This article was last updated on June 10, 2022
Webull is one of the most popular and widely talked about online brokers. Its accessibility and minimal barriers to entry have made it the go-to choice for many investors who are looking to try their hand at the market without too much of an upfront commitment. However, at present, the broker is only open to those residing in the United States. This has left many wondering whether the platform will be available in other countries. British investors, in particular, have shown high interest and demand for Webull in the UK.
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What Is Webull?
Webull is an online broker platform founded in 2017. Initially launched as a mobile app, it later got a web-based version as well. This demonstrates the platform’s radical approach to providing investment services and its goal of disrupting the industry.
Today, it has become one of the most popular brokers of choice for younger investors who want to trade while maintaining their active lifestyles. Since it is so mobile-focused, Webull allows you to easily trade while on the go.
Another large factor that contributed to the platform’s success has been the perks that it offers. Foremost among these is the 0% commission on stocks, ETFs, and cryptos. This practice has become commonplace among such online platforms, but Webull holds it as one of its core features. Additionally, the broker also has no minimum deposit requirement and offers access to extended market hours and pre-market trading. All of this, coupled with the simple interface and account setup process, make Webull ideal for newcomers.
However, the platform does not offer any educational materials or services. This means that you will need to get all of your information from the outside. As such, Webull is definitely targeted at those who want to make it on their own in the trading world.
Another downside of Webull is actually closely related to its main selling point. Because the platform does not charge commissions for trades, it relies on other sources for its revenue. One of these is payment for order flow from market makers who execute the orders. This can sometimes become a conflict of interests, and many users avoid using platforms that employ such a business model.
Is Webull Available In The UK?
Currently, Webull is only available to users from the United States. This means that you cannot use Webull if you are in the UK or any other part of the world. While the United Kingdom and Europe are definitely lucrative markets to be part of, expanding into them isn’t as simple as it might seem. There are numerous legal and logistical hurdles that need to be overcome when making such moves.
For instance, the countries of the European Union are not a single entity. While most have almost identical laws and regulations, there are some differences and all of them need to be accommodated. Additionally, there are numerous regulatory bodies in markets like the European Union or the UK. All of these have their own screening process and charge sizeable fees. Getting licensed by each one requires considerable time and effort on the broker’s part, not to mention the financial investment.
As a result, Webull has held off on expanding into other markets prematurely. If the company were to enter new markets, it might not be able to provide some of its key features due to local regulations. That would only serve to their detriment, and the service would suffer.
When Will Webull Be Available In The UK?
As of the time of writing, Webull has not announced any plans of expanding into the UK market. In fact, the broker does not seem to be looking into any additional countries other than the US. It is the same strategy employed by one of its main competitors – Robinhood. These two, along with eToro, are the most widely used platforms among the new-age online brokers.
Since the three services offer almost identical features, they are in stiff competition with each other. This means that considerable resources are being allocated by each one in order to get ahead. As a result, Webull is likely focused on ensuring the platform’s stability in the US market before looking abroad.
Can I Access Webull In The UK Anyways?
No, if you are located outside of the UK, you will not be able to access the Webull platform. Even though you are able to download the Webull app in the UK, you can’t set up an account from the country. Although existing members from the US who are traveling might be able to trade on their accounts from abroad, new ones cannot register.
Meanwhile, some users have found that using VPN services might allow you to sign up for Webull from outside the US. While technically possible, this does come with many issues and risks. First of these is the fact that VPNs don’t always work, and you might not be able to access the platform. Additionally, during the registration process, you will need to verify your identity and deposit funds, both of which can become problems. However, most concerning of all is the fact that doing any of this is against Webull’s terms & conditions. If you are found to be in breach of these, you risk having your account closed and even losing money.
In order to stay on the safe side, we recommend avoiding such practices. The risk is definitely not worth it, especially since there are so many good alternatives to Webull in the UK.
In the meantime, you can also check out our extensive guide on Investing For Beginners in the UK.
Alternatives To Webull In The UK
While Webull might not be available in the United Kingdom, many other online brokers and financial services support the country. Any one of these is a good alternative and can easily substitute the features provided by Webull. Below is a list of some of the best online brokers available in the UK.
If you are trading and are located in the UK we would also suggest you to read our complete guide about crypto tax in the UK.
eToro
When it comes to online brokers, eToro is the closest you are going to get to Webull. The platform offers many of the same features and perks, with some additional ones for good measure. eToro is famous for its 0% commissions on trades, however, the platform does sneak in various different charges. While this means that it is not completely free, such charges are common practice.
When it comes to depositing, eToro does have a minimum of $50. While this is higher than Webull, it is significantly lower than the industry standard. It is also worth mentioning here that eToro does not support the Pound Sterling. This means that your deposits will be converted into USD, and you will have to pay exchange fees.
Lastly, eToro is also very user-friendly. Investors can sign up and start trading within a matter of minutes, and the whole process is very simple. The platform itself is also quite straightforward, and newcomers will quickly be able to get the hang of it. eToro also offers several services that are very useful for inexperienced traders. Chief among these is the platform’s extensive copy trading system. This allows you to copy the portfolio and trades of experienced and high-profile users, many of which have a proven track record of profitability. eToro is one of the best brokers if you’re located in the UK, but remember to also have a crypto-friendly bank if you are planning on investing in crypto. Here are the best crypto-friendly banks if you’re located in the UK.
IG
IG Group is one of the first UK brokers ever established and also one of the best known. What started as a gold-investing index has grown into an extensive network of financial services. Today, IG is best known for its online brokerage platform, which allows the trading of various assets and instruments.
As an older broker, IG is a bit more cumbersome than Webull and other such newfound platforms. The barrier to entry here is higher, with minimum deposits starting at $250 and commissions on every trade. This makes IG a more demanding platform that requires commitment upfront.
However, if you decide to make said commitment, you will receive a first-class experience. IG offers an extensive online trading platform with professional-grade tools. A wide variety of available assets and markets will allow you to diversify your portfolio and explore any investment opportunities you might be interested in. While not in the same category of online brokers, IG is definitely a good substitute for Webull in the UK.
Interactive Brokers
Interactive Brokers is another highly popular online broker that has proven itself as a market leader over the many years it has been active. IB offers a diverse selection of assets, including stocks, equities, ETFs, Forex instruments, and more. While not the simplest platform to learn, it is one of the best once you get the hang of it.
All of the tools and services that IB provides are of the highest quality, and many industry professionals use them on a daily basis. However, this does come at a premium price, and you will have to pay extra for most of them. Even if you want to track markets in real-time, you will need to pay a subscription fee for each one.
While still using the business model common to older and well-established online brokers, IB has been modernizing recently. Over the past year, the platform has eliminated the inactivity charges and minimum balance requirements. The broker also has no minimum deposit requirement, which is quite rare for platforms of this caliber. All in all, Interactive Brokers is definitely keeping up with the changing market, as it has over the many years.
Saxo Markets
When it comes to its approach to providing trading services, Saxo Markets is something on the completely opposite side of the spectrum from Webull in the UK. This is a premium service that is definitely not for everyone. Starting with its minimum deposit requirement, Saxo only accepts payments over £500.
Additionally, there are numerous other fees built into the service. The broker will charge a commission on all trades of UK stocks in the amount of 0,10% or £8, whichever is higher. For US stocks, the commission is increased to £10. All of the assets in your account will also incur a 0,12% custody fee per year. Lastly, if your account has been inactive during the previous quarter, Saxo will charge you a £25 inactivity fee.
Real-time market data is also paid through a subscription model per exchange. Each one of these will run you £6. However, if you are willing to pay this premium price, you will receive a quality service in return.
Trading 212
If you are looking for a broker that is similar to Webull and is based in the UK, then Trading 212 might just be the perfect platform for you. Trading employs a very similar business model to Webull and all other newly-developed online trading services.
As you might expect, Trading 212 has no minimum deposit requirement. This means that you could deposit as little as £1 into your account if you choose to. Additionally, there are no charges for the first £2,000 deposited into your account. However, the platform does charge a 0.70% fee on any funds deposited after that.
In order to differentiate itself from its competitors, Trading 212 has developed an extensive educational system as part of its platform. This allows users to learn about various topics related to trading, investing, and the markets. As such, it empowers traders and investors to develop their skills and perform better.
Conclusion
As one of the first platforms to offer 0% commission fees, Webull has become of the most popular brokers on the internet. Its easy-to-use interface and no-commitment starting requirements have made it a favorite for those just beginning their trading careers or casual investors.
However, the platform does come with caveats. Even though it is very accessible, it does lack many of the key features that seasoned traders might be looking for. Tight spreads and a wide variety of markets or tools are all missing from the platform.
Nonetheless, Webull is hugely popular, and demand for the platform in the UK has been skyrocketing. This has left many to ask when exactly the broker plans to make the expansion into overseas markets.
