Up until recently, there have been two great inconveniences to new investors: working through a broker and paying out commissions and fees. Working through a middleman, hemorrhaging your dividends, and climbing a steep learning curve was enough to turn away many young folks like us from the stock market game. Now, however, there’s an app for that. In fact, there are several. Robinhood erupted onto the novice trading scene in 2016 offering zero commissions and zero fees, and Webull quickly followed suit in 2017 with a few key differences. In a nutshell: Robinhood is clearly geared towards beginner investors. With its robust toolkit and advanced features, Webull is clearly a big kid playground. So which trading app is right for you? Let’s investigate Webull and Robinhood. Features Robinhood Webull Sign-up fee $0 $0 Commission $0 $0 Trade fee $0 $0 Margin rates $5/mo. up to $1000, 5% thereafter 6.99% up to $25,000 Tradable assets Stocks, Options, ETFs, Crypto Stocks, Options, ETFs, Crypto (coming soon) Platforms iOS, Android, Desktop iOS, Android, Desktop In-app analytics Morningstar (Robinhood Gold required for $5/mo.) Morningstar, balance sheets, cash flow reports, streaming Robinhood made big waves when it launched in 2016 for being both incredibly easy to use and charging zero commission and zero fees on trades (SEC and FINRA fees still apply). The platform also requires no minimum balance. Robinhood enables you to trade stocks, ETFs, options, and more recently, cryptocurrency. The app claims to have saved its users over $1 billion in commissions since launch. Even among increasingly fierce competition, Robinhood continues to stand out for its simple, easy-to-use platform and wealth of trading options. The app is considered superbly beginner-friendly, though lacking in advanced features to satisfy some advanced traders. Advertiser Disclosure – This advertisement contains information and materials provided by Robinhood Financial LLC and its affiliates (“Robinhood”) and MoneyUnder30, a third party not affiliated with Robinhood. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Securities offered through Robinhood Financial LLC and Robinhood Securities LLC, which are members of FINRA and SIPC. MoneyUnder30 is not a member of FINRA or SIPC.” About Webull True to its name, Webull launched in 2017 and, nostrils flared, charged directly at Robinhood. Like the reigning champ, Webull offers zero-fee, zero-commission trades with no minimum balance on an easy-to-use platform (though, again, SEC and FINRA fees still apply). Webull does not allow you to trade crypto yet, but provides significantly more tools than Robinhood to inform trades of stocks, ETFs, and as of March 2020, options. With a slightly steeper learning curve and significantly more information at your disposal, Webull is considered a better overall platform for advanced traders. ...
