Well, it looks like we have a new competitor to the online brokerage firms battlefield – Webull has launched in Singapore.
Webull Singapore is the latest one-stop online brokerage (over 20 million app downloads) to reach our shores.
For reference, @WebullGlobal Twitter account has more than 100k followers & recently celebrated its 4th anniversary in the US, and it looks like it is now expanding to Singapore after entering Hong Kong in 2020.
Who / What is Webull?
As shown on WeBull official website, Webull Securities (Singapore) Pte. Ltd. is incorporated in 2021 and regulated by the Monetary Authority of Singapore (MAS). Webull holds a Capital Markets Services (CMS) Licence under the Securities and Futures Act 2001.
A quick check on Google appears that indicate that Webull is owned by Fumi Technology, a Chinese holding company that has received backing from Xiaomi, Shunwei Capital, and other private equity investors in China.
Webull is founded by Alibaba Group Holding Ltd. alum Wang Anquan, and Wang had left Alibaba to help run the finance unit at Chinese tech giant Xiaomi Corp. before setting up Webull’s parent company, Fumi Technology, in 2016.
At first glance, Webull is similar to Moomoo and Tiger. If you are familiar with both of them, Webull should be no surprise.
Offering access to the HK and US markets, the advantage that Webull holds is basically 0 commission, 0 platform fee and 0 membership fee for US stock trading.
You can refer to their pricing and fees page for more details.
Zero Commission, Fractional Shares and more
Made popular by online brokerages, fractional share investing lets investors buy less than a full share at one time.
How this helps is very simple – when share prices are too high for an investor to be able to afford e.g. Tesla is trading around US$660 right now, it makes it easier for investors to invest very precise amounts in a company without owning a full share, from as low as US$5.
Webull features and noteworthy points include –
- Support SingPass integration for easy account opening
- 3-month Level 2 US Market Data (Nasdaq TotalView)
- 0 commission trades for US and HK markets
- 0 platform fee
- Charting options
- Licensed by MAS
One thing to highlight is that Webull does not support trading for the Singapore market (SGX).
Time-Limited Reward for Account Opening – Free AAPL Shares
As part of Webull’s promotion for new clients, you can get up to US$100 in free Apple (APPL) upon funding your account and making 6 trades.
Do note the following terms and conditions with relevant to the promotion –
- Clients who successfully make an initial minimum deposit of SGD2,000 and execute at least 1 buy trade of either Stocks, ETFs or Options on the US market from the date of approval of their Account application will be notified via the Webull App and receive AAPL fractional shares valued at USD60 in their Account.
- Clients who execute an additional 5 US Stocks, ETFs or Options buy trades in addition to the 1 buy trade within the holding period of at least 30 calendar days stated respectively in Clauses 11 and 11.1. above will be notified via the Webull App and receive additional AAPL fractional shares valued at USD40 in their Account.
- In order to be eligible for the rewards stated in Clauses 11 and 12 above, all conditions must be met by 23:59 SGT of the 30th calendar day from the date of approval of Account application.
Eligibility plus full terms and conditions regarding this promotion can be referenced on Webull official website. Basically, it means that you need to –
- Sign up for Webull
- Download the Webull app on your mobile phone
- Open an account (Singpass supported, same-day approval)
- Fund account with $2,000 and make 1 trade : receive US$60 of AAPL
- Make 5 additional trades : receive US$40 of APPL
- Receive the AAPL fractional shares within 7 business days
Important to highlight that the campaign period runs from 21st May 2022 to 30th June 2022.
What I’m doing
Since this is more of a public service announcement rather than an in-depth review, I can share that I’m doing research and due diligence on the platform and familiarizing myself with the mobile app before deciding my next move.
Of course, US$100 worth of free shares IS very enticing.
Given that the campaign runs for about slightly more than a month until the end of June, there is enough time for me to spend a little more time with the app before funding my account.
As for now, I’m in the process of opening an account. Unfortunately, I can’t take screenshots of the app (the functionality is disabled).
What I can say is that if you’re familiar with Moomoo or Tiger Brokers, you should be able to navigate Webull with ease.
Referral Link or DIY
If you have found this blog post helpful, at no extra cost to you, my Webull personalized referral link would give your portfolio a US$60 (or US$100) headstart if you decide to start an account with them. Otherwise, feel free to head over to Webull using their generic website link instead and you’ll get the same offer anyway.
So, why not check out the Webull app and give it a spin before deciding whether to fund your account?
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Hello! I’m Kevin, Turtle Investor
At the age of 30, I am the Personal Finance Blogger who laid claim to a negative net worth of minus $25,755 – and decided to turn things around.
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I am married to a lovely wife and that means dual income with no kids. In my free time, I chase miles so that we can fly in business class. My hobby is making pocket change off this blog and sharing everything I know with you!