Updated with new Refer-A-Friend terms, in effect 1/18/19. Webull is a new brokerage app that has unlimited free stock trades with no platform fees, free real-time quotes, and no minimum balance requirement. (Similar to Robinhood.)

Webull also has a referral program where new users can get a free share of stock worth between $3 and $300 for opening an account (no deposit required), and then an additional, second free share of stock worth between $4 and $1,000 for depositing at least $100 within 30 days of account opening. I believe the referring user also gets the exact same shares of stock. It’s like a lottery, and most people will get two shares of stock worth about five bucks each.

Here are the full odds for the opening share bonus ($3 to $300 value) from their Terms and Conditions:

$3 to $5 value, odds are ~1:1.02
$10 to $50 value, odds are ~1:55.6
$50 to $300 value, odds are ~1:500

Here are the full odds for the opening share bonus ($3 to $1,000 value)

$4 to $8 value, odds are ~1:1.02
$8 to $100 value, odds are ~1:74
$100 to $200 value, odds are ~1:166.7
$200 to $1,000 value, odds are ~1:2,000

Here is my Webull referral link. Thanks if you use it! I received a free share of ABEV worth about $4.46. I have also seen SNAP and some lucky ones got AAPL. You will need to sign-up initially either with a phone number or e-mail address, and then open an account after downloading the app (Android or iOS). Webull is a real SIPC-insured broker, and the application is the same (name, address, SSN, work questions, investing experience questions, etc). I did not have to make any deposit, make any trade, or even link a bank account to receive my first free share of stock. My account was approved and I claimed my free share within 12 hours.

(Note: I opened a cash account. Margin accounts will require a minimum balance of $2,000. I believe this requirement is the same for all brokers.)

Robinhood vs. Webull.

  • Robinhood definitely has a sleeker user-interface, which should appeal to younger users and those who want a simple trading experience. Webull has a more “busy” interface with charting, news, technical indicators, and stock screeners. You may like having more information, or you may want a cleaner app.
  • Robinhood offers free options trading. Webull does not offer options at all.
  • Both are primarily apps, but Robinhood has a web trading option now. Webull does not that I know of.
  • Webull has customer service available via Live Chat or phone number. Robinhood only has an e-mail address.

Both will make money from normal users via interest on cash balances and selling order flow. Robinhood’s premium features basically let newbie users access a simple version of margin (flat fee instead of interest rate). Webull has traditional margin accounts that allow shorting, and makes money by selling premium subscriptions to advanced quotes so serious traders can get the absolute best bids and offers across any of 13 different stock exchanges.

Firstrade is a more traditional online brokerage firm that also recently started offering free stock trades and free options trades.

Bottom line. Webull is a new entrant to the world of free stock trading apps. The feel is more of a full-featured traditional brokerage account in app form as compared to competitor Robinhood. The commission-free trades are the real draw, but new users who open an account and deposit $100 can also grab a couple of free shares of stock worth up to $1,000 (but probably about $5 each). It’s like a couple of free lottery ticket, so why not?

“The editorial content here is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.”

Webull App: Free Stock Trades + 2 Free Shares of Stock Referral Bonus from My Money Blog.

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