Top Rated For

• 澳洲幸运5官方开奖结果体彩网💙:Best Broker for Low-Cost Opti♛ons Broker
• 澳洲幸运5官方开奖结果体彩网:Best Low-Cost Day Trading App
• 澳洲幸运5官方开奖结果体彩网:Best Low-Cost Options Broker
• 澳洲幸运5官方开奖结果体彩网:Best Low-Cost Trading App

Our Take

With no-fee stock, ETF, and options trades, low margin rates, and no account minimums, Webull has among the most compelling cost structures on the market. Despite the affordability, the broker manages to offer robust platforms, a respectable number of assets to trade, including futures, bonds, and IPOs, some unique features like 澳洲幸运5官方开奖结果体彩网:24/5 overnight trading, and even pays one of the highest interest rates on uninvested cash in the industry. While there are areas where it falls behind full-service competitors, Webull is a solid choice for beginners and advanced traders alike.

Introduction

Webull, a licensed broker-dealer in 10 major markets and operating in 15 regions globally, is a relatively new online broker that launched in the U.S. in 2018. The mobile-first launch in May 2018 was reflective of Webull's key target market: millennials.

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, and commission-free trading of stocks, ETFs, and their options. Webull does skew towards the self-directed investor, with a less comprehensive offering than full-service competitors.

That said, Webull customers get a lot of bang without the buck: a nice platform with a wide range of helpful tools and features, along with 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.

Pros & Cons

Pros Explained 

• No commissions on stocks, ETFs, or options: Everyone wants something for free, and that is exactly what Webull delivers. No-commission stock, ETF, and options trading is particularly appealing to traders who don't need their hands held. Lower implementation costs make it easier for traders to profit from a trading strategy.
• Easy account setup and options approval, and no minimum deposit required: The account-opening process only takes a few minutes without requiring a minimum deposit. 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. Once the transfer is set up, you will get buying power on the account even though the fund transfer may not be complete for a few days.
• Fractional shares available: Fractional shares allow investors to purchase a portion of a share, even when the share price is above the dollar amount they have to invest.
• Access to extended hours and pre-market trading, ability to trade 24/5 overnight: Many active traders like to trade the market in the pre-and/or extended-hour trading periods, and Webull customers have the ability to access these hours. Webull also supports 24/5 overnight trading, offering clients the unique opportunity to trade whenever they want.

Cons Explained 

• Potential give-up on execution due to 澳洲幸运5官方开奖结果体彩网:payment for order flow (PFOF): Webull is able to offer free trading and all its other services in part because it is receiving payment for order flow (PFOF). This fact may reduce Webull's price execution quality. While a non-issue for most traders, those with strategies highly dependent on execution quality should bear this in mind.
• Limited range of tools for portfolio management: While Webull provides a lot of helpful tools for traders on its platform, portfolio management tools are lacking. Webull customers are expected to be self-sufficient in making their own investing/trading 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, or control of tax lots on sales.
• No access to mutual funds: Webull does not offer mutual funds or access to international exchanges.

Usability

Webull is easy to use and has a clean and intuitive interface. Webull has a website, a desktop workstation, and 🎉a mobile app that are all similarly well-designed, and all share a modern look and feel. 

The desktop workstation and the website have many similarities, with the same menu and window setup where the primary set of buttons is on the left side. 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 澳洲幸运5官方开奖结果体彩网:paper trading area. 

The key difference between the two is that some of the more exotic transactions, such as IPO, factional share, or overnight trades can only be executed on the desktop platform. It also has more charting indicators and drawing tools than the web version.

The mobile app's primary features are consistent with the website and workstation, but there are design differences and limitations on some of its robust features to accommodate smaller screens. The menu buttons on the bottom of the app screen change to be relevant to the content shown at the time. For example, an options button appears as a choice at the bottom of the stock screen showing an individual stock/ETF. Additionally, traders will find that they cannot customize trading screens on the mobile platform like on the desktop–some users may find this lack of customization problematic.

Watchlists can be easily created across all platforms directly from stock screener results. Watchlists are also consistent between the desktop, web, and mobile app, so you don't need to set these up on multiple platforms. Order entry is straightforward, and traders can even customize trading ticket information such as order type and share amounts they most commonly use.

Trade Experience

Webull's workstation is highly customizable, with templates available for trading stocks, ETFs, options, futures, and day trading preferences. Traders can switch among existing templates and build their own layouts from scratch. The widgets contain information such as news, fundamentals, options, order entry, time and sales, and so on. The widgets can be combined to save screen space. Widget windows can also be grouped together so a stock entered in one of the widgets will automatically update in the other widgets in𒁃 the group. 

The trading setup als🎃o allows for a highly customized user experience, including hotkeys, the home page loaded on startup, default stock, and option orders, and frequently used share quantities, although the web version is not as customizable as the desktop app. The system will guide you to different pages when appropriate, such as taking you to the stock window to see stock-specific information, news, options, charting, and an analyst ratings overview. It is also important to note tꦬhat the website only supports single-leg options trading.

It is easy to enter an order through Webull. The order screen can be added to different layouts, and the entry screen includes 澳洲幸运5官方开奖结果体彩网:contingency orders for stop loss and/or profit-taking levels. You can also create order tickets directly from account holdings, where clicking on the bid or offer of a market will automatically enter that information into the trade order widget. Trading is also available directly from charts, with active positions and orders clearly displayed.

Mobile Trade Experience

Webull’s mobile apps are all-around solid, and are designed to more or less mirror the advanced functionality of the desktop platform. The charting is strong, with 12 drawing tools, over 50 indicators, and 63 on-chart technical signals. The apps support all of the same order types–over 10 in total. They also feature customizable tools and filters, so traders can easily generate ideas on the go, boast an extensive 500+ course educational section, and even have paper trading functionality. Users of Apple devices will additionally appreciate that Webull is available on Apple Watch.

Seeking to support traders of all styles, the apps have two modes: Webull and Webull Lite. The former is a full-featured trading app with all of the advanced tools the company has to offer. The Lite version is designed specifically for less active traders and investors who just want control of their portfolios without being overwhelmed by features they don’t need. Users can switch between the modes at any time.

Range of Offerings

Webull’s asset offering may lack that of a full-service broker, but it provides access to all of the essentials, such as stocks, ETFs, options, futures, and fixed income, and even supports more exotic assets such as fractional shares, OTC stocks, and IPOs. The platform also offers access to high-yield cash management, earning a competitive rate of 4.10% APY on uninvested cash with the added ability to open personal and IRA accounts in the United States.

Investors looking to add automation to their portfolio may want to look into Webull Smart Advisor, the platform's robo-advisor. To open an account, investors must meet the $100 minimum deposit and be at least 18 years of age. It's important to note that new Smart Advisor account holders can benefit from a three-month promotion without paying advisory service fees. Once the trial period has ended, investors can expect to pay an annual fee of 0.2%. Fees will be deducted from the account holder's cash balance.

澳洲幸运5官方开奖结果体彩网: Investors using W൩ebull can trade the following:

• U.S.-listed stocks/ETFs long and short
• American depositary receipts (ADRs)
• U.S.-listed options on stocks and ETFs
• Over-the-counter (OTC) securities (about 500)
• Futures and futures options trading
• Fractional shares as little as $5
• U.S. Treasuries and fractional U.S. Treasuries as low as $100
• Fixed income/bonds
• IPOs

Order Types

Webull offers the most commonly used order types, including market, limit, stop, stop limit, and trailing stops. 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 set up 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, 澳洲幸运5官方开奖结果体彩网:market-on-close, or similar orders.

Webull doesn't offer traders control over tax lots on sales to close a long stock position; it uses the first in, first out (FIFO) methodology. Webull also lacks automated trading, 澳洲幸运5官方开奖结果体彩网:backtesting of strategies, and the ability to stage orders.

Trading Technology

Webull's trading technology is basic, although it does get the job done. There is no smart order routing, no trading automation, no backtesting capability, and no way to route your own orders. That said, this is in keeping with the broker's bare-bones approach to keep costs down.

Costs

Webull is a no-cost broker for certain financial instruments and a low-cost broker for others. The company offers commission-free trading in stocks, ETFs, OTCs, and listed options. It also has no account minimums and no fees for its robust platforms and tools. For futures trading and futures options, the brokerage charges a low-cost fee per contract. Webull's margin rates are also competitive and drop further for Webull Premium users.

Webull does not charge for trades, but it does pass thro✨ugh Securities and Exchange Commission (SEC) transaction fees and various exchange and regulatory fees, which are typically pennies or fractional pennies per contract.

澳洲幸运5官方开奖结果体彩网: Webull's costs are as follows:

• No commissions for online trades in equities, ETFs, or OTC trades
• No commissions on exchange-traded options
• U.S. Treasuries are 0.1%, other fixed income/bonds are 0.7% of value
• Futures are $0.13-$1 per contract
• The margin rate is 8.74%
• Money transfers: No charge for ACH deposits and withdrawals; wire transfers are $8 for deposits in the U.S. and $12.5 if international, and $25 for withdrawals in the U.S. and $45 if international
• Charges for paper statements: Confirmations are $2 for each confirmation, account statements are $5 a statement; and the prospectus fee is $2.5 per mailing

How T൲his Broker Makes Money From You and for You

With the race towards no-commission trading, understanding how brokerage companies generate revenue has become more opaque. Webull is unabashed in tellin♐g investors how it makes money while providing🃏 a sophisticated platform and zero-fee trading.

• Payment for order flow: Webull is clearly all-in on the continuing race towards commission-free trading—even options are free to trade on Webull now—and the company is very transparent in stating at the top of its pricing page that PFOF is the primary reason it can offer no-commission trading and no fees for access to its well-built platforms.
• Stock lending program: Webull offers a stock lending program and shares the revenue generated with the investor lending securities. The interest paid through the lending program depends entirely on the market demand for your securities. 
• Commission and fees for future trading: Traders who choose Webull to trade futures and futures options will find its pricing to be competitive. Depending on the futures contract, fees range from $0.13 to $1 per contract.

Account and Research Amenities

Webull offers a broad array of research amenities, including fundamental data, news, and charting to help traders make informed investment decisions and identify stocks to trade. However, Webull does not provide the types of tools and information available at full-serv༺ice brokers, such as daily market reports, individual analyst reports, or in-depth portfolio a❀nalysis tools.

Stock Screener

Webull has a stock screener available on the workstation and website but not the mobile app. The screener is limited to stocks and is easy to use, but it does not offer the functionality of some rival broker screeners. You can select from the United States, China, and Canada only; Webull provides data and charting for the U.S., Hong Kong, Canada, China, and India markets, but it appears U.S. account holders are limited to trading in U.S. markets. For the U.S., you can select 💛the exchanges (NYSE, AMEX, NASDAQ) and filter by over 25 industry sectors; financial data such as EPS, P/E, and dividends; and by nine pre-set technical indicators, including overbought/oversold and moving average crosses.

The technical indicators are easy to use, but somewhat limited. We were unable to screen for stocks above their 200-period moving average. 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 澳洲幸运5官方开奖结果体彩网:socially responsible investing (SRI). You can save a customized search and convert it to a watchlist. Choosing any of the stocks on the search results provides key statistics and financial information and an order window on the same page.

ETF and Mutual Fund Screener

Webull does not offer an ETF screener, and it d🍸oes not offer mutual funds on its platform at all.

Options Screener

Webull has a very basic options screener that allows to screen by days to expiration, volume, open interest, and delta. It also offers tools to help construct the most common leg option strategies (vertical spreads, straddles/strangles, butterflies/condo🦩rs, etc.) using a drop-down menu on the option chain table. You can then bri🧸ng up the payout graph at maturity for the strategy and use tools to further customize the strategy through different order types or by adjusting the width between strike prices in multi-leg strategies.

Futures Screener

Webull offers the ability to screen futures and even 🌊use indicators,💫 with the prowess for investment analysis and a news feed to keep investors in the loop in the futures sector.

Fixed Income Screener

Webull 𓂃bond screener allows one to sort U.S. treasuries by face value, ask yield, coupon, and maturity date. A quote for any security on the list can also be viewed on the same page. Users also have the ability to save their screens for future use.

Charting

Webull has a solid, built-on charting functionality. Mobile app charting is a bit different than on the web and workstation because of the smaller screen size, but it is very intuitive. Order tickets and alerts can be created directly from charts, and indicators like 澳洲幸运5官方开奖结果体彩网:Bollinger Bands, simple and exponential moving averages (SMA/EMA), relative strength index (RSI), average trading range (ATR), multiple 澳洲幸运5官方开奖结果体彩网:stochastics variations, and othe🅰rs can be easily added to a chart. In addition, the company recently added more granularity to the charting capabilities, with charting intervals of 1, 5, and 30 seconds now available. It seems odd, though, that neither the 50, 100, or 200-period MA was included in the set of six defaults in the program. 

Charting on both platforms boasts a magnet feature that makes it easy to put trend lines at the exact high or low for a chosen date. Charts show open orders and cost basis information if applicable, and the mobile app charting also has a helpful set of buttons to show the trader if the stock is marginable or shortable, with the corresponding leverage multipliers. Overall, Webull's charting capabilities are robust and should satisfy the majority of traders of all levels.

Tools and Calculators

Webull does not offer many financial calculators or related tools, in contrast to the robust suites found at full-service brokers. There is no in-depth portfolio analysis and none of the general portfolio management tools that are standard at the larger online brokers.

Trading Idea Generators

Webull does not offer an automated idea generator, although there a🐎re several stock breakdown♛ lists to see things like most active, biggest movers, an earnings calendar, heat maps, and sector/industry breakdowns to identify opportunities.

News

Regarding its news offering, Webull offers its users a section where account holders can keep up with company news, keeping users informed of any platform updates. However, while that’s a nice feature, company news does not keep you up to date with what's going on in the market. For those needs, Webull partnered with the Wall Street Journal (WSJ), where Webull users get access to the market news on a global scale at no extra cost. 

Third-Party Research

Webull does not offer third-party rese🅠arch, but it does offer a breakdown of multiple analyst ratings in 🙈very clean and easy-to-use graphics.  

Fractional Dividend Reinvestment Plan (DRIP)

Webull has a fractional reinvestment feature that automatically allows investors to reinvest dividends in qualified securities. Investors who authorize this feature can expect the dividend-producing security to acquire additional shares of the same security that yielded the dividend. Although investors won’t have to pay a fee to participate in the DRIP program, not all accounts and securities are eligible. Investors must have an Omnibus individual account and buy fractional shares supported by the DRIP feature. Investors will see a green diamond icon indicating that it is an eligible security for fractional investing where investors can enable dividend reinvestments.

Cash Management

In April 2023, Webull introduced its Cash Management offering. With no direct fees and no minimum balance requirement, eligible users can earn 4.10% APY in﷽terest on their uninvested cash, which is currently among the highest rates in the industry. Interest is accrued daily and paid out automatically each month. Users are able to easily track earned interest directly via the in-app dashboard. However, Webull account holders will need to manually opt in to take advantage of this feature.

SRI/ESG Research Amenities

Webull does not offer the ability to screen or search stocks or ETFs for socially responsible investing (SRI) or environmental, social, and governance (ESG) factors.

Portfolio Analysis

Webull does not offer a broad suite of portfolio analysis tools, but it does provide what most self-directed๊ investors need. This includes account performance metrics on the account page as well as the ability to download tax forms, account statements, and confirmations through the web or desktop platforms. The reports and information are all presented in real-time and include realized/unrealized gains/losses, gains/losses net of deposits and withdrawals, income from dividends and interest, unrealized long-term and short-term capital gains, and the internal rate of return (IRR), as well as information on margin and buying power.

Education

Webull has significantly improved its education content over the past few years. Investors who want to become more versed in the complex nature of investing will find a vast library of helpful articles filled with graphics, charts, and videos. These articles educate investors on essential subjects regarding various trading strategies, financial instruments, and common terms that investors will find helpful to know. Webull platform features are also covered, with content showing users how to customize layouts and make use of the available trading tools. 

While traders can review their order history, Webull does not offer a dedicated trading journal. It is also no surprise that a free platform at a zero-commission broker does not offer sophisticated backtesting of strategies. Webull does, however, offer a fairly sophisticated paper trading platform, which provides paper access to all assets available, including options and futures, with real-time data, and a full suite of technical analysis tools.

Customer Service

Webull’s narrow focus on younger, tech-savvy, self-directed customers primarily interested in no-cost trading results in a sparse customer support offering. Webull does not have f﷽inancial advisors, but its customers can speak with a l🗹ive broker if they are willing to wait on the phone—Webull’s average hold time is more than two hours. Alternatively, they can also email for support, or search through the extensive FAQ section.

Security and Reliability

• Two-factor authentication is available on all platforms. 
• The mobile app offers biometric log-in as an option by fingerprint or facial recognition.
• There is a separate six-digit numerical passcode for trading access, adding an additional layer of protection. 
• Webull did not have any serious platform outages.
• Webull has not had a data breach.
• Webull goes beyond the Securities Investor Protection Corporation (SIPC) protection of $500.000 ($250,000 cash) with an additional insurance policy providing an aggregate amount of $150 million of protection, with maximum limits per individual of $37.5 million ($900 million in cash) for losses suffered unrelated to account losses related to the value of securities.

Transparency

Webull's pricing is very straightforward and fully disclosed. The company is also completely open that payment for order flow (PFOF) is the primary generator of revenue, allowing users on its platform to trade commission-free. Other fees are listed clearly on the website’s pricing page. Webull further outlines how it passes through SEC, exchange, and regulatory fees that are typically fractions of a penny per volume traded.

Webull's margin rates and associated buying power are clearly displayed on the pricing page, but it was not as easy to find disclosures related to the risks of margin trading on the website. Webull does, however, provide a helpful account risk measure that visually informs a trader if they are at greater risk for a margin call.

Webull has taken an interesting approach with its honesty about payment for order flow being key to its free business model. Unlike some other brokers that have buried it in the fine print, the company is essentially telling clients upfront that they can have a free platform or no payment for order flow, but not both.

Available Account Types

Webull offers the standard cash and margin accounts for individuals, both taxable. Beyond the tౠwo individual taxable accounts, Webull also supports:ಞ

• Traditional individual retirement accounts (IRA)
• 澳洲幸运5官方开奖结果体彩网:Roth IRAs
• 澳洲幸运5官方开奖结果体彩网:Rollover IRAs
• Futures
• Entity
• Joint

The Bottom Line 

Webull is a great deal for the trader or active investor who doesn’t need hand-holdiꦑng. There is no minimum account size, the margin rates are competitive, and there are zero commissions on stocks, ETFs, and options. Moreover, you get access to well-designed and intuitive trading platforms for desktop and mobile devices, which provide helpful trading tools at no extra cost. 

While full-service brokerage firms like Charles Schwab also offer commission-free trading in stocks and ETFs now, their $0.65 commission per option contract and higher margin rates make Webull an appealing alternative for margin users and active option traders who may otherwise find Webull’s options trading tools somewhat lacking (but still functional). Lastly, Webull does receive payment for order flow, but unless your strategy depends on the best executions possible, this broker’s performance will do just fine.

Compare Webull to Similar Online Brokers

How We Picked the Best Online Brokers and Trading Platform🃏💝s

Providing readers with unbiased, comprehensive reviews of online brokers and trading platforms is a top priority for Investopedia. We combined our industry research and subject matter expertise to guide the research and weightings for our 2025 online broker rankings. To collect the data, our researchers collected data points through online research of pr🅺ovider websites.🍌 To fill in any gaps, our research team reached out to the individual brokerages. In some instances, our researchers did much deeper online research to get the information they needed to complete the data collection. The data collection process spanned from Dec. 20, 2024 to Feb 19, 2025.

We then developed a proprieta♈ry model that scored each company to rate its performance across 11 major categories and 120 criteria to find the best online brokers and trading platforms. The score for each company’s overall star rating is a weighted average of the criteria in the following categories:

Online Broker Evaluation Categories

Through this all-encompassing data collection and 𒁏review process, Investopedia has provided you with an unbiased and thorough review of the top online brokers and trading platforms.