Was “Grow my Wealth” or “Start Investing” on your 2024 list of financial goals? No matter which stage of investing you’re at, Webull Singapore is here to help you get to the next level.
A new online brokerage has come charging onto the investing scene. Webull, a popular online broker in the US that has won several awards, has set its sights on Singapore and the region with its latest foray – Webull Singapore.
The digital trading platform was registered with the Monetary Authority of Singapore in 2021 and holds a Capital Markets Services (CMS) Licence, which should assuage any concerns around legitimacy that you may have over its status as a new player on the market.
The platform currently offers access to the US and Hong Kong markets, with more markets expected to be added in time.
Is Webull the best new platform for your trading and investment needs? Read on to find out.
- Overview of Webull Singapore
- Pros and cons of Webull Singapore
- Why you should trade with Webull Singapore
- Who should use Webull Singapore
- Fees, charges and promotions
- How to open and fund your Webull Singapore account
- How Webull Singapore compares against other popular online brokers
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Overview of Webull Singapore
Product Summary
- What you can invest in: US-listed stocks, exchange-traded funds (ETFs), American Depositary Receipts (ADRs), and options, HK-listed stocks and options
- Minimum balance required: None, but at least S$2,000 needs to be deposited to qualify for welcome rewards*
- Fees: 0.025% of total trade among, min. US$0.50 for US-listed stocks and ETFs (zero commissions* and zero platform fees* for new users (31 days))
- Margin financing: 7.53% for USD, 7.98% for HKD, 5.76% for SGD. and 7.10% for CNH
- Withdrawal fees: none (S$20 for USD and HKD withdrawals, charged by the remitting bank)
- Deposit fees: none
- Inactivity fee: none
- Licence: Capital Markets Services (CMS) Licence – Monetary Authority of Singapore
Pros and cons of Webull Singapore
Pros |
Cons |
Zero commissions* and zero platform fees* |
Only US and HK markets |
Offers fractional shares trading on the US market from only US$5* |
Limited range of products at present – stocks, ETFs and options only |
Near instantaneous account funding with FAST and eDDA |
Can only short-sell US stock at the moment |
Full extended hours trading, including pre-market and after hours |
Why trade with Webull Singapore?
#1. Possibly Singapore’s lowest-cost online brokerage
Webull Singapore is determined to carve out a niche for itself in the crowded online brokerage space here.
It charges 0.025% of the total trade amount (min. US$0.50). However, new users can enjoy zero commissions* and zero platform fees* for a limited time (or stipulated limits).
As long as Webull continues to suppress these fees, they are the lowest-cost brokerage in Singapore – at least at face value. Investors should take note that charges may be adjusted and changed. For details, please check the official website.
To find out if they are absolutely the lowest-cost broker for you, do a test by executing the same trade across this and a few other platforms, and compare the results.
#2. Supports fractional shares trading from US$5*
Webull supports fractional shares trading from as low as US$5* per fractional share. Fractional shares trading is beneficial to traders and investors as it allows you to own high-priced shares even if you do not have a large capital.
This feature is presently available for US-listed stocks and ETFs on the platform, but we expect this will be extended to other markets in time.
Note that you can only purchase fractional shares using market orders and spot trades during trading hours. All other types of trades, as well as after-hours trades, are currently not supported for fractional shares trading.
#3. Trade leading stocks and ETFs from around the world
Webull’s selection of products and markets may not be as extensive as some of those of more established brokers, but this isn’t necessarily an issue. The platform allows access to United States and Hong Kong stock markets, which should offer plentiful choices for most regular investors.
You can access the most popular stocks and funds, including ETFs and REITs in the US and HK stock markets, which should serve you well in constructing a robust investment portfolio.
Besides conventional buying and selling, Webull also offers options trading for those pursuing more advanced trading strategies. However, this feature is currently limited to selected markets only.
🎉SingSaver's March Madness Grand Lucky Draw🎉: Get 3x chances to win a pair of Round Trip Business Class plane tickets to Tokyo (worth S$13,144) when you successfully open a Webull account. Promo runs from 6 Mar 2024, 5pm, to 31 Mar 2024. T&Cs apply.
⚡Flash Deal⚡: Be one of the first 4 successful applicants daily at 12pm who opens a Webull account and fulfill promotion criteria to receive an Apple AirPods Pro (Gen 2) + MagSafe Charging case USB-C bundle (worth S$365.70) on top of existing rewards. Valid till 31 March 2024. T&Cs apply.
SingSaver Exclusive Offer: Sign up for a Webull account and fund a min. of S$700 to receive S$100 cash via PayNow. Get an additional S$40 (total S$140) when you fund S$2000. Valid till 31 March 2024. T&C's apply.
Also, get up to USD 5,000 worth of free shares when you subscribe to Moneybull and fund at least USD 2,000 by 01 Apr 2024. Valid till 1 April 2024. T&Cs apply.
Plus, get up to USD 3,150 worth of free shares when you transfer in over USD 5,000 worth of shares and fulfil the requirements. Valid till 1 April 2024. T&Cs apply.
For whom is Webull Singapore best suited?
Webull’s proposition is a straightforward one. Access one of the lowest-cost online brokers in the market, and trade popular stocks and funds (to be made available soon). If you are looking to trade in the US and HK markets, Webull Singapore might be a good option for those with more basic trading or investing needs.
Having said that, do be aware that the current zero-fee structure is not set in stone. There is a strong possibility that the platform will start introducing fees sometime down the road; this is to be expected, as every brokerage needs to generate revenue in one way or another, whether this is through trading commissions, high spreads, or other channels.
What charges or fees should you look out for?
Webull charges a commission fee of 0.025% of the total trade amount (min. US$0.50).
However, new users won't be charged any fees or commissions for trading on its platform for a stipulated time.
There aren't any fees for deposits or withdrawals. That said, your trades will be subject to prevailing fees levied by various regulatory bodies, including GST in Singapore. There may also be bank handling fees, depending on the method you choose for depositing or withdrawing your funds. There's also a trading fee of US$0.000145 of the total trade volume (min. US$0.01 per trade).
Of course, savvier traders will know to watch out for high spreads, which is how many zero-commission brokers make their money. However, zero-commission brokers are required to perform the best execution obligations to ensure that the transaction price is the best among multiple order endpoints.
Also read: Brokerage Fees And Other ‘Hidden Fees’ To Know When Investing In Singapore
What promotions are available for Webull Singapore?
🎉SingSaver's March Madness Grand Lucky Draw🎉: Get 3x chances to win a pair of Round Trip Business Class plane tickets to Tokyo (worth S$13,144) when you successfully open a Webull account. Promo runs from 6 Mar 2024, 5pm, to 31 Mar 2024. T&Cs apply.
⚡Flash Deal⚡: Be one of the first 4 successful applicants daily at 12pm who opens a Webull account and fulfill promotion criteria to receive an Apple AirPods Pro (Gen 2) + MagSafe Charging case USB-C bundle (worth S$365.70) on top of existing rewards. Valid till 31 March 2024. T&Cs apply.
SingSaver Exclusive Offer: Sign up for a Webull account and fund a min. of S$700 to receive S$100 cash via PayNow. Get an additional S$40 (total S$140) when you fund S$2000. Valid till 31 March 2024. T&C's apply.
Also, get up to USD 5,000 worth of free shares when you subscribe to Moneybull and fund at least USD 2,000 by 01 Apr 2024. Valid till 1 April 2024. T&Cs apply.
Plus, get up to USD 3,150 worth of free shares when you transfer in over USD 5,000 worth of shares and fulfil the requirements. Valid till 1 April 2024. T&Cs apply.
Commission-free trading
- Zero-commission* trading on US exchange-listed stocks and ETFs (however, fees by other regulatory agencies apply)
Welcome rewards of up to US$5,000 worth of Nvidia (NVDA) shares
- Deposit and maintain a minimum of US$500 to get five free shares
- Get 30 trading vouchers when you complete five US stock/ETFs or Option buy trades within 30 days after funding
-
Subscribe to US$2,000 in Moneybull and fulfil the requirements to get US$80 worth of NVDA shares
-
Subscribe to US$250,000 in Moneybull and fulfill the requirements to get up to US$5,000 worth of NVDA shares
How do you open and fund your Webull Singapore account?
Opening your Webull account
Sign up to access exclusive Webull Singapore member events and promotions!
To open your Webull account, follow these steps:
- Go to Webull’s website and click “Sign Up” at the bottom of the page.
- Follow the on-screen instructions to register for a Webull account.
- If you have a Singpass account, remember to use it to shorten your registration process.
Funding your Webull account
You may fund your Webull account using any one of the following methods:
Funding method |
Crediting lead time |
Fees |
FAST |
Within the same day |
none |
Electronic Direct Debit Authorisation (eDDA) |
Within the same day |
none |
Telegraphic Transfer |
1 to 3 working days |
Bank fees may apply |
In addition, take note of the following when funding your account:
- Deposits must be from your own individual bank account. You may link your bank account using the Webull app.
- Webull does not charge any deposit fees. However, any fees or charges related to your deposit (charged by banks or transfer agents) shall be borne by you.
Webull Singapore vs other popular trading platforms
Commission fee |
Webull Singapore: - US$0.025% total trade amount (US exchange-listed stocks and ETFs ). - HK$0.03% of total trade amount (min. HK$12)* (HK exchange-listed stocks and options) - SGX stocks: 0.06% (including platform fee) - US stocks: US$0.01, min. US$1 per trade (including platform fee) - SGX stocks: 0.08% of trade value, min. S$2.50 per order - US stocks: US$0.005 per share, min. US$1 per order moomoo - SGX stocks: 0.03% of the transaction amount, min. S$0.99 - US stocks: US$0.0049 per share, min. US$0.99 per order |
Minimum deposit |
Webull Singapore: none but min. S$2,000 is required to receive the welcome reward of up to USD150 cash vouchers. Tiger Brokers: None, but min. S$2,000 is required to receive a free Starbucks share Interactive Brokers (IBKR): none moomoo: None, but min. deposit of S$2,700 or US$2,000 or HK$16,000 required to be eligible for sign-up promotion |
Maintenance fee |
Webull Singapore: none Tiger Brokers: none Interactive Brokers (IBKR): none moomoo: - US market: US$0.005 per share, min US$1 per order - SGX: 0.03% of the transaction amount, min S$1.50 |
Learning how to trade well can change your life. Growing your wealth independently can lead you to financial independence and even early retirement.
In short, if you are a fan of US stocks, options trading and high-frequency trading, Webull will be a good choice. If you also like a platform with simple operation and clear functions, a user-friendly app like Webull is just right for you.
*Terms and Conditions apply. For detailed terms and conditions and full disclaimer, please refer to Webull’s website at https://www.webull.com.sg/. This advertisement has not been reviewed by the Monetary Authority of Singapore.
This article is written in collaboration with SingSaver.
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