Webull also has a referral program where new users can get a free share of stock worth between $3 and $1,000. I believe the referring user also gets the exact same share of stock. Also similar to Robinhood, most people will get a stock closer to $5 in value.
Here are the full odds from their Terms and Conditions:
$4 to $6 value, odds are ~1:1.1
$10 to $20 value, odds are ~1:24
$50 to $100 value, odds are ~1:200
$150 to $250 value, odds are ~1:333
$1,000+ value, odds are ~1:1,000
Here is my Webull referral link. (Thanks if you use it!) I received a free share of ABEV worth about $4.46. I have also seen SNAP and some lucky ones got AAPL. You will need to sign-up initially either with a phone number or e-mail address, and then open an account after downloading the app (Android or iOS). Webull is a real SIPC-insured broker, and the application is the same (name, address, SSN, work questions, investing experience questions, etc). I did not have to make any deposit, make any trade, or even link a bank account to receive my free share of stock. My account was approved and I claimed my free share within 12 hours.
(Note: I opened a cash account. Margin accounts will require a minimum balance of $2,000. I believe this requirement is the same for all brokers.)
Robinhood vs. Webull.
- Robinhood definitely has a sleeker user-interface, which should appeal to younger users and those who want a simple trading experience. Webull has a more “busy” interface with charting, news, technical indicators, and stock screeners. You may like having more information, or you may want a cleaner app.
- Robinhood offers free options trading. Webull does not offer options at all.
- Both are primarily apps, but Robinhood has a web trading option now. Webull does not that I know of.
- Webull has customer service available via Live Chat or phone number. Robinhood only has an e-mail address.
Both will make money from normal users via interest on cash balances and selling order flow. Robinhood’s premium features basically let newbie users access a simple version of margin (flat fee instead of interest rate). Webull has traditional margin accounts that allow shorting, and makes money by selling premium subscriptions to advanced quotes so serious traders can get the absolute best bids and offers across any of 13 different stock exchanges.
Firstrade is a traditional discount brokerage firm that recently started offering free stock trades and free options trades.
Bottom line. Webull is a new entrant to the world of free stock trading apps. The feel is more of a full-featured traditional brokerage account in app form as compared to competitor Robinhood. The free trades are the real draw, but new users can also grab a free share of stock worth up to $1,000 (but probably $5). It’s like a free lottery ticket, so why not?
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