Forex, or foreign currency exchange, is a process of changing one currency into another. It’s similar to stock market trading, only here you trade with foreign currencies. As one of the leading brokerages, Webull offers many trading options.
But can you trade forex on Webull? Webull currently doesn’t support forex trading. You can trade stock and exchange-traded funds (ETF), options, and cryptocurrencies on the platform, but trading in mutual funds, forex, bonds, or OTC stocks is not supported.
Nevertheless, there are plenty of options for trade on Webull – a commission-free mobile app-based brokerage company, excellent for advanced traders.
Here is more information about trading crypto, penny stocks and OTC on Webull.
Let’s find out more about this platform.
Can You Trade Forex on Webull?
Many people have asked me, “Can I trade forex on Webull?” As I mentioned, Webull doesn’t allow forex trading, but you can deal with other things commission-free and during extended hours.
Webull is a US-based financial company that allows brokers to trade with US stocks, ETFs, ADRs, and options.
Webull is not a global broker, and its main focus is on the US Stock Market. Like most US-based brokers, Forex trading is not in focus due to complicated regulations regarding forex trading.
But even though right now forex trading is not available right now, it is not excluded that it will not be available in the future.
Where Can I Trade Forex in the US?
When it comes to Forex trading in the US, regulations are imposed by the Commodities and Futures Trading Commission (CFTC) and National Futures Association (NFA).
Compared to forex brokers from the rest of the world, these rules are pretty strict, which is why most brokers don’t offer this kind of trade.
And even though it is not prohibited by the law for US citizens to trade forex off-shore, it is advisable to trade with brokers that are regulated by the CFTC and NFA.
Here are the most popular regulated forex brokers available in the US:
- TD Ameritrade,
- Interactive Brokers.
Best Forex Brokers US Comparison
Like with all online brokers, available services on the platform can vary. So, before you decide where to start your trading, take a look at what each of these platforms offers.
|Name of Forex broker||IG||TD Ameritrade||Interactive Brokers||FOREX.com|
|Accept US citizens||Yes||Yes||Yes||Yes|
|Total Forex Pairs Offered:||91||75||115||84|
Is Forex Trade Available on Robinhood?
Robinhood is among the popular platforms because of the educational tools available on the website. If you want to trade forex on Robinhood, that will not be possible.
Robinhood does not support forex trading, and there is a question in line if it ever will.
You can still trade stocks, ETFs, and cryptocurrencies but not forex.
Does Ameritrade Allow Forex Trading?
The answer is yes, TD Ameritrade allows forex trading 23 hours a day, six days a week. Ameritrade allows commission-free trading with no hidden fees.
Once you open an account, you will get access to a Thinkorswim platform where you can trade forex, stocks, futures, and other investments.
Even though there is no minimum deposit per se, you will need at least $2,000 to have access to certain features and privileges.
Also, Ameritrade has a mobile trading technology where you can monitor your trades and trade from your smartphone.
Can I Trade Forex on Thinkorswim?
As we mentioned above, the Thinkorswim platform allows you to trade forex. Access to the platform is available through an Ameritrade account, it is easy to learn how to use, and it has a lot of learning tools where you can build up your skills in forex trading.
Also, a forex specialist can help you if you have any questions regarding forex exchange via chat or phone.
Can I Paper Trade Forex on Webull?
All Webull users have an option to use paper trading.
However, Webull doesn’t you to paper trade forex. The only securities that are available for paper trading are ETFs and stocks.
But if you wish to paper trade Forex to get some practice in this kind of investment, there are plenty of options you can try.
Here are some of them:
- TD Ameritrade,
- Interactive Brokers.
How to Add Funds to Webull?
If you wonder how to add money to a Webull account, the process is simple. Those who still don’t know how to deposit money on Webull can do it easily with a wire transfer or by using ACH.
You can transfer $50,000 per day, but keep in mind that each ACH transfer takes four business days to settle.
Before your deposit arrives in your account, Webull provides a partial amount in the form of credit. With this amount, all Webull clients have immediate buying power.
If you have stocks that you want to transfer on Webull, you will be happy to hear that Webull has ACATS or (Automated Customer Account Transfer Service) for security transfer.
However, only US stocks, ADRs, options, and ETFs are accepted. Mutual funds, crypto-currencies, and bonds are not supported.
Should I Trade With Webull?
Even though Webull doesn’t have some features, it is still one of the most popular apps and platforms for the stock market, crypto, and ETFs. It provides commission-free trade and has minimal deposits you need to place.
Webull is great for those who like day trading and pre-hour and extended-hour traders. If you really wish to invest in mutual funds, there are plenty of other great platforms, while you can use Webull for stock and other options.
The platform is user-friendly, and it has a lot of tools that can be useful for those who are just beginning to invest. In the end, Webull’s commission-free trading and account maintenance will pay off even if you rarely ever use your account.
Just keep in mind that Webull will not give you any interest on cash balances stored on the account. It is only fair, given the fact you won’t be charged any fees.