Webull Singapore Review (2024): The Investing Platform To Recharge Your Wealth Journey?

Alevin Chan

Alevin Chan

Last updated 07 July, 2024

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, Singapore 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. 

Table of contents


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; Singapore-listed stocks, Real Estate Investment Trusts (REITs), Daily Leverage Certificates (DLCs); China A-shares
  • Minimum balance required: None, but at least US$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, 7.50% for HKD, 5.75% for SGD. and 5.65% 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*

Can only short-sell US stock at the moment

Offers fractional shares trading on the US market from only US$5*

 

Near instantaneous account funding with FAST and eDDA

 

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) for US stocks. However, new users can enjoy zero commissions* for one month and zero platform fees* for a limited time (or stipulated limits). For SG stocks, you can enjoy three years of commission-free trades. 

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

At the moment, Webull’s selection of products and markets is about as extensive as that of more established brokers. The platform allows access to the United States, Hong Kong, Singapore, and China 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, HK, SG, and China 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.

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SingSaver Exclusive Offer: Receive a S$150 voucher or S$120 cash via PayNow when you open a Webull account and fund a min. initial of USD2,000. Fund USD10,000 to get a S$280 voucher or S$250 cash. Plus, be one of the first 60 applicants to receive an additional S$100 cash via PayNow when you fund a min. of USD2,000. Stackable with Webull Welcome Offer. Valid till 31 July 2024.  T&Cs apply.

Webull Welcome Offer: Enjoy up to 7% USD Moneybull p.a. yield (capped at USD100k for 180 days), up to USD400 cash vouchers, and up to USD1,500 Trading vouchers when you complete additional requirements. Valid 31 July 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, SG, HK, and China 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$0.000166 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?

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SingSaver Exclusive Offer: Receive a S$150 voucher or S$120 cash via PayNow when you open a Webull account and fund a min. initial of USD2,000. Fund USD10,000 to get a S$280 voucher or S$250 cash. Plus, be one of the first 60 applicants to receive an additional S$100 cash via PayNow when you fund a min. of USD2,000. Stackable with Webull Welcome Offer. Valid till 31 July 2024.  T&Cs apply.

Webull Welcome Offer: Enjoy up to 7% USD Moneybull p.a. yield (capped at USD100k for 180 days), up to USD400 cash vouchers, and up to USD1,500 Trading vouchers when you complete additional requirements. Valid 31 July 2024.  T&Cs apply.


Commission-free trading

  • 1-month zero-commission* trading on US exchange-listed stocks and ETFs (however, fees by other regulatory agencies apply)

Welcome rewards of up to US$3,900 in cash vouchers

  • Get up to US$583 when you deposit and maintain a minimum of US$2,000 to unlock up to 7% p.a. on USD Moneybull for 30 days 
  • Get up to US$1,166 cash vouchers and unlock up to 7%on USD Moneybull p.a. when you deposit a minimum of US$10,000 for 60 days
  • Get up to US$1,750 when you deposit a minimum of US$100,000 to unlock up to 7% p.a. on USD Moneybull for 90 days

  • Receive a US$60 cash voucher when you deposit a min US$2,000 and make three US buy trades and maintain the funds until 31 August 2024
  • Receive a US$400 cash voucher when you deposit a min of US$10,000 and make five US buy trades and maintain the funds until 31 August 2024

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:

  1. Go to Webull’s website.
  2. Follow the on-screen instructions to register for a Webull account.
  3. 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 (min. US$0.50)* (US exchange-listed stocks and ETFs ). 

- HK$0.03% of total trade amount (min. HK$12)* (HK exchange-listed stocks and options)

- 0.025% of total trade amount (min SGD$0.80)* (SG stocks and ETFs)

- 0.02% of total trade amount. (min CNH 12)* (China A-shares stcoks and ETFs)

Tiger Brokers:

- SGX stocks: 0.03% of trade value (min SG$0.99 per order)

- US stocks: US$0.005 per share. (min. US$0.99 per order)

- HK stocks: 0.03% of total trade value. (min HK$7 per order)

- China A-shares: 0.03% of total trade value. (min CNH 7 per order)

Interactive Brokers (IBKR):

- SGX stocks: 0.08% to 0.02% of trade value, min. US$0.90 to S$2.50 per order

- US stocks: min. US$0.005 to US$0.0035 per share, no transaction fee for ETFs per share, min. US$0.35 per order (US$0.01 for fractional shares)

moomoo:

- SGX stocks: 0.03% of the transaction amount, min. S$0.99. Eligible new customers may receive waived commissions for a year.

- US stocks: US$0.0049 per share (min US%0.99 per order). Zero commissions for one calendar year from 13 April 2024 onwards for eligible customers.

- HK stocks: 0.03% of the investment amount. (min. HK$3)

- A-shares: 0.03% of transaction amount. (min. CNH 3)

Minimum deposit

Webull Singapore: none but min. US$2,000 is required to receive the welcome reward of a US$150 cash voucher and up to 8.4% Moneybull P.A. for up to 150 days.


Tiger Brokers: None, but min. S$1,000 is required to receive 1 sure-win lucky draw entry, where you can receive one free stock worth US$20 to US$600.


Interactive Brokers (IBKR): none


moomoo: None, but min. deposit of S$3,000 required to be eligible for sign-up promotion

Maintenance fee

Webull Singapore: none


Tiger Brokers:

- US market: 0.005 per share, or min. US$1 per order.

- SGX: 0.03% of trade value, or min S$1 per order.

- HK market: 0.03% of trade value, or min HK$8 per order. 

- A-shares: 0.03% of trade value, or min CNH 8 per order. 

- Australian stocks: 0.07% of trade value, or min AU$6 per order. 


Interactive Brokers (IBKR): none


moomoo

- US market: US$0.99 per order

- SGX: 0.03% of the transaction amount, min S$0.99

- HK market: HK$15 per order

- A-shares: CNH 15 per order

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.

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

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