WEBULL: The Ultimate Review 2020 [From a Financial Advisor]
You probably clicked on the WEBULL: The Ultimate Review 2020 [From a Financial Advisor] article because you're interested in learning more about Webull. Well, you're in the right place.
How many people like it when a large chunk of their investment money is paid in fees?
Certainly, no one. Precisely, this is a major reason why Webull was created in 2017.
I’m a former financial advisor for one of the largest broker dealers in the US and I’m here to review and give my honest opinion on Webull from an advisor perspective. I will tell you the ins and out and if Webull is a safe investment platform to use.
What is Webull?
This U.S. based fintech start-up offers zero-fee or discount brokerage services. Regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), Webull is considered as one of the safest to bid on.
Webull equips its users with the tools and information required for investing money, and that too without any cost. No fees or commission is charged to the trades, and the app makes it easy to be vigilant about the market and your stocks in the portfolio.
They also offer a FREE stock up to $1,600 when you open an account with them!
So, if you are new in investing, there is no other better alternative than Webull, with great options of investment and years of experience in successful trading.
If you are interested to know Webull’s complete review and if it is safe for you or not, then continue reading as we will delve into the details and provide the answer of every question that you are seeking.
So, let us start with its functioning method.
How Does Webull Work?
1. Set Up Your Account
To start investing with Webull, you will be asked to set up an account. Like other platforms, Webull also needs an email address or your mobile number for sign up.
2. Email Verification
Once done with the email or mobile sign up, you will be asked to provide the information and the verification of code they sent.
It is important to mention here that only those who have the legal residential address of the U.S. and China can open their accounts. You will also be requested to enter your social security number (SSN), if not, you can enter your taxpayer identification number if you have one.
3. Employment Details
Next, you will need to enter your employment details. If you are still a student, choose that option from the drop-down box from employment status. After this, select your industry and enter your employer's name.
4. Investment Strategy
In the next phase, Webull will ask some question to gauge your investment strategy. It is completely fine if you’re new to investing, as these questions are still relevant and will tell Webull your objective and time frame of investing.
5. Financial Information
Lastly, you will be asked to put your financial details including your net worth and your annual income. Do not worry as this data will be safe and secure, and will help Webull to make the site work best for you.
6. Wait For Account To Be Verified
Once you provide all the information, Webull will verify your identity. This is under the standards of SEC and FINRA regulations. The verification of your identity will consist of three steps: your driver's license, state ID and a recent picture of you.
Although there are plenty of investment apps, Webull surpasses them all with its unique features. Some of its most notable features include:
- Low cost: Webull does not cost you a lot of fees or commission. In fact, there is zero commission and monthly deposits are minimums, which allow you to put more money in your portfolio.
- Paper Trading: This might be my favorite feature. Webull allows you to trade with paper (fake) money when you create a free account. This allows you to get comfortable investing on the platform and experience it with zero risk to you.
- Quick account approval: If you have state-issued photo ID, getting approval is a piece of cake. Just put some basic information and you are good to go. Plus you get a free stock as part of their account opening promotion!
- Self-directed platform: When on Webull, you have the complete control of building and managing your portfolio. The platform is desktop and mobile friendly. They make it very simple to invest for beginners.
- Easy-to-use builder: Building your portfolio is a breeze on Webull. You will walk through the whole process which fits your goals and preferences (similar to what a financial advisor would do with you).
- Access to top-quality resources: On Webull, you get access to a dashboard that gives a real-time, visual presentation of how the market is performing. You can also add Webull free stocks to watchlist and keep an eye on them before you bid.
Is Webull Safe to Use?
Some people feel nervous about signing up and handing money to an online brokerage. This feeling is totally normal, but know that Webull is a platform which takes strong measures to protect the assets and investments on their platform.
As already mentioned, Webull works under the regulations of the SEC and is a member of FINRA and SIPC. Additionally, Apex clearing provides additional insurance, with limits up to $37.5 million per customer.
Who is Webull Best For?
Although Webull is for every type of investor, young and active investors can get more from it with all of the features available. However, I'm more of a passive investor and absolutely love Webull.
Webull is ideal for young investors as a starting point. It is a great way to learn the market and stay on top of your investing game by using the paper trading services.
Those who are willing to spend their time on the Webull dashboard have the best chance to manage their investments successfully. Monitor your progress daily and get most out of it. This pertains more to day traders. Most investors such as myself should not be monitoring the platform every day because investing for us is a long-term play.
Advantages and Disadvantages of Using Webull
- No commission: Webull does not deduct any fee or commission on the trades you make
- Two free stocks: Valued up to $1,400!
- Plenty of research resources: You will get a chance to learn the market while you are making money. I can’t recommend the paper trading services enough for beginnners.
- Only online: You cannot take your trades out of the app. Everything is confined to Webull app only.
- Completely self-guided: Building and managing your portfolio will entirely be upon you. You don’t have an advisor pointing you in the right direction.
Who Should not Use Webull?
- Investors who like personal management
Unlike traditional investing, Webull does not allow you to have a trusted broker building and managing your portfolio. So, if you are someone that wants the guidance of an advisor holding your hand at every step, Webull (or any investment platform) is likely not for you.
- International Traders
If you are out of the U.S. or China, you should look elsewhere for your platform of choice.
My Final Thoughts
If you couldn't tell already, I'm a huge advocate of Webull and believe it's the most innovative platform available today. Not only is it safe, but there are an abundance of resources available for beginners. It also has the functionality and tools needed for more advanced investors.
The heart of Webull is its dashboard. Once you have set up your account, you can buy and sell your Webull stocks directly from within the dashboard.
For those that want to get comfortable using the platform without risking their own money, paper trading services are at your finger tips. Try it out HERE
Amazing Promotional Bonus
They also give you a free stock valued up to $1,600 for opening an account. Imagine getting a share of Apple just for signing up for free. Now that is tough to pass up.
Yes, I come from the advisor world and there are certainly benefits of working with an advisor, but it is definitely not a requirement to have success with your investments.
The tools and resources on these platforms are improving every day and it would be silly to pay an advisor 1% to manage your portfolio if you have a buy and hold strategy for the next 30 years.
Advisors are essentially behavior specialists because much of their time spent is managing clientele behavior. If you can stomach the highs and lows of the market and are in it for the long haul, Webull is an excellent option for you that you can scale with over time.
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