Updated March 2020. Webull is a brokerage app (PC and web version also available) that has unlimited free stock trades with no platform fees, free real-time quotes, and no minimum balance requirement. As of March 2020, it has now added $0 options trades with $0 per contract fees. (Fidelity, Schwab, and TD Ameritrade all still charge $0.65 per contract.)
The free stock and options trades make it similar to Robinhood, but Webull seems like more of a full-featured traditional brokerage shrunk down into an app. Robinhood has a sleeker minimalist feel, while Webull has a ton of options for real-time stock quotes, technical indicators, charting, etc. Webull has traditional margin accounts that allow shorting. You can’t short stocks at all on Robinhood. Most importantly to me, Webull has customer service available via 24/7 Live Chat or phone number. Robinhood only has an e-mail address. (Robinhood also crashed all day last week Monday…)
Free stock bonus and transfer fee reimbursement. New users who are referred by another user can now get two free shares of stock:
- First share worth between $2.50 and $250 for opening an account.
- Second share worth between $12 to $1,400 for depositing ANY amount (even $1).
Here is my Webull referral link. It’s like a lottery where most people will get an $8 stock like Teva Pharmaceutical (TEVA), but you also have a small chance at something better. The referrer gets 3 free shares of stock under the current promotion. Thanks if you use it! I have received shares of TEVA, SNAP, SBUX, VG, and even one AAPL. After you get the new user bonus, you can refer other people as well.
Webull will also reimburse you up to $100 in transfer fees if you move at least $2,000 worth of assets over to them.
Here are the full odds for the opening share bonus:
$2.50 to $10 value, odds are ~1:1.02
$10 to $50 value, odds are ~1:52.63
$80 to $100 value, odds are ~1:1111.11
$100 to $20 value, odds are ~1:10,000
Here are the full odds for the opening deposit bonus:
$12 to $30 value, odds are ~1:1.02
$30 to $100 value, odds are ~1:52.63
$100 to $200 value, odds are ~1:1111.11
$1,000 to $1,400 value, odds are ~1:10,000
You will need to sign-up initially either with a phone number or e-mail address, and then open an account after downloading the app (Android or iOS). Webull is a real SIPC-insured broker, and the application is the same (name, address, SSN, work questions, investing experience questions, etc).
Bottom line. Webull is a new entrant to the world of free stock trading apps, and now offers free options trading as well with no contract fees. The feel is more of a full-featured traditional brokerage account in app form as compared to competitor Robinhood. New users who open an account and deposit any amount can also grab a 2 free shares of stock. You can get $100 in transfer fees reimbursed if you move over at least $2,000 in assets.
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