Which app is better webull or robinhood

Webull and Robinhood are two of the top online brokers offering commission-free trading. Each of these brokers allows investors to trade stocks in addition to a wide selection of investment products, an easy-to-use trading platform, and a well-built trading app. And while this is a good thing, it can be a bit tricky to choose between the two.

Webull and Robinhood are two of the biggest online trading services out there. And while they both offer the same basic product, they each have their own unique features that make them stand out in different ways.

Webull is an app that offers commission-free trading and ETFs. It’s a great option if you’re looking to trade stocks, options, and futures—or if you just want to dip your toes into the world of online investing.

Robinhood is another app with no fees—but its focus is on stocks only. If you’re interested in trading options, then Webull might be a better fit for you!

Quyasoft affords you unrestricted access to a litany of valuable information on Pros and Cons of Webull, Which app is better webull or robinhood, Pros and Cons of Robinhood the aforementioned and related topics. Take out time to surf through our catalog for more information on similar topics.

Pros and Cons of Webull

 Pros

  • Commission-free stock trading: Webull charges zero commissions on stocks, ETFs, option, and cryptocurrencies.
  • No account minimums: Customers don’t need to maintain a minimum account balance.
  • Intuitive platform: The broker offers easy-to-use desktop and mobile app with intuitive and clean designs. Traders will find the interface pretty easy to use with plenty of helpful trading tools.
  • Quick and easy account setup: The process of opening a brokerage account and getting it approved is fast, and adding your bank account is pretty straightforward too.
  • Extended hours trading: Access to pre-market and extended trading hours is a plus for any active trader on the Webull trading platform.

 Cons

  • Worse margin rates for most investors: Robinhood Gold is better than Webull for margin trading for most traders unless you have a large debit balance.
  • Relatively weak educational content: Webull’s educational support is limited, making it a bit difficult for the completely new investor to truly understand the basics of trading.
  • No cash or spending products: Webull customers don’t get any interest on the cash sitting in their brokerage account unless it is invested. And the broker doesn’t offer a rewards card either. This is one massive difference between Robinhood and Webull.

Pros and Cons of Robinhood

 Pros

  • Allows for a diversified portfolio: Traders can trade Robinhood crypto or invest in stocks, options, and ETFs.
  • No commissions and zero account minimums: Robinhood traders don’t have to maintain a minimum balance on their trading accounts and Robinhood Gold accounts. Trading is commission free for crypto, stocks, options, and ETFs.
  • Robinhood Gold perks: For only $5 per month, you get premium Morningstar research, Level II Nasdaq data, lower margin rates, and larger instant deposits.
  • Easy-to-use platform: Both Robinhood’s website trading platform and app are easy to understand, navigate, and use. This makes it a great choice for any beginner investor.

 Cons

  • No bonds or mutual funds: A truly diversified investment portfolio should include bonds and mutual funds.
  • Limited crypto options: Traders interested in cryptocurrency trading are limited to only seven cryptocurrencies listed on the platform. In contrast, Webull offers over double the cryptocurrencies.
  • Users can’t withdraw crypto funds: Robinhood clients can’t withdraw their crypto assets to an external wallet. Instead, they can only sell their crypto funds and transfer fiat money (like dollars) to their bank accounts.

Webull and Robinhood are both investment platforms and have some similarities, however they differ in some ways as well. Let’s explore those features.

Their Target User

Although these two apps are the same type, they are not meant for the same type of people. Robinhood is geared more towards beginning investors who are just starting out and have no idea what they are doing.

On the otherhand, Webull focuses on active traders who are intermediate or advanced users. They have more advanced market data that requires a little bit more knowledge than those just starting out.

Investment Options

Robinhood offers many investment options. This includes commission-free investments in stocks, ETFs, and options. They also extend a possibility to invest in cryptocurrency, which allows users to buy and sell Bitcoin, Ethereum, Dogecoin, and more! Unfortunately, Robinhood does not offer mutual funds, bonds, and over the counter stocks, similarly to Webull.

Webull does not offer as many investment options as Robinhood, but they do carry 5,000 stocks and ETFs. They also have ADR investment opportunities, but this does not include cryptocurrency, mutual funds, bonds, or over the counter stocks. Soon, they will be offering options trading.

Platform

Robinhood is available for both mobile and web-based use. Since it was made with beginner investors in mind, their investment platform is straightforward and easy to use with an aesthetically pleasing design.

Webull is also available for mobile users, and can also be used on the web or downloaded. However, their platform is much more sophisticated and contains more time invested into the investment side rather than the design side.

Paid vs. Free Options

Both of these investment platforms offer free services, but the services they offer differ.

Robinhood has a paid account starting at $5/month that is called Robinhood Gold. This account requires a minimum balance of $2,000, but it allows users to gain access to trading on margin, extended trading hours, and bigger instant deposits.

Webull grants users access up to 4 times to their deposit in margin without having to pay for a monthly subscription, although it does require the same $2,000 minimum balance in the Webull margin account. Additionally, Webull does not charge for a extended trading hours. The only thing that users may have to pay extra for is the real-time global market data, and only U.S. market data is free.

Financial Calendar

A financial calendar is a feature that Webull offers, but Robinhood does not. Webull’s financial calendar shows:

  • What the upcoming IPOs are
  • What companies are reporting earnings over the next month
  • What companies are paying out dividends

This information is mainly something that active investors love to see.

Support Options

The support options are where these two investment platforms are similar. They both provide email support and online support in the form of a help center. They also do not offer any phone support, with no phone number listed anywhere on their websites.

Price Alerts

Webull offers the ability to set price alerts when a stock hits a specific price point that the user sets in the form of a notification. Robinhood does not offer this feature.

Short Selling

This is another feature that Webull offers that Robinhood does not. Short selling is a high-risk, high-reward strategy where investors may sell stock in hopes to buy it back at a lower price for profit. This is the short-selling commission-free design of Webull.

Trading Simulator

Yet again, Webull has a feature that Robinhood does not offer, which is a free trading simulator. This allows individuals to “practice” trading by testing out trading strategies to view likely results.

Account Types

Webull and Robinhood both offer the same types of accounts to their users. They offer Cash Accounts and Margin accounts.

  • Cash Accounts do not require a minimum balance. These accounts just need funds to make investments.
  • Margin accounts are required to have a $2,000 minimum due to the Financial Industry Regulatory Authority (FINRA) regulations.

These two companies do not offer retirement accounts.

Usability

Fortunately for investors, both Robinhood and Webull offer good usability for mobile and desktop users. Robinhood caters to new investors with easily accessible dashboards and menus for mobile and desktop users alike. The intuitive main menu and search functions enable investors to view portfolio value and positions. All the investing, research, and educational functions can be tapped easily from the home screen. Trading is straightforward, although there’s not much in the way of customization at Robinhood. 

Both beginner-level and intermediate investors will appreciate the Webull website, desktop trading platform, and streamlined mobile app. The recent launch of Webull 8.0 packs in even more functionality to the already comprehensive Webull platform. Users of the mobile platform can access most features, along with a view designed for the smaller screen. The user interface is accessible throughout the web-based, downloadable, and mobile apps. Selected dashboard menu items include detailed stock quotes, customizable trade screen, and account tab. Unlike at Robinhood, Webull users can customize a quote board, stock page, asset screeners, trading screen, and view deep insights into the account. 

Both Robinhood and Webull offer good usability, but the target customer is broader at Webull than Robinhood. The added customization at Webull makes it our pick for user experience. 

Trade Experience

Desktop Experience

Robinhood and Webull offer distinct desktop trading platforms, as the breadth of the tools and services is far stronger at Webull compared to Robinhood. The desktop trading experience on Robinhood’s web platform is fast, simple, and streamlined. Users can quickly access watch lists, quotes, charts, analyst ratings, and news. Experienced investors might miss the lack of customization features on Robinhood’s web platform

The Webull web-based and downloadable trading experience is more comprehensive than Robinhood’s. The trade experience benefits from Webull’s more expansive lineup of tools and features. The desktop trading experience is highly customizable at Webull with access to templates for stock, ETF, options, day, and cryptocurrency trading. The launch of Webull 8.0 this year places the trading platforms in competition with more established competitors. A sample of the new features includes 20 additional technical indicators, expanded market news, added tools for both technical and fundamental analysis, and advanced charting. Investors who perform in-depth research and trade frequently will find a range of features at Webull. Beginners will be okay at Robinhood, but may quickly outgrow the more limited platform. 

Mobile Experience

Robinhood is a mobile-first brokerage specifically targeting new investors who want a simple app to buy and sell stocks, ETFs, and cryptocurrency. Robinhood mobile is good for basic trades and investing education. The app recommends investments and provides simple charts. Unlike many other stock trading mobile apps, Robinhood’s mobile app has minimal customization and no chart drawing tools nor the ability to trade from the chart. Users report occasional problems with the app, but overall, the reviews are relatively positive.3 

The added features of Webull 8.0 enhance the mobile experience as well. The app provides customizable charting, alerts, options trading, and financial reporting. The mobile app is similar to the desktop version but is carefully designed to work better on a smaller screen. This attention to small-screen functionality can be missing from some of the larger trading platforms. Active traders benefit from the smart trading tools, including 50+ technical indicators, 12 charting tools, and the ability to place orders directly from the chart. 

Like the overall platform, the mobile experience on Webull is more comprehensive than that of Robinhood. Beginning investors will be fine with the Robinhood mobile app, while those that delve into advanced technical stock and ETF trading, fundamental analysis, and options trading will prefer Webull.

Range of Offerings

Both Webull and Robinhood offer stock, ETF, cryptocurrency, and options trading. Robinhood offers roughly 5,000 U.S. stocks and ETFs for trading, while Webull users have access to nearly all of the 7,000 U.S. traded stocks and ETFs.456 Neither offer bonds, mutual funds, or other asset classes.

In keeping with the greater breadth of features, users who are seeking over-the-counter or less popular stocks and ETFs will prefer Webull. Those looking for the basics should be okay at Robinhood. 

Order Types

Robinhood has only the basic market and limit orders, and no conditional orders.7 Webull goes beyond the basic order types and includes specialty conditional orders like one-cancel-the-other (OCO), one-triggers-an-OCO (OTOCO), and one-triggers-the-other (OTO).8

Webull wins the category again for active intermediate and advanced traders who need the flexibility of conditional orders to control position entry and exit.

Trading Technology

At this point, it is important to zoom out a bit and recognize that, while both these platforms are innovative in the sense of making trading easier and more accessible via mobile app, Webull and Robinhood aren’t at the same level as the larger, more established brokers. The top brokers for advanced traders, like Interactive Brokers, offer far more control over trading technology than either of these platforms. For the average investor seeking a low cost platform, however, sophisticated trading technology isn’t usually the top priority. Robinhood claims that its trading systems are designed automatically to receive the best price for the trade. Robinhood reports that 84.67% of orders are executed at National Best Bid and Offer (NBBO) or better. The net price improvement per 100 shares is $1.74.9

Webull’s trading technology is sufficient for most investors and includes a net price improvement of 0.0067 a share on a 100-499 order size.10 There’s no smart order routing, trading automation, backtesting or way to route your own orders at either Webull or Robinhood. For most investors seeking low-cost trading, this shouldn’t be a problem. Both Robinhood, Webull, and many other investment brokers receive payment for order flow (PFOF). A key point to note here, however, is that Webull and Robinhood were the top two brokers in terms of PFOF. Webull had the highest per share PFOF $0.01088 during the period we analyzed to $0.00499 per share at Robinhood.

Overall, Robinhood has the edge in this category with better price improvement and lower PFOF per share. 

Costs

Nearly all financial firms offer commission-free stock and ETF trading now. Robinhood goes beyond the norm by adding commission-free options and cryptocurrency trading.11 Although, when trading crypto at Robinhood, there may be embedded spread charges which mean that you might pay a higher fee when buying and receive a lower price when selling compared to the market quote. Limit orders will keep the pricing in check. Robinhood Gold costs $5.00 per month for lower margin rates (5.75% vs 9.75% for standard as of Sept. 2022), higher interest on uninvested cash (3.75% vs 1.5% for standard as of Nov. 2022), and Nasdaq Level II market data.121314 On Dec. 16, 2022, Robinhood is raising interest rates for Gold members to 4%.15  

Webull also enables commission free stock, ETF, and options trading. While commissions aren’t charged for cryptocurrency trades at Webull, there is a 1% spread when you buy or sell crypto.16 As of Dec. 2022, Webull has lower margin rates than Robinhood’s standard offer, charging 6.99% for balances up to $1 million and stepping down in tiers all the way to 5.49% on balances over $3 million.17 

With apologies to heavy margin users, it is a tie in practical terms between Robinhood and Webull when it comes to costs. 

Research Amenities

When contrasting the platforms with big players like Fidelity and Interactive Brokers, neither Webull nor Robinhood would win any awards for their research offerings. Robinhood and Webull provide basic market information and detailed quotes. The research at both sites is fine for most beginning to intermediate investors. Robinhood Gold members can access premium Morningstar research reports and Nasdaq Level II market data for $5 a month.14 Webull investors can also access Nasdaq Level II quotes for a $2.99 per month subscription.18 Webull doesn’t provide third party research but does provide more advanced and customizable charting than Robinhood. 

INSERT CHART

For technical and day traders seeking advanced and customizable charting, Webull is best. For everyone else, either platform is adequate for basic research. Fortunately, investors can access other online sources for additional research. 

Portfolio Analysis

Robinhood’s portfolio analysis features are slim and lack asset allocation, internal rate of return, or tax impacts of a planned trade. Webull offers more analytical measurement features such as account performance with realized and unrealized gains and losses, income from dividends and interest, and internal rate of return. Robinhood and Webull users receive information on margin and buying power.

For comprehensive portfolio analysis, you’ll need to visit other platforms that also enable outside account linking. In the head-to-head contest, Webull is a notch ahead of Robinhood in the basic portfolio analysis features. 

Education

Robinhood is making steady progress in their investment educational content. The Robinhood Learn vertical is well organized with foundational articles in Investing 101 and options trading, along with hundreds of articles spanning investment and business topics. We like the simplicity and comprehensiveness of Robinhood’s educational content. The “First Trade Recommendations” is a helpful guide for new investors in the construction of a diversified ETF portfolio. Robinhood also offers Snacks, a daily newsletter, a podcast, and video content to enhance users’ knowledge. 

Webull’s investor education is adequate and includes short courses and articles. The educational topics span stocks, ETFs, trading, options, and cryptocurrency. The Webull Learn portal includes several explainer videos and information about how to navigate the platform. 

In totality, Robinhood’s educational content is superior to that of Webull. Here again, though, the educational resources at both brokers still pale in comparison with larger rivals.

Customer Service

Neither platform can compete with the larger financial platforms like Fidelity, Wells Fargo, or Schwab when it comes to comprehensive customer service. Robinhood lacks a chatbot and a direct phone to call for help, although users can request a call back. Webull offers telephone access during trading hours, but wait times can be long. The online chat with a live agent at Webull during business hours gives Webull the win over Robinhood in terms of customer service. 

Security

Today, the vast majority of financial platforms have excellent security protocols in place. Both Robinhood and Webull provide two-factor authentication and biometric login with additional security measures when logging on from an unrecognized device. Robinhood provides basic SIPC insurance up to $500,000, including $250,000 cash protection.19 

Webull offers industry-beating security protocols including a discrete six-digit passcode for trading access. The Webull additional SIPC insurance covers account holders up to $37.5 million including $900,000 in cash.20 Webull’s extra SIPC insurance makes this platform best for larger investors. Robinhood and Webull clients should feel confident that their data, investments, and privacy are protected at either platform. No investment firm offers protection from the normal price declines in the markets. 

Account Types

Robinhood offers individual taxable brokerage accounts.21 The account is either a margin or cash account. Robinhood recently introduced the addition of traditional IRAs and Roth IRAs.

Webull also offers cash and margin individual taxable brokerage accounts. In addition to the individual taxable brokerage accounts, Webull supports retirement accounts:

Webull’s account choices, which include IRAs, are superior to the single account offered at Robinhood.

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