Webull review for Australians: Features, fees, pros and cons (2024)

FAQs

Webull review for Australians: Features, fees, pros and cons? ›

Webull overview

Webull offers a strong platform for those interested in starting their investment journey, in the Australian and US markets. Its user-friendly interface includes a wide range of research tools, and the option to purchase fractional shares at reasonable trading fees, making it easily accessible for new investors.

Webull matches its competitors when it comes to free stock/ETF trading and affordable options trading. It also shares their flaws, including subpar execution prices that indirectly boost your trading costs. CFDs are banned in the US. If you are a US resident, you will not be able to trade CFDs at Webull.

No inactivity fee, no withdrawal fee

It charges neither an account or an inactivity fee. For transferring out securities from your account, Webull charges a $75 fee. There is no deposit or withdrawal fee if you use ACH (electronic) transfer.

Webull is a safe online trading platform regulated by the SEC and FINRA. It's equipped with two-factor authentication and provides up to $500,000 in SIPC insurance.

Webull is focused on offering a user-friendly trading platform that makes stock trading and options trading accessible for both new and experienced investors in Australia. The platform provides a suite of tools to help you invest, including real-time market data and advanced charting options.

Webull is owned by Hunan Fumi Information Technology, a Chinese holding company that has received backing from Xiaomi, Shunwei Capital, and other private equity investors in China. Webull's holding company is incorporated in the Cayman Islands and headquartered in St. Petersburg, Florida.

Webull no longer offers completely-free trades on all options — they still do not charge a commission, and equity options are still no-contract-fee, but they do now charge a per-contract fee of $0.55 on index options. However, that's still lower than the fees charged by many other brokers.

Quick Look at the Best Webull Alternatives:

Best for Trading Ideas: Public.com. Best for Global Capacity: Interactive Brokers. Best for Simple Trading: Robinhood. Best for Futures Trading: TradeStation.

Is Webull safe to give SSN? ›

Yes, you can trust Webull with your Social Security number. Webull uses top-of-the-line encryption to protect your data. In addition, the company's privacy policy states that it shares personal information, like Social Security numbers, only with third-party analytics companies such as Google Analytics.

Webull will not charge any fee on providing fund withdrawal service , all bank charges will be deducted from the withdraw amount.

The stocks in your Webull account are held in 'street name' through Apex Clearing. This means that the brokerage firm holds your securities in its own name or under another nominee, not directly in your name. However, they maintain records that identify you as the real or 'beneficial owner' of these securities.

You can withdraw funds from Webull any time

Let me start with the good news: Webull is considered a legit and trustworthy broker, where your money is in good hands, and you can withdraw it whenever you want to.

Cons: Where Webull could improve

Along the same lines, the broker does not offer mutual funds, which may make it a deal-breaker for some investors, but likely won't be a detriment to short-term traders. Nor does it offer forex. These elements may not matter to certain investors, but they're worth noting.

FAQ Detail. Can I Use Webull for Trading While Traveling Abroad? Webull Financial LLC does not open or maintain accounts for persons residing outside the United States.

Select a broker or trading platform: Choose a broker or platform that provides access to US markets. Register and verify: Open a trading account with your chosen broker, providing necessary ID for verification. Add funds to your account: Deposit funds, making sure to account for currency exchange from AUD to USD.

Directly investing in US shares provides you with more control as to which companies you would like exposure to. If you already have ASX shares as part of your portfolio, then being able to precisely dictate which sectors and companies you gain exposure to through US shares is valuable for risk sizing.