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Webull, launched in May 2018, is a mobile app-based brokerage to focus on commission free stocks trading . The company’s legal name is Webull Financial LLC. Webull is a brokerage based out of New York City and regulated by FINRA (BrokerCheck). This means your funds are protected by SIPC insurance. It’s regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit. Webull is widely considered one of the best Robinhood alternatives.
The signup process is fast – you just sign up with a phone number or email address. You download their app, available on iOS as well as Android, and then provide all the typical brokerage account information – name, address, social security, employment and investing experience. You will have to provide your address too including a way to identify you – like a passport or driver's license (plus you'll need to take a photo of it).
After entering my information, my account was available in a few minutes.
There is no minimum account balance requirement for a regular cash account. If you opt for a margin trading account, you'll have to maintain at least a $2,000 balance.
Deposit $100 and Get Free Stock
In addition to the new account bonus of free stock, there's a deposit bonus too.
If you deposit $100 within the first 30 days of account approval, you'll also get a stock valued between $8 and $1,000.
The odds of getting what are:
Features of Webull
Features that most brokerages charge for are free in Webull. News, real-time market data, analysis tools, and trading commissions are all free. There are some features that charge a fee, which we discuss further below.
For beginners and anyone who wants to see how the platform works, you can open up a paper trading account, which doesn’t require real money. The following are all included in the app.
Other features that you normally see on larger platforms:
Webull’s Commissions and Fees
Much like its major competitors, Webull does not charge a commission on U.S. stock trades or to open and maintain an account. Nevertheless, SEC and FINRA fees do apply.
Dollar Range Margin Rate
$0 – $25,000 6.99%
$25,000.01 – $100,000 6.49%
$100,000.01 – $250,000 5.99%
$250,000 – $500,000 5.49%
$500,000.01 – $1,000,000 4.99%
$1,000,000.01 – 3,000,000 4.49%
Webull offers a free stock promotion in which you and someone you refer to Webull could receive one share of stock worth up to $1,000.
If you have a lot of friends who like to invest and are new to Webull, it could really add up.