Webull

Webull is a zero-commission electronic trading platform targeted at retail investors and founded on May 24, 2017 by Wang Anquan, a former member of Alibaba Group. The company runs its service through mobile and desktop applications, allowing customers to trade stocks, options and exchange-traded funds (ETF). Webull is headquartered in New York and owned by Fumi Technology, a Chinese holding company.

Webull is a registered brokerage dealer with the US Securities Exchange Commission and a member of the Securities Investor Protection Corporation (SPIC), the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange (NYSE), and NASDAQ.

Due to no brokerage fees being associated with trading on the platform, the business earns revenue through selling custom orders to large trading firms known as market makers. These market makers utilize the small monetary discrepancy between the prices investors choose to buy or sell stocks.

Webull reported an average of 850 transfers from other US brokerage accounts per day at the end of 2020, stating approximately half are estimated to have come from competitor Robinhood.

Webull's mobile app was released on May 30, 2018, and by October 2020 had over 11 million registered users and over 750,000 daily active users. The company released a desktop platform two years later on August 20, 2020. Webull received SEC approval to launch a robo-advisor in May 2020 and began transacting cryptocurrency exchanges in November 2020.

In addition to zero-fee trading and zero-minimum deposit requirements for brokerage accounts and IRAs, the platform includes free NasDaq TotalView access, trading practice services, a built-in research portal and access to in-app analytics.

The application reached its peak daily user count of 952,00 on January 28, 2021, the day many brokerages halted trading due to the GameStop short squeeze. While many zero-commission and retail investing brokerages halted trading of certain stocks until the next day , Webull reopened their buy orders in the same day. This led to about 1,200,000 million investors downloading the application throughout the week, causing the app to skyrocket into the top 100 of iOS top free chart. The application raised to number #16 on the iOS financial apps chart by February 24, 2021.

Webull is owned by Fumi Technology, a Chinese holding company that is owned in part by Wang Anquan (35%), Chinese financial corporation Xiaomi (14%) and Chinese wealth management firm Noah Holdings Limited (9%).

Webull raised $1,500,000 USD in financing in its most recent funding round, with a fundraising valuation of $1 billion.