Is Webull Safe? An Honest Review

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Is Webull legit? Should you use Webull to invest your money?

I will answer these questions soon, but first, you need to learn what Webull is if you don’t know.

This is an honest Webull review where you will get all the information you need to know about Webull!

I highly recommend investing your money so it can grow over time, and Webull might be the right brokerage for you.

Plus, you will get a signup bonus when you create a free Webull account; stick around to find out what it is…

Now, let’s go over what is Webull and answer the question…

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    What Is Webull?

    Is Webull Safe?

    Webull is a brokerage platform that allows you to invest in Stocks, Options, and ETFs for absolutely free!

    That’s right, Webull is a commission-free trading platform, meaning you can buy and sell stocks for free!

    However, there are some other fees that you should be aware of, and we will go over them soon.

    Webull was founded in 2017, so they are a pretty new broker in the game, but they really came out swinging with some excellent features.

    Fumi Technology is the company that operates Webull; and they are a Chinese company, but Webull is open to U.S Citizens, Chinese Citizens, and Indian Citizens.

    Even though Webull was founded in 2017, they have millions of users on its platform and manages over $3 billion!

    Webull is one of the best trading platforms but should you use it? Let’s find out…

    Is Webull Safe To Use?

    Now that you know what Webull is, let’s answer this million-dollar question and also the question, “is Webull legit?”

    I know you don’t want to put your money in any online brokerage, and it might be a bit worrisome to put your money in a brokerage that is only a few years old.

    However….

    Webull is entirely safe to use and offers investor protection. Webull is regulated by the SEC and FINRA, and they are a member of SPIC, which means your money is insured and safe from any financial trouble Webull might have.

    You are protected for $500,000 in securities, including a $250,000 cash limit. So, Webull follows regulations and makes sure you are covered in the event they run into some financial trouble.

    Webull is also partnered with Apex Clearing, a popular and trustworthy clearing firm that ensures your money is going to the proper place.

    Plus, Webull uses high-level encryption to keep your account and information safe and secure.

    So as you can see, Webull is safe, and they implement best practices to make sure your money is safe!

    Now that you know that Webull is safe and offers investor protection. It’s time to continue the Webull review and learn how to use Webull to invest and make money…

    How To Use Webull

    Learn How To Use Webull

    The first thing you need to do to use Webull is open an account (common sense, right?).

    Plus, when you sign up to Webull using my link you will get a stock valued from $8 – $1,600 for absolutely free!

    All you need to do is sign up to Webull and deposit at least $100 to get your free stock! 

    You will need to sign up with your email address or phone number, and you will need proof of identity and residency like address, social security number, driver’s license number, etc…

    Webull Signup Page

    During the signup process, you will see that you have two options: a regular cash investment account or a margin trading account.

    There is no balance requirement for a cash account but for a margin account; you will need to maintain at least $2,000 in your account to make trades.

    I recommend starting with a regular cash investment account if you are a beginner investor.

    You can also open a Traditional IRA, Roth IRA, or Rollover IRA with Webull!

    Webull Retirement Accounts

    After the signup process, Webull will review your application and then approve your account if everything works out!

    You will then receive your free stock after you make your first deposit of $100 or more!

    Once you open an account and log in, you will see a few different screens, and we will go over all these features soon.

    Now, you can start investing right away! Let’s continue this Webull review and review all the Webull features offered…

    Webull Features Explained

    Let’s take a look at the excellent features that Webull offers…

    Stock Trading Platform

    The most in-depth and possibly most crucial feature you will use on Webull is their stock trading platform.

    You can access the free trading tools via the Webull website, or you can use the trading app to make trades.

    We’ll dig deeper into the free trading app soon, so stick with me…

    In the Webull stock trading platform, you can access in-depth analysis tools and technical indicators that you can use to evaluate stocks quickly!

    Webull Trading Platform

    As a beginner investor, all these research tools and technical indicators may look scary and confusing, but you don’t have to use them; as an advanced investor, these tools are great to use.

    Plus, you also get access to a stock screener where you can use filters to find the best companies to invest in quickly!

    Also, Webull offers full extended hours of stock trading, which means you can execute trades in pre-market hours (4:00 AM – 9:30 AM EST) and after-market hours (4:00 PM – 8:00 PM EST).

    Paper Stock Trading Training

    An excellent feature that Webull offers is paper stock trading which is basically simulated stock trading so you can practice trading stocks without risking your money.

    This is an excellent way for beginner to intermediate investors to get more experience with trading stocks and to use all the analysis tools on the stock trading platform.

    I highly recommend utilizing this paper stock trading feature to gain some experience with trading.

    Options Trading

    Webull also allows you to use options for completely free!

    Yes, that’s right. You can start using options on Webull commission-free and contract-fee-free.

    If you are interested in trading options, sign up for Webull and start right now!

    Stock Lending Income Program

    Webull Stock Lending Program

    Webull also offers this exciting feature called the Stock Lending Income program.

    So, what is the Stock Lending Income program?

    The Stock Lending program is an interesting program that lets you earn some extra income by allowing Webull lend out your stocks.

    If you choose to participate in this program, Webull will take your fully-paid stocks and lend them out, and in return, you will get paid interest!

    Not all your stocks will be lent out, it depends on the market demand and you will still be able to sell the stocks at any time even if they are lent out.

    Plus, you will still receive dividends on stocks that are lent out.

    Stock & ETF Watchlist

    A great feature that Webull offers is a stock watchlist.

    This feature exists, so you can add your favorite stocks or ETFs to this watchlist to easily find and analyze these stocks/ETFs.

    Also, you can set alerts on stocks in your watchlist so you can be notified when the stock dips below or rises above a specific price, rises/falls a certain percentage, hits a 52-week low or high, and goes above or below a particular moving average, etc…

    So, as you can see, this feature is super powerful and I highly recommend using this tool to keep a close eye on great companies to invest in!

    Explore Markets Section

    A beneficial feature that is available on Webull is the ability to quickly explore the market as a whole as well as certain indexes and sectors.

    You will be able to see how the market is performing for the day and you will see the top gainers as well as top losers.

    Webull Market Performance

    Webull also lists high-performing ETFs and industries to get an idea of where to invest your money.

    There is also the ability to explore upcoming IPOs, see high dividend stocks, see hot stocks on Webull, etc…

    The Markets section is a great way to get an overview of the market and see some high-performing stocks and ETFs.

    Cryptocurrency Investing

    Another neat feature Webull offers is the ability to invest in cryptocurrencies.

    While you can track many different cryptocurrencies on Webull, you can only invest in Bitcoin, Ethereum, Bitcoin Cash, and Litecoin at this time.

    It’s a new feature from Webull, so they might offer more cryptocurrencies soon.

    Plus, you can buy and sell cryptocurrencies on Webull commission-free and you only need $1 to start investing!

    If you are interested in investing in cryptocurrency to diversify your portfolio (which is a smart move, by the way) then I highly recommend signing up to Webull.

    Just sign up to Webull with my link and get your free stock and then start investing in cryptocurrencies for free!

    Webull Day Trading

    Webull Day Trader

    I must tell you that day trading is a pretty dangerous game, but there is a lot of money to be made in day trading.

    It definitely is a high-risk, high-reward strategy!

    Webull is an excellent brokerage that you can use to day-trade for absolutely free!

    To day-trade on Webull, you will need to sign up for a margin account and you only get three trades every five days.

    If you have over $25,000 in your account, you will get unlimited day trades on Webull!

    Now, I highly recommend being very careful with day trading because you can lose out on a lot of money.

    Webull Community Feature

    A really awesome feature Webull offers is its community tool which allows you to communicate with like-minded investors.

    The community feature is only available on the mobile app, so make sure you get the Webull app as soon as possible.

    On the trading app, you will see the community section on the bottom menu, and once you click it, you will see the different options in the section.

    You will first see the stream section, a chat platform where you can chat with other Webull users on particular stocks, trends, investment tips, etc…

    Then there is also an option to compete with other Webull users in a paper trading competition which is an awesome way to gain experience in trading stocks.

    The other two options are Top News and Watchlist news, which are just trending articles in the finance world and specific news/updates about the particular stocks on your watchlist.

    I highly recommend utilizing the community tool on Webull to stay updated on the current news and collaborate with other investors!

    Referral Program To Earn Free Stocks

    Webull Referral Program

    Webull also offers a very generous referral program that you can use to make some extra money easily!

    Once you sign up for your free Webull account, you will get instant access to the referral program.

    All you need to do is share your unique referral link with friends and family to earn 2 free stocks!

    The way it works is like this…

    Once someone signs up to Webull with your referral link and their account is approved you will get one free stock valued from $8 – $1,600!

    Then when they make a deposit of at least $100 within 30-days of signing up you will get another free stock valued from $8 – $1,600!

    Webull referral program

    This is such an easy way to make some extra cash, and I highly recommend utilizing Webull’s referral program.

    Plus, Webull constantly has promotions to earn even more free stocks from your referrals. For example, one of their promotions is to refer 3 people to earn 9 free stocks successfully!

    To check your referrals, open the mobile app, and then go to the menu section, and you will see the promotion center at the top of the screen.

    Select the invitation bonus section and then select my invites to see the status of all your referrals.

    Back at the main menu, there is an option for My Free Stock, showing you all the free stocks you earned from referring people.

    That’s it! It’s such an easy way to get a lot of free stocks, and I highly recommend signing up to Webull and using their referral program!

    Webull Fees Explained

    As we briefly discussed earlier, Webull charges no fees for buying and selling US-based stocks, ETFs, and options!

    However, there are some fees that you should be aware of so you don’t get blindsided…

    Selling stocks and ETFs have transaction and regulatory fees from the SEC and FINRA.

    • This calculation determines the SEC transaction fee: $0.0000221*Total $ Trade Amount (Min $0.01)
    • FINRA uses this calculation for the regulatory fee: 0.000119* Total Trade Volume (Min $0.01 per – Max $5.95 per)
    • Options have the same SEC fee listed above, but the FINRA fee is – $0.002 * No. of Contracts (Min $0.01).

    There is also a regulatory fee and clearing fee for buying and selling options.

    • This is the options regulatory fee – $0.0388 * No. of Contracts, and this is the options clearing fee – $0.055 * No. of Contracts (Max $55 per Trade).

    It’s important to note that these are not fees from Webull. These are fees from regulatory agencies.

    If you choose to trade on margin, then you will have to pay a finance rate to Webull for borrowing money. The more money you borrow, the lower the fees are; the breakdown is as follows:

    Another fee Webull has is its wire transaction fee for deposits and withdrawals. If you use ACH transfer, then there are no fees, so keep this in mind.

    Here are the wire transaction fees broken down:

    The last fee Webull has is for transferring securities; if you choose to transfer your stocks to another broker, there is a $75 fee.

    That’s all the fees for Webull. Yes, there are some fees with Webull but for most users that are doing standard investing, there are no fees at all!

    Using The Webull App

    Webull App Review

    As I mentioned before, Webull has a trading app, and the mobile app is truly excellent!

    The downside to many brokerages is that their apps are not as intuitive as their website, but Webull it’s actually the opposite.

    Webull’s trading app is so much better than their website. You have access to more options, and it’s more user-friendly!

    Get the trading app from the App Store or Play Store, and then sign in.

    If you didn’t signup for a Webull account yet then sign up to Webull here to claim your free stock!

    Once you log in to the trading app, you will see the different Webull menu options at the bottom of the mobile app.

    Webull App

    These are all the features we discussed earlier, like the Watchlist, markets, stock trading platform, community, and account menu.

    The Webull app puts a powerful investment platform right in the palm of your hands!

    Sign up for your free Webull account and get your free stock now!

    Getting Your Free Stock

    Who doesn’t like free stuff? Especially free stocks that increase in value over time!

    We already went over Webull’s referral program earlier, so you should already know how to get 2 free stocks from referrals.

    But what do you need to do to get your free stock when you sign up to Webull?

    You will get your free stock valued from $8 – $1,600 after you sign up to Webull and deposit at least $100.

    By signing up with my link you will also get 3-months of a Nasdaq TotalView subscription for free!

    So make sure to follow these simple steps to get your free stock quickly from Webull!

    Sign up to Webull, claim your free stock, and then start your investing journey.

    Customer Service Webull Review

    One main factor that goes into the question “is Webull legit” is how good and reliable is their customer service.

    So, how great is Webull’s customer service?

    Well, to be honest, it’s not that great. Webull is definitely not a scam, but their customer service could be much better.

    You have three ways to contact customer support, one is by calling them, the second way is by emailing them, and the third way is by using the in-app support portal.

    By talking to many people and seeing many reviews from customers, the best way to get a quick response from customer support is by using the in-app support portal.

    The worse way to contact support is by calling. Users state that they are put on hold for hours!

    I’m not sure if it’s due to a small customer support team, but I advise you to stay away from calling their customer support line if you don’t have to.

    However, even though it might take some time to resolve your issue with Webull with customer support, they come through in the end!

    Even though their customer service needs some work, Webull is still a really great brokerage that you can use to invest your money!

    Webull Pros and Cons

    Webull Pros and Cons

    Now that we answered the main question of this post, it’s time to quickly list out the Webull pros and cons to see how Webull weights out.

    Pros:

    • Commission-free trading on Stocks, ETFs, and Options
    • In-depth stock trading platform and analysis tools
    • User-friendly mobile app and desktop site
    • Easy signup process
    • Free stock signup bonus
    • Minimal fees
    • Excellent security and investor protection
    • No account minimum for opening an account
    • Constantly adding new features and research tools

    Cons:

    • Poor customer service
    • High costs for wire transactions
    • You can’t invest in mutual funds or cryptocurrencies

    So, as you can see, the pros greatly outweigh the cons!

    With commission-free trading, a great stock trading platform, advanced tools, and free stocks, what’s not to like?!

    I highly recommend signing up for a free Webull account and using this awesome broker!

    Webull FAQ

    Here are some frequently asked questions about Webull:

    Is Webull Safe To Use?

    Yes, Webull is a legit brokerage that is entirely safe to use. They are regulated by the SEC and FINRA to ensure they are lawfully conducting business. They are also a member of SPIC to ensure your money is insured. 

    How Secure Is Webull?

    Webull is secure because your investments are insured, and they use high-level encryption to keep your account safe.

    Which Is Better Webull Or Robinhood?

    This comes down to a matter of preference. Robinhood is really easy to use which is great for beginners but Webull offers more stock analysis tools that will benefit more experienced investors. Both are great trading platforms that allow you to trade stocks for free.

    Who Owns Webull?

    Fumi Technology is the company that owns and operates Webull. They are based in China but Webull also has an office in NYC.

    Can Webull Trade After Hours?

    Yes, Webull offers pre-market trading from 4:00 AM – 9:30 AM ET and after-market trading from 4:00 PM – 8:00 PM ET.

    How To Claim Your Free Stock On Webull?

    If you successfully refer someone to Webull you will get notified to claim your free stock. Just click on the menu option on Webull and then go to the Invitation Bonus section to claim your free stock.

    Can You Trade Options On Webull?

    Yes, you can use options on Webull for completely free. Webull offers commission-free options trading on its platform.

    Conclusion

    Now that you know Webull is safe, it’s time to sign up for a Webull account and claim your free two stocks!

    Webull is a safe and secure brokerage that allows you to invest in stocks, ETFs, and options commission-free.

    It’s a great platform for beginner investors due to how user-friendly its app and site are and they are great for more advanced investors due to the number of stock trading tools they offer.

    Sign up to Webull here and make sure you follow the simple steps to get your free stock! Also, make sure to invite friends and family to Webull to earn even more free stocks!

    Want more free stocks? Make sure you check out my post on How To Get Free Stocks!

    Plus, check out my post on The Top Investment Apps to see some other great trading platforms.

    So, what are your thoughts on Webull? Have you tried Webull before? Let me know in the comments below!

    Are you ready to take control of your money? Check out these awesome money resources which will help you to make and save $1,000’s!
     

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