This combination of gamification and social media keeps users engaged without requiring them to actively trade. These Webull points can be redeemed for entries to paper trading competitions, in which users construct fake portfolios to win real money. Webull encourages users to make predictions about the future rise or fall of individual stocks by awarding Webull points to those with correct predictions. The community is set up like a proprietary Twitter feed: Users comment on stock news or individual stocks, and they also have the ability to post reactions to price changes. The Webull community is a unique aspect of this platform. New users get three months’ complimentary access to Level 2 data afterward, it costs $1.99 per month. Level 2 data shows the scope of bid/ask prices for a given security. All users have access to Level 1 trading data that includes the highest bid information. Webull provides users two tiers of market data. Interfaces on each are broadly similar, easy to use and simple to navigate. The clear, minimalist interface helps keep all of the charts, graphs and data sources from feeling overwhelming for new investors.īesides its excellent mobile app, Webull offers a web-based platform and a downloadable desktop platform. Webull’s mobile app is very well designed and user friendly. In addition, Webull only charges margin accounts interest for leveraged positions held overnight. The average margin interest rate for Webull customers is 6.17%. Webull’s margin interest rates are relatively competitive. Similarly, the “free” trading for crypto means that any prices that display have a 1% commission baked into them for Webull. So the $0 price tag on trades may come at the cost of having potentially slower trade execution or suboptimal prices for your orders. While payment for order flow can sometimes provide better prices or faster trades, it’s not a given-and Webull gets compensated whether the trades are beneficial to its users or not. That means Webull fills buy and sell orders via a third-party marketmaker, which pays Webull for the order flow. Similarly to many other online brokerage platforms, Webull’s commission-free trading comes with an important caveat: The firm receives payment for order flow. But not everyone can access this trading: You must be approved to trade options after filling out an application that gauges your knowledge of options, your risk tolerance and financial resources and your investment experience. Unlike most other online brokerages, Webull charges no commissions or contract fees for options trading. There are no inactivity fees or monthly maintenance fees either. Like the vast majority of online brokerage platforms today, Webull charges no trading commissions on stocks and exchange-traded funds ( ETFs). That said, intermediate investors might be better served by the advanced features offered by the best online brokers. We feel that intermediate investors might get the most out of Webull-people with some trading experience who like the mobile-first brokerage experience but are frustrated by Robinhood’s limitations. Just be warned that there’s no good way to move your coins off the platform, hindering its usefulness for anybody who’s serious about crypto trading. Webull has a decent line-up of 11 cryptocurrencies and plans to offer more in the future-and it charges relatively competitive commissions on crypto trades for a beginner-friendly platform. The customer service experience is also subpar. You cannot buy mutual funds or bonds on Webull, and there is no futures or foreign exchange ( forex) trading. Compared to the best online brokers for beginners, there is a relative dearth of educational materials, leaving inexperienced investors to go off-app to pursue self-directed learning-although they can always turn to the Webull community. There are some big drawbacks to Webull, however. It’s also clear from our analysis that the Webull platform offers more features than Robinhood, including things like individual retirement accounts ( IRAs), watch lists, alerts, screeners, paper trading and advanced charting options. In both platform design and marketing focus, it’s clear that Webull is competing directly with Robinhood for the business of newbie investors. Think of it like an in-house Twitter that can help you learn about trading. To this end, a thriving user community is baked into the platform. Webull is narrowly focused on doing one thing well: Offering a mobile brokerage app that makes stock trading, buying cryptocurrency and options trading easy for new investors.
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