WebullStock Broker ReviewCommission-free

Level II data at zero cost

Webull's most distinctive feature is free real-time Level II quotes across all account types. Level II data shows the full order book - all bids and asks by market maker - rather than just the top-of-book best bid and offer. Most retail platforms charge $15-$25/month for this; Schwab restricts it to active traders; Robinhood does not offer it at all. For traders who make execution decisions based on order flow and depth of market, this is a meaningful structural difference.

The platform's charting engine covers 50+ technical indicators, 12 chart types, and customisable multi-panel layouts available on desktop, web, and mobile. Paper trading with real-time data is available on all account types without approval. These combined make Webull the analytical benchmark among commission-free US retail brokers.

Commission-free with competitive options pricing

Webull charges no commission on stock, ETF, or option trades. The options per-contract fee of $0.65 matches Schwab and Fidelity. Extended hours trading runs from 4:00 AM to 8:00 PM Eastern, the widest window at any commission-free US broker. Margin interest rates start at 6.74% annually, above Interactive Brokers but competitive versus Robinhood's premium Gold rates.

SEC, FINRA, and SIPC: regulated US broker-dealer

Webull Financial LLC is registered with the SEC, is a FINRA member, and is a SIPC member, providing client account protection up to $500,000 (including $250,000 for cash). Webull is operationally backed by Webull Corporation, a private company with funding from major investment firms. The regulatory structure meets standard US retail broker requirements.

International presence

Beyond the US, Webull operates separate regulated entities in the UK (FCA licence), Singapore (MAS licence), Hong Kong (SFC licence), and Australia (ASIC licence). Product availability and account types vary by jurisdiction; the Level II data and extended hours features described above apply to the US product.

Where it falls short

Webull's interface depth rewards experienced traders but creates a steep learning curve for beginners. Research tools, while adequate, do not reach Schwab or Fidelity's depth (no Morningstar integration at the same level). No ISA or SIPP wrapper for UK clients, limiting its appeal as a primary tax-efficient account. The desktop platform requires download, which some users find less convenient than Fidelity's fully browser-based options.

Bottom line

Webull is the strongest choice for self-directed US retail traders who want commission-free trading with free Level II data, advanced charting, and extended hours access in a single platform. Beginners who need simpler interfaces should start at Robinhood or Fidelity. Traders who want institutional research alongside their trading platform should use Schwab or Fidelity instead.