Getting started with Webull
Are you a new investor considering opening a brokerage account at Webull but don't know how to do it? Are you wondering how long the process takes and how difficult it is?
Opening a brokerage account can seem daunting, but we'll show you it's often easier than you think. Account opening at Webull is in fact a great experience that needs no prior knowledge.
Together with my brokerage analyst colleagues, I have thoroughly tested the services of Webull by opening a real-money account. Here’s what you need to know about account opening if you want to start investing with Webull:
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Account opening at Webull is fully online and takes 1 day.
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You will need to prove your identity and residency with documents.
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Choose an account type that suits your needs.
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The only available base currency is USD.
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The minimum deposit at Webull is $0.
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Browse the best brokers for beginners for some great alternatives.
Before we start, let's check if Webull is available in your country:
Account opening at Webull vs other competitors
Account opening at Webull is fully online, meaning you can do it from the comfort of your chair. In fact, you don't even need a chair: you can simply do it on the go on your mobile phone.
See how we rated the account opening experience and how long it takes to get started at Webull compared with its main competitors:
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Account opening score
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5.0 stars | 4.4 stars | 5.0 stars |
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Account opening fully online
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Yes | Yes | Yes |
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Time to open account
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1 day | 1-3 days | 1 day |
Opening an account is always free of charge, but the time it takes differs from broker to broker. At some brokers, it's as quick as signing up for a new Gmail account. At others, it might take a couple of days as they run a background check on your data. At Webull, it usually takes 1 day to have your account up and running.
Navigating the complexities of trading can be challenging. If you're a new investor, you'll need a broker with a user-friendly trading interface and robust educational materials. So where to find such brokers? Start with our toplist of brokers we rated as good for beginners.
How to get a verified trading account at Webull?
First, you need to go to Webull's website and fill a registration form to apply for an account. It takes the broker a bit of time to review and verify your application - usually 1 day - after which you can make your first deposit and start trading.
Opening a brokerage account is not unlike opening a bank account. As you go through the steps, you’ll find that it is a simple and familiar process. Once your brokerage account is set up, you’ll find that the experience is similar to what you get with a bank account that you use for savings and transactions. See, it’s just another way of managing your money!
The sign-up procedure is usually self-evident; just follow the instructions carefully. Here's what awaits you at Webull:
The Webull account opening is fully digital, easy and fast. Our account was verified within 1 business day.
You can open your Webull account on the web, on a desktop or mobile platform. We tested the account opening on the desktop platform:
- Click on the 'Sign up'.
- Enter your personal information (i.e. name, date of birth, social security number, address, etc.)
- Provide your employment information, financial experience and situation.
- Verify your identity by providing a photo of your ID/passport.
- Choose the account type (cash or margin).
- Review your information.
- Submit your application.
The following steps are typical toward the end of the application process or after verifying your identity:
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You'll have to fill out a trading experience survey. It might seem scary at first, but it is nothing to worry about. This is standard procedure, as brokers need to make sure that you have some basic financial knowledge and are aware of the risks of trading.
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Next, you'll have to choose an account type and a base currency.
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As a final step, you'll need to fund your account before you can start trading.
Which Webull account to choose?
Brokers usually provide multiple account types. When choosing an account, consider how experienced you are in trading, and pick an account that suits your needs. Some factors to take into account: your investment goals, risk tolerance, trading frequency, and any associated fees or account balance minimums.
If you're a beginner, we recommend selecting the most basic account offered by the broker, which is the standard account.
The above apply to retail accounts opened by private individuals. If you're looking to open a brokerage account for your company, see our overview of whether you can open a business investment account at Webull and under what conditions.
Alternatively, find out more about Webull's specific account types in our comprehensive Webull review for 2024.
Which base currency should you choose?
At Webull, the only available currency is USD. If possible, try to deposit money to your brokerage account in USD.
Why is all this important? If you fund your trading account in the same currency as your bank account, you won't have to pay a conversion fee. Conversion fees apply if:
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You make a deposit in a different currency than the currency of your brokerage account.
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You trade assets denominated in a different currency than your brokerage account's base currency.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.
Fund your account and start trading at Webull
Once you have filled out the registration form, uploaded your documents, finished the trading survey and selected your account type and base currency, Webull will verify your account shortly. After successful verification, you need to fund your account to be able to begin trading.
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Choose your funding method.
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Enter the amount to be deposited and other necessary details for the transaction.
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Double-check if payment details are correct.
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If all looks OK, click to submit your deposit request.
At Webull, the minimum deposit is $0. This means that you can deposit as little money as you wish.
Brokers that don't require a minimum deposit do so to encourage people to try their services without requiring a large initial commitment. Many brokers no longer require a minimum deposit nowadays; so if you want to compare Webull and its rivals along other criteria, you can do so using our broker comparison tool.
At Webull, the only available option to deposit money to your account is via bank transfer.
After successfully funding your account, you're all set to start trading.
To explore Webull’s top competitors, head over to our top list of the best brokers for beginners, whose low fees and user-friendly features benefit new investors like you.
FAQ
Do I need SSN for Webull?
No, not necessarily. If you don't have a Social Security Number (SSN), you can also open an account with a valid ITIN (Individual Taxpayer Identification Number).
Is my money safe in Webull?
Yes, users are protected up to a certain amount. Depending on your country of residence, you will be onboarded to an investor protection scheme, which protects your securities and/or cash at Webull.
- Residents from the US will be under SIPC protection, covering $500,000, which includes a $250,000 limit for cash.
- Residents in Hong Kong will be protected up to HKD 500,000 for securities, however, there is no protection for cash.
Is Webull better than Robinhood?
Webull and Robinhood have lots of similarities in terms of services and fees, but Webull is a bit more sophisticated: it has a desktop platform apart from a mobile and web platform, and is also good for IPOs, while trading cryptos is cheaper at Robinhood.
Honestly, it comes down to personal preferences at this point.
Does Webull affect credit score?
No, as far as we are concerned, your activity on Webull won't affect your credit score.
How much does it cost to open a Webull account?
Nothing. Opening and using a Webull account is free of charge. There are also no inactivity or account fees.
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