Forget currency as you know it — paper bills and gold bars are things of the past. Digital currencies are on the rise, but they’re non-tangible, meaning you can’t get them at a traditional bank. You must use a reputable crypto broker like Webull to get in on the action.
Here, we’ll review Webull and answer all your burning questions: What is Webull? What are its pros and cons? How do I use its crypto trading features to make money? Is it the right trading platform for me based on my investing experience?
Without further ado, we’re going to grab this Webull review by the horns and get right into it.
Webull Quick Summary
Webull is an electronic trading platform users can access via a desktop computer or mobile app. It allows customers to trade stocks, options, and ETFs (exchange-traded funds).
More recently, it introduced cryptocurrency transactions in late 2020. It’s currently available to customers in nine countries: the US, Korea, China, Japan, Malaysia, the Philippines, Turkey, India, and Brazil.
Who Is Webull For?
If you’re completely new to the world of investing, this online broker won’t be for you. It caters to intermediate and advanced traders who make many short-term trades per week. Its commission-free nature lets active traders save hundreds of dollars in fees compared to other brokers.
However, if you plan on casual trading, you might get overwhelmed by Webull’s intuitive features and technical analysis tools. Keep reading this Webull review to learn more.
Webull Company Information
This broker got a later start compared to other online brokers. The company’s founders opened the broker’s doors in 2017. Since its inception, it has reached many milestones. It developed a mobile app, implemented Rrobo-advising services, and allowed cryptocurrency transactions, making it one of the most versatile investing platforms available.
Today, it has more than 11 million registered users and nearly 1 million active users.
This wouldn’t be a complete Webull review if we didn’t cover the pros and cons. Here are the benefits you’ll receive:
- Low minimum deposit: You might be excited about trading crypto, but your ability to commit to it may not match. And that’s okay. This brokerage doesn’t require a high minimum deposit, so anyone can use the trading platform without opening their wallets too widely.
- Free stock: When you sign up for an account, you’ll receive Webull free stock UK. One of these free stocks will be for opening an account. You can also receive another free Webull stock when you fund your account with $100 or more. The value of your stock can range from $2.50 to $1600.
- No inactivity fees: Do you anticipate taking some time to learn how to use Webull? You can do so with peace of mind, as this trading platform doesn’t charge inactivity fees. These can be detrimental and demotivating to new investors, so the app simply doesn’t enforce them.
- A slick interface: This trading platform runs smoothly and is easy to use across mobile and desktop devices.
Any cryptocurrency exchange is going to have its disadvantages. Here are the main ones of this broker:
- Limited crypto options: If you want to diversify your crypto portfolio, this broker may not be for you. It only offers seven digital currencies, which may seem like nothing compared to other trading platforms. However, it’s a solid broker to use if you want to avoid getting overwhelmed.
- No wallet transfers: Some crypto investors (especially those who are in it for the long term) prefer to keep their assets in a wallet away. When digital currencies sit in a wallet, they are protected from hacking attempts on a central broker’s site. However, Webull doesn’t currently allow investors to transfer their assets to a wallet. Everything you buy and sell must remain on this trading platform.
- Poor educational content: Past and current users have been less than impressed with the platform’s educational resources.
- Poor customer support: It’s difficult to receive phone support from this broker, and the email response times tend to be slow.
This cryptocurrency exchange offers a slick user experience for more advanced investors. It allows you to set up a customizable layout, allowing you to view your assets based on price movements for the day and the overall performance of your investments.
However, you have to have a keen eye, as the information Webull offers you may be too extensive for someone whose brand is new to crypto trading.
Webull Trade Experience
This broker offers a comprehensive trading experience, complete with quote data, consolidated analyst ratings, charting tools, and market replay options. You can use all these features to make more informed investing decisions.
If you aren’t happy with your current capital, this broker allows for margin trading. You’ll have to apply and receive approval, but once you do so, you’ll be able to trade more assets. This practice comes with risk, so you should exercise caution.
Webull Crypto Trading
Once you create a standard account with the broker, you’ll have to request permission to become eligible for crypto trading. It may take some time to receive verification, but you’ll be free to trade as you please once you do. You can use this cryptocurrency exchange to buy and sell seven different cryptos, and many intermediate investors take the opportunity to learn how to buy Bitcoin on Webull.
Webull App For Mobile
Webull for desktop allows you to get a better idea of all the tools the platform has to offer. However, the mobile app is great for investors who are always on the go. Here’s a brief Webull app review to give you a better idea of what to expect:
- Offers a consistent experience across all Apple and Android devices
- Access to price indicators and charts
- Paper trading capabilities
Deposits and Withdrawals
Next up in our Webull review is deposit and withdrawal options.
This online broker makes it easy for users to withdraw and deposit money. You can choose from various deposit and withdrawal methods to meet your needs (check the FAQ section for specific methods). Deposits are available within five business days, and you can access your money from a withdrawal in as little as one business day.
Webull Trading Fees
Since you’ve made it this far into our Webull.com review, you’re probably wondering what it’s going to cost you. What kinds of trading fees are involved?
This company operates on commission-free trading, meaning the platform itself doesn’t charge you to buy and sell cryptocurrencies. However, you’ll have to pay small fees incurred by the FINRA and SEC regulatory bodies.
Registering for a Webull brokerage account is pretty simple, but you’ll have to verify your identity before you can make trades. This process is to comply with the broker’s security policies and protect your assets. Once you receive approval, you can access the Bitcoin exchange and buy Bitcoin or any other cryptocurrency that captures your attention.
Webull Educational Resources
This company falls short when it comes to comprehensive educational resources. It only has basic articles — there are no webinars, interactive courses, or highly detailed guides to browse.
However, you can participate in Webull paper trading through a demo account and get a feel for investing in cryptocurrency with no risk.
This online broker also lacks customer service. If you call the phone helpline, don’t expect a timely answer. And, email responses often incur slow responses. There’s no live chat to engage in, so your best bet for a quick answer is to consult the site’s help articles.
Reviews and Reputation
No Webull review would be complete without learning what past customers have to say.
From our research, we’ve found that the broker doesn’t have the best reputation on sites like Trustpilot and the Better Business Bureau. However, these complaints are largely due to the platform’s poor customer service. If you become a customer, you should have a basic understanding of crypto trading. This way, you can navigate issues yourself (if they arise) rather than relying solely on the lackluster support team.
Now that you’ve read about all that this broker has to offer, you may be wondering, How secure is Webull?
This broker receives all the green lights when it comes to security measures. It encrypts all your information using SSL encryption and protects customers’ investments of up to $500,000 via the Securities Investment Protection Corp (SIPC).
One downside to this trading platform’s security measures is it doesn’t allow cold storage options. This means you can’t transfer your coins to a physical wallet to keep in your possession. The broker doesn’t even let you transfer your assets to a hot (online-based) wallet.
To wrap up this Webull exchange review, we can confidently say that it’s one of the best cryptocurrency platforms for intermediate/advanced traders. Its commission-free setup allows for cost-efficient crypto trades, and more experienced traders can overlook the lack of customer support and educational resources.
Have you found this Webull review beneficial? Be sure to open an account today to get started.
Is Webull legitimate?
Is Webull better than Robinhood?
Both platforms are excellent for trading crypto — it all boils down to a matter of experience level when deciding which one is better.
Robinhood has a bare-bones setup that caters to novices, while Webull has more advanced trading features that serve investors who’ve been around the block a few times.
What is social trading/copy trading?
What can I trade on Webull UK?
Additionally, Webull offers the following cryptocurrencies:
Currently, this broker doesn’t offer futures, bonds, or mutual funds.
Can you make money on Webull?
Is Webull good for beginners?
How secure is Webull? Is Webull regulated?
How do I withdraw money from Webull?
Where is Webull based?
How does Webull make money?
We’ve addressed the common inquiry, How does Webull work? from a user’s perspective. But what about the company? How does it make money?
This broker operates on zero-commission trades, but it still generates income by charging users spreads for each trade and fees for wire transfers.
How can I deposit into a Webull account?
What is the minimum lot size at Webull?
When does a margin call take place at Webull?
– You make four day trades within five days, and you have less than $25,000 in your account.
– You hold a position overnight, and the position exceeds your overnight buying power.
– You exceed your day trade buying power during opening trades.
What is the maximum leverage offered by Webull?
How do I open an account with Webull?
Follow these steps to open your account:
1. Download the app or visit the platform’s website.
2. Add your personal information, including your full legal name, address, date of birth, and income.
3. Upload identifying information, like your passport or driver’s license.
4. Agree to the platform’s terms and conditions.
5. Wait for approval and fund your account.