Webull and Robinhood both offer free trading of stocks, options and ETFs. The Gold Plan has the same basic . Neither Robinhood nor Webull has an account minimum, so investors of all wealth levels can get started immediately. Read this. $0 - No maintenance, opening, inactivity, or closing fees, but theres a $75 fee for transferring an account to another brokerage. Access to IPO investing. Webull and Robinhood have many similarities, but theres one major difference: Webull offers more sophisticated trading features geared toward intermediate and advanced traders, while Robinhood provides a bare-bones trading platform for new investors looking for a streamlined experience. In our evaluation, Webulls customer service was acceptable but not great. (Not available in IRAs.) Webulls investor education is adequate and includes short courses and articles. Robinhood targets beginner investors, while Webull offers more advanced trading tools. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Bankrates editorial team writes on behalf of YOU the reader. Your broker wants to make money, Robinhood wants to make money, you and me want to make money. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. His work has appeared in The Associated Press, The Washington Post, MSN, Yahoo Finance, MarketWatch, Newsday and TheStreet. Robinhood also offers extended trading hours, but only from 9:00 am to 6:00 pm. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access Investing involves risk including the potential loss of principal. Margin rates Webull has a more complex fee structure with margin account rates. The customization and advanced charting tools put Webull in a class with much larger trading platforms. Weve maintained this reputation for over four decades by demystifying the financial decision-making Finally, Webull also offers . NerdWallet's ratings are determined by our editorial team. Many brokerages and investment apps offer cash management accounts, which provide you with a debit card and a checking or savings account that might even earn a modest interest rate. Both apps offer simple, intuitive access to the stock market and charge practically zero fees, but which is the right choice for you? The only key variables lie in their account types and features, margin interest rates, and level of investment research. (Not available in IRAs.). You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. He oversees editorial coverage of banking, investing, the economy and all things money. ), Account fees (annual, transfer, closing, inactivity). How much does it cost to transfer stocks from Robinhood to Webull? The brokerages apps are packed with relevant information about all types of investments and markets, including initial public offerings (IPOs), dividends, popular exchange-traded funds (ETFs) and industries, forex and more. With enough trading volume, this system of arbitrage can more than make up for the lack of commissions. Robinhood and Webull both have a restricted set of account types. Contributing $20 a week to your IRA means putting in $1,040 over the course of a year. Its up to you to decide what level youre at and what youre willing to risk. Perhaps the most important difference is in customer service. Generally, both brokers are comparable in terms of account costs, with no activity fees or ongoing account fees. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Robinhood and Webull cater to the most popular trading categories, meaning that they dont offer some other securities that are usually offered at other brokers (forex, bonds and mutual funds, for example). And other revolutionary stuff. Lastly, a niche but highly valuable feature offered by Webull is known as paper trading. Robinhood investment options It makes trading easy without overwhelming an inexperienced trader, even on complicated assets such as options contracts. You'll not want to miss out on this one! Theres a $2,000 minimum on margin accounts for Robinhood or Webull. Whichever you choose, you can fund your brokerage account and set up recurring payments with a free Wise account. $0 for brokerage accounts, Robinhood Gold accounts and IRAs. Bankrate does not offer advisory or brokerage services, nor does it provide individualized recommendations or personalized investment advice. See our full comparison of Robinhood and Webull below. Here is a list of our partners and here's how we make money. Learn everything about the PayPal Balance account (Formerly PayPal Cash account & PayPal Cash Plus account). It lacks the full suite of services you . An IRA would be a welcome addition to its stable, since investors have been severely limited on this dimension of Robinhoods service. Robinhood is optimized for you. (Interested in other options? Webulls slightly more complicated interface and meaningfully more complicated data sets will add some friction to a novices trading, potentially pushing them to spend a little more time learning about investment before committing their money. Webull is a relative newcomer, but has quickly earned a spot as an alternative to Robinhood because of how similar the two are. 2023 Forbes Media LLC. Read our full review. Webull offers customer service by phone from 9:30 am to 4:00 pm ET on weekdays and 24/7 email support. Webull offers margin trading at interest rates of 9.49% for balances under $25,000 and 5.49% for balances over $3 million. Traditional individual retirement account (IRA). Webull goes beyond the basic order types and includes specialty conditional orders like one-cancel-the-other (OCO), one-triggers-an-OCO (OTOCO), and one-triggers-the-other (OTO). Prior results do not guarantee a similar outcome. Neither Webull nor Robinhood offers this level of flexibility currently. He spent nearly three years living abroad, first as a senior writer for the marketing agency Castleford in Auckland, NZ, and then as an English teacher in Spain. You get access to Morningstar and other advanced data with a Robinhood Gold Membership. Robinhood is solely responsible for forcing the hands of all the other brokers to significantly reduce their fee. He has more than 10 years of agency, freelance, and in-house experience writing for financial institutions and coaching financial writers. This year, we revamped the review process by conducting an extensive survey of customers that are actively looking to start trading and investing with an online broker. FINRA doesnt charge over $5.95 per execution for this fee, so neither do they. We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. Given how much money can be at stake, the ability to speak with a human being about a question or concern is a very significant difference. Both rely to a large extent on what is known as the bid-ask spread, the difference between a stocks buy price and its sale price. Theres no deposit fee for an ACH deposit, but they charge $8 for domestic wire transfer deposits and $12.50 for international. ETFs. Instant, super-cheap money transfer save up to 6x. Our partners cannot pay us to guarantee favorable reviews of their products or services. Users report occasional problems with the app, but overall, the reviews are relatively positive. We adhere to strict guidelines for editorial integrity. Neither platform has any. They offer extended hours trading, so you can usually put in an order when you want. While both platforms offer good user experience, Webull provides more features than Robinhood for experienced investors. The added customization at Webull makes it our pick for user experience. However, you won't find many robust analysis tools. Investors who perform in-depth research and trade frequently will find a range of features at Webull. Each broker has its pros and cons, depending on which category of investor you fall into. Robinhood offers roughly 5,000 U.S. stocks and ETFs for trading, while Webull users have access to nearly all of the 7,000 U.S. traded stocks and ETFs. Here Webull wins points for publicly disclosing its spread markup (100 basis points, or 1 percent of the trade value). She has covered personal finance and investing for over 15 years, and was a senior writer and spokesperson at NerdWallet before becoming an assigning editor. Commission-free trading on options, stocks, and ETFs, Margin accounts and fractional shares available, Great interface on the web platform and mobile application, Limited educational and investment resources, No ability to designate a beneficiary or set up transfer on death. All reviews are prepared by our staff. Looking at Robinhood vs Webull, youll notice a lot of similarities. Robinhood offers a decent cash management option, and if you have a margin account you can use it as a line of credit via the cash management options. How Much Do I Need to Save for Retirement? Users can quickly access watch lists, quotes, charts, analyst ratings, and news. And its designed for the beginning investor in mind. Webulls platform is clearly designed with a more sophisticated investor in mind. While Robinhood is designed for novice investors, it is likely not a good fit for them. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. In the tables below, youll find a breakdown of the fee schedules for both Webull and Robinhood. Our partners compensate us. Robinhood Gold members can access premium Morningstar research reports and Nasdaq Level II market data for $5 a month. But if youre someone with trading experience who doesnt need investment training, Webull could be the right one for you. The intuitive main menu and search functions enable investors to view portfolio value and positions. The launch of Webull 8.0 this year places the trading platforms in competition with more established competitors. Barbara A. Friedberg, MS, MBA is a former portfolio manager and university investments instructor. Your maximum performance and highest dividends will come from how you like to invest, since both platforms offer slightly different options. The biggest area where the two companies differ is on the basic features they offer. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. We'd love to hear from you, please enter your comments. If youre looking for an easy-to-use investing app, either will do nicely though Webulls charting apps really do add a nice advantage. "Is My Brokerage Account Insured and Protected?". Robinhood is easier to use, especially for beginners, thanks to an excellent user interface design and simplicity. Commission-free trading on stocks, ETFs, and options. Far from Robinhoods clean trading space, Webulls looks far more like a product used by professionals. The Forbes Advisor editorial team is independent and objective. But youll have a $75 charge on both trading platforms to transfer your account out to another brokerage. . Basic trading on Webull or Robinhood is completely commission freeits the key reason people started trading with them. So this narrowed selection will work well for most investors. Finally, its worth mentioning that Robinhood has been hit from time to time with service outages, especially during periods of intense market activity. Webull ran the table for our Best Broker for Low-Cost Options Trading, Best Low-Cost Day Trading Platform, and Best Low Cost Options Broker categories. But as we note in our review of Robinhood, theres a problem with this tactic, one thats been widely commented upon in the media. She is a published author of several books. In fact, in many ways the experience of trading on these two platforms could not be more different. Previously, she was a researcher and reporter for leading personal finance journalist and author Jean Chatzky, a role that included developing financial education programs, interviewing subject matter experts and helping to produce television and radio segments.
