The post Best Webull Alternatives by Sarah Horvath appeared first on Benzinga. Visit Benzinga to get more great content like this.
Jump straight to it: The best Webull alternative is moomoo, which is offering up to 15 free stocks with a qualified deposit for new customers, as well as a massive 8.1% APY on idle cash for a limited time. That’s all on top of other benefits like commission-free options trading.
A newcomer to the realm of brokers, Webull is well known for offering investors extended trading hours, commission-free investing and more options to contact customer service. However, the platform may not appeal to every type of investor. If you’re unsatisfied with Webull, our guide to Webull alternatives will help you invest with confidence.
Quick Look at the Best Webull Alternatives:
- Best for Global Capacity: Interactive Brokers
- Best for Simple Trading: Robinhood
- Best for Futures Trading: TradeStation
- Best for App Features: moomoo
- Best for Cryptocurrency Trading: Coinbase
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5 Best Webull Alternatives
Looking to get started with investing or transfer your account from Webull? Consider a few of our favorite alternative brokers below.
1. Best for Global Capacity: Interactive Brokers
get started
securely through Interactive Broker Primary’s
website
Interactive Brokers is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. You can buy assets from all around the world from the comfort of your home or office with access to over 150 global markets. Stocks, options, futures, forex, bonds and fund trading are also available, and most traders won’t pay a commission on any US stock purchase or sale if they choose the IBKR Lite pricing plan.
IBKR is geared primarily toward experienced traders and investors but now with the availability of free trades with IBKR Lite plus new platforms, services and tools for investors of all levels, casual traders can also acclimate to IBKR’s offerings.
Best For
- Low cost trading
- Low margin loan rates
- High interest paid on instantly available cash in your broker account
- Access to foreign markets
- Detailed mobile app that makes trading simple
- Wide range of available account types and tradable assets
- Comprehensive, quick desktop platform
- Mobile app mirrors full capabilities of desktop version
- Access to massive range of tradable assets
- Low margin rates
- Ability to earn high interest on instantly available cash balances
- Easy-to-use and enhanced screening options are better than ever
- IBKR GlobalTrader, IBKR GlobalAnalyst, Fractional Shares, Recurring Investments and tools like Options Wizard for simplified trading
- All-in-One Cash Management Solution enables investors to manage all of their finances in one account
- Overnight Trading Hours: IBKR offers overnight trading on over 10,000 US Stocks and ETFs enabling clients to react immediately to market-moving news and conveniently trade at almost any time.
- Trading platform may be intimidating for new investors
Interactive Brokers stands out from the pack when it comes to resolute lowest-cost access the widest global range of products and markets. The first among online brokers to trading as low as $0 commissions for US stocks & ETFs, Interactive Brokers is also Benzinga’s #1-rated broker for Mutual Funds, Bond, International, Short Trading and more commissions for US stocks & ETFs. IBKR clients earn extra income from their fully owned shares via their Stock Yield Enhancement Program, and they enjoy enhanced pricing via IBKR’s SmartRouting technology.
Plus, Interactive Brokers provides the absolute lowest margin loan rates in the industry. It’s no wonder that active traders & investors from over 200 countries and territories invest globally in Stocks, Options, Futures, Forex, Bonds, and Funds from a single integrated account at the lowest cost across Interactive Brokers award-winning platforms.
Why We Picked It: Interactive Brokers is an ideal platform for investors of all levels, catering to both novice and advanced users. Whether you are just starting in the world of investing or have years of experience under your belt, Interactive Brokers offers unique assets and tools that can be accessed at any time.
2. Best for Simple Trading: Robinhood
get started
securely through Robinhood’s
website
Robinhood is a commission-free trading platform that offers users the opportunity to invest in stocks, exchange-traded funds (ETFs), options and cryptocurrencies with ease. The platform’s focus on democratizing finance has made it easy for people to invest and trade stocks and cryptocurrencies or save for retirement.
Although Robinhood provides a wide variety of investment products, its offering might not be as extensive as other investment platforms for each asset class. For example, unlike on some crypto brokerages, you can’t stake your cryptos on the platform. The platform supports only market, limit and stop orders.
It can be a desirable choice for beginner investors because you don’t need much capital to start investing on the platform and enjoy commission-free trading.
Best For
- New investors with limited capital
- Traders seeking zero-commission trading
- Investors who want to buy fractional shares or trade cryptocurrencies
- Offers commission-free trading for stocks, ETFs, options and cryptocurrencies
- Provides access to fractional shares, enabling investors to buy partial shares of expensive stocks
- Mobile app with full capabilities
- A wide range of investment options is available
- Lacks advanced trading tools and features compared to other platforms
- Limited order types available
- Crypto offerings are limited compared to larger crypto exchanges
One of the first investing platforms aimed at beginner investors, Robinhood offers new traders an intuitive and inviting way to explore the market and get started with their first trades. Swipe, tap and flick through some of the most popular investment opportunities on the platform and place a trade in as little as a few seconds.
In addition to a simple and straightforward platform, Robinhood also offers a few unique opportunities to learn about the market and the types of orders you can use to buy and sell stocks.
For example, Robinhood offers an excellent introduction to options trading and the types of options orders you can place with its in-app guide. Though Robinhood offers access to fewer securities than Webull, its easy-to-master app and desktop platform can be welcoming for completely new investors.
Why We Picked It: Robinhood offers a unique feature called “fractional shares,” allowing users to invest in partial shares of expensive stocks, making it accessible for investors with limited capital to diversify their portfolios.
3. Best for Futures Trading: TradeStation
get started
securely through TradeStation’s
website
TradeStation is for advanced traders who need a comprehensive platform. The brokerage offers an impressive range of investable assets as frequent and professional traders appreciate its wide range of analysis tools. TradeStation’s app is also equally effective, offering full platform capabilities.
Best For
- Advanced traders
- Options and futures traders
- Active stock traders
- Comprehensive trading platform and professional-grade tools
- Wide range of tradable securities
- Fully-operational mobile app
- Confusing pricing structure to leave new traders with a weak understanding of what they pay
- Cluttered layout to make navigating TradeStation’s platform more difficult than it should be
Futures contracts allow you to invest in predictive price movements of commodities, precious metals, bonds and other types of assets. TradeStation is one of our favorite platforms for futures trading, with comprehensive analysis tools and a wealth of platforms to choose from.
TradeStation makes it easy to learn more about the market and invest in this security type not offered by many other retail trading platforms.
TradeStation also boasts a massive selection of educational tools, as well as basic cryptocurrency trading and access to options, ETFs, stocks and more.
Why We Picked It: TradeStation offers a wide range of tradable assets, including stocks, options, futures and cryptocurrencies, providing users with diverse investment opportunities. TradeStation’s competitive pricing structure, with commission-free stock and ETF trades, makes it a strong contender in the online brokerage space.
4. Best for App Trading: moomoo
get started
securely through Moomoo’s
website
Investing is a long-term journey, and moomoo can help guide investors of all levels every step of the way. Utilized by over 21 million users worldwide – including in the US, Singapore, Australia, Japan, Malaysia and Canada – moomoo is an investment and trading platform that empowers investors with pro-grade, easy-to-use tools, data and insights.
moomoo provides advanced charting tools, technical analytics and Level 2 data for funded accounts, so investors have the resources to make more informed investment decisions. Users can access educational materials and interactive events, as well as share and learn through the inline community.
With a low-cost, competitive fee structure, moomoo can work for all investors.
Best For
- Novices
- Intermediate and advanced traders
- Active traders
- Equity and index options trading
- Commission free trading for US options, stocks and ETFs and 6.8% margin rate
- Wealth of free options tools and features, including customizable options chain, options calculator, unusual options activity, implied volatility analysis, 13 options strategies and 0 days to expiration (0DTE) options by volume
- Free Level 2 data for funded accounts
- Advanced charting tools with 100+ indicators, 37+ drawing tools and 20 candle patterns
- No minimum deposit to open an account
- 24/7 online chat support
- 5.1% APY in Cash Sweep program for new and qualified users
- Does not support crypto
- Does not support retirement accounts or mutual funds
Moomoo is an intuitive investment and trading platform with easy-to-use and professional tools, data, and insights that equal a pro-level trading experience for all traders, no matter their level of expertise.
When you open a brokerage account with Moomoo Financial Inc, features will include:
- Real-time Level 2 stock and options market data for funded accounts
- Advanced technical indicators
- Unique charting tools
- Advanced options orders
- Full extended trading hours from 4 AM to 8 PM EST
- Multi-market quoting
- Low fees, $0 commission on U.S. Stocks and ETFs plus $0 on equity options contract fees
- 5.1% APY in the Cash sweep program and a 3.0% boost for qualified customers
Users can reach out to the moomoo customer support team by phone during trading hours or via email. FAQs in the Help Center can also answer specific questions.
The site and app also helps users learn with a nice educational offering and a community with more than 20 million users worldwide.
Why We Picked It: Moomoo stands out with its real-time Level 2 market data, free paper trading account with $1 million virtual cash and access to both U.S. and Hong Kong markets. Additionally, moomoo provides unique features like AI-powered stock screening and a social network for traders.
5. Best for Cryptocurrency Trading: Coinbase
earn free crypto
securely through Coinbase’s
website
Given the number of crypto exchanges that have shut down, a recurring problem for crypto traders is finding reputable crypto brokers. These fears were heightened in 2022 by the collapse of FTX, one of the largest exchanges. Traders would like to trade and keep cryptocurrencies on exchanges without worrying.
Unlike many crypto exchanges that avoid the U.S. market, Coinbase has registered as a Money Services Business with FinCEN and complies with financial services and consumer protection laws. Its publicly traded status in the U.S. also means it is a regulated entity. Its platform is popular for its simple interface and accessibility. Coinbase offers a simple entryway to the crypto market suitable for new and experienced traders.
In this article, Benzinga provides an in-depth review of Coinbase, including its pros and cons and how it compares to other crypto exchange platforms.
Best For
- Beginners and new crypto investors
- Investors looking to trade or invest in cryptocurrencies
- People looking for a trustworthy platform to trade their digital assets
- Easy-to-use design makes it simple to buy, sell and store cryptocurrencies
- Hundreds of cryptocurrencies available, including Bitcoin, Ethereum and more
- Trusted reputation as a reputable exchange and a publicly listed company, which means it is subject to regulation.
- Convenient portfolio management via mobile app
- Offers institutional solutions like prime brokerage, commerce support
- High fees compared to other platforms, especially for small transfers
- Pending SEC lawsuit about operating an unregistered securities exchange
If you’re looking for the widest possible selection of cryptocurrency investments, Coinbase could be the right investing platform for you. Though Coinbase doesn’t offer access to traditional markets like the stock and bond market, it offers one of the most comprehensive selections of cryptocurrencies on the market.
From major crypto projects like Bitcoin to stablecoins to aspiring altcoins like Chainlink, Coinbase makes it easy to learn more about some of the world’s largest cryptocurrencies and invest with ease.
Coinbase also allows you to get started cryptocurrency trading for free with its Coinbase Earn program. Simply watch a few educational videos about some of Coinbase’s major token offerings and take a quiz on the projects’ histories and functionalities. For each answer you get correct, you’ll earn a bit of crypto.
Why We Picked It: Coinbase offers a wide range of over 150 cryptocurrencies for trading. The platform has robust security measures, including storing 98% of customer funds offline and offering FDIC insurance for up to $250,000 of USD balances.
What is Webull?
Webull is a relatively new broker known for its free commissions and wide range of educational and support tools. Like other brokers on the market, Webull allows users to buy and sell shares of stocks, American depository receipts (ADRs), ETFs and options contracts. Webull has taken cues from competitors like Robinhood and TD Ameritrade, combining powerful investing tools with commission-free trading.
Though Webull was only introduced in 2017, the broker has already made waves throughout the investing world. Some of the benefits that you’ll enjoy when you invest through Webull include:
- Commission-free investing: No account minimums, no commissions on stock buy and sell orders and even free options trading, it’s difficult to find a trading platform that offers more free options than Webull.
- Extended investing hours: Many brokers allow retail investors to trade only during the standard market hours of 9:30 a.m. EST to 4 p.m. EST. Webull offers investors full access to trading during the pre-market hours 4 a.m. to 9:30 a.m. EST and the after-hours trading session of 4 p.m. to 8 p.m. EST. This provides retail investors with more access to investing sessions that move the market outside of major trading hours.
- 24/7 customer service: If you’re a new investor, it can be helpful to know that you have a customer service team standing by to help you navigate trading issues. Webull’s customer service team is available 24/7 to assist with connectivity and investing issues.
While Webull offers a host of benefits that both new and seasoned investors love, this platform isn’t for everyone. Many Webull alternatives offer enhanced educational options alongside free trading.
Why Webull Might Not Be Right for You
With so many brokers offering trading capabilities online, you no longer need to settle for a broker that doesn’t offer you access to all of the features and securities you need. If any of the following features are important to you, Webull might not be the best platform for you.
- Access to long-term investment securities: Though Webull does an amazing job offering securities that active investors frequently trade, it doesn’t offer access to mutual funds or bonds. Despite the fact that the broker offers long-term investing accounts (like traditional and Roth IRAs), without access to these investments, you might have a limited selection of long-term opportunities.
- Limited access to additional securities: Though Webull makes it easy to invest in stocks, ETFs and options without paying an expensive commission, it doesn’t offer access to futures trading. It also offers limited support for cryptocurrencies — investors can only buy and sell major cryptocurrencies like Bitcoin and Ethereum through Webull. If you’re looking for a more comprehensive source to buy and sell cryptocurrencies, Webull might not be the best option for you.
- A platform aimed towards beginners: Webull offers investors access to a wide range of analysis tools, including Level 2 investment data and an advanced charting platform, new investors might find these features overwhelming. Additionally, Webull offers only limited access to educational tools that you can use to learn about the market. If you’ve never traded or invested before, you may want to choose a platform that offers a more comprehensive learning and education center.
Invest with Confidence
No matter if you decide to invest in stocks through Webull or futures contracts through TradeStation, it’s important to take the time to compare platforms before you decide which trading platform you’d like to use. Be sure to compare news and education resources, commissions and pricing and market access before you open an account. This will help ensure that you don’t need to maintain multiple accounts to have access to all of the investments and tools you need.
Frequently Asked Questions
Which Webull alternative is best for beginners?
Robinhood is often considered user-friendly for beginners due to its simple interface.
Answer Link
Which platform has better research tools than Webull?
TD Ameritrade and Fidelity generally offer more extensive research tools.
Answer Link
Which Webull alternative offers the widest range of investment products?
Interactive Brokers offers a vast selection of global investment products.
Answer Link
The post Best Webull Alternatives by Sarah Horvath appeared first on Benzinga. Visit Benzinga to get more great content like this.