Investing

WeBull Review: Is It Better than Robinhood?

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WeBull is a zero-commission brokerage firm that’s coming at Robinhood for its number one spot.  In this WeBull review, I’ll tell you everything you need to know about the app so you can see if its right for you. Plus, you’ll receive a free stock if you open an account using this promotional link.

Get a Free Stock Valued Between $8-$1,000

WeBull Review: Overview

WeBull Review Intl Mkts

Thanks to computers, brokers can execute trades much more quickly and cheaply than previously possible. Zero-commission brokers are becoming more and more common in the smartphone era. Robinhood is one of the first zero-commission brokers to develop a successful business model. Now that Robinhood has proven it can work, more brokers are offering zero-commission trades.

WeBull is an up-and-comer in the space that’s hungry for market share. Trading on WeBull is free, and tons of free research & analysis tools are built right into the app. WeBull doesn’t charge any account fees, and qualified users can access up to 4x of margin trading for no additional charge. Your money is safe with WeBull. It’s an SIPC insured broker, so users are covered on up to $500,000 worth of deposits.

WeBull Commissions & Fees

  • Equity Trades:  $0
  • Options:  N/A
  • Bonds:  N/A
  • Futures:  N/A
  • Mutual Funds:  N/A
  • Forex:   N/A
  • Crypto:  N/A
  • OTC Markets:  N/A

If you want to trade different assets, WeBull doesn’t have much to offer. Users can trade exchange-listed equities & ETFs but that’s about it. WeBull doesn’t offer OTC stock trading, so it’s not a good fit for penny stock traders. Options traders should consider Robinhood because it offers free options trading.

WeBull Account Minimums

WeBull Doesn’t have any account minimums, but you have to deposit at least $100 to qualify for the free stock promotion.

Getting Started with WeBull

WeBull Review Community
Community Tab

The WeBull app is available on both Android and iOS. There’s also a desktop client that you can download from the WeBull website.  Once you download the app and create an account, the next step is funding your account.

You can fund your WeBull account with an ACH transfer from a U.S.-based bank account or a wire transfer. ACH transfers can take a couple of business days to process, but they are usually free. You can link your account for ACH transfers by verifying ownership with microdeposits, or you can verify your account in real-time by linking it to your bank account. When you choose an ACH deposit, make sure you keep funds available to cover it. There’s a $30 transaction reversal fee for bounced deposits.

If you want to transfer funds from a bank account outside of the U.S., you have to wire funds into your account. Wires are faster than ACH transfers but you’ll often have to pay a fee at your bank to send a wire. Plus, WeBull’s clearinghouse charges a $12.50 fee for incoming wire deposits.

Once you transfer funds, WeBull will release your deposit in the form of conditional buying power. You can access up to $1,000 in buying power instantly when you make a deposit. The incoming funds usually take about five business days to settle. Once the transfer is complete, your deposit will be added to your cash balance and unlock any remaining buying power.

Now you’re ready to trade. But, you should probably do some research first. Next, this WeBull review will explore research and analysis tools.

WeBull Research & Analysis Tools

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Markets Tab

Next, our WeBull Review covers analysis tools. WeBull has a variety of research tools built directly into the platform. Simply select the ‘Markets’ tab to get a complete overview of the equity market. You can also view the latest data on cryptocurrencies, FOREX, and global markets by switching tabs; although you can’t actually trade these assets on WeBull.

The ‘Market’ overview provides a wealth of information. The intraday charts of the S&P 500, DJIA, and NASDAQ  are right at the top of the page. Plus, you can easily access a stock screener; most shorted stocks; insider trading data and more.

Next is the IPO Center, where users can view the latest IPO news. Users can also find all the day’s earnings announcements in the Earnings Center.  WeBull even displays advancer & decliner distribution and net inflows. The rankings section allows users to sort stocks by performance and volume.

Our WeBull review found the app’s research tools to be extremely useful and easy to use. WeBull presents information very clearly and lays everything out in a very accessible manner.

WeBull Stock Quotes

WeBull Review Chart
Stock Quote

When you want to see more data on a particular stock, selecting it will open the stock quote menu. Quote pages display a ton of useful data. In addition to standard pricing info, you’ll find detailed information on order flow; analyst opinions; breaking news; and sentiment. There’s also a section where WeBull users can leave comments. Plus, the price alert function helps users stay on top of their favorite stocks.

 

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You can also access charting tools from the quote page. WeBull charting tools scored highly on our review. Users can easily switch between a basic line chart and an ‘advanced’ chart that uses candlesticks. The chart has several preset time periods clearly displayed, so users can switch between daily, weekly, monthly, and yearly charts. WeBull even allows users to compare equities and charts.

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Opening the full-screen advanced chart unlocks an arsenal of indicators and other technical analysis tools. Choose from commonly used indicators like MACD, RSI, Ichimoku Cloud, and many more. Users can customize indicators to fit their personal preferences too. For example, I like to use a 15/30-day MACD instead of the traditional 12/26-day model, and WeBull makes it easy to input these values. Users can customize just about any of WeBull’s technical analysis tools to fit their style of investing.

Trading With WeBull

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Trade Ticket

Next, our WeBull Review will cover trading on the mobile app. Once a user decides to buy a stock, they can simply press the ‘trade’ button and a trade ticket for the ticker you’re viewing will be displayed. Alternatively, users can open a trade ticket from the main menu and enter the ticker symbol manually.

Input a ticker symbol into the ticket to displays important pricing information on a stock.  WeBull users can view portfolio positions and open orders from the trade ticket by simply switching tabs. The user interface makes it easy to assess your portfolio on the fly, saving you precious seconds to make better snap decisions.

WeBull offers free extended hours trading. Users can make late and early session trades by selecting ‘yes’ on the ‘Extended Hours’ option before entering their trade.  Previously, the app did not allow you to enter GTC (‘good-til-canceled’) orders, but the developers must have been listening to user feedback. Now, you can enter GTC orders or set your order to expire at the end of the day. The stop-loss/take-profit feature is also very useful for setting entry and exit points in advance. It’s a great way to stick to your strategy and it prevents traders from making bad decisions in the heat of the moment.

Real-Time Price Quotes

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By default, WeBull prices are set using real-time data from NASDAQ Last Sale, but there are additional options for users looking for more timely price insights. Users can easily upgrade to NASDAQ Basic or National Best Bid & Offer quotes directly from the app. NASDAQ Basic is an upgraded version of ‘Last Sale’ that offers enhanced quote information; including one set of national ‘best bid and offers'(BBO), enhanced transaction analysis, and more. You can upgrade to NASDAQ Basic for $2.99 per month or $31.99 annually.

NASDAQ National Best Bid & Offer is the premium quoting option available through WeBull. For $9.99 per month, users can access unlimited national best bid/offers. NASDAQ Basic only reports BBO information for one exchange, but National BBO includes data from all 13 major U.S. exchanges. It also offers data on time of sale and provides pre-market trading quotes.

This WeBull Review has to give props for the amount of data the app provides during the trading process. In-application access to premium NASDAQ price quotes is another feature that sets WeBull’s analysis tools in a class of their own. Even if you don’t use the app to trade, the analysis tools are good enough to make the platform your primary mobile research application. Research tools are WeBull’s strong suit.

Paper Trading with WeBull

WeBull users have access to a full-featured simulator where they can use real-time price data to sharpen their skills with paper trading. Users can enter their own purchase price, so it’s great for testing trading strategies and analyzing ‘what-if’ scenarios.

If you’re new to training or want to sharpen your skills, WeBull’s paper trading application is a great place to start. Paper trading helps investors improve their trading skills without risking any cash, so WeBull is great for beginners. Users can even participate in paper trading competitions for the chance to win real cash prizes.

Customer Service

WeBull customer service is available via email and phone. The home office is in New York City, in the Financial District. During the time I spent using the app, I had to reach out to customer service for an issue and I found them to be very polite and helpful. Surprisingly, my call went directly to a live human being. The representative was very helpful and addressed my issue quickly and satisfactorily.  Based on the dealings I’ve had with both Robinhood and WeBull customer service departments, WeBull takes the win in this review.

WeBull Review: Closing Thoughts

WeBull has a ton of great research features and the app is very user-friendly. The comments and other social features make it easy for users to interact with a community of like-minded investors. It has everything you need to keep up on the market while you’re on the go. Robinhood has improved their analysis tools as of late, but WeBull still seems to have more.

It might not be a problem for most traders but, if you want to trade anything other than stocks and ETFs, WeBull isn’t going to cut it. Robinhood users can trade options and cryptocurrencies for free, but WeBull only allows exchange-listed stock trading. Neither platform allows access to OTC securities, so users are limited to NASDAQ & NYSE listed equities.

Overall, WeBull can’t challenge Robinhood for the top spot. However, if you only trade exchange-listed stocks and you’re looking for an alternative to Robinhood, WeBull is worth giving a shot. The WeBull team is constantly rolling out new features and updates, and you never know what they are going to roll out next.

Final Verdict

Final Score:          B-

WeBull only provides limited access to the markets, but it has other benefits that make it a worthwhile option for basic stock traders. Awesome research tools and a user-friendly interface score some points for WeBull, but it’s nowhere close to being a ‘Robinhood Killer’ just yet.

Maybe one-day WeBull will rollout features that catapult it to top of its class but, until then, it will be living in Robinhood’s shadow.

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