Webull

This is where Webull genuinely stands out. Here's the full breakdown:

Stock & ETF Trading

• $0 commissions on U.S. exchange-listed stocks and ETFs
• $0 commissions on fractional shares (minimum $1.00 per order)
• $0.000195 per share regulatory fee on sells only (FINRA TAF — every broker passes this through, max $9.79 per trade)
• $0.0050 per share for algo order types

Options

• $0 commission, $0 per-contract fee on stock and ETF options — this is the headline. Schwab, E*Trade, and Fidelity all charge $0.65 per contract.
• $0.50 per contract on index options (SPX, NDX, VIX, etc.)
• $0.10 per contract surcharge on orders exceeding 500 contracts (excluding index options)
• To put this in context: 20 iron condors (80 contracts) costs $0 on Webull vs. $52 on Schwab. For active options traders, those savings add up fast.

Futures

• Tiered commission structure (Premium members get volume discounts)
• Reduced intraday margin requirements on micro contracts
• Access to micro E-mini, metals, energy, FX, crypto, and interest rate futures

Crypto

• 70+ coins available, including BTC, ETH, SOL, ADA, AVAX
• No custody fees
• Not SIPC or FDIC insured — crypto is handled by Webull Pay LLC, a separate entity

OTC Stocks

• Low-priced securities (over 100,000 shares under $1): $0.0002 per share (max 5% of principal)
• Foreign-settled stocks: $5.00 per buy, $0.05 per sell

Account Fees

• $0 account minimums (but $2,000 minimum equity for margin)
• $0 account maintenance or inactivity fees
• $75 outgoing ACAT transfer fee (standard across the industry)
• $0 incoming transfers

Margin Rates

• Standard: 8.74% across all balance tiers (flat rate)
• For context, Schwab charges 12.575% on balances under $25K, and E*Trade is similarly expensive. Webull's flat 8.74% is meaningfully cheaper.
• Premium subscribers get even lower rates (tiered, with additional discounts at higher balances)
• Fidelity still beats them at 5.20% and below, but Webull is competitive for a commission-free broker

Webull Premium

• $3.99/month or $40/year
• Includes: enhanced APY on uninvested cash, lower margin rates, volume discounts on index options and futures, free Level 2 (Nasdaq TotalView) and OPRA real-time data
• Worth it if you trade options or futures frequently, or carry a significant margin balance

Webull offers the core account types most investors need:

• Individual brokerage (cash or margin)
• Joint brokerage account
• Traditional IRA
• Roth IRA
• Rollover IRA (401(k) rollover powered by Capitalize)

Notably missing: SEP IRAs, 529 plans, custodial accounts, and trust accounts. If you're self-employed or need education savings, you'll need a second broker.

The IRA match is a nice touch — Webull offers a 3.5% match on IRA contributions, with a $1,000,000 cap on eligible transfers. That's real money. For a $10,000 contribution, you'd get $350 in matching. It's time-limited and comes with terms and conditions, but it's more generous than most competitors.

In terms of tradeable assets:

• U.S. stocks (exchange-listed and OTC)
• International stocks via ADRs
• ETFs
• Options (4 levels, up to naked calls/puts)
• Futures (micro and standard contracts across equities, metals, energy, FX, interest rates, and crypto)
• Crypto (70+ coins via Webull Pay LLC)
• Fixed income (bonds/treasuries)
• Fractional shares (as little as $1.00, down to 1/100,000 of a share)

The breadth is impressive for a broker that started as a simple stock trading app. The addition of futures, in particular, puts them in a different league from Robinhood.

The good stuff:

• $0 options contract fees — genuinely unmatched among major brokers. If you trade 100 contracts a month at Schwab, you're paying $65/month in fees you wouldn't pay at Webull.
• Flat 8.74% margin rate — way cheaper than Schwab (12.575%) or E*Trade (12.575%), and it doesn't punish you for smaller balances.
• Extended hours trading — pre-market from 4:00 AM to 9:30 AM ET and after-hours from 4:00 PM to 8:00 PM ET. That's a wide window.
• Advanced charting and tools — Level 2 quotes, technical indicators, pattern recognition, options Greeks, IV, probability analysis, and an options calculator. The desktop platform is surprisingly powerful.
• Paper trading — practice with real-time data and zero risk. Includes futures paper trading with full intraday support, which is unusual.
• IRA contribution match — 3.5% is generous. Most brokers don't match at all.
• Futures access — micro contracts with reduced intraday margin make it accessible for smaller accounts.
• FDIC coverage up to $5 million on settled cash through their cash management program (funds swept across multiple FDIC-member banks).

The not-so-good:

• No mutual funds — if your investment strategy involves mutual funds, Webull can't help you. ETFs only.
• Limited account types — no SEP IRA, no 529, no custodial, no trust accounts.
• Crypto isn't insured — handled by a separate entity (Webull Pay LLC), not covered by SIPC or FDIC.
• No physical branches — everything is digital. If you want to sit across from a human, try Schwab or Fidelity.
• Payment for order flow — Webull makes money from PFOF, which means your orders may not always get the absolute best execution. They're transparent about it, but it's a trade-off.
• Research depth — the tools are solid for technical analysis, but fundamental research, analyst reports, and educational content lag behind Fidelity and Schwab.
• $75 outgoing transfer fee — standard, but still annoying if you decide to leave.

Webull is ideal for:

• Active options traders — the $0 per-contract fee is the single best reason to use Webull. If you're trading multi-leg strategies regularly, the savings over Schwab or E*Trade are substantial.
• Technical traders — the charting tools, Level 2 data, and advanced indicators are built for people who actually read candlestick patterns.
• Cost-conscious margin traders — 8.74% flat is significantly better than 12%+ at the legacy brokers.
• Mobile-first investors — the app is polished, fast, and has won multiple awards.
• Beginners with ambition — fractional shares from $1, paper trading, and zero fees make it easy to start. But you'll need to learn on your own; hand-holding is minimal.
• Futures-curious traders — micro contracts with low intraday margin requirements lower the barrier to entry.

Webull is NOT for:

• Mutual fund investors — zero mutual fund access. If your 401(k) strategy involves target-date mutual funds, use Fidelity or Vanguard.
• People who want full-service banking — no checking, no credit cards, no mortgage products.
• Self-employed individuals — no SEP IRA means you'll need a second broker for retirement.
• Estate planners — no trust accounts.
• People who value best execution above all else — PFOF means you're giving up some price improvement. For large orders, this matters.
• Investors who want deep fundamental research — Schwab and Fidelity are leagues ahead on equity research, screening tools, and educational content.

The competitive landscape for commission-free brokers is crowded, but Webull has clear differentiators:

Webull vs. Robinhood: Both are mobile-first and commission-free. But Webull has far better charting tools, futures access, Level 2 data, IRA accounts, and options paper trading. Robinhood has a cleaner UI and crypto staking. If you're serious about trading (not just buying and holding), Webull wins.

Webull vs. Schwab/E*Trade: The legacy brokers offer mutual funds, trust accounts, physical branches, and deeper research. But they charge $0.65 per options contract, and their margin rates are 12%+. If your primary activity is options trading, Webull saves you real money. If you want a one-stop financial shop, Schwab is still the default.

Webull vs. Fidelity: Fidelity is hard to beat on margin rates (as low as 3.90%), mutual fund access, and research quality. They also charge $0 on stock/ETF options contracts. But Fidelity's platform isn't as sleek for active trading, and their mobile app feels dated by comparison. Fidelity is the better all-around broker; Webull is the better active trading platform.

Webull vs. Tastytrade: Both target options traders. Tastytrade charges $1 per contract commission plus $0 contract fee on closing trades, which makes Webull cheaper in most scenarios. But Tastytrade has deeper options analytics and a more sophisticated community. Pick based on whether you value price or tools.

Webull vs. Interactive Brokers: IBKR wins on global market access, sophisticated order types, and rock-bottom margin rates. But IBKR's platform is notoriously complex. Webull is the more approachable alternative for U.S.-focused traders who don't need 150 global exchanges.