Webull Review 2021: Pros, Cons and How It Compares

Webull has some of the lowest fees among brokerages, without skimping on advanced trading tools. Despite the low costs, it may not be the best brokerage for beginners.
Chris DavisOct 12, 2021

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Our Take

4.5

NerdWallet rating 

The bottom line: Webull will appeal to the mobile-first generation of casual investors with its slick interface for desktop and mobile apps, but the brokerage also delivers an impressive array of tools for active traders. However, its relatively weak educational content may leave true beginners in the lurch, and it lacks access to a few common asset classes.

Webull

on Webull's website

on Webull's website

Fees

$0

per trade

Account Minimum

$0

Promotion

$5 SHIB and 2 free stocks worth up to $2,300

after opening a Webull account, activating crypto trading, and completing 1 crypto trade before 10/30/21.

Pros & Cons

Pros

  • Low costs.
  • Easy-to-use platform.
  • Advanced tools.
  • Access to cryptocurrency.

Cons

  • No mutual funds.
  • Thin educational support.

Compare to Similar Brokers

Webull
Fidelity
SoFi Active Investing
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Fees

$0

per trade

Fees

$0

per trade for online U.S. stocks and ETFs

Fees

$0

per trade

Account Minimum

$0

Account Minimum

$0

Account Minimum

$0

Promotion

$5 SHIB and 2 free stocks worth up to $2,300

after opening a Webull account, activating crypto trading, and completing 1 crypto trade before 10/30/21.

Promotion

Get $100

when you open a new, eligible Fidelity account with $50 or more. Use code FIDELITY100. Limited time offer. Terms apply.

Promotion

$5 to $1,000

in free stock for users who sign up via mobile app

Get more smart money moves — straight to your inbox

Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love.

Full Review

Where Webull shines

Low cost: Webull ranks among the best in terms of costs, with not only free stock trades, but $0-commission options trades and no per-contract fee, either.

Advanced tools: Webull was built to be user-friendly for a mobile-first generation, but that doesn’t come at the expense of advanced charting and screener tools.

Access to cryptocurrency: Few brokerages offer direct access to cryptocurrencies, but Webull currently has 11 available for trading.

Appeals to a broad audience: In some ways, the company seems to have taken cues from modern forerunners like Robinhood, which appeal to new and casual investors who expect a great mobile experience and a clean, simplified desktop interface. But Webull is also a strong choice for more advanced active traders, offering in-depth charting, dozens of technical indicators, advanced orders, Level II market data from Nasdaq, customization and more. All of this is packaged up in an approachable, sleek platform.

Where Webull falls short

No mutual funds: If you’re looking for the easy diversification of mutual funds, you won't find them at Webull.

Thin educational support: Webull is taking steps to offer more educational content, but compared with other more established brokerages, its educational resources are still lacking.

Cash management: Webull offers no interest on uninvested cash, has no default fund for uninvested cash, nor any ancillary banking or cash management product to make up for this, as some brokers do (such as Ally Invest and Robinhood). In other words, any uninvested cash will sit idle with no chance to grow. That said, many default sweep interest rates are currently a paltry 0.01%, so in today’s climate, the line between offering interest on uninvested cash and not doing so is pretty thin.

Webull is best for

  • Intermediate investors.

  • Active traders.

  • Options traders.

  • Cryptocurrency traders.

Webull at a glance

Account minimum

$0.

Stock trading costs

$0.

Options trades

$0.

Account fees (annual, transfer, closing, inactivity)

No annual or inactivity fees; $75 full/partial transfer fee.

Tradable securities

  • Stocks.

  • ETFs.

  • Options.

  • ADRs.

Crypto offering

Webull offers access to 11 cryptocurrencies.

Number of no-transaction-fee mutual funds

Not rated.

Trading platform

Browser-based and downloadable desktop platforms available with advanced charts, indicators, screeners and customization.

Mobile app

Mobile app offers advanced features including charts and indicators, paper trading, price alerts and voice command.

Research and data

News, research and analysis available from Nasdaq Totalview, Thomson Reuters, Refinitiv, Lipper, OPRA (real-time quotes available free with one or more options trades per month), OTC Bulletin Board.

Customer support options (includes how easy it is to find key details on the website)

24/7 phone and email, chat available in mobile app.

More details about Webull's ratings

Account minimum: 5 out of 5 stars

There is no account minimum at Webull.

Stock trading costs: 5 out of 5 stars

Webull ranks high in terms of cost, with no account minimum and free trades on stocks, exchange-traded funds and American depository receipts.

Options trades: 5 out of 5 stars

Webull is among the few brokerages that offer free options trades. Customers aren’t charged a per-trade commission nor a per-contract fee.

Account fees: 3 out of 5 stars

One account fee you might want to watch out for is Webull’s transfer fee. Whether you’re transferring all of your assets from Webull to another brokerage or just a few, you’ll be charged a $75 transfer fee. However, you won’t pay any annual or inactivity fee at Webull.

Tradable securities: 1 out of 5 stars

Despite a robust offering for active traders, Webull lacks access to some common securities, such as mutual funds and bonds. For investors interested in saving for retirement in an IRA, this could make it harder to truly diversify across assets traditionally found in a retirement portfolio.

Crypto offering: 5 out of 5 stars

Webull gives investors the ability to trade 11 cryptocurrencies. However, it's important to note that currently, users can't send or receive coins to or from their Webull account. The only option is to sell for USD if you want to withdraw. While this doesn't affect Webull's crypto score when compared with other stock brokerages, it's one reason Webull doesn't score as well on our roundup of the best crypto exchanges and platforms. Cryptocurrencies available on Webull include: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, Zcash, Stella Lumens, Ethereum Classic, Cardano, Dash, and Shiba Inu.

Number of no-transaction-fee mutual funds: Not rated.

Webull does not offer any mutual funds.

Trading platform: 5 out of 5 stars

New investors might be overwhelmed by the number of charts, graphs, indicators and screens at their disposal, but thanks to the clear interface, someone with even a little bit of experience can quickly start to figure it out.

And this really is where Webull excels: marrying the minimalist look and feel the mobile-first generation is accustomed to with the capabilities of a more advanced product. This also helps Webull achieve the somewhat unique feat of creating a platform that bridges intermediate level trading and advanced trading, ushering users along their investment journey as they gain more experience.

Mobile app: 5 out of 5 stars

Webull has a highly rated mobile app, which makes sense, considering it’s targeting mobile-first customers. Within the app, users can access advanced features, like charts and indicators, a paper trading account and voice command functionality.

Research and data: 3 out of 5 stars

Webull doesn’t offer a huge selection of third-party research, but it does provide news, research and analysis from strong sources, including Nasdaq TotalView, Reuters, Refinitiv and Lipper.

Customer support options: 4.5 out of 5 stars

Webull offers 24/7 customer support via phone and email.

Is Webull right for you?

If you’re a true beginner, or if you’ve yet to build a well-diversified, long-term portfolio, there may be other brokers better suited for you. However, if you’ve got an intermediate level of experience, are interested in active trading or are hoping to improve your trading skills through advanced orders and technical analysis, Webull could be a good fit — especially considering its low price point compared with brokers with similar offerings.

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on Webull's website