Stocks
Webull Singapore Review (2023): Is it the Cheapest Low-Cost Broker?
18 Feb 2023
Read our comprehensive review of Webull Singapore and discover if it's truly the cheapest low-cost broker in the market. Learn about its features, fees, and trading platform to help you decide if Webull is the right choice for your investment needs.

TL;DR
- Webull is the latest low-cost broker to launch in Singapore, riding on its success in the US as the the second most downloaded app among pure-play brokerages last year.
- We like Webull for its low fees with zero-commissions* on US and Hong Kong stocks and options. It also offers advanced charting tools which had made Webull popular amongst options traders.
- If you are wondering whether Webull is legit, it might be useful to know that Webull Singapore secured its capital markets services license from the Monetary Authority of Singapore in November 2021.
- What we'd like to see on Webull would be the ability to trade Singapore stocks and more investment analysis resources.
[This article was updated on 18 February 2023 to reflect Webull's latest promotion]
If youâre looking at the performance of the US market this year like us, you might have decided to put aside your trading app for awhile given the poor returns.
But if youâre still hanging in there and trying to find investment opportunities amidst the market dip, then you might be interested to know that another low-cost brokerage has landed in Singapore!
Webull officially launched in Singapore a few months ago, and weâve been asked by our community to provide an honest review.
Is Webull safe? Is Webull legit? Is it worthwhile for you to download and put money into the app?
We hope to answer these questions in our search for the best Singapore broker to trade US stocks.
What is Webull?
For those of you who are already familiar with moomoo and Tiger, Webull is another low-cost brokerage that allows you to buy and sell stocks.
Hereâs an interesting fact - Webull was the second most downloaded app among pure-play brokerages in the U.S. in 2021, according to App Annie.
It also made headlines during the Gamestop saga, as retail investors switched to Webull as an alternative to Robinhood.

What we like about Webull
#1 Low cost
If you are a cost-conscious investor, then the zero trading commissions* and platform fee for US stocks & options, as well as Hong Kong stocks might also have caught your attention.
These are a few pricing features that stood out to us:
- 0 commissions* when trading stocks, ETFs, and options.
- 0 account maintenance fees.
- No minimum funding requirement to open a brokerage account.
While Webull is zero-commission*, this does not mean that it is zero-cost.
This is because there are still regulatory transaction fees and trading activity fees for sell trades.
However, these are imposed by the US Securities and Exchange Commission (SEC) and US Financial Industry Regulatory Authority (FINRA) rather than Webull.
Also, you may not get the interbank rate when doing a currency exchange from your Singapore dollar deposits into US dollar and Hong Kong dollar.
When we checked the FX spreads (as of 26 September 2022), they came up to about 0.3%.
You can check out our comparison of the best Singapore brokerage to trade US stocks here.
#2 Advanced charting features
Itâs sometimes interesting to hear what a companyâs senior management thinks sets its product apart from industry peers.
The CEO of Webull in the US, Anthony Denier, said in an interview that Webull users âtend to use sophisticated analytical tools such as charting and backtesting to decide when to enter and exit their trades.â
If you are someone who does a lot of technical analysis and require advanced charting tools, then Webull offers a suite of intuitive tools for you to do so.

#3 Options trading
When we checked some of the reviews on Reddit, most the comments revolved around how users in the US liked the options trading function.
Itâs no wonder that Webull was awarded the best broker by Investopedia for low-cost options trading.
Youâd be able to customize the option chain as well as get single leg option charts and real time charts.
By combining zero-commission* and the charting features, Webull has won fans amongst option traders.

What did the option traders not like about Webull? It does not have a screener to identify specific option trade opportunities. It doesnât support certain option strategies if you are using the cash account.
Hereâs a warning though - Options trading involves significant risk and is not suitable for all investors as you may be exposed to potentially rapid and substantial losses.
Is Webull safe and legit?
According to Webull, it serves more than 25 million users from over 180 countries.
But I guess what you really care about, is whether your money is safe with Webull.
Here, it might be useful to know that Webull Singapore and Webull US are two separate entities under the common ownership of Webull Corp.
So while the US entity Webull Financial LLC is a member of the SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash), we were not able to verify if this is also offered to customers in Singapore who are clients of Webull Singapore.
However, what might be helpful to know is that Webull Singapore secured its Capital Markets Services ("CMS") license from the Monetary Authority of Singapore in November 2021.
MAS takes into account the following factors when assessing an application for a CMS licence:
- Fitness and propriety of the applicant, its shareholders and directors.
- Track record and management expertise of the applicant and its parent company or major shareholders.
- Ability to meet the minimum financial requirements prescribed under the Securities and Futures Act (SFA).
- Strength of internal risk management and compliance systems.
- Business model/ plans and projections and the associated risks.

What weâd like to see in Webull
#1 â Trading in Singapore shares
Webull only allows trading in the US and Hong Kong markets currently.
This means that we are not able to buy our favourite Singapore bank or REIT shares on the platform.
#2 â More education content
As investors who like to perform analysis before buying into a stock, Webull does not offer us any research reports to help us make more informed decisions.
It also does not offer advanced portfolio analysis tools.
The verdict on Webull â Is Webull any good?
Webull is an option worth considering if you are trader or an active investor that does not need any hand holding.
It offers zero commission for trading in US and Hong Kong stocks, ETFs and options, and has no minimum funding requirement.
If you are an options trader, Webull offers a suite of good charting tools.
But if you are trying to buy a Singapore REIT or want to get hold of some investment analysis, then Webull might not be able to offer that to you currently.
Whatâs the perk of signing up with Webull?
If you are interested in opening a Webull account, here's a promotion you'd need to know:
Webull now allows you earn 5 shares worth up to US$500 when you sign up for a new account and fund any amount.
To qualify for this promotion, you will need to take the following steps:
- Register for a Webull account with this link.
- Deposit any amount (S$1 also can) and you will get 3 free shares worth between US$30-US$300
- Maintain your funds for 30 days and you will get 2 free shares worth between US$20-US$200.
The offer ends on 15th March 2023 3.59pm Singapore Time. You can sign-up for a Webull account here.
*Net Cumulative Deposit = Accumulated deposit amount â Accumulated withdrawal amount, capital gains & losses are excluded.
*Terms & Conditions apply.