Webull Review

Webull Review

12 min read

Want a Webull Free Stock? Who wouldn’t? Webull announced a free stock promotion in which they’re giving away two stocks valued at $1600 each for free on an initial deposit of $100 or more. But is this stock as good as it claims? Companies that have previously given out these kinds of stock promotions have quickly ended up on the verge of Bankruptcy. Is WeBull prepared to handle the influx of traders with zero earnings in the form of commissions?

WeBull is a broker for trading stocks, ETF‘s and options. It also is a growing in popularity in the trading trading community due to the fact that it offers its customers a free stock promotion. This is where new users can receive free stocks if they open and fund their account with an initial deposit of at least $100.

The US-based fintech startup offers its customers zero fees and discount brokerage services. If you’re asking if its safe to use Webull, yes, it is.

The broker is regulated by the SEC (Securities and Exchange commission) and FINRA (Financial Industry Regulation Authority). We’ve been using Webull for a few years now and we love it!

Webull Website

Who Is Webull?

The Webull app quickly became a hit with our Facebook group users, and we noticed that more and more Robinhood stock traders were beginning to try them out…and like them!

Some even jumping ship. The main reason being Webull provides a lot more charting and platform features that the Robinhood web platform does not. Webull actually has a software program for your desktop, where Robinhood does not.

The CEO Anthony M. Denier has a lot of global brokerage service experience working with multiple big name firms such as Credit Suisse.

The reputation and direction of the company is solid in our opinion as you’ll see in our Webull review. We’re giving you the green light to use them if you’ve been on the fence, it’s time to give them a try.

The major draw of the company is the commission free trading in well over 5,000 different stocks and ETFs. Also they have forex and futures!  People on Robinhood trading options may want to take a look at Webull too.

Unfortunately there is no Crypto and only limited OTC stocks.  As well as mutual funds, bonds, but they are always working on adding more securities.

The options trading feature is now available and the whole team is stoked about it, as its commission free option trading to compete against Robinhood. (learn how to invest in stocks for beginners with little money).

What Does Webull Cost? (Pricing Review)

Yes, Webull is really free. Free trades are great right? Yes, of course they are! The fees add up, with other brokers and for active traders with large or small accounts, this is a nice way to grow your account while not paying the buying and selling fees. Another great feature is there is no account maintenance fees, platform fees or data fees.

That’s right, no special upgrade to get you into a free app and then charge you for more features. You get what you get and there are no surprise fees. Webull foots the bill.

Furthermore there is no minimum, no charges to open or maintain your account. That is huge for new traders and investors who are just getting started in the process to learn stock trading.

How Safe Is Webull?

In terms of safety, WeBull is considered a safe program because it’s regulated by top-tier financial authorities. They provide a maximum of $500,000 investor protection, including a $250,000 limit for cash as part of the SIPC protection scheme.

The company is also the broker-dealer arm of a Chinese company called Hunan Fumi Information Technology Co, founded in 2016 with an angel round of funding led by Xiaomi, a massive mobile electronics company.

In our Webull free stock review, you’ll find that another peace of mind is that they give you is security. Webull uses state-of-the-art security measures when handling your information. Everything is encrypted, and never shared with advertisers. Also I noticed that when you forget your password they have a great two factor system to get your password reset. Customer service is VERY responsive to emails. No complaints whenever I had a question!

Shorting, Stocks, Options

That all being said, WeBull also has low trading fees, and the fee structure is also transparent and easy to understand. The company also charges its customers with a financing rate; or a margin rate where you trade on margin or short stock.

Customers are typically charged around 7% annually for stocks and options. And the financing rate is volume tied. The more your debt balance, the lower the financing rate will be charged.

Also, WeBull doesn’t charge any fees for its options trading, and it also doesn’t charge its customers anything for inactivity.

The base currency for WeBull is the USD, which is ideal for people who have an account in USD because then they won’t be charged a conversion fee. If you don’t have a USD account, then you will be charged for conversion fees.

Mobile App

Webull’s mobile app has become so good. When compared to Robinhood, there simply is no comparison for the tools available and the overall user interface.

Take a look at the video below for some proof of this. It gives you so many different scanners and insights into the stock market. All very nicely organized in a “market update” kind of feel. Very intuitive and easy to navigate. Bravo Webull.

You have to note that the free stock reward is completely random and based on a lottery system. The free stock will also be credited into your account within five days of being claimed.

And the broker also cautions that stock price fluctuations may also alter these changes. Therefore, it’s not risk free.

Is Webull Better Than Robinood?

Webull and Robinhood are both reputable and good companies. They each offer their positives and negatives. Robinhood doesn’t offer a simulator and Webull does. Webull also has some better tools over Robinhood as well.

How to Get a Free Stock: Funding With $100

The best way to get a free stock is by opening an account on WeBull through our referral link and then fund that account with $100 on your initial deposit. The free stock will be between $8 and $1600. Keep in mind you must fund your account within 30 days of the account opening or else you’ll miss out on the opportunity.

The signup process is straightforward, and you need to sign up with an email address or a phone number. You download the app available on iOS and Android and then fill in all the typical account brokerage information. Once you’ve filled in all the information correctly, your account will be available to you in a few minutes.

The type of account you decide to open is essential as well. If you choose to open a regular cash account, then there is no minimum balance requirement, but if you opt for a margin trading account, you will have to put in $2000 as the minimum balance for that account.

IMPORTANT! You will need to make an initial deposit of $100 once the account gets approved. Once you make the deposit, you are now eligible for the reward.

What You Need To Know

According to the website, there are a couple of facts that you need to know about the free stock promotion on offer right now.

The stock price is subject to fluctuations in the stock market, and during the activity, customers will only get a free stock for opening their first brokerage account.

The reward program inventory is also composed of stocks that have a minimum market capitalization of $2.5 billion, and these stocks are listed on either the NYSE listed or the NASDAQ listed markets, and the current program inventory is also composed of widely held, widely recognized brand names and also of consumer and service-related industries.

The Deposit Bonus Promotion is only applicable under the WeBull cash and Margin accounts. You are not eligible for the promotion if you register for any other account, such as the WeBull IRAs account.You will win something, and getting something is always better than getting nothing. There are no fees for the account is inactive or lying dormant; therefore, you don’t have to worry too much. This makes it a great broker for casual traders, or long term investors.

The Webull Mobile platform has all the indicators you need! We love Ichimoku and MACD for swing trading.

Webull Referral Program

Once you open your WeBull account, you can also refer it to your friends and family to get additional free stocks, and for each new WeBull user you invite, you receive three free stocks valued between $8 and $1600.

After making an initial deposit of $100, the new user will also get a free stock valued between $8 and $1600, so it is a win-win situation.

If you manage to get three users to join in the WeBull platform, you’ll also be able to receive an additional three free stocks.

Which means the more friends you refer, the higher your chance of getting a free stock valued up to $1400. All of this means that if you get three people to deposit $100 to WeBull, you will receive a total of 9 free stocks!

All you need to do to refer your friends to be a part of the WeBull stock program is to go to “my free stock” and check the terms for the invitation bonus, and then you can click on refer my friends where the app will generate you a tracking link that you can send to your friends to sign up.

Why Is Webull Offering Free Stocks?

It is quite natural to wonder why WeBull would offer its customers so much and what could WeBull possibly have to gain from an offer like this.

WeBull is a relatively new brokerage company that was founded in 2018 and is based in New York City. The brokerage uses this strategy as a means of customer acquisition to compete with the large and major players in the industry.

It’s no secret that the brokerage wars are hot right now. All of the major brokers are competing heavily for your business and are willing to do just about anything within their means to get you to join.

That being said, companies often use this strategy all around the globe to acquire new users and to also gain market share in the brokerage industry.

WeBull is also using this strategy to compete with industry players like Robinhood. New fintech brokerages have taken the industry by storm, and they have also been able to cut down on fees massively; and WeBull has zero commissions for trading stocks and ETFs.

Fintech firms like WeBull make their money through different methods: offering paid subscriptions to market quotations and making around $4.99 per month or $53.99 a year.

WeBull is also aware that specific consumers will also be interested in the premium services they have to offer. The number of consumers that will be interested in their premium services will help them recover the initial investment made to provide them with free stocks. Not to mention, it’s probably a tax write off or marketing fee for them to offer the free stocks to you – so a win-win.

The home screen is among the best in the industry.

Limitless or Limitations?

We know Webull sounds pretty limitless with that they offer. You’re probably like us and realizing that they might be an excellent brokerage with the most advanced technologies.

But it still has some limitations. These limitations, however, are not uncommon, and almost every brokerage has one limit or the another.

While you can trade over 5000 stocks, options and ETFs, you, however, cannot trade over-the-counter stocks, mutual funds, or bonds. You are also limited to market, limit, and stop-limit orders. For the general investor, this is not a deal breaker.

The trading on this brokerage also has an extended hours option, both pre-market and after hours. It’s actually among the best in the industry allowing you to trade at 4am EST (premarket).

The platform may not have any commissions on trades, but it still has fees. The SEC and FINRA both charge a fee, and WeBull passes it on to its consumers.

You can only use bank transfer (ACH) for deposit or withdrawals, and no credit cards or electronic wallets are provided.

While the brokerage does provide call support and customer care services, these services are hard to reach, and there is no live chat option available. At certain times it may take 15 – 45 minutes to get a rep on the phone. You’ll be notified what number you are in the queue when you call, which is nice.

The fees for wire transfers is also considerably higher, so if you’re in a rush to withdraw or fund, you’ll pay extra for it.

Getting a Webull Free Stock Is Worth It

In summary, the promotion is an excellent opportunity for everyone. You should at least try out this platform and fund it with a modest amount, even if you don’t end up winning stocks worth $1600 (we’re looking at you $GOOGL!).

Webull Stock Price and Symbol: Are They Publicly Traded?

Investors cannot purchase shares of Webull because the company is privately held.

Webull Review Final Thoughts

We’ve been using Webull now for most of the last few years, and we wish we tried it out sooner. The user interface and market data is quick. Orders execute fast enough for day trading and swing trading.

Though you should always be extra careful when trading volatile stocks, especially low floats. For the investor and swing trader, its a no brainer. There are plenty of indicators for an experienced trader, though there are less than some of the bigger names. We like to use TrendSpider for charting anyhow.

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