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Webull vs. Robinhood – Which Free Broker is Better?

By Dave

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Webull vs. Robinhood

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While Robinhood led the way in commission-free trading, Webull is a newer competitor that’s quickly turned heads. Both platforms offer stock and options trading, but they differ in many of the other features that traders want – such as account types and technical analysis tools.

Robinhood and Webull have grown rapidly for two reasons. First, they both offer free stock promotions. New customers can receive a free stock when they sign up for an account.

Second, both Webull and Robinhood make investing easier. Whereas traditional brokers offer more tools, these apps help simplify investing for new investors.

If you’re wondering whether Webull or Robinhood is the better brokerage for placing your trades, this article will cover everything you need to know.

About Webull and Robinhood

Robinhood set a new standard for brokerages when it introduced commission-free trading on a mobile-only platform in 2014. Over the past six years, the brokerage has amassed more than 6 million users. It’s also introduced options trading, margin trading, fractional shares, and cryptocurrency trading, all of which increases its usefulness for a wide variety of investors.

Webulll vs Robinhood - Robinhood Homepage

Webull was launched in 2018 as a direct competitor to Robinhood. The platform offers commission-free trading on stocks, options, and ETFs. In contrast to Robinhood, Webull places a greater emphasis on technical analysis and market monitoring tools. Somewhat surprisingly, Webull claims to have surpassed Robinhood’s user base in just two years – the company boasts more than nine million users.Webulll vs Robinhood - Webull Homepage

You can read our full Robinhood review here and full Webull review here. Let’s take a look at the services and which one is best.

How Are Webull and Robinhood Similar?

Webull and Robinhood are similar in many of the most important ways. Both platforms are commission-free brokerages with no account minimums. They each allow you to trade stocks and ETFs as well as options. Additionally, both brokers support margin accounts. While Webull and Robinhood are primarily built as mobile apps, each platform has developed a web interface for trading as well.

Webulll vs Robinhood - Robinhood Desktop

Another similarity is that both Robinhood and Webull have integrated news feeds into their platform. Webull’s is a little more in-depth since it includes IPO, earnings, and dividend calendars. But, Robinhood allows you to search for news around individual stocks.

Webulll vs Robinhood - Webull News Feed

Both platforms offer basic market data with any account. If you require more market data such as level 2 and additional research, you can add additional data feeds in Webull or sign up for Robinhood Gold.

How Are Webull and Robinhood Different?

Account Types

One of the major differences between Robinhood and Webull is what types of accounts they offer. Robinhood only offers individual brokerage accounts at this time. Webull, on the other hand, offers individual brokerage accounts as well as traditional and Roth IRAs.

It’s also noteworthy that Webull is one of the only commission-free brokerages to offer a trading simulator. You can have a paper trading account alongside your real investment accounts, giving you the chance to try out new trading strategies before putting money on the line.

Webulll vs Robinhood - Webull Trade Simulator

Investable Assets

Another area where Robinhood and Webull diverge is in what you can invest in. Robinhood has the upper hand here, as you can trade fractional shares of stocks and major cryptocurrencies such as Bitcoin and Ethereum. Webull says it’s working on allowing cryptocurrency trading, but it’s not there yet.

Of course, the majority of users will be interested in trading stocks, so this isn’t a concern for most people.

Webull vs Robinhood - Robinhood Cryptocurrency

Technical and Fundamental Analysis

Where Robinhood and Webull differ most, though, is in how they approach stock analysis. Robinhood largely lacks tools for technical and fundamental analysis. There are no bar or candlestick charts, no indicators, and no overlays. Robinhood offers an overview of analyst ratings and earnings relative to expectations, but only the bare minimum of stock fundamentals.

Webull vs Robinhood - Robinhood Charts

The idea behind this interface is that Robinhood wants to remain friendly to beginner investors. Line charts don’t require a wealth of market knowledge to understand, even if they’re not all that helpful to traders who are hungry for information. 

On the other hand, Webull offers much more in-depth tools for analysis. There are technical charts with multiple bar types and around 30 popular indicators, which can be customized and saved as indicator sets. You can compare two stocks on the same chart or modify the timescale of a stock chart.

Webulll vs Robinhood - Webull Charts

Even better, Webull helps traders by offering alerts, watchlists, and a basic stock screener. The app and desktop interface offer detailed fundamentals, including graphs of cash flow and income. Plus, Webull does a better job than Robinhood at providing information about analyst ratings by displaying price targets and a more nuanced rating breakdown.

So, Webull’s interface is targeting active traders and long-term investors who have a strategy and need the relevant information to implement it. It’s by no means the most technical platform for advanced traders, but it has all the common tools that intermediate technical and fundamental traders need to make decisions.

Webull vs. Robinhood: Pricing Comparison

Both Webull and Robinhood are almost entirely free to use. But, there are some costs around margin trading.

To trade on margin with Robinhood, you’ll need a Gold account for $5 per month. Robinhood Gold also allows you to access a larger portion of your deposited cash instantly and gives Morningstar research reports and Level II data from the Nasdaq exchange.

Webull provides a margin account for free, which is pretty unusual. But you will pay a margin rate that ranges from 4% to 7%. Other than that, you’re unlikely to run into any costs for using Webull.

Is Webull or Robinhood Better?

Whether Webull or Robinhood is the better brokerage platform depends on what you need. To start, if you’re interested in trading fractional shares or cryptocurrency, Robinhood has those as options while Webull doesn’t. On the other hand, if you want to open an IRA to invest for retirement, Webull is the obvious choice.

But, looking more broadly, the biggest difference between Webull and Robinhood is the level of technical and fundamental analysis that the platforms support. Robinhood may be more friendly to beginner traders because of the lack of technical charts and fundamental data. Line charts make it simple to see how a stock’s price has trended over months to years and the fact that Robinhood automatically suggests related stocks is nice. 

Experienced traders may find the lack of detailed stock information and price charts more frustrating than helpful. In that case, Webull is clearly the better option. It’s not the most comprehensive stock analysis platform on the market, but for a free brokerage, it does a nice job of putting basic technical charts, fundamental data, and price alerts at your fingertips. 

Webull is also the better choice if you’re thinking about trading on margin. Whereas you’d have to pay $5 per month to open a margin account on Robinhood, it’s free on Webull.

Get 5 Free Stocks When You Open a Webull Account

Can You Have Robinhood AND Webull?

If you find that you find that the Webull app and Robinhood app both have unique features that you want access to, you can open accounts with both brokers. Since there is no account minimum for either mobile app, you can split your funds between the two.

That said, both apps are very similar, and you may be overcomplicating things for yourself. The only reason you’d really want to sign up with both Robinhood and Webull is if you need unique features in each (i.e., crypto trading in Robinhood and the desktop platform that Webull offers).

Alternatives to Webull and Robinhood

Webull and Robinhood are just two of many commission-free brokerages. Charles Schwab, E*TRADE, Ally Invest, and TradeStation all offer commission-free stock and ETF trading with both mobile and desktop clients.

TradeStation stands out as a particular competitor to Webull since it includes a more powerful technical charting with an abundance of overlays and studies. You can also trade futures and cryptocurrency with TradeStation. The only downside is that the brokerage requires a $2,000 account minimum. 

Final Thoughts

When it comes to choosing between Webull and Robinhood, it’s hard to go wrong. Both brokerages offer commission-free trades with no account minimums and plenty of user-friendly features. But, for all but entry-level traders, Webull has a lot of advantages that are hard to overlook. The platform allows you to open an IRA, offers far more information about the stocks you’re trading, and even supports paper trading to help beginners and advanced investors alike try out new strategies.

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Dave has been a part-time day trader and swing trader since 2011 when he first became obsessed with the markets. He focuses primarily on technical setups and will hold positions anywhere from a few minutes to a few days. Over his trading career, Dave has tried numerous day trading products, brokers, services, and courses. He continues to test and review new day trading services to this day.

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