As one of the latest mobile brokerage apps, Webull is growing steadily, and more people are drawn to its features. One of the common questions new users might have is how long it will take to be approved on Webull, so they can start investing or trading.
How long does Webull take to approve? New Webull account members are approved within 24 hours. However, it can take a little longer, like two days, if there is need for additional verification.
We answer this and offer some essential information about the platform like signing up, Webull fees, pros and also limitations.
Since its introduction, Webull has experienced a healthy growth spurt. By 2020, the platform has more than 11 million registered users. They also have more than 750,000 daily users.
After deciding to start trading on Webull, the first thing you need to do to get started is opening an account.
To open your account, you need to get to their website and then follow this simple process.
- Click on Open an account or the Signup button to go to the setup screen.
- Provide the basic information requested, such as name, phone number, address and social security.
- Accept the Webull user terms of agreement for your account to get submitted for approval.
- Once approved, you will receive a confirmation email.
How long does Approval Take?
Webull approval does not take too long. New users are usually approved within an hour if everything goes smoothly. Their official approval window is within 24 hours.
However, there are some cases where approval may take longer than expected because they have to verify some documents.
Can Your Application Be Rejected?
Yes. There are various reasons behind it, but in many cases, it’s because of an error when applying. For example, entering some information incorrectly during the application can make it rejected.
Examples of such mistakes are; entering the wrong postal code for the address or using a blurry or invalid ID.
Account Opening and Maintenance Fees?
Opening your account with Webull is completely free. Webull also does not charge any maintenance fees for your account or even fees for account inactivity.
So, you can take a break from investing without worrying about your account accruing fees. Webull also does not charge fees for transfers to your bank account.
Does Webull have a Minimum Initial Deposit?
Webull does not require users to have a deposit to activate their accounts. Furthermore, because they don’t have maintenance fees, you can have a $0 balance without the risk of inactivity penalties.
However, this only applies to basic accounts.
People who opt for Margin accounts need a minimum balance of $2000, an industry-standard requirement.
If you don’t have enough money deposited into your account, you won’t have enough buying power to trade on Webull.
Other Fees and Commissions
Webull does not charge commission an any U.S stock trades, unlike its competitors.
However, they do have FINRA and SEC fees that users need to be aware of.
- For SEC fees, users incur a $13 fee for up to $1000,000 of principal stock on sales and a minimum of $0.01.
- FINRA fees. Users also incur a $0.000119 trading activity fee per share on stock sales with a minimum of $0.01 up to $5.95.
Is Webull for You?
Webull is an exciting option for new users because of its various features, but as an individual, you need to ask yourself, is Webull for me?
To make that decision, here’s what you need to know.
First, Webull is a reliable solution for both intermediate and experienced investors/traders. So what does it mean for Novices and newcomers in investing? The platform’s design can be somewhat advanced for novice traders and can require some time to learn.
Webull offers various courses in trading that users can use to get more acquainted with trading. They also provide a trading simulator that users can use for practice and familiarize themselves with the world of trading and investments buying buying or shorting stocks.
The trading simulator/demo account offers real-time data that novice or beginner traders can learn about how the market works and even develop their trading plans.
One essential thing to note is that Webull does not offer a hands-off investing experience. Some people want to invest, but they prefer being hands-off and opt for automated investing accounts.
Webull does not have that and will require users to be more hands-on with their investing. On the bright side, they offer a variety of tools users can benefit from like
- analyst recommendations,
- historical earnings per data,
- key statistics,
- insider trades,
- stock information, e.g, earnings, dividends, stock splits
- a news feed to keep track of news that can affect your stocks
A Sum Up of Webull Pros
Webull has some interesting features beneficial to users, but the platform also has some limitations users need to weigh up. Analyzing them should give you an idea of whether Webull suits your needs.
Let’s start with the Pros
- No commission
- Free stocks, ETFs and options
- You can trade everything from one account, including crypto
- 24/7 crypto trading
- Provides Real-time data for free
- It has a customizable layout
- Offers Multiple charts and indicators to help analyze the market
- Has a community tab to interact with others
- 24/7 customer support.
- Allows 2-factor authentication
Even though it has so many unique attributes, clients should consider some of their significant shortcomings before choosing the platform for trading. These include;
- There are no mutual funds
- Limited educational resources
- You can only use bank transfers for deposits
- A limited product portfolio
- Lacks education savings accounts, joint brokerage accounts and automated savings options
- Webull does not support DRIP
Webull is appealing to casual investors with its unique interface that can easily be customized. Its array of tools are also beneficial for active traders who are its recommended users.
For beginners, it might be a challenge to get started even with their educational content. So it would be advisable for them to find more starter friendly solutions and then switch to Webull once you know your stuff.
But you can also choose to start with Webull, take your time, and learn to use the platform while enjoying its various perks.