Why Does Webull Need My Driver’S License? (Perfect answer)

Another reason why Webull and other brokerage houses request Social Security Numbers is that they are required by US federal law to verify the identity of anyone who applies for an account.

What does webull need to know about me?

  • Lastly, Webull will need some information about your finances. This includes your total net worth and your annual income. This information helps Webull gather data necessary to make the site work best for you. Once you’ve provided all this information, Webull requires you to verify your identity.

Does Webull need drivers license?

Lastly, Webull will need some information about your finances. Once you’ve provided all this information, Webull requires you to verify your identity. This is required to be compliant with SEC and FINRA regulations. You’ll simply track down your driver’s license or state ID and upload a picture.

Can Webull be trusted?

How safe is Webull? It’s a completely legitimate and legal brokerage, with plenty of oversight from the likes of FINRA and the SEC. These institutions guarantee that Webull is a brokerage that legally conducts its business, and their SIPC membership speaks to that fact as well.

Does Webull verify identity?

Open your Webull individual brokerage account and IRAs now! In order to verify your identity, a government issued ID card with your photo, name, and date of birth is required to open an account with Webull. Please have the documents prepared in advance. *Webull Financial LLC is member of FINRA, SIPC, NASDAQ and NYSE.

Does Webull sell your information?

We do not sell personal information; The option to control and delete personal information. Webull also gives everyone the option to delete cookies from visits to our products and websites.

Do I need to be 18 for Webull?

What requirements do I need to meet in order to open a brokerage account on Webull? 1) Be 18 years or older. 2) Have a valid SSN (Social Security Number). 3) Have a legal residential address in the US or outlying US territories.

Can non US citizens use Webull?

This means that you must be a U.S. citizen or permanent resident with a legal address within the 50 U.S. States or Puerto Rico. The only way for a non-US citizen to get an SSN, and therefore be able to open a Webull account, would be if you have a valid U.S. visa.

What is bad about Webull?

On the negative side, Webull’s product portfolio is limited, covering only stocks, ETFs and options. Only bank transfers are available for deposits and withdrawals. Phone support doesn’t work properly and there is no live chat. Pros. Cons.

Is Webull safe for SSN?

Is it Safe to Give Webull SSN Judgment. Webull is as safe as any other brokerage house.

Is Webull better than Robinhood?

Is Robinhood better than Webull? After testing 15 of the best online brokers over six months, Webull (67.68%) is better than Robinhood (64.85%). Webull offers a unique community experience and easy-to-use trading platforms that will satisfy most young investors.

Is Webull a Chinese company?

Webull is owned by Fumi Technology, a Chinese holding company that has received backing from Xiaomi, Shunwei Capital, and other private equity investors in China.

Is Webull free stock legit?

You might be wondering if Webull is legit. You’ve never heard of them (until now). Their name is a little strange… but they are legitimate. Webull is a brokerage based out of New York City and regulated by FINRA (BrokerCheck).

Is Webull worth using?

Bottom line: Webull is best for active traders in search of commission-free investments, expert market data, extended hours trading, and cryptocurrency trading. The app could also be a good fit for beginning active investors and options traders due to its easy-to-navigate platform.

Is Webull 15 minutes behind?

Currently, Webull provides 15-minute delayed last sale and quotation information for all users, but real-time quotes for subscribers only.

Is Webull real time data?

Webull Continues to Provide Users with Real Time Data, Utilizing Nasdaq TotalView Net Order Imbalance Indicator. The NOII feature is available to Webull users through the company’s strategic partnership with Nasdaq.

How does Webull make profit?

Webull makes money via payments for order flow, short selling fees, subscription fees, interest paid on margin, as well as profits made from investing cash on balance. Established in 2017, Webull has grown to become one of the leading online brokerages in the United States. The platform now boasts over 2 million users.

Why Does Webull Ask For Your ID?

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What Is Webull?

Webullis a brokerage platform that lets its customers to invest in stocks and exchange-traded funds (ETFs) without paying any commissions. Additionally, customers may make investments in cryptocurrency, options, and short selling in addition to stocks and exchange-traded funds (ETFs). This platform is popular among intermediate and advanced users because of the in-depth technical analysis and comprehensive charts that are available. Because of the enormous quantity of information available, new investors sometimes find this platform to be a little daunting.

Why Does Webull Ask for Your ID?

The SEC and the Financial Industry Regulatory Authority (FINRA) require that Webull make a reasonable attempt to verify the identify of its users. It is common practice to request personal information such as name, address, and social security number from visitors to a website. Webull, on the other hand, may require consumers to supply a clear photo of their government-issued identification. The USA Patriot Act, which was developed in 2003 by the Department of the Treasury and the Securities and Exchange Commission (SEC), included this provision as part of the legislation.

This legislation was put in place to protect investors and investing platforms from money laundering and potential acts of terrorism, among other things. Brokers are required to comply with the following three requirements under this act:

  1. Webullmust make a reasonable attempt to verify the identify of its users as part of its compliance with SEC and FINRA rules. It is common practice to request personal information such as name, address, and social security number from visitors to a web site. The company might also require consumers to provide a clean snapshot of their government-issued identification card to be considered. The US Treasury Department and the Securities and Exchange Commission (SEC) imposed this rule in 2003 as part of the establishment of the USA Patriot Act. In order to protect investors and investing platforms from money laundering and possible acts of terrorism, this legislation was put in effect. A broker must comply with the three requirements outlined in this act:

Because of this, it is standard practice for Webull, or any other brokerage, to go above and above to verify the identity of its customers.

Is My Information Safe With Webull?

In the same way as Webullis bound by restrictions when it comes to gathering personal information, it is also bound by regulations when it comes to storing such information. Almost everything a brokerage platform does is subjected to intense inspection in order to safeguard the identities and assets of American shareholders. While it is understandable that you may be reluctant to share your personal information, rest assured that your information is protected by processes and regulations that have been put in place only for the goal of safeguarding the investor’s interests.

Why Does Webull Ask for Your ID: Final Thoughts

It is crucial to remember that, while Webull and other brokerages may request a variety of personal information from their clients, this is done with the intention of protecting both the clients and the United States. The United States government would have no idea who was accessing the financial markets in the United States if it did not request information to verify identities. This might mean doom for a large number of customers. When it comes to investing, it is always advisable to conduct your own research before making a decision.

More information about the Patriot Act may be found in this article.

Best Free Stock Promotions

Webull Financial LLC, a broker-dealer licensed with the Securities and Exchange Commission, provides securities trading services to self-directed consumers in the United States (SEC). Cboe EDGX Exchange, Inc. and the Financial Industry Regulatory Authority (FINRA). Webull Financial LLC is a member of the Securities Investor Protection Corporation (SIPC), The New York Stock Exchange (NYSE), The Nasdaq Stock Market (NASDAQ), and The Cboe EDGX Exchange, Inc. (CBOE EDGX). Webull Financial LLC is a member of the Securities Investor Protection Corporation (SIPC), which provides up to $500,000 in protection for securities clients of its members (including $250,000 in protection for cash claims).

  1. Apex Clearing Corp., our clearing business, has obtained an extra insurance coverage to protect itself.
  2. The coverage limitations provide protection for securities and cash up to a total of $150 million, subject to maximum limits of $37.5 million for securities and $900,000 for cash for any one client, respectively, for a total of $150 million in aggregate.
  3. Apex Crypto LLC (NMLS ID 1828849) provides cryptocurrency execution and custody services to Webull Crypto LLC (NMLS ID 1828849) under the terms of a software license agreement between Apex Crypto LLC and Webull Crypto LLC.
  4. Apex Crypto is neither a licensed broker-dealer or a member of the Financial Industry Regulatory Authority (FINRA), and your cryptocurrency assets are not protected by the FDIC or the SIPC.
  5. All investments entail some level of risk, and not all risks are appropriate for all investors.
  6. It is not necessary to look at previous performance to predict future results or returns on an investment or financial product.
  7. When you invest in securities or other financial goods, there is always the possibility of losing money.

It is not recommended for all investors to engage in option trading because of the considerable risks involved.

Losses have the potential to surpass the amount of the first necessary deposit.

Please review theCharacteristics and Risks of Standardized Options before engaging in option trading activities.

All information and data on this website is provided solely for the purpose of reference, and no previous data will be used to make predictions about future developments.

In the case of Webull Financial LLC self-directed individual cash or margin brokerage accounts and individual retirement accounts (IRAs) that trade U.S.

listed securities via mobile devices, desktop products, or online products, there are no charges charged on those trades. It is possible that applicable regulatory and exchange costs will apply. If you want further information, please refer to ourfee schedule

Why WeBull Needs SSN? (2022)

If you’ve just completed Webull’s online account opening form, you may have noticed that the broker wants a Social Security Number as part of the registration process. You should not be startled by this policy, as it is intended to be. When opening a bank account in the United States, it is usual practice for financial institutions to request a Social Security Number. When creating a financial account, you will also be needed to provide your name, date of birth, and mailing address to the institution.

Regulations governing the sector necessitate this sort of request.

The options disclosure booklet, another requirement of the brokerage business, will also need you to affirm that you have read and comprehended the material in it.

Promotion

Create a WeBull account.

Is it Safe to Give Webull SSN?

WeBull Account may be created online.

Margin Borrowing

Another reason why brokerage businesses such as Webull demand an SSN is because applicants frequently seek for margin privileges, which are a sort of borrowing that requires a social security number. If you were to borrow money from a bank, you would, of course, be required to provide your Social Security Number. A margin account is no different from borrowing money from a financial institution of any kind. In reality, brokers occasionally rely on banks to provide cash for the borrowing needs of their margin customers.

US Patriot Act

In addition, applicants for margin privileges, which are a sort of borrowing, are required to provide their Social Security number to brokerage businesses like Webull. If you borrowed money from a bank, you would be required to provide your Social Security Number, as a matter of course. To borrow money from a bank is the same as opening a margin account. It is true that brokers occasionally rely on banks to provide cash for the borrowing on margin by their clients.

Safety of Accounts

Webull employs cutting-edge technology to completely encrypt the information it collects from its consumers. Information about its customers is not shared with third parties. In terms of money-saving measures, Webull is a member of the Securities Investor Protection Corporation (SIPC), which is the major insurance provider for brokerage accounts in the United States. SIPC provides a limit of $500,000 in coverage for each account holder, per account. Webull offers a free supplemental insurance coverage via its clearing business, with a per-customer maximum of $37.5 million and a brokerage house limit of $150 million.

Is it Safe to Give Webull SSN Judgment

For the protection of its clients’ information, Webull has used modern technologies. Information about its customers is not disclosed to third parties. When it comes to money protection, Webull is a member of the Securities Investor Protection Corporation (SIPC), which is the major insurance for brokerage accounts in the United States of America.

Account holders are eligible for a maximum of $500,000 in SIPC protection per account. Webull offers a free supplemental insurance coverage via its clearing business, with a per-customer maximum of $37.5 million and a brokerage house cap of $150 million.

Open Account

Webull employs modern technology to completely encrypt the information it collects from its consumers. It does not disclose any information to third parties. Webull is a member of the Securities Investor Protection Corporation (SIPC), which provides primary insurance for brokerage accounts in the United States. SIPC offers a maximum of $500,000 in coverage for each account holder, subject to certain limitations. Webull offers a free supplementary coverage via its clearing business, with a per-customer maximum of $37.5 million and a brokerage house limit of $150 million.

Continue Reading

  • A new account offer from Webull
  • Webull fees
  • Webull margin rates
  • WeBull cannabis stocks
  • And transferring an Etrade account to Webull are all covered.

Webull Review 2021 – Is It Safe and Legit?

Disclosure: This post may include affiliate links, which means that if you decide to make a purchase or join up for a service after clicking on one of my links, I will get a commission at no additional cost to you. For further information, please see my disclaimer. Investing in Webull: Is it the greatest online brokerage platform for you? There are hazards associated with trading on this prominent financial platform, but what exactly are they? Our comprehensive Webull review provides you with the most up-to-date information.

  1. This is hardly surprising given the company’s sophisticated, feature-rich mobile application, which provides comprehensive information and transactions with no commission.
  2. Webull, which began as a research business before expanding into brokerage, outperforms Robinhood in terms of its extensive research and analytics skills.
  3. Is Webull, however, the greatest option out of all the platforms that provide commission-free trading?
  4. When compared to other app-based brokerages that provide free stocks, what makes it stand out and why is it such a terrific alternative for investors of all experience levels?
  5. This Webull review provides an in-depth look at the app, including its features, advantages and disadvantages, and how it compares to other investing applications in the market.
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What is Webull?

Webull, a brokerage platform created in 2017, is a relative newcomer to the world of online stock trading. It allows you to trade ETS, stocks, and options with $0 commissions. Webull, which is aimed at tech-savvy investors, is meant to be used on mobile devices first, with features and an interface that are tailored for Android and iPhone devices, but it also has a PC version that provides the same functionality. This commission-free investing platform also offers strong tools for gathering information about possible and future investments, as well as tools for evaluating current investments.

Webull is a Chinese firm that is a subsidiary of the global Chinese corporation Fumi Technology.

It has more than 9 million users globally and an estimated total asset value of $4 billion across all of its client accounts, according to estimates. The corporation has offices in New York as well as Beijing, China.

How does Webull work?

Webull, a brokerage platform created in 2017, is a relative newcomer to the world of online stock trading. It allows you to trade ETS, stocks, and options with no commissions or hidden costs. Targeting tech-savvy investors, Webull is meant to be mobile-first, with features and an interface that are geared for Android and iPhone, but it also has a desktop version that provides the same functionality. A robust set of tools for gathering information about potential and future investments is also available through this commission-free investing site.

Webull is a Chinese corporation that is a part of the global Chinese conglomerate Fumi Technology Group.

Both New York and China are home to the company’s operations.

Features

Trading stocks and options is completely free of charge. According to the Webull evaluations I’ve seen, this feature has received the most positive feedback. Webull is a platform that allows anyone to trade stocks without paying any fees or commissions. However, it should be noted that the equities offered on the platform are restricted to those from significant markets. Webull does not have any pink sheet stocks or over-the-counter (OTC) stocks. In addition, there are no costs associated with options trading in Webull.

  1. The site now supports both Level 1 and Level 2 options trading, with a Level 3 trading platform expected to be launched in the near future.
  2. Virtual dollars can be used to “invest” in stocks by investors who want to test out techniques before committing their own money to a real-money trade.
  3. Hours have been extended.
  4. A plethora of real-time insights Investors who want to research the market can log in at any time to receive the latest market and price information.
  5. Quotations in advance An advanced quote subscription provides quotation information that are both speedier and more detailed.
  6. A small premium will be charged for advanced data from the Toronto, Hong Kong, and London stock exchanges, as well as for advanced Nasdaq views, according to the company.

Available on a number of different platforms Webull is primarily designed for mobile devices and has a mobile-friendly layout; however, it may also be used through a web browser or through a desktop application for Windows or Mac computers.

Trading Types

Everything you need to manage your account is available through the Webullapp, from basic account administration to cash transfers and account data viewing. Webull’s selection of trading possibilities is detailed below, along with any further information you may want.

Stock Trading

According to the Webull reviews I’ve seen, the platform’s free and simple stock trading is the feature that gets the most praise. Trading can begin immediately as an investor has funded their account. On the stock trading screen, you have the option of selecting the sort of deal you desire to get into. You have a variety of options, including market, limit, stop, and OTO conditional orders, to pick from. It is possible for even experienced investors to benefit from Webull’s advanced features, which allow them to execute complicated transactions.

Options Trading

I’ve read several Webull reviews, and the free and simple stock trading offered by the site has received the most positive feedback. If investors fund their accounts, they can begin trading immediately. The sort of deal you desire to make is selected once you have arrived at the stock trading screen. There are several types of conditional orders to pick from, including market, limit, stop, and OTO. It is possible for even experienced investors to benefit from Webull’s advanced features, which enable them to execute complicated transactions.

Crypto Trading

Webull is presently in the process of implementing cryptocurrency trading. Litecoins, bitcoins, and other digital currencies are likely to be included in the system. Traders will be able to monitor Webull’s cryptocurrency pricing on the company’s website as of today. If you’re interested in trading cryptocurrency with Webull, you may sign up on the website to be notified when the service becomes available.

How to sign up for Webull and get free stocks

Webullprovides new members with two free stocks to get them started. The first free stock is made available to you soon after you join up. Anyone who registers and completes the application will be offered a random stock worth between $5 and $500 if they meet the requirements for participation. You are not required to conduct a trade, deposit money, or link an account in order to receive your first free stock. To register for Webull, go to the Webull website and enter your phone number and email address in the appropriate fields.

There, you’ll enter general brokerage account information, such as your name, social security number, mailing address, investment experience, and place of employment, among other things.

The second free stock is an incentive for making a deposit. Within the first 30 days of your account being authorized, you must deposit at least $100 to be eligible to get another random stock with a value between $12 and $1,400. GET A FREE TRIAL RIGHT NOW

Who is Webull for?

Traders that are new to the game It appears that the majority of Webullreviews agree that the platform is ideal for young, active, and undercapitalized investors. Most of these traders are millenials who have less than $100,000 to invest and are only interested in investing tiny sums of money. Because there are no commissions on the advanced platform, both beginning and intermediate traders may test their ideas while learning how to actively trade. The research-heavy, user-friendly layout makes it an excellent tool for young investors who are just getting started in the world of investing and want to learn as much as they can.

The ability to execute flawlessly isn’t critical for these sorts of traders because they are looking to profit from massive market movements rather than modest intraday changes.

They are frequently pleased with a screener and a solid charting platform, but they do want more.

Who shouldn’t use Webull?

Investors who follow the traditional route For investors who are searching for a more “set it and forget it” sort of platform, Webull will not be the most suitable solution for them. Webull is a self-directed platform that caters to investors who are prepared to take a hands-on approach to maintaining and growing their portfolios. Similarly, Webull is not a good alternative for investors who want to use a traditional investing technique, such as employing a broker, or for overseas traders who wish to invest in companies outside of the United States.

Active traders demand direct market access in order to maintain a competitive advantage.

Investors from countries that are not supported by Webull Are you curious about the nations that Webull supports?

To establish an account, you must be a citizen of the United States, have a valid visa to enter the United States, or have a permanent resident card in the United States.

How does Webull earn money?

Investors who follow the rules Webull is not the greatest platform for investors who are seeking for a more set-it-and-forget-it sort of experience. Webull is a self-directed platform that caters to investors who are willing to take a hands-on approach to maintaining and growing their portfolios. Similarly, Webull is not a good alternative for investors who want to use a traditional investing technique, such as employing a broker, or for overseas traders who wish to invest in companies outside of the United States.

Direct market access is required in order to get a competitive advantage for active traders.

Investment opportunities for those residing outside of the countries sponsored by Webull Curious about nations that Webull has a stake in?

To establish an account, you must be a citizen of the United States, have a valid visa to enter the United States, or hold a permanent resident card in the United States.

To employ leverage, all margin traders must pay Webull fees, which are a set amount every trade. This is a standard procedure among most brokers who provide margin accounts. Webull charges a monthly membership fee for its studies, with fees ranging from $2.99 per month to over $60 per month. Each time you place an order, both Apex Clearing and Webull may deduct a modest charge from your total in order to route the transaction via a certain market maker of their choosing. This cost is normally only a few hundredths of a penny.

Users who are interested in learning more about Webull’s prices may do so by visiting their website.

Is Webull safe?

The prospect of registering with and depositing funds into an online brokerage that has only been in operation for a few years may be intimidating to both first-time traders and seasoned investors. Webull, on the other hand, does not scrimp on putting in place robust safeguards to protect both assets and investments. Apex Clearing, one of the most well-known names in the investment account management industry, has been hired by Webull to process their trades. The platform is also registered with the Financial Industry Regulatory Authority, the Securities and Exchange Commission, and the Securities Investor Protection Corporation.

In addition, Apex Clearingoffers additional insurance with limits of up to $37.5 million for each individual customer.

Webull Pros

There are no commissions. Webull’s commission on ETF and stock trades is zero percent, which means there are no costs to pay when you trade using the platform. Charting techniques that are more advanced There are several features in Webull’s mobile app, including a strong charting function that provides information about German and UK equities, a simulated trading mode, cryptocurrency exchange rates, and a community forum, among other things. Great platform variants are available. While Webull is primarily designed for mobile devices, the Webull PC version does not fall short.

The search option allows you to receive results that have been sorted by analyst attitudes and a number of technical indicators, among other things.

There are analyst ratings available on the platform, which provide specific information from a stock’s financial statements.

Webull Cons

Not all equities are available for trading. Even though Webull’s ETF and stock commissions are nearly non-existent, this comes with a number of restrictions and limitations. Some equities having a market capitalization of less than $10 million and those with a price of less than $1 may not be traded and are placed on a restricted list. There is a minimum number of shares that must be purchased for those that are exchanged. Certain types of investment instruments are not available. There is a prevalent issue among Webull reviews that the company does not provide some investment instruments that are available via other brokerage firms.

Unsatisfactory customer service Customer service is one of the most often mentioned grievances in the Webullreviews I’ve read.

Technical indicators are missingWebull’s only offers 10 of the most common technical indicators, which may cause your trading performance to suffer when using them.

Other indicators that have been left off include the Simple Moving Average, Bollinger Bands, Ichimoku Cloud, SAR, Volume, VWAP, KDJ, MACD, Keltner Channels, Exponential Moving Average, and many more. Refer to the following: CLAIM: Robinhood versus Acorns versus Stash STOCK IS AVAILABLE FOR FREE

Conclusion

Investing in stocks is not possible in every case Even though Webull’s ETF and stock commissions are almost non-existent, this comes with a number of caveats. On a restricted list are stocks with a market capitalization of less than $10 million and those with a market capitalization of less than $1. There is a minimum number of shares to purchase for those whose stocks can be exchanged. Certain types of investment vehicles are lacking in this country. The absence of some investment vehicles available through other brokerages is a prevalent concern expressed in Webull reviews.

  • Customer service that is substandard.
  • It is possible to contact customer service, however the majority of people express dissatisfaction with the response times and lack of direction.
  • RSI and ADX are notable indicators that have been absent from the chart.
  • More information may be found here: The CLAIM OF ROBINHOOD VS.

Related Resources

  • Not all equities can be traded on the open market. Although Webull’s ETF and stock commissions are nearly non-existent, this comes with a number of caveats and requirements. Some equities with market capitalizations less than $10 million and those with market capitalizations less than $1 may not be traded and are placed on a restricted list. There is a minimum number of shares to purchase for those that are eligible to be exchanged. Certain types of investment vehicles are absent. The unavailability of certain investment vehicles available through other brokerages is a prevalent issue among Webull reviews. Closed-end funds for ETFs, futures, warrants, over-the-counter stocks, contracts for difference, bonds, and worldwide stocks, among other things, are available. Customer service that is substandard Customer service is one of the most common concerns I’ve seen in the Webullreviews I’ve read. It is possible to contact customer service, however most users express dissatisfaction with the response times and lack of instruction. Webull’s only offers 10 of the most prominent technical indicators, which may cause your trading performance to suffer. The RSI and ADX indicators are absent. Other indicators that are missing include the Simple Moving Average, Bollinger Bands, Ichimoku Cloud, SAR, Volume, VWAP, KDJ, MACD, Keltner Channels, Exponential Moving Average, and others. More information may be found at: CLAIM: Robinhood vs. Acorns vs. Stash FREE STOCK AVAILABLE
See also:  How To Change Address On A Massachusetts Driver'S License?

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Pros

  • Enhanced charting
  • No commissions
  • A wide range of platforms
  • Simple to use

Cons

  • There is no cryptocurrency
  • There is customer service
  • There are simple investment options

Webull Account Opening and More Useful Information

Simple investment options; no need for cryptocurrency; excellent customer service; no need for cryptocurrency

Webull moomoo Robinhood
Rating 5.0stars 4.2stars 5.0stars
Account opening time 1 day 1-3 days 1 day

There is no cryptocurrency; customer service is available; and simple investment options are available.

Pros Cons
No minimum deposit Only one account base currency
User-friendly
Fast

Pay a visit to the broker The Webull review is where you should go if you want to read our whole evaluation including information on fees, deposit choices, and additional platforms (including online and desktop). Opening a Webull account is primarily aimed towards people in the United States and China. Some account kinds, on the other hand, are open to residents of a small number of other countries, which is a welcome development. Check out the following table to determine if Webull is available to inhabitants of the countries listed:

Country Availability
Australia No
Canada No
China Yes
Germany No
Hong Kong Yes
India No
Ireland No
Japan No
Malaysia No
Netherlands No
Singapore No
South Africa No
United Arab Emirates No
United Kingdom No
United States Yes

Is your nation not included in this list? Don’t worry, we’ve got you covered with our handy geochecker tool: Pay a visit to the broker Generally, you will be needed to submit confirmation of your identification as well as proof of your residency before you can register an account with an online broker. In an ideal world, this procedure would be entirely computerized. Some brokers, however, will eventually request actual copies of your paperwork, which might be a problem. Webull accepts the following identification papers for the purpose of verifying your identity: A document proving one’s identity: SSN, passport, national ID card, and driver’s license are all acceptable forms of identification.

Once you have completed the registration and account opening procedures, you will need to transfer the required minimum deposit from your bank account to your brokerage account before you can begin trading.

The broker is therefore an excellent choice if you wish to invest or trade with a little sum of money. Start with this broker to get your feet wet in the world of investing, and you can always add additional cash to your account as you get more expertise in handling your investments.

Webull moomoo Robinhood
Minimum deposit $0 $0 $0

In addition to the zero-dollar minimum deposit requirement for Webull, a $2,000 minimum deposit requirement is in place for margin accounts. A margin account, often known as leverage, is a trading account in which you trade with borrowed money. If you wish to be able to do limitless day trading (that is, purchase and sell an asset on the same day), you must have a minimum account balance of $25,000 in order to do so. Pay a visit to the broker

Want to stay in the loop?

By signing up, you will receive email notifications whenever a new BrokerChooser article is published. An essential decision to make when opening a new account is what “kind” of account to start. There are several options available. Each of them has its own set of criteria and characteristics. Online brokers provide a variety of accounts that differ depending on your identification or expertise, the nature of traded items, the currencies that are offered, and additional services such as personal investment guidance.

  1. Unfortunately, Webull only allows traders to trade in one currency, which is the United States dollar.
  2. You may save money on conversion costs by opening a bank account that accepts several currencies.
  3. When using your phone, creating an account takes only a few minutes.
  4. See the following table to see how Webull’s basic currency selection stacks up against its primary competitors.
Webull moomoo Robinhood
Base currencies 1 1 1

Pay a visit to the broker The particular procedure for creating a Webull account may change somewhat from the one outlined here, but in general, the procedure consists of the following steps: 1.

1. Choose your account

Before you submit any of your personal information, double-check that you have chosen the appropriate sort of brokerage account for your needs and circumstances. After you have made your selection on the registration page, you can advance to the next stage.

2. Add personal info

The next stage is to go over the basic information questionnaire with the group of people. You will be required to enter information such as your name, birth date, residence, nationality, place of employment, and other similar information. The level of difficulty associated with this phase is determined on the broker you select. Also required are certain security questions to ensure that you are legally permitted to trade as well as a few inquiries about your trading background and experience.

3. Identify yourself

During this stage of the transaction, the broker website will require you to scan and submit a copy of your identification documentation. This might be anything from a passport to an identification card to a bank statement; the specific criteria differ from broker to broker.

It is possible that some internet brokers will want you to provide them actual copies of your documentation. This has the potential to significantly slow down the account opening procedure.

4. Seal the deal

Once you’ve completed the required registration and identification steps, you’ll have the opportunity to examine the information you’ve supplied and then sign a virtual contract after agreeing to the terms and conditions of the broker you selected.

5. Fund your account

You can begin trading as soon as your account has been verified and opened. Transfer the required minimum deposit, or any amount of money if there is none, to your broker account and we’ll get things started. You have officially achieved the status of an investor! Webull’s website provides detailed instructions on how to register an account with them. You can also read our own evaluation here: Pay a visit to the broker Take a look at the following articles if you want to learn more about the next stages, such as investing in and trading with different sorts of financial assets:

  • How to purchase exchange-traded funds (ETFs) online
  • How to invest in stocks
  • And how to purchase stocks online

Webull Free Stock Promotions: Get up to $8,300 TOTAL in Stock

Investing FOMO is a genuine phenomenon, especially on days when the market is volatile. But don’t fall into the trap of believing that you have to do anything – here’s how to overcome investing FOMO for good.

How to Invest In Pre-IPO Company Stock: Understanding the Risks and Rewards

Stock in a pre-IPO business is a high-risk/high-reward investment opportunity that has the potential to be one of the most rewarding investments you can make. It is often only available to persons with significant financial resources and assets. However, if you are eligible, it might be one of the most effective methods to broaden your financial horizons and take advantage of rare and very profitable possibilities.

VTSAX vs. VTI: Which Will Get You to FIRE Faster?

To achieve FIRE status, you’ll need to earn the type of returns that the stock market gives. Through two popular mutual funds, VTSAX and VTI, you may make a broad investment in the whole stock market. It is simple and straightforward to get the benefits of stock market gains without the need to pick specific stocks or even a collection of funds through the use of the VTSAX and VTI indexes.

What is a Qualified Purchaser?

Following the sale of my first firm, I became increasingly interested in a variety of various ventures. I was hoping to construct. Jim Wang is a thirty-something father of four who contributes regularly to the Forbes and Vanguard blogs. He has also had the good fortune to have articles published in the New York Times, the Baltimore Sun, Entrepreneur, and Marketplace Money, among other publications. In addition to his undergraduate degree in Computer Science and Economics from Carnegie Mellon University, Jim holds a master’s degree in Information Technology – Software Engineering from Carnegie Mellon University, and a master’s degree in Business Administration from the Johns Hopkins University.

Personal Capital is one of his favorite tools (here’s my treasure chest of tools, which contains everything I use), since it allows him to manage his money in as little as 15 minutes each month.

It’s completely free.

He is not investing in rental properties because he does not want a second job; instead, he is making diversified little investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

The opinions stated here are solely those of the author and do not reflect the views of any bank or financial institution. It should be noted that none of these organizations have reviewed, authorized, or otherwise supported the information on this page.

Why Brokers Ask for Your Personal Information

When investors contact brokers, they are frequently taken aback by the quantity of requests for personal information that are made of the investors. The broker is just following the law and the guidelines established by the Securities and Exchange Commission (SEC) (SEC). Indeed, some information must be gathered by a broker before any trades on a client’s behalf may be completed. You must provide your Social Security number or tax identification number, as well as details about your contact information and whether or not you are an insider at a publicly listed firm.

Key Takeaways

  • To comply with tax rules, anti-money laundering regulations, anti-terrorism funding standards, record-keeping processes, and to determine appropriate investments, brokers must collect personal information from their clients. Broker-dealers in the United States need their clients to provide them with a tax identification number (TIN), which is often a Social Security number (SSN). Non-citizens of the United States can normally substitute a valid passport number, an alien registration card number, or other government-issued ID numbers for their Social Security numbers. Name, residence, and date of birth are among the other pieces of information that are commonly required.

SSN Requirements for Trading Stocks

Broker-dealers in the United States are obligated to keep track of their clients’ tax identification numbers (TINs), which are often their Social Security numbers (SSN). In addition to providing a TIN, there are various more options available to non-U.S. citizens. The use of an active passport number, an alien registration card number, and other government-issued identification numbers (such as a driver’s license number) are all acceptable options in many situations.

Personal Information

Brokers do not ask for personal information from investors in order to have a dialogue with them. There’s a very reasonable explanation for this—they have to inquire. The Securities Exchange Act of 1934 (Securities Exchange Act of 1934) specifies the type of information that a broker is obligated to provide. Name, Social Security Number/Taxpayer Identification Number (SSN/TIN), mailing address, telephone number, date of birth, employment status (including occupation and whether the customer is a member of an exchange, a broker, or a dealer), annual income, net worth (excluding the value of the customer’s primary residence), and investment objectives are all required by the rule.

The Internal Revenue Service (IRS) requires investors to record capital gains, losses, and dividends.

The Securities and Exchange Commission (SEC) outlines three more reasons why brokers are required to request personal information.

Suitability

It is important to consider how an investor’s financial status fits that of his or her broker’s advise and suggestions. A broker must make an effort to comprehend and accommodate the conditions and preferences of an investor. Following that, the broker should provide suggestions that are appropriate for the individual and their investing objectives. A broker who fails to comply with these requirements is in violation of the National Association of Securities Dealers’ guidelines. Relevant information includes a person’s risk tolerance, financial objectives, the amount of debt he or she owes, the number of years till retirement, and net worth, among other things.

A smart broker will customize his or her recommendations to each client’s unique scenario. Moreover, if a broker advises you to take any activity that is in direct conflict with your financial objectives and circumstances, you may have grounds for legal action against the broker.

Record-Keeping

Brokers are required to keep a current record of their clients’ personal information, according to SEC regulations. Remember that if a customer refuses to submit this information, the broker is exempt from complying with the requirement. The broker, on the other hand, must be able to demonstrate that an attempt was made to collect and document the information in question. Keep in mind that certain personal details may change during the course of your relationship. It is the investor’s obligation to provide any additional information that may be necessary to keep the record up to date.

Because the investor would get aprospectus and other information for each investment, it is possible that address changes may be particularly important.

Terrorism and Money Laundering

Finally, the broker must supply information on the customer in order to comply with anti-money laundering and counter-terrorist financing regulations. The following are the very minimum criteria for this section:

  • Name
  • Address (must be a residential or commercial address, not a P.O. Box)
  • And phone number TIN, such as a Social Security number (SSN)
  • Date of birth (for a person)

This information enables the broker to confirm the client’s identity and complete the transaction. A cross-check is performed between the client’s personal information and a database of known or suspected terrorists. In the case of mistaken persons or victims of identity theft, these rules may provide difficulties. If an identity check is performed in this situation, it is possible that the identity has been stolen and is being used for money laundering reasons. Examining credit reports for signals of odd behavior before seeing a broker is a good practice before going to see a broker.

Social Security numbers can also be monitored by third-party services in order to detect possible theft.

Additional Information

There is a list of other personal information that a broker may ask for when creating an account on the website maintained by the Financial Industry Regulatory Authority (FINRA). Although it is not needed, it is recommended that investors provide the following information to the business so that the firm can better fulfill their trading and investing needs:

  • People who are trusted as contact persons: They may ask for the name, address, and telephone number of a trusted contact person. According to the Financial Industry Regulatory Authority, this is not a necessity. It is necessary to divulge this information only if the broker is permitted to do so in the case of financial exploitation. Account type: Investors may be asked if they wish to create cash accounts or margin accounts by the brokerage firm. Cash account holders are obligated to pay for their trades using cash deposits made into the account. In order to use most forms of leverage and trading derivatives, margin accounts must be established. Uninvested cash: Investors may also be asked how they intend to deal with any cash that remains in their accounts after they have made their first investment. This includes any money people deposit on a monthly basis, as well as dividends and interest earned on their assets. In most cases, automatic reinvestment strategies increase returns over the long term.
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Online Brokerages and Trading Platforms

Some brokerage firms have traditional offices, which means that investors may come in and provide sensitive information in person if they like. Transferring data in person can help to lessen the likelihood of identity theft occurring. When trading online, investors are frequently forced to provide personal information to the trading platform or app in order to participate. Due diligence, on the other hand, continues to be essential in the internet world. Investors should be aware of who is providing them with information, just as they would with any traditional broker.

Look into the history of the brokerage and read customer reviews to determine whether or not it is reputable. Keep an eye out for phony applications and internet platforms that are meant to collect personal information. Genuine applications will often have a big number of users and positive ratings.

Webcontactus.com: Find Business Contact Information

Because some brokerage firms have traditional offices, investors can come in and provide sensitive information to the company. Transferring data in person can help to limit the likelihood of identity theft. Trading online frequently necessitates the submission of personal information by investors through the trading platform or mobile application. Due diligence, on the other hand, continues to be essential in the digital world. Investors should be aware of who is providing them with information, just as they would with any traditional brokerage.

Make sure to be on the lookout for phony apps and internet platforms that are meant to steal your personal information.

Cotton Calls for Investigation of Chinese Stock Trading App

AVAILABLE FOR IMMEDIATE RELEASE James Arnoldor Mary Collins Atkinson can be reached at (202) 224-2353. The date is September 23, 2021. In response to Cotton’s call for an investigation into the Chinese stock trading app In Washington, D.C., there is a lot going on. Webull, a Chinese stock trading app, has raised worries about national security dangers, and Senator Tom Cotton (R-Arkansas) has written to Avril Haines, Director of National Intelligence, to express his concerns. Cotton also called for an inquiry into the firm.

Despite the fact that Webull promises to keep user data locally, the company is nonetheless forced to comply with Chinese legislation.” Because of these concerns, we believe that Webull represents a potential counterintelligence threat, and we have requested that the Intelligence Community conduct an assessment of the potential national security risks posed by Webull and other China-based broker-dealers operating in the United States.” “In addition, we urge that the Intelligence Community brief the Congress on these conclusions,” Cotton went on to state.

  1. The letter’s text may be found here and further down on this page.
  2. The Directorate of National Intelligence (DNI) is a government agency that is responsible for gathering and analyzing intelligence data.
  3. As a licensed broker-dealer and securities trading platform, Webull, a registered broker-dealer and securities trading platform in the United States, is becoming increasingly popular, we are concerned about potential national security hazards.
  4. Fumi Technology is based in Tokyo.
  5. It is not possible for Webull to make money on trades, but it does so through order flow payments, short selling fees, subscriptions, interest payments on margin, and investments of cash on hand.
  6. The company Webull, which has more than eleven million members as of last year, is preparing an initial public offering (IPO) that may garner $300-$400 million in funding.
  7. Webull, as a broker-dealer, is required to gather sensitive and personal information from its customers.
  8. Despite the fact that Webull claims to keep user data on a local server, the company is still forced to comply with the laws of China.
  9. As long as there is no independent judiciary to examine government requests that corporations share user data or perform other acts on the government’s behalf, Chinese enterprises have little legal recourse if they refuse to cooperate with the government.
  10. And the consequences of non-compliance might include the dissolution of the company and lengthy jail terms.

In addition, we urge that the Intelligence Community provide a briefing to the Congress on these conclusions. Greetings and thank you for taking the time to examine this very important subject. We look forward to receiving your message. Sincerely,

Webull trading review 2021; 5 pros, 2 cons

Annual fee 0%
Option trade fee $0
Asset types Stocks,Options,ETFs
Account types Brokerage,Retirement
Fees ★★★★★4.25/5 It charges no commission fees and account fees are on par with competitors.
Available securities ★★★★★4/5 You can access stocks, ETFs, options and crypto.
Customer support ★★★★★4/5 Support can be reached in several ways but we had to wait 20 minutes to speak to a rep.
Mobile app ★★★★★4.6/5 The mobile app is well-reviewed on both Google Play and in the Apple App Store.
Research and tools ★★★★★5/5 Reporting tools and charts are standout platform features.
Reliability ★★★★★5/5 We didn’t find any reports of service outages.
Bonus star ★1 We awarded a bonus star for access to paper trading.

Read the methodology section at the bottom of this page to learn more about how we determine our star ratings. Webull offers something for every sort of trader, with a little something for everyone. With commission-free trading and no minimum deposit restrictions, it provides new traders with a platform to trade without having to worry about an aggressive charge structure cutting into their profits. Furthermore, its fractional shares provide access to thousands of firms that would otherwise be out of reach for traders who do not have access to large amounts of liquid capital.

  • However, Webull’s trading platform stands out from the crowd because of its advanced charts, indicators, screeners, and customizable tools, which distinguishes it from comparable platforms.
  • Having said that, when it comes to the quality of its customer care, Webull receives a mixed response.
  • You have no excuse not to give Webull a go, though, because there is no actual commitment required on your part.
  • Webull would be a good fit for a wide range of traders and investors alike.
  • Those who want to invest in assets such as mutual funds or bonds, on the other hand, will have to search elsewhere.
  • Webull offers a diverse range of investment solutions, including the following: Additionally, you have the option of opening either an individual brokerage account for general trading or a standard or Roth individual retirement account for retirement savings (IRA).
  • Investors who are looking to make a quick buck. Webull is a great alternative for short-term investors and day traders, as well as mobile users, because to its zero-commission trades and powerful features. It is possible to trade from anywhere thanks to Webull’s sophisticated mobile platform
  • New investors. Webull is a good choice for beginner investors because of its helpful features, zero-dollar transactions, and the absence of any minimum deposit restrictions.

No minimum deposits are required, and there are no charges on option, stock and ETF trades. There are also no yearly or inactivity fees at Webull, making it one of the most cost-effective brokerage firms in the market. Margin accounts pay an annual rate ranging from 3.99 percent to 6.99 percent, depending on the amount of money you have in the account. Signing up on the desktop is as simple as installing the desktop application, selecting your avatar from the bottom right corner, and then selectingSign up.

  1. Install the Webull app on your Android or iPhone device. Upon opening the app, go to the Open account menu and then pick Open account
  2. Personal information, employment information, and financial investment information should be included. In order to prove your identification, upload a photo of your ID. Fill up the blanks with information about your associations. Accept the terms and disclosures of the account
  3. Select the type of account you want to use. Verify your email address and submit your application as soon as possible.

Eligibility

In order to establish an account, you must complete a few eligibility conditions, which are as follows:

  • Maintain a legal residence in the United States at a legitimate home address
  • You must be 18 years old or older. Have a valid state-issued identification card
  • Be in possession of a valid Social Security number

Required information

During the course of your application, you will be requested to give the following details:

  • Name, first and last
  • Address, phone number, and email address
  • Number of Social Security cards
  • A government-issued picture identification card
  • Information on employment
  • Information on investment and financial matters

Webull’s research tools are comprehensive and insightful

Trading on the Webull platform provides traders with access to a full range of research and analytical tools.

Watchlists

Watchlists allow you to quickly review data for any company on the site, with a separate list for stocks in which you are actively engaged. Monitor crucial parameters for the stocks you pick from your watchlist, such as price, volume, market movement, and more, from your watchlist. Stocks may be added to your watchlist by symbol or name, and your selections can be viewed in a list or grid style.

Charts

When you select a stock from your watchlist, the stock chart is displayed. Set up volume or price alerts, and see data as a line, area, candle, hollow candle, base line, Heikin Ashi, bar, or colored bar graph, among other formats. The time periods span from one minute to a year and are measured in seconds. In addition, the drawing tool provides access to trendlines, polylines, rays, parallels, Fibonacci retracement, Fibonacci extension, and other tools to help you visualize your data. Among the indications that are available are: Highs and lows, dividend yields, financial predictions, and press releases are all examples of important statistics for your company.

Markets

Global, US, Hong Kong, and crypto markets are the four key market tabs to keep an eye on the data. Among the 15 cryptocurrencies available on the Bitfinex exchange is Cryptos, while the Global tab provides index and FX statistics for the world at large. The index statistics, as well as net inflows, rankings, trends, and up-to-date market news, are available on the Hong Kong and US tabs.

Screeners

Enter the data you’d most want to track into your own screener, such as market capitalizations, prices, percent changes, volume, turnover rates, and listing dates, and then hit “Save.”

Paper trading

Without risking any of your own money, you may learn to trade online for free. However, you will not make any money because this is a demo account where you may practice hypothetical transactions based on real-time market information. Purchase and sell stocks, keep track of your purchasing power, and keep track of your daily earnings and losses.

Pros

Webull makes it easier to trade and manage portfolios from any location, and it provides the following features:

  • There are no commissions. Webull will not charge you any fees for making trades
  • The mobile app is quite powerful. Webull’s mobile application enables you to do research, analyze data, place trades, manage your portfolio, and more on the go. Tools. Take use of a trading simulator, market data insights, stock screeners, charts and indicators, and trading tools to help you succeed in your trades. There is no minimum deposit required. It is completely free to create an account, and there are no minimum deposit requirements to trade equities or exchange-traded funds (ETFs). There are two free stocks. Get one free stock worth up to $250 when you join up for a free account for a limited time. Receiving additional gift worth up to $1,000 with a $100 or greater initial deposit during the first 30 days of starting your account is possible.

Cons

Despite the fact that Webull offers commission-free transactions and a robust mobile platform, the company faces a number of risks, including the following:

  • Webull’s commission-free trades and sophisticated mobile platform provide it a competitive advantage over some of its competitors, but it also has certain potential drawbacks.

Yes, Webull is a legitimate fin-tech firm situated in the United States that was launched in 2017. In addition to the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) has registered the company (FINRA). Webull is also a member of the Securities Investor Protection Corporation (SIPC), which covers brokerage customers up to $500,000 in securities and $250,000 in cash. The majority of Webull customer feedback has been good. It all depends on where you go to hunt for testimonials.

  • As of September 2021, it has an average rating of one out of five stars on the Better Business Bureau (BBB) based on 33 customer reviews and has had 157 complaints in the previous three years.
  • Based on 99 customer reviews, the firm has received a rating of 1.4 out of 5 stars.
  • Customers who were dissatisfied with their purchases on both sites complained about bad customer support and a lengthy money transfer process.
  • Webull has received approximately 375,000 reviews across both app stores, with the vast majority of them being favorable.

These platforms continue to receive negative feedback, with many customers complaining about a lack of support and bad customer care.

Better Business Bureau F
Rating: F No
Better Business Bureau Accredited? N
BBB customer rating 1/5 stars based on 33 customer reviews
TrustScore 1.4/5 stars based on 99 customer reviews
Google Play app reviews 4.4/5 stars based on 142,710 customer reviews
Apple App Store app reviews 4.7/5 stars based on 231,000 customer reviews
Data last updated September 2021

If you need to contact customer care, there are three options available:

  • Call 1-888-828-0618
  • Send a secure message using the company’s app
  • Or send an email to [email protected]

*Information about the signup bonus is updated on a weekly basis. Disclaimer: The value of any investment can rise or fall based on the news, trends, and market circumstances at the time of purchase. We are not investing advisors, therefore please conduct your own due diligence to fully understand the risks associated with any investment before proceeding.

How we rate trading platforms

A score of 5/5 indicates excellent performance; a score of 4/5 indicates good performance; a score of 3/5 indicates average performance; and a score of 1/5 indicates poor performance. We evaluate the best online trading platforms and assign them a star rating from one to five stars based on the elements that are most relevant to you. Fees, securities accessible for trading, customer assistance, customer feedback, platform resources, and general dependability are some of the considerations to consider.

Mr.

A little more than a year after paying off his $30,000 in debt, he put his newfound knowledge to use as a writer for FinanceBuzz, where he covered finance news, banking, consumer debt and international travel.

Matt is a proud military veteran, having served one tour in Iraq and receiving a Bachelor of Arts in History in the process.

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