It’s the new year! With new opportunities to invest, is it also time for a new stock broker?
I’ve been using Webull to trade US stocks and options for two years now, and I’ve been pretty pleased with the results so far.
Commissions are very cheap.
It has all the options you would expect from a stock broker, and the app is one of the easiest to use (at least in my personal experience).
My last review on Webull was in early 2022 when they first opened up to Singapore investors.
Close to 2 years later – I wanted to share my updated experience with Webull.
And whether it’s worth opening a stock brokerage account with Webull.
Key Highlights of Webull
You can take a look at the highlights of Webull set out above.
For me personally, it comes down to 3 key highlights:
- Low costs (arguably the cheapest for US)
- Everything you need in a broker + access to US, Hong Kong, China, SGX markets
- One-stop easy to use app
Signup link is here, but you can read the rest of the review to check out my views on Webull.
Low costs
Webull commissions are competitive vs other brokers, and arguably the cheapest for US stocks.
I’ve compared the trade commissions for Webull against other key brokers below.
Long story short, is that this is a far cry from just 5 years ago where you were paying $25 per trade to buy a stock in the US (I still shudder to think of those days).
Webull’s commissions are competitive vs other low cost options available to you as a Singapore broker today.
In fact if you look at certain markets like US, it is arguable that Webull’s commissions are the most competitive.
Webull commissions are competitive vs other brokers (arguably the cheapest for US stocks)
|
Market |
Webull |
Interactive Brokers |
Tiger Brokers |
Moomoo (powered by Futu) |
|
US |
0.025% Total Trade Amount (Min. USD 0.50)
|
USD 0.005 per share (Min. USD 1/order) |
USD 0.005 per share (Min. USD 0.99/order) |
$0.99 / order |
|
Hong Kong |
0.03% Total Trade Amount (Min. HKD 12) |
0.08% (minimum HKD 18)
|
0.03% trade value (Min. HKD 7/order) |
0.03% (Min. HKD 3) HKD 15 / Order |
|
China |
0.02%*Total Trade Amount (Min. CNH 12)
|
Not available. |
0.06% (minimum $15) |
0.03%* Transaction amount (Min. 3CNH)/ Order |
|
Singapore (SGX) |
0.025% x Total Trade Amount (Min. SGD 0.80)
0.025% x Total Trade Amount (Min. SGD 0.80) |
0.08% of Trade Value (minimum SGD 2.50) |
0.03% trade value (Min. SGD 0.99/order)
|
0.03%* Transaction amount (Min. 0.99 / Order) |
Webull’s margin rates and options trading are very competitive
Options trading is very cheap as well at only $0.55 per contract, with no platform fee and minimum fee.
Other brokers may charge a minimum fee, as well as platform fees.
You also get free real time options pricing data with Webull which is big plus to have if you’re doing options trading.
In fact if you plan on trading on margin (borrowing money from the stock broker), Webull’s margin rates are very competitive.
You’re looking at 7.53% on USD, and 5.76% on USD.
These are better rates than many other brokers out there.
What are the Forex Fees for Webull?
I had a check with Webull’s Forex.
The rate they gave me was about 0.3% FX spread vs the interbank rate.
That’s in line with other low cost brokers like Tiger Brokers, Moomoo and FSMOne.
It’s not best in class like Interactive Brokers though (interbank rates), but do note that Interactive Brokers charges a minimum USD 2 fee for each FX exchange.
So IBKR is better if you’re changing very large sums, Webull is better if you’re changing smaller sums (no fixed fee).
All you would need in a broker
Having used Webull for about 2 years now, I’ve found Webull to have all the features I would need from a broker.
Webull Market Access – US, Hong Kong, China, Singapore
It has access to the primary markets of US and Hong Kong (China A-shares as well).
Webull is also opening up access to the Singapore market very soon – tentatively in the coming month (to include SGX).
Unfortunately, Webull doesn’t have access to the London Stock Exchange.
US-listed stocks, ETFs, and options can be traded on the Webull App.
For the US market, Webull also offers fractional trading.
This means you can buy less than one whole share, which is helpful for those investors looking to invest with smaller sums of money. This can also help those with a dollar cost averaging strategy.
You can also trade outside market hours on US extended trading hours (pre-market and after-hours trading).
Easy to use app (17+ chart tools, 60+ technical indicators, screeners and alerts)
Funny fact that a few years back, I was actually using Webull as my main watchlist, to get real time price data on US stocks.
This was even before Webull was open to Singapore investors – that’s how much I liked the Webull platform.
Safe to say that the pricing and chart data is comprehensive enough for most investors.
Charting tools, technical indicators, price alerts, almost every feature you would expect is available on Webull.
Webull also has a Moneybull feature – which is basically the autosweep tool that sweeps all excess cash into a market market fund.
The money market funds they use are:
- USD Cash Fund (annualised yield 5.41%*)
- SGD Cash Fund (annualised yield 3.83%*)
Given the competitive yields on cash these days, this is almost a must have feature for any broker, and it’s good to see Webull adapting with the times.
*T&Cs apply. Figures shown are based on 7-Day Yield (P.A.) of the USD Cash Fund and SGD Cash Fund in Moneybull as of 13 Oct 2023. Principal is not guaranteed. Returns are not guaranteed and not an indication of future performance. All investments involve risks and are not suitable for every investor. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Is Webull safe?
Some background on Webull:
Webull serves tens of millions of users from over 180 countries, providing retail investors 24/7 access to financial markets around the world.
Webull Singapore is part of the Webull corporation.
Incorporated in 2021, Webull Securities (Singapore) Pte. Ltd. is regulated by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services (CMS) Licence under the Securities and Futures Act 2001.
For me personally, I diversify my money across brokers.
I usually run 2 – 3 stock brokers (possibly more) at any one time, to help mitigate risk.
This also helps in the unlikely event that one broker has technical issues, in which case at least I have other brokers to rely on.
My views on Webull? Which stock brokers do I use?
Full disclosure that I myself use Webull, and I have been using them for the past 2 years.
I use Webull primarily for US stocks and options trading, and I use Webull alongside Interactive Brokers (my 2 main brokers for the US market).
For Singapore shares I prefer a CDP broker, as my Singapore shares are more buy and hold positions (rather than for trading).
So I use DBS Vickers Cash Upfront for Singapore shares, but it’s $10 minimum commission to buy, and $25 minimum commission to sell, so a low cost broker like Webull would be cheaper if you don’t need the CDP access.
Is it worth it to open a Webull stock broker account?
The commissions for Webull are very cheap, and definitely competitive vs all other low cost stock brokers available to a Singapore investor.
I don’t think you’ll be able to find a stock broker that is significantly cheaper than Webull.
The app is very easy to use too, and it has all the features you would expect from a stock broker.
And frankly – what more do you need in a stock broker?
So personally I use Webull as one of my stock brokers.
If you’re looking for a new stock broker, it’s well worth checking out Webull.
Webull Promotion for new customers
Webull is running a promotion for new customers.
Subscribe to at least USD 500 in Moneybull, and get up to 25 free shares*.
If you’re looking to transfer shares into Webull, you can get up to USD 2,200* in rewards by transferring USD 5,000 worth shares from other online brokerages to Webull. This promotion is applicable to both existing and new users.
Sign up for a WeBull Account here
Subscribe to at least USD 500 in Moneybull and fulfil requirements. You can get up to 25 free shares*.
If you’re looking to transfer shares into Webull, you can get up to USD 2,200* in rewards by transferring USD 5,000 worth shares from other online brokerages to Webull. This promotion is applicable to both existing users (who have not transferred in shares from other brokers before), and new users.
Rewards from now until 31 January 2024 include:
- Low commission and 0 platform fee*
- Subscribe to at least USD 500 in Moneybull and fulfil the requirements to get 25 free shares each worth USD 3 – 500*
- Subscribe to at least USD 2,000 in Moneybull and fulfil the requirements to get USD 80 cash vouchers*
- Subscribe to USD 100,000+ in Moneybull and fulfil the requirements to get USD 3,000 cash vouchers*
- Transfer in valued USD 5,000 and maintain to get free TSLA shares worth USD 1,000*
- Transfer in valued USD 25,000 and maintain to get free TSLA shares worth USD 2,000*
Free shares promo: FUND YOUR ACCOUNT TO GET UP TO 25 FREE SHARES* (webull.com.sg)
Moneybull offer: EARN UP TO USD 3000 CASH VOUCHERS* NOW (webull.com.sg)
Transfer-in deal: TRANSFER IN REWARDS* (webull.com.sg)
*T&Cs apply. Principal is not guaranteed. Returns are not guaranteed and not an indication of future performance. All investments involve risks and are not suitable for every investor. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Disclosure: This post is sponsored by Webull. All views and opinions expressed in this post are from Financial Horse.
The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. It does NOT constitute an offer or solicitation to purchase any investment or a recommendation to buy or sell a security. In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment. Do note that this is not financial advice. If you are in doubt as to the action you should take, please consult your stock broker or financial advisor.
Does webull allow to sell cash secured pits and covered calls
I dont believe so at this point in time, but I belive they are working to add this in.
If Webull can’t support the basic CSP & CC, what type of options do you normally trade with them?
Primarily to buy calls/puts. I use IBKR for the more complex options chains.
Is there any custodian fee and min trades in a month ect with WeBull? What happens when a customer passes? How will the investment portfolio be trasferred to next-of-kin (or according to Will)? I notice no one talks about this. Will be helpful to seniors like myself to know. Thank you.
No custodian fees / min trades.
If customer passes, it will be transferred according to the will. This is the same practice for all brokers in Singapore.