What's up investing masterminds, it's time for another review. Today, let's review the
trading platform that's become increasingly popular over the last few years, WeBull. We'll
discuss exactly what WeBull is, the pros, the cons, who it's for, who it isn't for,
and everything in between. And make sure you stick around to the end of the video, because
I'm going to give you my honest, personal rating of WeBull, no punches pulled. And hopefully
by the end of this video you'll get a clearer sense of whether or not WeBull is the right
brokerage for you. My name is Dash and welcome to Mind Over Finance. And to help me put the
YouTube algorithm in its place, please Montgomery Burns that like button.
Excellent.
Full disclosure, guys, I do run WeBull promotions on this channel that earn me free stocks,
but two things about that. Number one, those very same promotions also earn you free stock
if you're a new user. And number two, I only try to promote things on this channel that
I have personally vetted, and that I think will actually help you. All that being said,
I'm still going to review WeBull as honestly as possible, the good and the bad. Let's get
to it. WeBull was founded by a former Alibaba employee back in 2017. It's a Chinese owned
financial services company that's really expanded its reach in the US, primarily because of
the popularity of its WeBull mobile app. WeBull boasts more than 11 million registered users.
The trading platform has grown very aggressively and it's garnered some diehard fans in the
process. WeBull's closest competitor in terms of size and what they do is probably Robinhood.
Pro number one, a full featured data-driven app. I have to say that of all the brokerages
I've come across, full service or not, WeBull has one of the best investing apps I've ever
seen. When you log into the platform you'll notice that the app has a lot to it. There's
so much data there that there are things I haven't even taken the time to understand
yet. But it's nice to know that you have that basic functionality if you're an investor
who just wants to focus on basic buying and selling, but it's also nice to know that you
have every tool, every bell, every whistle at your disposal if you need to stay more
informed about riskier, derivative types of investments. Things like options. A full feature
data-driven app can have its negatives too, so make sure you stick around for the con
section and I'll tell you why I think so.
Pro number two, crypto trading. Once you apply and get approved, you can trade cryptocurrencies
on WeBull, and that's things like Bitcoin, Ethereum, Litecoin, et cetera. And while I
haven't personally tried this side of their investing platform, it is nice to know that
it's there. Pro number three, easy access to tax documents. This is pretty standard
for a lot of full service brokerages, maybe not Robinhood so much, but it's still good
that WeBull make this push button easy too. When you're buying and selling stocks, your
tax information is important, and you don't want to have to scramble to find stock related
paperwork when you're filing your taxes.
Pro number four, customer service. This is probably one of the most important pros me.
Whenever I register with any brokerage, I always make it a point to call customer service,
even if I don't have any questions. Why? Because that's my money, snitch. And it's really important
to know that there is someone you can call if you have issues with your account that
has your money in it. And WeBull has several options to get your questions answered. There's
a help center area in the app, there's email, and yes, there is a customer service line
that you can call directly.
Thank you for calling WeBull Financial.
And I've only ever had several interactions with WeBull's customer service team, but I
really do like how quickly they respond to emails, and their customer service team has
always been efficient, polite, and helpful. And you can't really ask for more than that.
And pro number five, WeBull is a member of the SIPC. And what does that mean? It says
here that the SIPC protects securities customers of its members up to $500,000, 250,000 of
cash. Now this doesn't mean it protects you from stock losses. There are risks involved
with stocks, and when you buy and sell them, you can lose money, but it is nice to know
that WeBull isn't just going to take the money in your account and run away with it. And
if the brokerage you're with isn't SIPC insured, it might be worth looking into other brokerages.
Con number one for WeBull, limited asset classes. At the time of this recording, you can't use
WeBull to invest in mutual funds. Yes, you can invest in ETFs, but not mutual funds.
And that's a major con for me, because I do think there's a benefit to investing in broad
market index funds, and they make up a large chunk of my portfolio. Con number two, information
overkill. Earlier I mentioned having access to a data-driven app is a pro, and in a lot
of ways it is, but I also think it could be a con depending on what kind of investor you
are. I don't consider myself a day trader or a swing trader, and I know a lot of investors
who aren't, and those who are, statistically, most of them lose money. So I think for a
lot of investors, WeBull's advanced features with all of its charts, choices, bids, asks,
and everything in between, that data might fall into the law of diminishing returns.
And all of that info, and maybe even some of the standard info on WeBull's dashboard
might be a little bit intimidating to the beginning investor.
Con number three, the fine print. I think there are a couple of fees to pay attention
to when you're signing up for a WeBull account. The first one makes a lot of sense. The second
one, I don't really like so much. The first one is ACH fees. So if you're transferring
money from a bank account to WeBull, make sure there's enough money in your account
to cover that transfer. Otherwise you do end up getting charged $30 every time there's
a reversal. And on top of that, it does hurt your standing with the brokerage. The fee
that I don't like and you probably don't hear much about is the fee to transfer stocks out
of WeBull to another brokerage. And WeBull's clearinghouse charges you $75 to transfer
stocks from WeBull to another brokerage. But the slick thing is they don't you that same
fee when you're transferring stocks from another brokerage to WeBull. So please be mindful
of that so you don't waste money unnecessarily.
You can open a WeBull account for free, but as I've mentioned in some of my stock analysis
videos, when you deposit that first $100 into your account, that's usually the action that
triggers the promotion for you to get free stock. In addition to a standard cash brokerage
account, WeBull does offer additional optional services that do cost money. For example,
WeBull does offer advanced quote services that can cost as little as $1.99 a month,
or as much as $599 a year. Also keep in mind that you'll need at least $2,000 in your account
if you want to trade stocks on margin, which I personally don't do. And for unlimited access
to day trading, which I also don't do, you'll need at least $25,000 in your account. But
I know everyone invests differently. People stomach risk differently. But WeBull does
offer options for the risk averse investor like me or the risk seeking investor.
This is what WeBull's main dashboard looks like. We have several options to choose from
at the bottom. You can choose watch lists, markets, bullhorns, news, or menu. And when
we choose the horns in the middle, it takes us to the screen that we're on now. When I
click the watch list option, I can create a list of stocks and ETFs that I might be
interested in investing in, or maybe coming back to research further. Let's take a closer
look at a stock. And this is the detailed overview page that you get when you click
on any stock, and it's loaded with lots of useful information. In addition to quotes,
we can see news about a particular stock, get a buy/sell analysis as well as price targets,
see company press releases, and critical financial metrics. And hitting the profile button tells
us a little bit more about what the company does, the industry it's in, and the executives
that run the company.
And clicking on the markets tab let's me see the US markets, global markets, and cryptocurrencies
at a glance. In this tab I can also see which industries have performed best in the last
24 hours up to the last three months, one of my favorite features. The news tab shows
me an overview of all the hot stock stories, and the menu tab shows me some more detailed
account options. I really think the calendar feature is useful here because it shows you
what companies are going to be reporting earnings very soon. And in this case, it looks like
PayPal has an earnings announcement coming up.
WeBull's for the investor that wants a simple investing solution. It's definitely for the
investor who feels comfortable investing via an app. Their advanced level two software
is perfect for the day trader or the swing trader. And I'd say that WeBull is for that
investor that wants access to data. WeBull is not for the person that's looking to invest
in mutual funds, at least at the moment. While WeBull does have a desktop app, that came
later, and I think the core of what WeBull does is their mobile app. So for those investors
who feel a little bit iffy about investing through a mobile app, WeBull might not be
the best platform for you.
WeBull isn't a full service brokerage, so it does have asset class limitations. It's
a very young brokerage, so I still think it needs some time to be tested. But at the same
time I do think WeBull is doing a lot of thing right. It ticks a lot of the boxes of the
things that I want to see when I'm a member of a brokerage. And if you couple those things
that WeBull does well, along with the free stocks you can get, I do think WeBull is a
brokerage worth using, and I'm going to give WeBull a B.
Well, that'll do it for today's WeBull review. I really hope you enjoyed it, and I hope it
gave you a better sense of whether or not WeBull might be a brokerage that's right for
you. And if you have any other financial service services, brokerages, et cetera, that you'd
like me to dig into and review fully, let me know in the comments. And if you did enjoy
this video, please don't forget to turn that like button blue. Share, comment, subscribe,
all of those wonderful things and I'll catch you in the next video.