For those interested in long-term investments, I now wholeheartedly recommend Bitcoin as the primary option to consider.
However, it’s essential to educate yourself about this digital asset before diving in, as it can take time to fully grasp its intricacies and potential.
A fantastic starting point is the book “The Bitcoin Standard” (Amazon), which provides an in-depth look at the history, principles, and technology behind Bitcoin.
Once you’re ready to invest, most major exchanges offer similar fees and services, so choose one that best suits your needs. Personally, I use Crypto.com.
It’s crucial to transfer your Bitcoin to a secure wallet once you’ve made your purchase, as leaving it on an exchange can pose risks.
To truly make the most of your investment in Bitcoin, take the time to study and understand its workings. Your financial journey will benefit from a well-informed approach.
I wish you the best in your endeavors.
Michael J. Peterson
Webull is the robo-investor for technological investors looking for commission-free trades.
While you have many options for commission-free trades with robo-advisors today, none focus on technological investors like Webull.
I’ve reviewed Webull below so you can see the differences.
What is Webull?
Webull is a mobile platform that caters to technical traders. The founders created it to provide everyday investors with an affordable professional platform. They provide access to information that’s mostly reserved for professionals and wealthy investors.
Webull offers an incredible amount of research, tools, and analysis tools allowing everyone access to the most robust trading options available today.
How does it work?
All users must download the Webull app either through the app store or online and set up an account. It takes minutes to complete the application and Webull approves most accounts within an hour. If your account needs further verification, it may take longer.
Deposit and withdrawal
You can link your checking account to your Webull account and make deposits and withdrawals at any time. Withdrawals take a few days after they account for the ‘settling days’ after selling the assets. It may take a few days for the money to reach your account too.
The Webull interface is meant for experienced investors and/or those looking for robust charting and reporting options. You can have as much technical analysis and reporting as you desire, but like I said, it’s easy to get overwhelmed if you don’t already understand how most of this works.
You may open a taxable or retirement account, but for individuals only. Webull doesn’t offer joint accounts.
What can you trade?
Webull trades stocks, ETFs, and options. They have more than 5,000 stocks and ETFs to choose from but they don’t trade mutual funds.
As I stated above, Webull doesn’t charge commissions, which saves you quite a bit of money on your investments. But you will pay SEC and FINRA fees (they’re minimal) as well as margin fees if you invest on margin (borrow to invest). Margin rates range from 3.99 percent to 6.99 percent.
You may have cash in an account at Webull, but you don’t earn the interest – they do. It’s a good idea to have a portion of your portfolio in cash should you have an emergency, but be careful how much you keep in there since it’s not earning anything (at least for you).
Customer service is available through email. They don’t have a phone support option, but most people get an answer within one hour via email. If you need a more immediate answer, check out their robust FAQ page that contains many of the answers you may need.
If there’s an area Webull excels, it’s research. They have robust screeners and provide valuable information that technological investors need.
Not many robo-advisors offer much in the way of education, but Webull offers informative day trading courses and trading idea courses to help you further your career as an investor. They also have a trading simulator that allows you to play with ‘real’ money while playing the actual market.
Webull Pros and Cons
Is Webull secure?
Yes, Webull is a member of SIPC which insures you up to $500,000 ($250,000 in cash). They also have additional insurance from Apex Clearing, which insures investors up to $3.75 million so your money is protected.
Are there any fees to open a Webull IRA?
No, Webull doesn’t charge fees to open, fund, or close an IRA. You may open a traditional or Roth IRA. They also offer an option for a rollover IRA if you want to rollover an existing IRA or 401K.
Is there a fee to transfer funds?
ACH transfers are free, but you can only transfer up to $50,000 a day. If you need to transfer more, you are better off with a wire transfer as they have no maximum limits, but there is an $8/wire fee for incoming wires and $25/wire for outgoing wires.
Who builds my Webull portfolio?
You build your portfolio based on your own needs and risk tolerance. That’s why I suggest Webull for experienced investors. Yes, it’s a robo-advisor, but they don’t create your portfolio after you answer risk-tolerance questions like other robo-advisors do. This is an opportunity for hands-on investors to try their hand at investing for no commissions.
Who should use Webull?
I’ve already said that Webull is best for experienced investors, but more specifically, it’s best for active investors. The robust research and reporting make it great for those that trade often and need up-to-the-second information. If you’re investing your time in active trading, you’ll love what Webull offers.
Is there a human advisor to call?
Unfortunately, Webull doesn’t have a human advisor that can give you advice. That’s why it’s best for experienced investors that know what they want or know they can handle a hands-on approach to investing. There isn’t anyone rebalancing your portfolio or helping you make decisions – it’s all up to you based on the research you find and your existing knowledge.
Can you borrow on margin with Webull?
Yes, Webull does offer borrowing on margin. Like any other advisor, you need at least $2,000 deposited to be eligible (that’s the law). You can day trade and/or buy short positions with your margin investments.
How does Webull make money?
Webull makes money like any other investor, they just don’t make any money on commissions. But they do make money on margin interest, order flow, stock loans, and cash balances.
Webull vs Robinhood
Robinhood started the whole commission-free trade movement. They are similar to Webull, but good for investors just starting to get their feet wet on their own.
They don’t require a minimum balance and you can’t open a retirement account. Robinhood doesn’t have a lot of bells and whistles, but you can trade stocks, options, and cryptocurrency. (If you are looking for a strictly crypto-based service, you are probably better of with a service like “Iconomi”) Like Webull there is no customer service, everything is done via email.
Webull vs M1 Finance
M1 Finance also offers commission-free trades and is great for the investor that wants a hands-on approach. M1 works in pies rather than portfolios. Each pie is broken up according to your risk tolerance.
You can invest in pre-built portfolios or create your own. You choose your assets even if you choose a prebuilt pie – it directs you to the appropriate investments based on your risk tolerance. M1 is great for advanced investors that don’t need robust research or tools.
Webull vs TD Ameritrade
TD Ameritrade Essential Portfolios is a good option for those that already have a TD Ameritrade account. You need at least $5,000 invested and there are fees to the tune of 0.3 percent.
TD Ameritrade trades low-cost ETFs across 8 asset classes and they offer socially responsible investments. TD Ameritrade offers taxable and retirement accounts and they handle tax-loss harvesting for you.
Webull vs Etoro
Etoro is a pioneer in the robo-advisor industry. Like Webull, they have no commissions, but what sets them apart is their social trading.
You can follow traders and even mimic their trades if you like what they do. This gives investors a chance to follow the experts and try to replicate their returns. They have much higher fees than Webull, but the innovative social trading may be worth it.
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Worth It or a Scam?
Webull is worth it for certain investors – serious investors that take research and tools seriously. The commission-free trades make it worth it for anyone, but if you want to use what they offer and make the most of your investments, it’s best for those that want and will use the robust tools offered.
Webull is unique as far as robo-advisors are concerned. You don’t have a computer managing your investments – you manage them at an incredible discount. As long as you have some experience and want to try your hand at hands-on investing, it could be worth a try! Promo* Get started on Webull with 2 free stocks here.
Use the following Quiz and find out which robo advisor is best for you.
If you have any questions, please comment below.
Michael is a senior writer at The Robo Investor. He earned his master’s at the Craig Newmark School of Journalism at CUNY, and is currently taking CFP courses at the University of Scranton. He has been an avid finance enthusiast ever since he started investing at the age of 23. Meet the Team