Webull Introduction
Webull is an online trading app that enables investors to invest in international markets. The Webull brand has a global presence now launching in Australia. With access to cash share trading, options and other investing methods there are many options available to investors. In this article I will be reviewing the pros and cons to the Webull App. I have been wanting to write this review for a while however the app has only recently been offered to Australian Investors.
There are many different trading apps to choose from when selected the right online broker therefore you need to do your own independent research. I write articles and reviews of different platforms via the Wage Investor Instagram page or facebook profile. If you would like access to some of the other rewards on offer head to the link in the Instagram bio for more information.
I have summarised below some of the pros and cons to the Webull trading app. If you would like a review of the popular brokers in the marketplace read the article here.
Webull Pros
- Fractional investing available
- Commission free trading of US shares (T&C’s Apply)
- No monthly fees
- User friendly interface in app
- Easy to setup an account
Webull Cons
- Cannot trade on the ASX
- Fee to convert currencies
- New to the market with less trading options
When I tried the app I found the installation and registering an account to be a quick and easy process. There are the right ID and security checks in placed verifying you as a user providing a more secure platform for all users. I also found the currency conversion process quick and easy converting AUS to USD in a matter of moments. There was a small fee charged however this is standard practice when converting between currencies online. Depositing funds from the bank account to the app was a quick process with the confirmation being approved in minutes. I received an email to let me know that the funds had been deposited into the trading app account. If people choose the fractional investing option via the platform, markets must be open before securing a trade on the platform.
Webull is also currently offering a promotion for Australian investors from 17/12/2022-05/01/2023. An Australian individual can open a Webull Australia brokerage account. By making an initial deposit of at-least $100 AUD and executing a buy trade the promotion offers a reward ranging from US $40 – US$150 in a FREE US fractional shares. Please refer to the website for further terms and conditions on their rewards promotion. You can also get access to commission free trades for 90 days. This requires you to execute at least 10 US Stocks or Options buy trade within 90 days after deposit.
If you would like to register a Webull account you can head to the Webull homepage. Disclaimer, as this is an invite a friend link I would receive a small reward on the referral of the account. Please do you own research first to ensure that financial decision made is right for your investing needs. This article is general in nature and not specific to your unique circumstances or considered financial advice.
Webull Summary
Whilst Webull is new to the Australian Market it has been available to US traders. Therefore it already has experience in international markets. There are many other brokers that offer a similar service. For instance online brokers such as Etoro, Stake, Super Hero, Pearler and Self Wealth also offer trading in the US market. Therefore, it is important you discuss any investment decisions with a licensed professional advisor to get the right advice. For a general overview of passive investments head to the Wage Investor blog to learn more on your journey to financial independence.
Images sourced from Upsplash: piggybank.ca
