Webull is a no-fee and low brokerage digital broker that aims to deliver professional-level trading data and platforms that is accessible for every person.
As a result, they have become a leading competitor to Robinhood, targeting similar customers.
It is registered with the Securities and Exchange Commission (SEC) and it is a member of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), making it a legitimate service for the public.
To register a new account, customers can do so through an app on their phone and in most cases can be approved to trade within one hour (but it can take longer in some cases when a customer’s application is required to have further verification).
Funds can be transferred to your Webull account using a simple bank transfer, with no minimum deposit required, unless seeking to use leverage or short assets, at which point a $2,000 minimum applies.
So what do you get if you sign up to Webull and does it also include Options?
Unlike most other brokers, Webull aims to provide many professional features absolutely free.
It offers news, real-time market data, tools for analysis, and trading commissions all for free.
For analysis, the following technical indicators are available free of charge
- Exponential moving averages (EMA)
- Bollinger Bands
- Money Flow Index
- MACD
- RSI
In addition, the following data and research tools are also available:
- News
- Press releases
- Analyst recommendations
- Historical EPS
- Revenue data
- Insider holdings and transactions
- Financial calendars
- Stock screeners
- Watchlist and alerts
It also offers a number of other features you would normally only see with much larger brokerage houses such as margin trading, extended-hours trading, and the ability to sell short.
With a plethora of free trading tools and data, the platform allows even amateur traders to play on a more level playing field with the professionals.
In terms of assets that can be traded on the platform, Webull began only with stocks and it was true that for a long time, stocks were all that you could trade on the platform.
That all changed in March 2020 when Webull debuted options trading after listening to customer feedback and working on the company’s overarching goal of becoming the top destination for all traders.
It was launched following a successful Beta testing period which enjoyed an overwhelmingly positive response from users who had signed up for the initial testing.
Traders seeking to trade in options can do so from 9:30 am to 4:00 pm ET every trading day.
Approval to trade options takes about one business day and the platform offers a stock’s full option chain, together with sophisticated charting solutions.
Webull is also currently working on expanding into Level 3 Options Trading which will allow it to offer customers even more complex order types.
Following the successful launch of its options trading, Webull is also looking to expand into cryptocurrencies such as bitcoins and litecoins.
When comparing Webull to Robinhood I see that Webull had 4.85 million visitors in July 2020 compared to 42.59 million for Robinhood.
Trade safe!
Disclaimer: The information above is for educational purposes only and should not be treated as investment advice. The strategy presented would not be suitable for investors who are not familiar with exchange traded options. Any readers interested in this strategy should do their own research and seek advice from a licensed financial adviser.
