Webull review: We tested it out

Money.ca

By Money.ca

🗓️

Updated: August 12, 2024

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Webull is one of the latest trading apps to hit the Canadian market, and stands to compete with homegrown platforms like Wealthsimple and Questrade. 

Our take on Webull Canada

Our Webull Canada review is that the app is fairly intuitive and has a useful help centre for those acclimating to the platform and learning the ropes of investing. For those comfortable on other do-it-yourself investing platforms, the jury is still out on whether Webull’s offering is enough to convince investors to switch.

Investors expecting the same perks from Webull’s US version, for instance, will likely be disappointed.

Currently, the Canadian app doesn’t offer $0 commission trading (except for the first 90 days) or options trading — although the latter is supposed to be forthcoming, which could be a game-changer for the platform’s success here. 

Right now, however, other Canadian platforms offer lower trading fees and more account types in which to invest. In other words, Webull does not offer a First Home Savings Account (FHSA) nor the Registered Education Savings Plan (RESP) on its platform.

Still, investors may be swayed by Webull’s educational content, live community feed and real-time market data.

We’ll be keeping an eye on the app as it continues to develop new features. 

Who Webull is for

Webull targets both new and seasoned investors. Beginners can learn basic trading concepts in both its help centre and learning section, as well as experiment with trades via Paper Trading, a stock trading simulator. And, for new investors still building their savings, no minimum deposits are required to get started. 

Intermediate to senior investors are welcome on the app, too. Webull provides advanced charts, real-time data and level 2 quotes—a feature that lets investors gain extra insight by taking a closer look at a security’s order book. 

Pros and cons

Pros

Pros

  • Live trading

  • Available on desktop and the app

  • Paper trading

  • TFSA and RRSP accounts, in addition to margin and cash accounts

  • Extended trading hours for US markets

  • No minimum deposit required to get started

Cons

Cons

  • $0 commission trading is only available for the first 90 days. It’s $2.99 per trade after the grace period

  • Currently no options trading, unlike the US version

  • No option to buy mutual funds

  • No option to invest in a Tax-Free Home Savings Account or RESPs

Webull Canada fees and commissions

  • Trading commissions: US and Canadian stocks and ETFs have $0 commission trading for the first 90 days. After that grace period, it’s $2.99 per trade for Canadian stocks and ETFs and USD$2.99 per trade for US stocks and ETFs
  • Conversion rate: It’s free to hold US dollars, and there’s a 1.5 percent foreign exchange rate
  • Interest rates: An uninvested Canadian dollar balance grows at 3.5 per cent while a US dollar balance grows at 3.0 percent with no fees or minimums
  • Advanced quotes: Free Nasdaq TotalView, TMX L2 and CBOE NEO L2 for 30 days 
  • EFT deposit/withdrawal: Free
  • E-transfer deposit/withdrawal: Free
  • Domestic wire withdrawal: $50
  • International wire withdrawal: $100

Webull App review: Dashboards, ease-of-use and experience

At first glance, the app appears relatively easy to use. Users will receive a welcome email leading them to a step-by-step guide to initiate their first deposit or to connect with customer service representatives. Still, some sections, like the learning centre, require a bit of exploring. In this case, it’s found under the “feeds” tab, which is also home to its newsletter and community feed. 

Here’s what users online are saying:

App Store:

Webull’s platform review has a 4.6 rating out of 5 in the App Store, but there’s currently a dearth of reviews for the Canadian version, likely because the app is still finding its footing here. Reviews of the US app, on the other hand, praise its user-friendly interface, citing its usefulness for both beginner and veteran investors. As for a review of Webull’s desktop, one user wishes it was more consistent with the app, and its features were as easy to find. 

Google Play:

Over at Google Play, Webull Canada’s app has a 4.4 rating out of 5. Webull’s app review received mixed results for its interface. One user said the app is simple enough to understand, while another said the font size is too small without much of an option to magnify. A reviewer also said there are issues with chart displays — some bond charts are broken, for example, and the 10-year chart freezes. 

Research and education

Webull’s learning centre provides articles on topics such as how to read “bids and asks” and explainers on how to use the platform itself. The section also caters to visual learners. The app posts “how-to” videos on subjects like placing a stock paper trade and managing your watchlist. There’s also a live feed sharing articles from Reuters and Dow Jones. 

Webull’s paper trading feature with unlimited virtual cash also offers ample learning opportunities. Would-be investors can get their feet wet, even if they’re short on cash and experienced investors can play through new strategies. 

And, sometimes it’s best to just listen or bounce ideas off of other investors. Webull has a community feed, which looks similar to an “X” feed, that allows users to post their ideas or share their investment experiences. Users can then respond to each other's posts. The community is relatively quiet, though, with only a few posts per day. 

Customer service and support

Webull’s website offers 24/7 support via its online support centre.

For direct help, investors can reach out to the following channels during market hours:

Email: [email protected]

Phone: 1-(888)-228-0958

Messaging: Webull has representatives available to answer questions through its in-app help centre. 

Reviews and complaints of Webull posted on Reddit suggest that investors will receive a quicker response through its in-app messaging system than by calling or emailing. “Support doesn’t seem very responsive,” says one Redditor. To provide a balanced perspective, however, another Reddit user says, “Every time I’ve contacted support (which has been four times), they’ve gotten back to me the same day.”

On the Better Business Bureau’s (BBB) website, Webull doesn’t fare too well. The app scored an “F” rating—the lowest grade possible. Users have filed complaints to BBB, citing unauthorized charges, denied access to accounts, difficulty closing accounts and a failure to receive bonuses or interest rates as advertised. Keep in mind, though, people turn to this site to make complaints, not sing praises. 

Over at Trustpilot, Webull is rated 1.4 stars out of five, with a common complaint that it’s difficult to withdraw money from the app. Users also complained about how long it takes to speak with a customer rep, and that responses can be short and provide little to no resolution.

What I like and don’t like about Webull

Since Webull offers paper trading and doesn’t require a minimum investment to start, it’s an ideal app to experiment with. And, the community feed has a lot of potential to bring together like-minded investors.

What makes me somewhat wary is that Webull offers cash rewards based on how much users deposit into the app. For instance, if you make an initial deposit of $10,000 or more and maintain the funds for 90 days, you’ll be able to “win” an extra $200. While it’s certainly a nice reward for someone who has $10,000 at the ready to invest, the danger is that it could push people to invest more than they prepared for upon signup. 

Webull Eligibility criteria:

  • Age: 18 years and older
  • Minimum investment: No minimum deposits 
  • Citizenship: You must be an Canadian resident who lives or has eligible ties to property or family in Canada
  • Social Insurance Number: You must have a valid SIN

How to open a Webull account in Canada

  1. 1.

    Click on open an account.

  2. 2.

    Verify your identity with a passport, driver’s license, provincial card or permanent resident card.

  3. 3.

    Enter personal details, such as SIN, address, marital status, etc.

  4. 4.

    Choose whether you want to open a margin account (which lets you use leverage to purchase stock) or a cash account, where you only use the funds in the account. 

  5. 5.

    Deposit funds via electronic funds transfer, e-Transfer or domestic wire. 

  6. 6.

    Buy your ETF or stock.

FAQs

  • Is Webull safe and legit?

    +

    Webull accounts are insured and protected under the Canadian Investor Protection Fund (CIPF). If the company fails, for instance, CIPF will work to get your cash and securities back to you. No fees are required for this protection.

    However, that doesn’t mean the app isn’t without controversy. Fourteen US states, for instance, are conducting an inquiry into the company, expressing concern about the company’s commitment and ability to protect its US customers’ sensitive and personal data from exposure to the Chinese Communist Party. While headquartered in St. Petersburg, FL, the app is owned by Chinese company Hunan Fumi, and allegedly runs substantial operations directly in China.

    Tennessee has gone as far as banning the app on government issued computers and smartphones of state employees.

  • Does Webull work in Canada?

    +

    Yes, Webull launched its brokerage services in Canada in January 2024.

  • Are there any downsides to Webull?

    +

    A review of Webull’s brokerage app shows that it's still missing some of the perks that it’s known for in the US, such as options trading. However, the platform promises it will be available at a later date. Likewise, Webull in the US has $0 commission trading, while it’s only available here for the first 90 days. After that, investors are charged $2.99 per trade.

  • Is there a monthly fee for Webull?

    +

    No, the app doesn’t charge platform and monthly maintenance fees.

  • Should I use Webull as a beginner?

    +

    Webull can be a good start for beginners, particularly if they want to practice investing first with paper trading.

Money.ca Money.ca Editorial Team

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