Webull Review · 2026

What is Webull?

Webull is a multi-asset digital brokerage owned by Webull Corporation, a Nasdaq-listed holding company that trades under the ticker BULL. The group operates through licensed local entities in the United States, United Kingdom, Australia, Singapore, Hong Kong, Japan, and South Africa, with its US arm, Webull Financial LLC, headquartered at 44 Wall Street, New York. Webull Corporation went public on Nasdaq in April 2025 after a SPAC merger with SK Growth Opportunities.

The platform launched its US service in 2018 as a low-cost alternative to traditional brokers, with a proprietary desktop terminal and mobile app aimed at active retail traders. Webull reports 25.9 million registered users and 4.7 million funded accounts across its global entities (figures published by Webull Corporation, Q3 2025).

The group offers stocks, exchange-traded funds, options, futures, and crypto in the United States, with the instrument set varying by jurisdiction. Webull does not offer retail spot forex, or currency trading, in any of its current markets; readers searching for forex pairs on Webull will find currency exposure only via futures contracts on the US futures arm.

Which regulators license Webull?

Webull operates through seven separately licensed entities across Tier-1 jurisdictions. Each local entity is supervised by its national regulator and offers compensation cover under the local investor protection scheme.

• SEC (US Securities and Exchange Commission) and FINRA (Financial Industry Regulatory Authority): Webull Financial LLC, SEC# 8-69978, FINRA CRD# 289063, active registration on FINRA BrokerCheck. US client cash and securities are covered by SIPC up to $500,000 (including a $250,000 cash sub-limit).
• FCA (UK Financial Conduct Authority): Webull UK Limited, FRN 961285, active. UK client funds are covered by the FSCS scheme up to £85,000 per person, per firm.
• ASIC (Australian Securities and Investments Commission): Webull Securities (Australia) Pty Ltd, AFSL 536127, active.
• MAS (Monetary Authority of Singapore): Webull Securities (Singapore) Pte. Ltd. holds a Capital Markets Services Licence under the Securities and Futures Act 2001, listed on the MAS financial institutions register.
• SFC (Securities and Futures Commission of Hong Kong): Webull Securities Limited, CE No. BNG700, holding Type 1, Type 2, and Type 4 licences.
• JFSA (Financial Services Agency of Japan): Webull Securities Japan Co., Ltd., registered as a Type I Financial Instruments Business operator.
• FSCA (South Africa Financial Sector Conduct Authority): Webull Securities (South Africa) (Pty) Ltd, authorised as a Financial Services Provider.

Webull Financial LLC paid a $3 million fine to FINRA in February 2023 over a 2018-2021 supervisory finding involving customer options-account approval procedures (source: FINRA disciplinary letter, 2023). No active warning is listed against any Webull entity on the FCA Warning List, ASIC banned-list, or CySEC public-warning page on the scan date.

What trading platforms does Webull offer?

Webull runs on its own proprietary stack rather than third-party platforms. The trader chooses among four delivery channels:

• Webull Desktop: a Windows and macOS terminal aimed at active traders, with multi-monitor layouts, level 2 market depth (paid add-on in the US), and direct routing options.
• Webull Web: the browser version, with the same charting toolkit and order types.
• Webull Mobile: native iOS and Android apps, the channel most users open accounts on.
• Webull Lite: a streamlined mobile app for users who want a simpler buy/sell flow.

Webull does not offer MT4 or MT5 (MetaTrader 4 and MetaTrader 5), the platforms most retail forex traders default to, and it does not support cTrader or TradingView account integration. Charting includes 50+ technical indicators, 12 chart types, and full-screen analysis on both desktop and mobile, with paper-trading available in parallel to the live account.

What account types does Webull offer?

Webull offers four core account models on the US platform, with the available set varying by country.

Cash account

A cash account, where the trader uses settled cash only, with no borrowing. This is the default account for new US users and the only model available to clients under 21 in some states. Pattern Day Trading restrictions do not apply to cash accounts.

Margin account

A margin account, where the broker lends against the trader's portfolio, requires a $2,000 minimum equity to enable and a $25,000 floor to day-trade without Pattern Day Trading limits, per FINRA rules. Webull's margin rates run on a tiered schedule starting at 9.74% (debit balance under $25,000) and falling to 5.74% above $3 million.

IRA account

An IRA (Individual Retirement Account) is available to US clients across Traditional, Roth, and Rollover types. Webull does not currently charge an account fee or annual maintenance fee on IRA accounts.

Paper trading account

A demo account with no time limit and a reset virtual balance, available to any user with a Webull login.

What is Webull's minimum deposit?

Webull's account-opening minimum deposit is $0 for cash and IRA accounts in all served jurisdictions. The trader can fund the account in any amount and start placing orders once cleared funds settle, typically T+1 for ACH transfers in the US.

Margin accounts require a $2,000 minimum equity to activate borrowing, per Regulation T. Day trading on margin requires the FINRA-set $25,000 floor; falling below it locks the account out of new day trades until equity is restored.

Deposit and withdrawal methods

Webull supports a narrow set of payment rails focused on bank transfers. Cards and e-wallets are not accepted in the US.

• ACH (US Automated Clearing House): free deposit and free withdrawal, two to three business days to settle. The headline funding route for US users.
• Domestic wire: deposits free, outgoing wires cost $25 per transfer in the US. Same-day settlement.
• International wire: deposits cost up to $12.50, outgoing wires cost $45. Two to five business days.
• Faster Payments: free for UK clients on Webull UK Limited.
• Crypto deposit and withdrawal: available on the crypto sub-account, with on-chain network fees passed through.

Webull charges $75 to transfer assets out of the account via ACATS (Automated Customer Account Transfer Service), the standard broker-to-broker portfolio transfer route. Partial ACATS transfers carry the same fee.

Tradeable instruments

Webull's instrument set on the US platform covers five asset classes. Spot forex is not among them.

• US equities: roughly 8,000 stocks across NYSE, Nasdaq, and OTC markets.
• ETFs: more than 3,000 exchange-traded funds, including fractional shares from $5.
• Options: single-leg and multi-leg US-listed options on equities and ETFs, with $0 contract commission.
• Futures: micro and standard futures contracts via Webull's futures arm, covering CME equity index, energy, metals, and FX-cross contracts (the closest currency-trading route on Webull).
• Crypto: spot crypto in select US states via a separate crypto sub-account.

Webull UK and Webull Australia carry a narrower instrument list focused on US-listed stocks and ETFs, with no options or futures access for local retail clients on the launch product. Webull does not offer Contracts for Difference (CFDs) in any jurisdiction.

Spread and commission structure

Webull runs a commission-free model on US stocks, ETFs, and options. Commissions and pass-through fees are concentrated on options, futures, and regulatory passthroughs.

• US stocks and ETFs: $0 commission, $0 contract fee.
• US options: $0 contract commission, but US clients still pay the standard regulatory pass-throughs (ORF, OCC clearing fee, SEC fee, FINRA TAF), which together come to roughly $0.05-$0.15 per contract.
• Futures: $1.25 per side per contract on standard futures and $0.50 per side on micro contracts, plus exchange and NFA fees.
• Crypto: no per-trade commission. Webull builds a markup into the displayed price, currently advertised as approximately 1% spread.

Because Webull does not offer spot forex, there is no forex pip spread to report. Currency exposure through CME FX futures uses the underlying exchange's market spread plus the standard futures commission above.

How does Webull's customer support work?

Webull's US support runs through three channels: in-app chat, email, and phone at +1 888 828 0618, available 24 hours a day on weekdays. The UK, Singapore, Hong Kong, and Australian entities run local-hours support in English, with Webull Hong Kong adding Cantonese and Mandarin coverage.

User-aggregate ratings for Webull's mobile app sit in the 4.4-4.7 / 5 band on the major iOS and Android app stores (scan date 2026-05-19), but customer-service response time is the most common complaint theme in user reviews, particularly around withdrawal delays and KYC re-verification requests. Webull does not currently offer a dedicated relationship manager for retail accounts.

Webull mobile app and trading experience

Webull's mobile app is the channel most users transact through and the product Webull is best known for. Charting on mobile carries the same indicator set as desktop, with stop-loss, take-profit, trailing-stop, and bracket-order types available on equities and options.

Two-factor authentication is mandatory at login, with biometric (Face ID, fingerprint) unlock available on both iOS and Android. Real-time market data on US equities is included at no charge under exchange agreement; level 2 depth (the second tier of the order book) and Nasdaq TotalView are optional paid add-ons starting at $1.99 per month.

Webull fees beyond the spread

Webull's published fee schedule lists the recurring and incidental fees most US retail accounts encounter:

• Inactivity fee: none.
• Account-opening fee: $0.
• Annual account fee: $0 on cash, margin, and IRA accounts.
• ACAT outgoing transfer: $75 (full or partial).
• Domestic wire-out: $25; international wire-out: $45.
• Paper statement: $5 per statement (electronic statements are free).
• Margin interest: 5.74%-9.74% tiered by debit balance.
• Regulatory pass-throughs on US equities and options: SEC fee, FINRA TAF, ORF, OCC clearing fee (cents per trade).

Webull does not currently run a deposit bonus or rebate scheme on US accounts; promotions are usually free-share giveaways on first deposit, with terms published on the broker's official site.

Who is Webull best for?

Webull suits active US retail traders who want commission-free stocks, ETFs, and options on a single proprietary platform with strong mobile charting. The Nasdaq-listed parent, multi-jurisdiction licensing, and SIPC cover up to $500,000 give US clients the same protection floor as the larger US broker incumbents.

The platform is a poor fit for retail forex traders. Webull does not offer spot forex pairs, does not run MT4 or MT5, and exposes currency markets only through CME FX futures, which sit outside the workflow most retail forex traders use. Traders centered on MetaTrader-based EA automation or sub-1-pip ECN forex spreads will not find a match here.

Mid-tier UK, Australian, Singapore, and Hong Kong investors who want US-market access through a locally licensed entity are the second clear fit. The narrower local product (US equities and ETFs without options or futures in some markets) suits buy-and-hold accounts more than active multi-asset traders.

Forex and derivative products carry high leverage; some or all invested capital may be lost. This content is for information only, not investment advice. Verify the broker's current regulation status with the relevant authority's official site before any investment decision.