Types of Accounts and their Features

Webull offers two types of accounts, Cash Accounts, and Margin Accounts. Cash Accounts are regular trading accounts and do not permit you to use margin.

Margin accounts allow you to borrow money against the value of the securities in your account. For example, if you have $2,500 in a margin account, you could use additional margin funds of up to $7,500 supplied by Webull, to purchase $10,000 worth of stock.

 

Deposits and Withdrawals

There is no minimum deposit required by Webull. This means that it’s an ideal broker if you want to trade or invest with a smaller amount.

It is a good broker to start your investment journey with, as you can add more funds to your account later as you get more experienced in managing your investments.

Although Webull does not impose a minimum account balance, customers who want to short stocks will have to open a margin account, which requires a minimum deposit of $2,000.

Webull does not charge any deposit or withdrawal fees, but bank transfers incur costs. To deposit and withdraw you can only use a bank wire.

Wire transfers have an $8 deposit fee and $25 withdrawal fee for domestic clients, and a $14 deposit fee, and a $45 withdrawal fee for international clients.

Webull also supports only one currency, which is USD.

 

Cost and Fees, Commissions and Spreads

Each broker charges its own costs which entail commissions, spreads, and margins. Traders should be aware of exactly what their broker’s fees will involve before making the decision to trade with them.

The following describes what exactly a spread, margin, and commissions are:  The spread of a currency pair is the variance between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move.

One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

A margin means that it is the amount of money essential in your account in order to open a place. Margin is planned based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account.

The commissions are the costs levied by the broker on a client for making trades on the clients’ behalf. The level of commissions will differ between various brokers and it will also depend on the different kinds of services, accounts, and trades done by the brokers.

There are, however, execution-only brokers, they do not get involved with any direct personal investment guidance. These brokers charge much fewer commissions but the traders have to take complete control over how they trade the markets.

Although contract for differences (CFDs) trading is a method of offshoot trading that allows traders to gamble on the rising or falling prices of fast-moving global financial markets. This type of trading of shares does incur commission.

CFD trades on different markets have no commission but do wrap a spread around the market price of a certain instrument.

There are no spreads at this time, but Webull does have plans for them in the future.

Webull charges no commission for trading stocks, ETFs, and options.

How Webull makes money from margin lending, interest on cash balances, and compensation for order flow.

 

Leverage

Leverage is the ability that will enable a trader to gain greater exposure to the market than the sum a trader deposited to begin a trade. Leveraged products increase a trader’s prospective revenue – yet also create a risk for loss.

The sum of leverage is conveyed as a ratio, for instance, 50:1, 100:1, or 500:1.

For example, if a trader has $1,000 in his trading account and is trading ticket sizes of 500,000 USD/JPY, that leverage will compare to 500:1.

Traders should always keep in mind that, although high leverage offered may be a plus point for the brokerage, but trading at such high leverage should only be attempted by experienced traders that know how to prevent big losses.

Webull offers leverage of 4:1 on margin trades made the same day and leverage of 2:1 on trades held overnight.

 

Bonuses

To attract new business from traders, Forex brokers normally lure them with eye-catching deposit bonuses.  For new investors, this can be very handy, but one has to know what to determine is a decent bonus.

A bonus is a way to reward traders for deciding to choose a certain broker since once the account is opened, the trader will have the same expenses as any other. The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader.

Furthermore, since 1 August 2018 The European Securities and Markets Authority (ESMA) has placed investor protection measures on the marketing, distribution, or sale of CFDs to retail clients, which stop brokers from directly or indirectly provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, other than the realized profits on any CFD provided.

Webull offers the following promotion: If you make an initial deposit of $100 or more, you will get your two free stocks (valued at $8-$1,600 each). Added onto that, you can get two extra free stocks for every referral who deposits $100 with Webull (and 15 free stocks for your first three referrals).

 

Trading Platforms, Software, and its Features

Brokers provide different trading software for their clients. This is normally called a trading platform and it is used for making trades.

A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

The choice about which platform to choose mostly depends on what a client would like to trade, therefore it will be one of the standards when choosing a broker too.

Webull offers their clients their own unique web trading and mobile trading application.  This is a fairly new trading app which they are continuing to develop and adding new features and investments onto it.

 

Markets, Products, and Instruments

The majority of brokers will provide various kinds of market instruments for trading, with trading in cryptocurrencies picking up momentum.

The following are various types of cryptocurrencies: The most well-known of these is Bitcoin (BTC) which is the digital currency with the major market capitalization and price levels since it began in 2008. It controls 50 percent of the total crypto market cap.

Ethereum (ETH) is the second major cryptocurrency after Bitcoin and provides developers to create smart contracts on a platform.

Another cryptocurrency is Litecoin (LTC) which is similar to Bitcoin but varies in terms of scalability.  Litecoin is also a very popular altcoin and LTCUSD is a fork of Bitcoin (BTCUSD), copied from Bitcoin’s code and with some changes and launched a new project.

Ripple (RPL) is also popular amongst large banks with the Ripple network a next group real-time gross settlement system. It gives a trader instant cross-border fund transactions at very low costs.

Lastly, Bitcoin Cash (BCH) was produced by the Bitcoin hard fork in 2017 as a new form of the blockchain with altered rules.

Other market instruments consist of commodity markets that offer different asset opportunities for traders. Investing in contract-based tradable goods is a dependable way to alleviate risk during times of inflation or economic uncertainty.

Precious metals are another dependable investment for traders. This consists of the trading in gold and other precious metals which are hard commodities.

A lot riskier are energy products because this is affected by political and environmental situations. The great supply and demand however this make it a popular trading choice.

Normal currency trading known as Forex trading, also named currency or FX trading, involves the monetary exchange market where individuals, companies, and financial institutions exchange currencies for one another at fluctuating rates.

Lastly, you get equity or stock indices which are actual stock market indexes. They measure the value of a specific unit of a stock market. They can signify a specific set of the largest companies of a nation or they can represent a specific stock market.

Webull currently only offers trading on more than 5,000 U.S. stocks and ETFs in the United States. The broker currently does not support trading in stock options, over-the-counter stocks, mutual funds, bonds, or cryptocurrencies.

They do however allow traders to trade stocks available during extended trading hours, including pre-market and after-hours.

 

 

Safety and Regulation

When a broker is regulated by a governing regulatory organization, the risk is lowered for traders.  This will determine if Webull is safe to trade with.

In general, a so-called “offshore” broker tends to have a less favorable reputation and potential traders should think carefully before investing with them.

Secondly, the safety of clients’ funds should be guaranteed and in the case of the company defaulting or going bankrupts, a safety net of some sorts would come in handy to prevent customers from taking more losses.

Webull is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Webull is measured as safe due to the fact that the broker is regulated by the top-tier financial authorities and offers a maximum of $500,000 investor protection including a $250,000 limit for cash as part of the SIPC protection scheme.

 

Customer Support

Prospective traders have to be assured that whoever they choose to invest with will give them the required support and assistance whenever and wherever they might need it.

Webull offers their clients email support, live chat support, and some limited phone support.

 

Research

Would-be traders must do what is possible into the inquiry around theoretical trading before beginning to do it. Trading with confidence and success counts heavily on knowledge and understanding of the markets, consequently research options accessible by brokers form an essential part of its features when choosing the right company to trade with.

Webull provides traders with a screener, analyst ratings, price targets, company news, and lists out ETFs that include the stock as a holding. They do not provide research reports, technical analysis insights, or in-house market observations are provided.

Webull has a Webull community that performs like a personal Twitter feed. Users can comment on individual stocks, feedback on price movements, or about any economic news.

Users are also able to foretell whether a stock will rise or fall, gaining Webull points for accurate predictions.

 

Education and Training

New clients of Webull should try and gain as much information as possible about what type of trading expertise will be needed to be effective in the world of forex and commodity trading.

Webull’s website should provide all the information one needs to gain skills and knowledge to be able to trade successfully with them. Unfortunately aside from some basic articles, Webull offers extremely little trading education.

 

Conclusion

Overall, Webull is an excellent choice for a disciplined, skilled trader particularly those who prefer technical analysis. It’s also a natural choice for anyone who engages in margin trading, short sales, and day trading.

However, if you are a U.S. citizen and only trade U.S. stocks and ETFs, Webull is an excellent choice for you.

 

Disclaimer

Webull cautions possible traders that Forex and CFDs trading constantly carries a high level of risk, thus may not be appropriate for all investors.

Before customers decide to trade the products offered by Webull, they are recommended to anticipate their investment objectives, financial situation, needs, and level of experience carefully before investing money that they cannot afford to lose.

Especially when traders use Webull ’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.

While Webull assures traders to make all efforts to fill a trade at the requested price, trading online does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.

 

 Webull at a Glance

Broker’s Name Webull
Headquartered New York, United States of America
Year Founded 2017
Regulating Authorities Webull is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Countries not accepted for trade Not applicable
Islamic Account (Swap Free) No
Demo Account Yes
Institutional Accounts Yes
Managed Accounts Yes
Maximum Leverage Webull offers leverage of 4:1 on margin trades made the same day and leverage of 2:1 on trades held overnight
Minimum Deposit None
Deposit Options Bank wire
Withdrawal Options Bank wire
Platform Types Own Web Trading Platform and Mobile Trading Platform
OS Compatibility Web, mobile for IOS and Android
Tradable Assets Webull currently only offers trading on more than 5,000 U.S. stocks and ETFs in the United States.
Customer Support Languages English, Chinese
Customer Service Hours 24 hours per day, seven days a week

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with Webull?

You can trade several different instruments with Webull, which include the following:

  • Webull currently only offers to trade on U.S. stocks and ETFs in the United States.

 

Which platforms are supported by Webull?

Webull provides the following popular trading platforms:

  • Own Web Trading Platform
  • Mobile App Trading Platform

 

Does Webull offer leverage?

Yes, Webull offers leverage of 4:1 on margin trades made the same day and leverage of 2:1 on trades held overnight.

 

What spreads can I expect with Webull?

There are no spreads at this time, but Webull does have plans for them in the future.

 

Does Webull charge commission?

No Webull charges no commission for trading stocks, ETFs, and options.

How Webull makes money from margin lending, interest on cash balances, and compensation for order flow.

 

Is Webull regulated?

Yes, Webull is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

 

Is Webull a recommended forex trading broker for experts and beginners?

Webull is recommended for skilled traders. Unfortunately, there is not much guidance offered so this would not suit the needs of a novice trader. Webull does not provide enough educational tools.

 

What is the overall rating out of 10 for Webull?

7/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.

 

Does Webull offer a demo account?

Yes.

 

Can I convert my demo account to a live trading account with Webull?

The demo account can be used at real-time prices and trading conditions at an unspecified time.

 

Which live trading accounts does Webull offer?

Webull offers two types of accounts, Cash Accounts, and Margin Accounts. Cash Accounts are regular trading accounts and do not permit you to use margin.

Margin accounts allow you to borrow money against the value of the securities in your account.

 

What are the available deposit currencies for a live trading account?

USD.

 

 

Deposits and Withdrawals

 

What is the minimum deposit for Webull?

There no minimum deposit required with Webull, however, customers who want to short stocks will have to open a margin account, which requires a minimum deposit of $2,000.

 

How do you make a deposit and withdrawal with Webull?

To deposit and withdraw you can only use a bank wire.

The same method that was used to fund an account must usually be used to withdraw money again and monies will only be refunded to accounts that carry the same name as the trading account with Webull.

 

Does Webull charge withdrawal fees?

Webull does charge deposit and withdrawal fees. To deposit and withdraw you can only use a bank wire.

Wire transfers have an $8 deposit fee and $25 withdrawal fee for domestic clients, and a $14 deposit fee, and a $45 withdrawal fee for international clients.

 

How long does it take to make a withdrawal?

Webull claims that withdrawals usually take only a few days. Traders should note however that depending on a specific bank service it may take several days for the money to be available in a client account.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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