Webull Review 2023

  • 9.6

Webull review summary

Webull is a discount US stockbroker regulated by the top-tier US SEC and FINRA as well as the Hong Kong SFC. Webull provides commission-free US stock, ETF, and options trading with no inactivity fees. The account opening is seamless, fully digital and really fast. The trading platforms are well-structured and user-friendly with many order types. It is a good choice for beginner investors. On the negative side, Webull’s product portfolio is limited, covering only stocks, ETFs, options and crypto. Only bank transfers are available for deposits and withdrawals. Phone support doesn’t work properly and there is no live chat. BrokerChooser gave Webull a 4.8/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Webull is a regulated broker, it is overseen by top-tier financial regulators in multiple countries . Webull is also covered by investor protection and it offers negative balance protection in selected jurisdictions. We at BrokerChooser always test brokers with real money, including the withdrawal process.

Webull pros and cons

Free stock, ETF and options trading Limited product portfolio
Fast and easy account opening Only bank transfer for deposit/withdrawal
Great trading platforms No live chat and poor phone support

Interactive Brokers main highlights​

🗺️ Country of regulationUSA, Hong Kong
💰 Trading fees classLow
💰 Inactivity fee chargedNo
💰 Withdrawal fee amount$0
💰 Minimum deposit$0
🕖 Time to open an account1 days
🎮 Demo account providedYes
🛍️ Products offeredStock, ETF, Options, Crypto

To read much more details about the broker’s services and features, expand on the sections below.

Our overall Interactive Brokers rating
  • 9.6

  • Fees
  • Account opening
  • Deposit and withdrawal
  • Web Trading platform
  • Mobile trading platform
  • Desktop trading platform
  • Markets and products
  • Research
  • Customer service
  • Education
Webull review


Webull offers commission-free trading for US-listed stocks, ETFs and options. There is no withdrawal fee for ACH transfers and no inactivity fee. However, wire transfer fees are high.

No commission (for stocks, ETFs, options) High wire transfer costs
ACH transfers are free for funding & payout 
Webull fees snapshot
AssetsFee levelFee terms
US stockLow$0 per trade plus regulatory and exchange fees
EURUSDNot available
Mutual fundNot available
Inactivity feeLowNo inactivity fee

How we ranked fees

We ranked Webull’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let’s go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Webull for each asset class. For example, in the case of stock investing the most important fees are commissions.

We also compared Webull’s fees with those of two similar brokers we selected, moomoo and Robinhood. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Webull alternatives.

To have a clear overview of Webull, let’s start with the trading fees.

Webull trading fees

Webull trading fees are low. The fee structure is transparent and easy to understand. 

Stock fees and ETF fees

Webull offers free stock and ETF trading. It has the same no-commission structure as moomoo and Robinhood.

Webull stock and ETF commission of a $2,000 trade
Webull moomoo Robinhood
US stock $0.0 $0.0 $0.0

Webull clients can also trade OTC securities and fractional shares. For shares with a value of less than $1/share, the broker charges $0.0002 per share (maximum 5% charge of principal value). For fractional share transactions, the commissions is 0 and Webull doesn’t charge any management fees either. 

If you are into stock trading on margin, you should check Webull’s margin rates.

Trading on margin means that you borrow money from your broker so that you can purchase more shares than you could with just the your own cash. You have to pay interest on this borrowed money – the interest rate is called the margin rate. It can account for a significant portion of your trading costs.

Webull’s margin rates are in line with those of most other US brokers but are markedly higher than the margin rates at moomoo.

Webull annual margin rates
USD margin rate7.0%6.8%10.5%

The margin rate is tiered, meaning that the rate depends on the amount of the loan.

Webull annual margin rates
Debit balanceRate%
Under $25,0006.99%
$25,000.01 – $100,0006.49%
$100,000.01 – $250,0005.99%
$250,000.01 – $500,0005.49%
$500,000.01 – $1,000,0004.99%
$1,000,000.01 – $3,000,0004.99%
More than $3,000,0003.99%

Options fees

Webull doesn’t charge any commission for trading options. The broker passes on the proprietary index option fees that the exchange may charge. 

Webull options fees are low when it comes to trading stock index options.

Webull stock index options commission of 10 contracts
US stock index options$0.0$6.5$0.0

Non-trading fees

Webull has low non-trading fees. It charges neither an account or an inactivity fee.

There is no deposit or withdrawal fee if you use ACH (electronic) transfer. However, wire transfers have a rather high fee. We tested ACH, so we paid no withdrawal fee.

The fee structure is percentage-based and can have a minimum and a maximum. Note that for European mutual funds, the pricing is a bit different:

Webull non-trading fees
Account feeNoNoNo
Inactivity feeNoNoNo
Deposit fee$0$0$0
Withdrawal fee$0$0$0

The fees for wire transfers are as follows:

Webull wire transfer fees
Wire transfer type and directionFee per transaction
US domestic deposit$8
US domestic withdrawal$25
Non-US deposit$12.5
Non-US withdrawal$45

For transferring out securities from your account, Webull charges a $75 fee.

Webull review

Account opening

Webull’s account opening process is seamless, fully digital, and verification takes less than a day. However, the broker only accepts clients from the US and Hong Kong.

Fast Mostly for US residents
Fully digital 
 No minimum deposit 

At the time of writing, Webull only accepted clients from the US and Hong Kong. 

What is the minimum deposit at Webull?

There is no minimum deposit required at Webull for a cash account unless you want to trade on margin, open short positions or have access to unlimited day trading. See details below.

Account types

Webull offers individual cash and margin accounts as well as IRA accounts to US residents (traditional, Roth and Rollover IRA accounts).  You must have an individual account before creating an IRA. Corporate accounts, or entity accounts, are also available with some restrictions. 

Joint, custodian and corporate accounts are not available.

The account types differ in terms of minimum deposit required and the availability of leverage, day trading and short selling. 

Webull account types
Minimum deposit Leverage Short sale Day trades
Cash account $0 N/A N/A N/A
Margin account with short sale and limited day trading* $2,000 Up to 2:1 for positions held overnight Up to 4:1 for day trading Short positions allowed Only 3 day trades allowed per week
Margin account with short sale and unlimited day trading** $25,000 Up to 2:1 Up to 4:1 for day trading Short positions allowed Unlimited day trades allowed

*You trade with money borrowed from the broker, also called trading on leverage. You can also take short positions, i.e. when you sell a stock you don’t own.

**You can buy and sell a given asset within the same trading day as many times as you want. You can also take short positions, i.e. when you sell a stock you don’t own.

How to open your account

The Webull account opening is fully digital, easy and fast. Our account was verified within 1 business day.

You can open your Webull account on the web, on a desktop or mobile platform. We tested the account opening on the desktop platform:

  1. After installing the platform, you can start the registration under the ‘Account’ menu. On the ‘Login’ screen you will find an option to sign up.
  2. Enter your personal information (i.e. name, date of birth, social security number, address, etc.)
  3. Provide your employment information, financial experience and situation.
  4. Verify your identity by providing a photo of your ID/passport.
  5. Choose the account type (cash or margin).
  6. Review your information.
  7. Submit your application.

Webull review – Account opening

Does Webull give free stocks?

You get 2 free stocks when you sign up and use a referral link and then another 2 free stocks when you deposit at least $100. The total value can be $3,700.

Our best alternatives to Webull are:

The highest ranking competitors are:

  1. moomoo full review
  2. Robinhood full review
  3. SoFi Invest full review
  4. Alpaca Trading full review
Webull review

Deposit and withdrawal

At Webull, you can use only bank transfer to add or withdraw funds and wire transfer fees are high. As a plus, transferring money is user-friendly and ACH transfers are free.

No deposit fee Credit/Debit card not available
User-friendly Only one account base currency
Free ACH deposit and withdrawal High fees for wire transfer

Account base currencies

At Webull, the only available base currency is USD.

Base currencies at Webull vs similar brokers
Number of base currencies111

This selection is average compared to competing brokers.

If you have a personal bank account in a currency other than USD, then you will be charged a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

Webull does not charge deposit fees for ACH (electronic) transfers.

An $8 fee is charged for deposits via domestic wire transfer, while incoming international wire deposits cost $12.5. Clients outside the US can use only wire transfer.

Webull deposit options
Bank transferYesYesYes
Credit/debit cardNoNoNo
Electronic walletsNoNoNo

We tested the ACH transfer and it took 5 business days. According to Webull’s website, wire transfers usually complete within 1 business day. ACH transfers are capped at $50,000 per day, while wire transfers do not have an amount limit.

Adding funds to your account is easy, but is only possible through the mobile application. Webull says it is working on enabling the deposit/withdrawal functions on its desktop and web platforms as well.

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that have been linked to your brokerage account.

Webull review – Deposit and withdrawal – Deposit

Webull withdrawal fees and options

Webull charges no withdrawal fees for ACH transfers. 

Similarly to deposits, wire transfers carry a charge: $25 for domestic and $45 for international wire withdrawals. Clients outside the US can use only wire transfer.

Webull withdrawal fees and options
Bank transferYesYesYes
Credit/debit cardNoNoNo
Electronic walletsNoNoNo
Withdrawal fee$0$0$0

How long does it take to withdraw money from Webull?

We tested the ACH withdrawal and it took 2 business days. Before you withdraw your funds, there is a 7-day ACH and a 1-day wire transfer holding period during which you cannot access your money.

You can only withdraw money to accounts in your name. If the depository and the withdrawal accounts are different, there is a 60-day holding period due to regulatory compliance.

How do you withdraw money from Webull?

  • Open the mobile trading platform.
  • Go to the ‘Home’ menu and select ‘Withdrawal’.
  • Enter an amount then select ‘Transfer to my bank’.
  • Initiate the withdrawal.
Webull review

Web trading platform

Webull offers one of the best trading platforms on the market. It’s easy to use and suitable for both beginners and experts, with many advanced features.

 User-friendly None
Two-step (safer) login 
Good customizability (for charts, workspace) 
Webull platforms to choose from
Trading platformScoreAvailable

Webull launched its mobile platform first, adding the web and desktop versions later.

The platforms are available in English and Chinese.

Look and feel

The Webull web trading platform is user-friendly and well-designed with a clear structure. It is easy to navigate, the tools are located on the left and right side of the screen, while the middle of the screen works like a traditional desktop platform.

The workspace is highly customizable. It’s easy to add and remove widgets.

Webull review – Web trading platform

Login and security

When you log in on a new device, Webull will ask for a verification code. This is a plus in terms of security.

Search functions

The search functions work well, you can search by typing a company name or an asset’s ticker.

There is also an auto-suggest feature that shows relevant results.

Webull review – Web trading platform – Search

Placing orders

Webull offers a wide variety of order types:

  • Market
  • Limit
  • Stop
  • Stop limit
  • Trailing Stop

For group orders, you can use Stop-Loss/Take-Profit orders (Bracket orders), One-Triggers-the-Other order (OTO), One-Cancels-the-Other order (OCO), and One-Triggers-a-One-Cancels-the-Other order (OTOCO). 

If you are not familiar with the basic order types, read this overview.

There are also two order time limits you can use:

  • Good ’til canceled (GTC) 
  • Day

Webull review – Web trading platform – Order panel

Alerts and notifications

It is easy to set alerts and notifications. To do this, select a stock, go to the bell icon in the top right corner and customize your alerts by setting a price or another financial indicator. 

Portfolio and fee reports

Webull has clear portfolio and fee reports, which are located in the’Account’ menu in the left sidebar.

Webull review

Mobile trading platform

Webull’s mobile app is user-friendly and well-designed. The platform has every feature you may need, including an advanced order panel, price alerts and two-step login.

User-friendly None
Two-step (safer) login 
Good variety of order types 

Webull’s mobile trading platform is available both for iOS and Android. We tested it on Android.

You can choose between English and Chinese as the default language. 

Look and feel

The Webull mobile trading platform is user-friendly, has a clear structure and is well-designed.

Webull review – Mobile trading platform

Login and security

In addition to a one-step login, Webull also provides a more secure, two-step login. You can activate this feature by going to Menu/Settings/Account&Security. After activation, you will receive security codes via text message for each login.

Search functions

The search functions are great. You can search either by ticker or the name of the asset.

Webull review – Mobile trading platform – Search

Placing orders

Webull offers the same order types as on the web trading platform.

Webull review – Mobile trading platform – Order panel

Alerts and notifications

You can set price and news alerts. Similarly to the web trading platform, it’s very easy to set an alert.

Webull review

Desktop trading platform

Webull’s desktop trading platform has the exact same functionalities and design as the web trading platform.

User-friendly None
Good customizability (for charts, workspace) 
Good variety of order types 

Webull review – Desktop trading platform

Desktop version 4.7 will not save custom layouts

Sanjoy Sarkar

Webull review

Markets and products

Webull has a limited product portfolio that includes only US stocks, ETFs, crypto and options. Popular asset types such as funds, bonds and forex are not available.

This selection is average compared to competing brokers.

Webull asset classes

Webull’s portfolio of stocks and ETFs is not a surprise as most US brokers focus mainly or exclusively on the US market. However, there some exceptions, like Fidelity and Interactive Brokers, which also cover international stock exchanges.

Stocks and ETFs

US customers can trade on the US market (AMEX, NASDAQ, or NYSE). Customers from Hong Kong can also trade stocks/ETFs listed in Hong Kong, Shenzen and Shanghai. 

Webull stock and ETF selection
Stock markets (#)555
ETFs (#)2,3003,1002,300

It’s a great feature of Webull’s service portfolio that you can trade fractional shares. Penny stocks and OTC products are also available.

Get your free stocks from Webull

As part of a promotion campaign, clients get 1 free stock valued between $3 – $300 when they sign up using a referral link; if they deposit any amount, they’ll receive a second free stock valued between $8 – $2000. The promotion is valid for first time Webull brokerage account opening only. 


Webull provides access to some US options markets, although it’s not clear which options exchanges specifically.

Webull options selection
Options markets (#)656

This selection is average compared to competing brokers.


Webull crypto selection
Cryptos (#)6219

This selection is great compared to competing brokers. Both moomoo and Robinhood offer a narrower crypto selection.

Webull review


Webull offers easy-to-use research tools, including great recommendations and fundamental data. We would have loved to see more analytic tools, such as an economic calendar.

Trading ideas No/limited set of analytic tools
Data on asset fundamentals 

Webull offers research tools on all of its platforms. On first use of the trading platform, it’s not too easy to find where the research tools are. They are located on the bottom side after clicking on an asset.

Trading ideas

Webull provides trading ideas for stocks. By clicking on the ‘Analysis’ tab you can see analyst opinions on buying, holding or selling the asset. There is also a calculation for an average analyst price target. What we missed however is information about the analysts.

Webull review – Research – Recommendations

Fundamental data

Webull offers some fundamental data. You will find financial statements and some basic ratios (EPS or EBIT for the last 5 years).


Webull review – Research – Fundamental data


Webull has great charting tools. You can easily edit the charts and you can use 60+ indicators, Fibonacci tools, etc.

Webull review – Research – Charting

News feed

We liked Webull’s news feed. You can find news items by clicking on a specific asset or on the separate ‘News’ tab on the mobile platform. There are links to articles from CNBC, Seeking Alpha and Benzinga, to name a few. However, we felt that Webull could increase the amount and prioritize the most important news stories.

We also liked the wide range of real-time market data. You can see trading information not just for equities and ETFs, but also indexes, forex and futures. All the major markets are integrated, so you can easily collect data from almost all over the world (North America, Asia, Europe).

Other research tools you may enjoy

Webull provides a great screener tool that offers filters ranging from some basic company information to financial indicators like EPS or PE ratios.

Webull review – Research – Screener

Webull review

Customer service

Webull’s customer support could be better, as phone support is hard to reach and there is no live chat. However, the platform’s message center works great.

Platform message center quick and useful No live chat
  Slow phone support

You can contact Webull via:

  • message center through the trading platforms
  • email
  • phone

We received relevant and fast answers to our messages under the ‘Feedback’ section on the trading platform. We liked that this customer support channel is available even on the weekends.

We received answers within the day on email and they were relevant. We also liked that there is a really detailed FAQ under the ‘Help’ section.

Phone support is really hard to reach, but the answers they gave were relevant. When calling Webull, you have to select a topic. We had to wait more than 5 minutes until the representative was connected, but the guidance and answers we eventually got were helpful.

Webull review – Customer Service

Webull review


Webull offers a demo account and some quality educational content.

Demo account No webinars
  • At Webull, you can learn in the following ways:

    • Demo account
    • Quality educational articles
    • Video tutorials

    The demo account, called Paper Trading, is great, as you can test almost all of the live account’s features.

    The articles are OK, providing wide coverage but lack updates. The FAQ is a useful place to get familiar with some basic brokerage services.

Webull review – Education

So far no problem, great learning tools and receive small amounts of free crypto for learning.


Webull review


Webull is regulated by top-tier financial authorities that provide a high amount of investor protection. On the negative side, it is not a listed company and thus does not publish any financial information.

 Majority of clients belong to a top-tier financial authority No negative balance protection
High level of investor protection Does not hold a banking license
  Not listed on stock exchange

Is Webull regulated?

Yes, it is regulated by the US Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Hong Kong Securities and Futures Commission (SFC).

Is Webull safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

Depending on your country of residence, you will belong to one of the Webull entities below. This is important because the investor protection amount and the regulator differ from entity to entity.

Webull investor protection
Country of clientsProtection amountRegulatorLegal entity
UKSIPC: $500,000, which includes a $250,000 limit for cashSecurities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA)Webull Financial LLC
Hong KongHKD 500,000 for securities, no protection for cashHong Kong Securities and Futures Commission (SFC)Webull Securities Co., Ltd.

The US investor protection scheme called the Securities Investor Protection Corporation (SIPC) protects against the loss of cash and securities in case the broker goes bust. Not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual fund and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.

On the negative side, Webull does not provide negative balance protection.

Additional protection

Webull’s clearing firm, Apex Clearing, has an additional insurance policy under which clients are eligible for an aggregate of $150 million in protection for cash and securities. The maximum limit of protection per client is $37.5 million for securities and $900,000 for cash.


Webull is a relatively young company, as it was established in 2017. The longer the track record of a broker, the more proof that it has successfully survived previous financial crises.

Finding more information about the company is no easy task. The amount of financial information is quite limited compared to other brokers, as Webull is not a public company and thus does not have to publish any financial data.

On the other hand, being regulated by top-tier financial authorities and offering a high amount of investor protection are all great signs for Webull’s safety.

Webull review

Bottom line

Webull’s fee structure is truly appealing. You can trade US stocks, ETFs and options commission-free. The account opening is easy, fully digital, and fast while the trading platforms are easy to use and well-structured.

Webull has some drawbacks though. The product portfolio is quite limited, including only stocks, ETFs, options and crypto. Bank transfer is the only option for depositsand withdrawals, and wire transfers carry a fee in both directions. Customer support is hard to reach opn the phone.

As the account opening is seamless and Webull offers commission-free stock and ETF trades, feel free to try it.

Webull review


Below you can find links to all aspects of Webull in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Webull fees article.

What about the minimum deposit?

Our ultimate guide to the Webull minimum deposit is updated regularly.

How to start your Webull account?

Look no further than our evaluation of the Webull account opening.

How’s their trading app?

Here’s our expert view after checking the Webull trading app.

Is the quality of customer service satisfactory?

All you need to know about the Webull customer service.

Legit or scam?

Is Webull legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Webull is really free.

Is this broker good for beginners?

We checked it in Is Webull good for beginners.

Should you buy your silver bullets on Webull?

Research for silver bugs in the Silver buy on Webull guide

I want to trade options, are they available at Webull?

We explored the topic in Can you trade options on Webull?

What is the minimum account balance at Webull?

Check out the current account balance requirements at Webull in our What is the minimum account balance at Webull article.

Looking for commission and fees data for Webull?

We collected them in Webull commission and fees.

How do you withdraw money from Webull?

We tested it and collected the options and costs in How to withdraw money on Webull.

Webull: further reading

  • How to buy stocks on Webull
  • How to short a stock on Webull
  • How to buy premarket on Webull
  • How to deposit on Webull?
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