Webull Account Opening and More Useful Information (2024)

FAQs

What information do you need to open a Webull account? ›

In order to verify your identity we will ask for copies of your driver's license, passport, permanent resident card, state ID, or visa. Invalid forms of ID include, but are not limited to, military IDs, firearm licenses, and insurance cards. We may also ask you to provide additional documents if necessary.

If your account opening application is rejected, Webull Securities will send the reason for rejection to your account opening email address. Please check and modify your information and resubmit the application. If you have any further questions, please feel free to contact us via the APP.

Your account should be approved within 1 to 3 business days. However, if your application requires additional verification, it may take more than 3 business days to be approved.

Do you need SSN for Webull? No, you do not need SSN for Webull. If you are not a US citizen or do not want to provide SSN, you can provide an Individual Taxpayer Identification Number (ITIN) to a Webull broker.

Yes. If you do not have a Social Security Number, Webull also accepts Individual Taxpayer Identification Numbers (ITINs).

You can start with a minimum deposit of $100. How do I fund my Webull Smart Advisor account?

Does Webull affect my credit score? No, applying for or having a Webull account should not impact your credit score. They do run a soft credit check for background check purposes. However, a soft credit check is not a scoring factor that should negatively impact your credit score.

The simple answer is yes. Webull isn't just user-friendly, but it has a number of important protections in place to make sure both your money and your identity are safe and secure.

Yes. Webull clients are covered by SIPC and FDIC insurance, and bank-grade level personal protection. Webull is as safe as every other investing platform. For these reasons, Webull is an excellent choice for mobile-centric investors.

How long does it take to get your money from Webull? ›

2) Click Withdraw on the Banking widget. An ACH withdrawal usually takes 1-2 business days to complete.

Costs. Webull is a no cost broker, not a low cost broker. The company offers commission-free trading in stocks, ETFs, and listed options, and it does not charge a fee for account minimums or for its robust platforms and tools. Webull's margin rates are also competitive.

Webull charges $0 for withdrawal. The withdrawal process is usually executed within 2 days. Webull is a reliable broker, regulated by at least one top-tier regulator. You can only withdraw funds to accounts in your name.

The answer is YES! Through an Individual Taxpayer Identification Number or (ITIN), people who do not have social security numbers can open investment accounts. Brokerage companies such as Vanguard, Charles Schwab, and Fidelity allow individuals with ITINs to open investment accounts. Read below to learn more.

Why do I need to submit personal information to open a brokerage account? Webull complies with the SEC customer identification program. This program requires the broker to verify the identity of any person seeking to open an account and to maintain records of their information.

To own stock in a brokerage account, you are required under federal law (the Patriot Act) to provide your Social Security number. This information is used to verify your identity and prevent the bad guys from gaining access to the stock market. Every brokerage must adhere to this requirement.

The SEC, via the 2001 USA PATRIOT Act, requires all financial institutions to verify and record your Social Security number in order to verify your identity. This helps identify and prevent potential terrorists and money launderers from gaining access to the stock markets.

Is Fidelity better than Webull? After testing 17 of the best online brokers over three months, Fidelity (98.22%) is better than Webull (85.09%). Our top pick overall for 2023, Fidelity is a value-driven online broker offering $0 trades, industry-leading research, excellent trading tools and an easy-to-use mobile app.

Bottom line: Both Webull Brokerage and Robinhood are two of the best online brokers for free stock trading. Webull is suited for investors interested in options trading and hands-off investing, whereas Robinhood is great for beginner active traders as one of the best investment apps for beginners.

Which bank does Webull use? ›

The process of funding your Webull account with a debit or a credit card is pretty much the same as with making a typical online payment. You'd simply have to provide your card details and set the payment in motion.

3) Transfer limit: The maximum amount per day for ACH deposits and withdrawals is $50,000 each. 4) Timing: Each transfer takes 3 - 4 business days to complete. However, after a deposit, you may have access to Instant Buying Power so you can start trading right away.

A Required Maintenance (RM) call is issued when the cash balance becomes negative in a cash account. It generally happens when the cash account is charged fees or interest. No provisional buying power will be credited from pending ACH deposits until the call is met.

After you buy stock, you own actual shares.

Webull will send you an email notifying you that your tax documents are ready for download. These documents show your overall trade outcomes for the year. You are then required to take that information and document it on your IRS tax forms. A copy of each form is sent directly from Webull to the IRS for verification.

The Stock Lending Income Program provides you with the opportunity to earn extra income on fully-paid stocks held in your account by allowing Webull to borrow certain stocks. While your shares are on loan, you will be paid an income that is accrued daily and credited to your account on a monthly basis.

You can close your trading account on both our mobile app and our website (www.webull.com). It usually takes 1-3 business days to be completed. Mobile APP: > Go to the homepage (Webull logo) > tap the three-bar icon on the top right > Scroll down to the Close Brokerage Account tab and continue.

Webull uses third-party advertising and analytics services (e.g., Google Analytics) to better understand your online activity and to provide you with content that is relevant to your interests and preferences.

Webull does not charge commissions for trading stocks, ETFs and options listed on U.S. exchanges. Webull does charge a $0.55 per contract fee applies for certain options trades.

What is the minimum withdrawal amount from Webull? ›

Note: Your withdrawal request will take 1 to 5 business days to complete. The exact settlement time may vary between banks. For TT withdrawals, there is a minimum withdrawal amount of USD50, SGD50 and HKD300 respectively.

On the Webull app, you can open a stock you hold and select the profit and loss summary to see your account's profit. Scroll up to see the components, proportions, and contributions of gains and losses to get a general view of your total investments.

Webull is owned by Fumi Technology, with headquarters in New York City and a tech team in Hunan, China. The company was founded by Wang Anquan, a Chinese executive with stints at Alibaba and Xiaomi on his resume.

Transfer Stocks from Webull (Outgoing): $75

If you make an outgoing ACAT transfer (cash and/or securities) to another broker, Apex, our clearing agent, will assess a $75.00 fee.

Webull offers crypto, and boasts some of the lowest fees among brokerages, but it lacks access to mutual funds. TD Ameritrade offers extensive educational materials and a wide variety of low-cost mutual funds, but no direct access to cryptocurrencies. NerdWallet's ratings are determined by our editorial team.

You have no limit to make day trades with your settled funds. However, please keep in mind, trades placed in a cash account require 2 business days for the funds to fully settle before they can be used to buy and sell again.

Common reasons are: 1) The beneficiary bank account is not yours. In that case, all the third-party wires will be rejected. 2) You have insufficient funds to cover the wire withdrawal fees.

At a Glance: Webull is a free trading platform, but certain fees apply for transactions, margins, and stocks. Trading fees include brokerage fees, financing rates, commissions, and spreads. Stock fees consist of transaction fees determined by SEC and regulatory fees set by FINRA.

Setting up a new account with Webull is done through their app, which you can download at Webull.com or on your phone's app store. Most account applications are approved within one hour. It can take longer if your application needs further verification.

If an account with equity less than $25,000 places 4 or more-day trades in a 5-business day period, it is flagged as a Pattern Day Trader (PDT). Once you are flagged as a PDT, your account will be permanently marked unless you request to have the flag lifted by resetting your PDT status.

How do I open an account on Webull? ›

This requirement was enacted when the Department of the Treasury and the Securities and Exchange Commission (SEC) established the USA Patriot Act in 2003. This act was implemented to safeguard investors and investment platforms against money laundering and potential acts of terrorism.

When you open a Webull account, you are required to set a 6-number password on your own. That is your trading password.

For non-U.S. bank accounts, the only way you can deposit into our brokerage is through an international wire transfer. Usually, you need to go through your bank platform to submit a wire transfer. The following bank account information will be required.

No fees. No minimum balance. Get a $100 reimbursem*nt when you transfer a brokerage account to Webull and $75 when you transfer your IRA account. Access to 1-month free of Level 2 Quotes (Nasdaq TotalView) for all new registrants.

Margin Accounts

You need to maintain a minimum of $2,000 of cash and/or marginable equity in a margin account to access the leverage (2X & 4X buying power). If your account value is $25,000 or more, you meet the criteria to be a pattern day trader. This means that you have unlimited day trades.

Does Webull affect my credit score? No, applying for or having a Webull account should not impact your credit score. They do run a soft credit check for background check purposes. However, a soft credit check is not a scoring factor that should negatively impact your credit score.

Webull is highly reliable and secure. It is a member of many financial institutions that regulate and ensure that it is functioning according to the laws and the secured customer assets. Webull regulations include: Regulated by the Securities and Exchange Commission (SEC) in the United States.

Yes. Webull clients are covered by SIPC and FDIC insurance, and bank-grade level personal protection. Webull is as safe as every other investing platform. For these reasons, Webull is an excellent choice for mobile-centric investors.

What can I use as address proof for Webull? ›

FAQ Detail. Apex's Employer Identification Number (EIN), or Federal Tax ID Number, is 13-2967453. You can also find this number on your Form 1099 tax document.

Webull will not charge any fee on providing fund withdrawal service , all bank charges will be deducted from the withdraw amount.