Is Webull Legit and a Safe Trading Platform to Use?
Published May 25, 2021.
Webull is a stock trading app that is getting popular pretty fast, has zero commission, and offers plenty of benefits that other apps simply don’t. If you have any interest in the stock market, you should definitely check it out.
The answer is yes, Webull is safe, legit, and a good stock trading app for both beginners and advanced traders.
Why it is safe
Webull can be considered safe because it is regulated by top-tier financial authorities and provides a maximum of $500,000 investor protection, including a $250,000 limit for cash under the Securities Investor Protection Corporation's (SIPC) protection scheme.
Fees and Wiring
You can buy and sell stocks for free with no commission fees. You can also withdraw your money to your bank account via an ACH transfer with no fees, or you can opt to pay a small wire fee if you want to get the money into your bank account quicker.
For Advanced Traders
This platform is mainly is a great choice for more advanced active traders, offering in-depth charting, dozens of technical indicators, advanced orders, top tier market data from NASDAQ, customization, and more. All of this is packaged up in an approachable, sleek platform.
Pros
The company has made rapid progress building out its offerings: Three years ago, it introduced an individual retirement account, and just this year, it rolled out cryptocurrency and options trading.
Cons
The only thing investors don't like about Webull's product portfolio is that it's limited, covering only US stocks, ETFs, and options. Another con is that they don’t offer fractional shares, but they have announced that it's coming soon.
In Conclusion: Good News
If you are going to register on this platform, good news incoming: They are giving new users 2 free stocks when opening an account and putting in at least 100 USD. The stocks are valued at around 1850 USD, giving you a nice head start in your trading career.
