Our review of Webull broker 2.5/5

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Webull in brief

Our opinion of Webull

We particularly liked Webull’s modern and feature-rich trading platform, which provides advanced charting tools, real-time market data, and a sleek user interface. The availability of U.S. stocks and options alongside Canadian equities is a strong point for traders looking to diversify their portfolios internationally. Additionally, the demo account offers a risk-free way to explore the platform and test strategies before committing real funds.

We would have liked to see lower fees after the 90-day commission-free period, as the $2.99 per trade charge makes Webull less competitive compared to other brokers offering zero-commission trading. The lack of registered account options, such as TFSAs or RRSPs, is a significant drawback for Canadian investors seeking tax-efficient investment solutions. Furthermore, the absence of copy trading and Islamic account options limits its appeal to specific trader demographics.

Who is Webull designed for?

Webull is best suited to active traders with intermediate experience who value advanced tools and access to U.S. markets but are less concerned about tax-advantaged accounts or zero-commission fees.

Before you zero in on Webull, explore other options in the market.

Let's find out more about our test results on Webull.

Security and reliability 3.5/5

Webull is a digital brokerage platform that officially entered the Canadian market in January 2024. Globally, the broker has been in operation since 2018 and is known for its feature-rich platform catering to tech-savvy traders. While the exact number of Canadian users is not disclosed, Webull has a growing user base worldwide, reportedly exceeding 10 million accounts. Despite its technological strengths, Webull has not received notable awards in the financial industry, which could raise questions about its recognition compared to established brokers.

For Canadian traders, Webull is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF). Additionally, the platform is registered with the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), and Alberta Securities Commission (ASC), ensuring compliance with local regulations. These regulatory measures provide a level of trustworthiness and safety for Canadian investors.

Webull’s risk management tools are somewhat basic, offering standard features such as stop-loss and take-profit orders. However, advanced tools like guaranteed stop-loss orders are not available, which could be a concern for risk-averse traders. Additionally, the absence of leverage for Canadian traders aligns with IIROC regulations but limits the flexibility offered to those seeking leveraged trading opportunities.

Market and asset diversity 2.5/5

Webull positions itself as a straightforward brokerage, focusing primarily on U.S. and Canadian stocks and options. While it provides access to two essential asset classes for many traders, its asset diversity is limited compared to competitors offering a broader range of products, such as mutual funds, bonds, ETFs, and cryptocurrencies. Below is a detailed comparison of Webull’s available assets versus the market average.

Our opinion on the diversity of Webull's offerings

While Webull offers a reasonable selection of stocks and options, its lack of other asset classes such as ETFs, bonds, or cryptocurrencies significantly reduces its appeal to traders seeking a diverse portfolio. The platform is more suited for equity and options traders with straightforward investment strategies.

Platforms and tools 3.5/5

Webull provides a proprietary trading platform available on desktop, web, and mobile devices. Its sleek design and advanced functionality cater primarily to tech-savvy traders. The platform includes a variety of features, but it has limitations that may not fully meet the needs of every investor.

Desktop and Web Platform

The Webull desktop and web platforms are equipped with advanced charting tools, customizable layouts, and a wide range of technical indicators. Traders can monitor real-time market data, create watchlists, and analyze charts with drawing tools. However, the platform can feel overwhelming for beginners due to its complexity, as it lacks streamlined educational content to guide new users.

Mobile App

The mobile app mirrors the desktop experience and allows users to trade on the go. It is user-friendly and offers functionalities like price alerts, advanced order types, and detailed performance tracking. Despite these advantages, reports of occasional glitches and slower execution speeds can hinder the trading experience, particularly during volatile market conditions.

Analysis Tools and Decision Aids

Webull includes basic decision aids like watchlists, heat maps, and market news feeds. Advanced features, such as paper trading, allow users to practice trading strategies in a risk-free environment. However, it lacks deeper analytical tools such as sentiment analysis or portfolio optimization, which are increasingly common among its competitors.

Specific Order Types

Webull supports essential order types such as market, limit, stop-loss, and stop-limit orders. It also offers trailing stop orders, giving traders more control over their risk management strategies. However, the absence of guaranteed stop-loss orders may concern those seeking more robust risk controls.

Fees, spreads and commissions 2.5/5

Webull’s fee structure is less competitive in the Canadian market due to the $2.99 per trade charge for both U.S. and Canadian stocks after the 90-day commission-free period. For options trading, Webull charges $2.99 per trade plus $0.75 per contract, which is higher than the market average. Below is a detailed comparison of fees across asset classes:

Other Fees

• Deposit Fees: Deposits are free for all methods, making account funding cost-effective.
• Withdrawal Fees: Withdrawals are free for EFT transactions, but wire transfers incur a $25 USD fee, which can be expensive for some users.
• Overnight Fees: There are no overnight fees as Webull does not offer leveraged trading for Canadian traders.

• Inactivity Fees: A $10 monthly inactivity fee is charged after 12 months of no account activity, which could penalize occasional traders.

How is Webull's price positioning?

While Webull’s commission-free promotional period is appealing for new users, its ongoing fees are higher than many competitors offering zero-commission trading. The $10 inactivity fee and withdrawal charges for wire transfers further reduce its cost-effectiveness. For cost-conscious traders or those with lower trading volumes, Webull may not be the best choice.

Customer reviews 1.4/5

Webull has a Trustpilot rating of 1.4/5 based on 266 reviews, with common complaints focused on high trading fees, limited account options, and issues with customer support responsiveness.

Here are some recent testimonials from Canadian users:

• Daniel T (March 8, 2025): "I was excited to try Webull because of its advanced trading tools and mobile app, but the $2.99 per trade fee after the free period was a major letdown. I also found it frustrating that there are no TFSA or RRSP account options. The platform is sleek, but it’s not worth the fees for Canadian traders."
• Priya M (January 15, 2024): "The 90-day commission-free period was great while it lasted, but after that, the fees made it hard to justify staying with Webull. Customer support took three days to reply to a simple inquiry about a withdrawal, which left me feeling unsure about the platform’s reliability. I wish they offered better account options for Canadians."
• Jacob L (November 10, 2024): "The platform itself is user-friendly, and I liked the demo account for testing strategies, but the lack of mutual funds or ETFs was disappointing. I also experienced delays in processing my wire transfer withdrawal, and the $25 fee felt excessive. Overall, it’s okay for stock trading but not great for anything else."

How is Webull positioned in relation to its competitors?

Conclusion of our review on Webull

Webull offers a clean and modern trading platform with access to U.S. and Canadian stocks and options. Its no-minimum-deposit policy and availability of a demo account are appealing features. However, its fee structure after the 90-day commission-free period, limited asset diversity, and lack of registered accounts like TFSAs or RRSPs leave it trailing behind competitors.

Compared to brokers with more diverse asset offerings, lower fees, and advanced tools, Webull is best suited for intermediate traders who value its technology-driven platform but have less interest in a wide range of investment options or tax-advantaged accounts.

Before opening an account with Webull, compare the best brokers in Canada:

What types of accounts are available with Webull in Canada?

Webull offers a simple account structure, including a Standard Trading Account and a Demo Account. The platform does not currently support registered accounts such as TFSAs or RRSPs, nor does it provide Islamic accounts (halal trading) for Sharia-compliant investing. Below is a summary table highlighting the features of each account type:

Standard Trading Account

The Standard Trading Account is Webull’s primary account type, providing access to stocks and options trading. It requires no minimum deposit, making it accessible to traders at all levels. This account includes full access to the Webull platform across desktop, mobile, and web. Trading fees apply after the 90-day commission-free period, with a charge of $2.99 per trade for both U.S. and Canadian equities. Unfortunately, it lacks access to registered account options like TFSAs or RRSPs, which limits its appeal for Canadian investors seeking tax benefits. No leverage is offered to Canadian users, aligning with IIROC regulations.

Demo Account

Webull’s Demo Account allows users to explore the platform and practice trading strategies without risking real money. It provides virtual funds of $100,000 and simulates trading conditions, offering a realistic experience for beginners and seasoned traders alike. The demo account includes all the tools and features of the live platform, such as charting, market data, and order execution. It has no time restrictions, enabling users to refine their trading skills at their own pace.

No Islamic Account

Webull does not currently offer an Islamic account or Sharia-compliant trading options. This limits its suitability for traders who wish to go for halal trading or invest according to Islamic finance principles. Those seeking such account types may need to explore brokers specializing in halal investment solutions.

Deposits and withdrawals at Webull: How does it work?

Webull provides basic deposit and withdrawal options, including EFT and wire transfers, which cover the essential needs of most Canadian traders. EFT is free and generally processes within 1-2 business days, making it the most cost-effective method. However, the $25 fee for wire transfer withdrawals is higher than fees charged by many competitors, some of whom offer fee-free wire transfers.

Additionally, Webull lacks modern funding options such as e-wallets (e.g., PayPal or Skrill) or instant deposits, which are increasingly offered by other brokers for faster and more flexible account funding. This puts Webull at a disadvantage for traders who value speed and convenience in their transactions.

Does Webull offer copy trading?

Webull does not offer copy trading or social trading features on its platform. The broker is focused on self-directed trading, providing tools for users to analyze the market and make independent trading decisions. Unlike brokers that specialize in copy trading, Webull does not provide any integrations with third-party platforms such as ZuluTrade or Myfxbook, nor does it include a built-in social trading network.

Since copy trading is not available, there are no additional fees or features related to replicating the trades of other users. This lack of functionality makes Webull less appealing to beginner traders or those who prefer to follow and learn from more experienced investors. Traders seeking collaborative or automated strategies would need to explore other brokers that cater specifically to social and copy trading needs.

What is the tax treatment of income generated by Webull?

Income generated through trading on Webull is subject to Canadian tax laws under the Income Tax Act. The type of income earned, such as capital gains, dividends, or interest, determines the tax treatment. Below is a detailed overview of the applicable tax regime and the steps to declare trading income.

Applicable Taxation

• Capital Gains: Profits from the sale of stocks and options are classified as capital gains, with only 50% of the gain taxable at your marginal tax rate.
• Dividends: Dividends earned on investments are fully taxable but may be eligible for the dividend tax credit if they are from Canadian companies, reducing the overall tax burden.
• Business Income: Frequent or professional traders may have their profits categorized as business income, meaning 100% of the income is taxable at the marginal rate.
• Registered Accounts Not Available: Since Webull does not offer registered accounts like TFSAs or RRSPs, all gains in a Webull account are fully taxable in the year they are earned, with no opportunity for tax deferral or exemption.

How to declare trading income or revenues?

• Report your capital gains or losses using Schedule 3 on your T1 General Income Tax and Benefit Return. Include details of the adjusted cost base (ACB), proceeds of disposition, and the resulting gain or loss.
• Declare dividend income in the appropriate section of your tax return, accounting for eligible and non-eligible dividends to apply the correct tax rates and credits.
• For business income, complete the T2125 Statement of Business or Professional Activities form, detailing all trading-related profits and expenses.
• Maintain accurate and thorough records of all transactions, including dates, costs, proceeds, and fees, as this information will be required in case of a tax audit.

Points to remember while filing your taxes

• No Tax Shelter: The absence of TFSAs or RRSPs means all trading gains are fully taxable without any tax-sheltered options.
• Capital Losses: Losses can offset gains in the same year or be carried forward to offset future gains.
• Frequent Trading: High-frequency trading may lead to classification as business income by the CRA, increasing tax obligations.
• Consult a Tax Professional: If trading activities are complex, professional advice ensures compliance and maximizes tax efficiency.

Contact: how do I contact Webull's customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.