Webull sells a broad mix of investment products, including stocks, options, exchange-traded funds (ETFs), and fractional shares. ETFs are baskets of securities that can give you exposure to a mix of assets in one go. Webull's fractional share offering also makes investing more affordable.
Like many top stock brokers, Webull offers commission-free trades on stocks and ETFs and does not require a minimum deposit. One area where it stands out are its $0 options fees, which is unusual for a broker. Options trading is a more advanced investment strategy that involves buying or selling contracts rather than the underlying stock.
If you're new to investing, it's better to stick to buying stocks and ETFs. You can get started with these four easy steps.
1. Open a Webull account
Before you can buy stocks on Webull, you need to open an account. It's pretty straightforward. Start by entering your name and phone number, then Webull will send you a confirmation code. Once you've entered it, you can start your application.
You'll need to decide which type of account you would like to open. Webull offers individual cash and margin brokerage accounts, as well as IRAs, Roth IRAs, and Rollover IRAs. You can also open a robo-advisor account or one that's designed specifically for futures trading.
You will need to provide the following:
- Personal information, such as full name, address, date of birth, marital status
- Social Security number
- Email address
- Marital status
- Details about your employment and financial status
- Investment experience and objectives
During the process, you'll need to use your cellphone to take a picture of your ID, such as your passport or driver's license. Webull may also contact you to ask for additional documents.
2. Fund your account
Once Webull approves your application, the next step is to deposit money. The most common way to do this is by transferring money from your bank account -- also known as an ACH deposit. You'll need to link and verify your U.S. bank account to begin the process.
ACH deposits are free, but it can take a few days for your money to come through. However, Webull has an "Instant Buying Power" feature, which allows you to trade up to a certain amount before the deposit settles. Webull also accepts wire transfers, which are much quicker but incur a fee.
You can also transfer cash and securities from another brokerage to Webull. This is a slightly more complicated process that can take five to seven business days. Webull does not support deposits via credit card, prepaid card, or PayPal.
3. Choose your stocks or ETFs
Now you have an account and you've put money in it, you're ready to buy stocks. If you don't know what you want to buy, take some time to research. There are lots of resources out there -- including Webull's educational section -- to help you understand your investment goals and risk tolerance.
Webull has a number of charting tools, a news feed, analyst opinions, and company data. That said, it doesn't give access to analyst notes, so you might look elsewhere for more detailed research. One interesting feature for new investors is Webull's paper trading simulator, which lets you test out strategies without using real money.
If you aren't confident about buying individual stocks, consider one of the many types of ETFs on offer. You might choose one that tracks an index such as the S&P 500, one that contains commodities, or follows a specific industry. ETFs can be a good, low-cost way for new investors to build a diversified portfolio.
4. Place your first order
You can buy stocks from Webull's desktop platform or mobile investment app. Webull is best known for its mobile app, but it also has a web-based WebTrade interface that you don't need to download. To place an order, first open your account and search for the asset you want to buy.
Click on "Trade" or "Create new order." The interface is slightly different depending on what platform you use. The order page lets you specify either the number of shares you want to buy or the dollar amount you want to spend. If you specify a dollar amount, you'll be buying fractional shares.
You can place various types of orders on Webull. These two are the most useful for new investors:
- Market order: This will execute straight away and you'll pay the current market price.
- Limit order: This lets you set the maximum price you want to buy the stock for. You'll also need to set the time frame that you want the order to run for.
Webull's regular trading hours are between 9:30 a.m. and 4 p.m. Eastern time on business days. If you are placing a limit order, you can check the extended trading hours box to access additional hours pre-market and after-market.
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