Webull Singapore Review

With the proliferation of low-cost online investment brokerages in Singapore, Webull is the latest launch in this growing market.

Launched in 2022, Webull Securities (Singapore) Pte. Ltd. aspires to expand and serve the Asia-Pacific (APAC) region having Singapore as the APAC regional headquarter.

Originally founded in 2017, Webull is owned by a Chinese fintech company, Fumi Technology. The brokerage was subsequently launched in the United States (US) in 2018 and entered Hong Kong (HK) in 2020.

Having incorporated in 2021, Webull is currently regulated by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services (CMS) Licence under the Securities and Futures Act 2001.

Let’s take a look at its pros and cons.

1. No commissions or platform fees

To be frank, there are many online brokerages that offer the so-called “zero commissions” to acquire new customers. However, there are often certain requirements that are attached, to achieve these.

Webull appears to be a “true” 0 commission brokerage with no minimum requirements or limits on commission-free trades. Nor does it charge platform fees, membership fees, or settlement fees.

However, trading on Webull isn’t completely free of charge. Your trades will be subject to prevailing fees levied by various regulatory bodies, including GST in Singapore. 8% Goods and Services Tax (GST) will apply on all the below-mentioned fees and charges as levied by the Singapore Government.

There may also be bank handling fees, depending on the method you choose for depositing or withdrawing your funds. In addition, its promotional 0% fee is subject to changes with a new update.

Fun fact:

In Feb 2021, Webull became the second most popular app in the US, the day online brokerages imposed restrictions on retail investors buying GameStop, AMC Entertainment, and several other volatile stocks.

Webull’s app was installed about 100,000 times worldwide on Jan. 28 from the App Store and Google Play, a 270% week-over-week increase, according to data provided by market analytics firm SensorTower.

GameStop turns little-known China firm Webull into No. 2 app in US (read here)

Robinhood’s GameStop restrictions were a rocket boost for Webull (read here)

2. Options trading (Zero commission)

Personally, I am not into Options trading. I find it highly risky and it is not for beginners. However, if you’re a seasoned investor and ready to explore options trading, Webull has educational resources to get you started.

Seasoned Options traders will probably like Webull’s 0 commission for Option trades. Webull charges no contract fees, commission fees*, assignment fees, exercise fees or even a minimum deposit.

3. Trade fractional shares

Investors starting out with a low budget are often deterred by quality stocks with prices beyond their reach (often in US dollars) E. Apple, Alphabet (Google), Meta (Facebook), Tesla and Amazon. Perhaps this is also a reason why many beginner investors are lured by penny stocks.

Fractional shares provide a solution to this price hurdle. Fractional Share trading gives you the ability to purchase an equity position with a quantity of less than one whole share. Instead of having to buy a security in full share increments this allows you to purchase a piece of a stock for an amount that you feel comfortable with. Webull offers fractional shares for most stocks and ETFs that are available on our platform. Eg. you are able to invest US$20 and get one-fifth of a US$100 share.

Currently, fractional shares are not very common in Singapore.

However, 2 main points to note:

1) Fractional share trading is only available for certain stocks and ETFs. The fractional share (F) logo will be displayed on the detail page indicating if a particular security is supported for fractional trading.

2) There is a $5.00 minimum when purchasing a fractional share position and the number of shares must be greater than 0.00001. For selling a fractional position there is not a minimum dollar amount however the number of shares must be greater than 0.00001.

4. User-friendly interface

Like Moomoo and Tiger broker, Webull’s trading platform provides a similar user experience. The design is modern and easy to navigate around.

The mobile platform also serves as an analysis tool without any initial deposit requirements. Users can access stock-specific financial information and news. This allows new investors to familiarise themselves with the application before committing to an investment.

Well, the above are the good points about Webull.

Let’s look at the downsides.

1. Limited financial products

Perhaps the biggest downside (for now), is that Webull currently only offers access to the US and HK markets. Investors are only able to invest in companies listed in the two selected markets at the moment.

This limitation might be temporary as its US counterpart does offer a wider range of financial products. Hence, there is a high chance that Webull will allow its Singaporeans users to diversify into other trading products in the future.

2. Lower currency exchange rate as compared to its competitors

Although Webull offers zero currency exchange fees, the currency exchange rate is slightly lower as compared to its competitors.

This may not be an issue for retail investors who trade in smaller quantities and less frequently, as the savings from the trading fees could be more than the difference in exchange rates.

However, for traders that trade frequently and in higher volumes, the difference in exchange rates has an impact on the returns.

In gist

Having said that, Webull has all the “must-haves” of a digital brokerage. Webull key features include true zero commission, free real-time quotes, full extended hours trading and a 24/7 in-app help centre.

With its intuitive user interface, fractional shares, and zero fees, it is easy to see why Webull is so popular in the US among newbie investors. It also seems to have some great features for those who want to dabble in options trading at a minimum cost. If you are looking to trade in the US and HK markets, Webull Singapore might be a good option for those with more basic trading or investing needs.

For the moment, it is perhaps hampered by the limited financial products with no access to the Singapore Exchange (yet).

Account Opening

For Singapore Citizens, Permanent residents as well as foreigners living in Singapore who are holding permits or a pass, Webull allows you to create an account using MyInfo via Singpass. There is no need to go through the hassle of manually filling up your personal information on to the online form. The overall sign-up process is fast and hassle-free. The account can be expected to be ready within a day.

You can use my referral link to get 5 shares worth between US$50 ~ US$500.

Thank you for reading.

Webull

Sign up for a Webull account via my referral link and get 5 shares worth between US$50 ~ US$500 and Paynow of up to S$300, before 1st March 2023!

Welcome Gifts:

1. Between US$50 ~ US$500 in Stocks when you deposit at least SGD$1 and hold for 30 days.

2. Between S$45 ~ S$300 Paynow

Here’s what you need to do:

1. Sign up using this link.

2. Open an account and make your first deposit of at least SGD $1 (hold the deposit for at least 30 days)

3. S$45 ~ S$300 via Paynow / PayLah

StocksCafe

FYI I find StocksCafe useful for the tracking of my own portfolio, and especially like to use it to track my portfolio stock dividend/bond interest payouts (projected and due). You can use my referral code: apenquotes. Just click here. Upon signing up using the referral code, you will get to enjoy being a Trial Global Friend of StocksCafe and test out all features for free for one month!

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Tiger Brokers

For the Singapore market, Tiger Brokers currently waive the minimum fee and only charge a 0.08% trading fee. This drastically reduces your cost as the minimum fee from other brokers (ranging from SGD 8 such as FSMOne and SCB, to SGD 25 for local brokerages) does add up and can eat into your returns.

Tiger Broker Referral Code:: GPE59H

Promotion Period: 16:00 06/12/2022 – 15:00 28/02/2023(SGT)

Sign up and open an account with Tiger Brokers (Singapore) during the promotional period to receive a free GoPro Share (NASDAQ: GPRO), 365 Days of unlimited commission-free trades for HK, SG, and China A stocks, 180 Days of unlimited commission-free trades for U.S stocks, 5 commission-free trades for options within 30 Days and 1 month Ryde+ subscription.

FSMOne.com

Typically I use FSMOne.com to invest in funds & ETFs (including money market funds).

If you do not have an account, you can sign up here. Please use my FSMOne referral code: P0031127, when you sign up.

Shopee

I have been using Shopee for a while and think you will like it as much as I do.

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Happy shopping!

Gemini

As stated by MoneySmart on Jan 22, if you’re looking to optimise trading your crypto with relatively low fees, simple-to-grasp expert UI and ease of purchase with Singapore dollars. then the best crypto exchange in Singapore is Gemini,

If you do not have an account, you can sign up here using my referral link. After you have signed up, once you buy or sell US$100 or more (or 100 USD equivalent of your domestic currency) within 30 days of creating your account, your account will be credited US$10 (or 10 USD equivalent of your domestic currency) worth of bitcoin.