How To Use Webull: A Beginner’s Guide to Setting It Up

To build wealth, you want to start investing sooner rather than later. 

That’s because the earlier you get in the market, the longer you’ll have to benefit from the magic of compound interest. The longer your money is invested, the more it will grow.

Thankfully, investing has gotten much easier than it used to be. While you can still invest with a traditional brokerage firm, there are also lots of investing apps you can use instead.

One of these investing platforms is Webull. It allows you to purchase a variety of securities including stocks, options, ETFs, and cryptocurrencies. It’s easy to use and gives you access to several different tools so you can execute your own professional investing strategy.

Here's how to set it up and start investing!

Erika Taught Me

  • Webull is an advanced investing platform designed for beginners that you can use right from your phone.
  • Webull allows you to customize your layout, create watchlists, and set up trade settings specific to your investing goals.
  • Once you set up an account, you can use Webull to make low-cost trades and test out new strategies as you learn more about investing.

. . .

Step #1: Download and Set Up Your Account

With Webull, you can choose between a desktop version, a mobile app, or both.

The desktop version is compatible with both Windows and macOS. The mobile app can be downloaded from both the Apple App Store and Google Play. 

To open an account you’ll need to meet the following criteria:

  • Be at least 18 years old
  • Have a valid Social Security number (or Individual Taxpayer Identification Number)
  • Reside in the United States
  • Have U.S. citizenship or proof of permanent residency

Webull will check your credit score before opening your account. That’s because you’ll have the option to choose between opening a cash account or a margin account. 

  • A cash account allows you to deposit cash into the account and pay for securities as you go. 
  • A margin account allows you to essentially buy stocks on credit — meaning you’re borrowing money to invest. This is a riskier way to invest, so don’t choose this if you’re a beginner!

You also have the option to open an individual retirement account (IRA) with Webull. This includes traditional, rollover, and Roth IRAs.

Step #2: Fund Your Account

Once you open your Webull account, you’ll then need to fund it with an external bank account so you can begin trading. 

Under your assets, you’ll click the “Deposit” button, and then have the choice of ACH or wire transfer. From there, you can choose your bank from the pre-populated list or search if yours isn’t listed.

Webull will securely connect to your bank, and you can select which account you want to use.

Screenshots by Erika.com

Step #3: Secure Your Account

With high-profile scams and data breaches on the rise, you want to make sure you put protocols in place to protect your investments.

You can do this by enabling two-factor authentication. This is something you can enable right from your Webull settings.

Step #4: Set Up Your Trades

You’ll see right away that the Webull app has a lot of information on its screen — don’t be overwhelmed!

A simple way to get started is to just go to “Markets” and use the search function at the top right and search for a specific stock or exchange-traded fund (ETF) that you want to buy. 

You’ll then select “Trade” and see the choice to buy or sell — in this case, you want to buy. 

Next, go to “Order Type.” There will be several types to choose from — “Market” will allow you to buy fractional shares, which is good if you don’t have much money to invest. Basically, with a fractional share, you get a piece of it rather than a full share.

Then input your dollar amount and confirm. Ta-da! You’ve bought your first investment on Webull.

If you’re not ready to trade in real-time, you can get started with a paper trading account. This is a simulation account that lets you try trading without any of the risks. 

While you won’t be able to capture any returns when this setting is on, it can be a good way to get some practice in before putting real money on the line.

Advanced trade settings on Webull

As you learn more about investing, you can implement more advanced trading strategies within the platform.

You’ll be able to try different order types, trade with options, and set other parameters like stops. 

If you decide to enable options trading, you’ll be able to buy stocks at lower price points. For example, if Tesla is trading at $175 per share but you enable a call option with a strike price of $150 per share, you’ll be able to buy Tesla shares at $150 each — below the current market price. 

Note: Options is a much more advanced form of trading. If you’re a beginner, it’s best to stick with the basics until you’re more experienced!

READ MORE: Investment Terms to Know If You’re a Beginner Investor

Step #5: Customize Your Layout

By customizing your layout, you can choose which watchlists, charts, and companies you want to keep track of and how you want that information to be displayed.

Simply drag different widgets into your Webull workspace to customize your display. 

During this step, you can also tailor different color schemes to your preference. This is important if you want to change what colors signify and how they appear in your charts.

READ MORE: How To Manage Your Own Investment Portfolio

Step #6: Create Watchlists

Webull allows you to create personalized watchlists so you can follow specific securities. This can include tracking companies related to a specific theme — like sustainability or healthcare — or following companies based on their market cap. 

You can filter, organize, and display them according to your personal preferences.

To create a watchlist, go to the “Watchlists” tab and click on the three dashes in the upper left corner. Tap “+ Add List” to get started.

You can name the watch list and choose specific stocks to follow. For example, you can create a watchlist called “Growth Stocks” and follow popular growth stocks like Amazon or Tesla that you’re interested in investing in.

Using the hexagon in the upper right corner, you can customize your watchlist based on order, price, color, and refresh frequency.

To add a stock to a watchlist, just tap the heart button on the stock and add it to whatever watchlist you’d like.

Watchlists are an easy way to make observations before committing to buying specific securities. 

READ MORE: How To Build Your Core Portfolio

Step #7: Customize Your Charts

The last thing you’ll want to customize as you set up your account is your charts. 

You can choose a variety of charts to track performance on and use Webull’s tools to evaluate your trades.

You can also add indicators to your charts like relative strength index (the current and historical strength or weakness) and Bollinger bands (stats showing prices and volatility over time). 

To do this, go to the settings and look for “Frequently Used Settings” under “Chart Settings.” Webull gives you more than 40 different types of indicators to add to your charts.

Using indicators can help you gauge the performance of a specific stock or the economy as a whole.

What Can You Do With Webull?

When your account is set up, your settings are tailored to your needs, and your account is funded, you can begin using Webull to grow your portfolio. 

Here are a few things you can do with the platform.

Learn how to invest

Webull has an educational library that can help you learn more about investing while you’re using the platform.

There are articles on investing topics like trading strategies, important terms new investors should know, and how to use Webull’s charting tools. 

Webull’s educational library is designed for you to reference at your own pace. Combined with the option of paper trading, Webull makes it easy for new investors to learn, practice, and grow.

Make low-cost trades

Webull gives you access to securities with commission-free trading. Unlike traditional brokerage firms that may charge fees, Webull makes it as simple as possible to trade securities like stocks and ETFs throughout the day. 

It also gives you access to low-fee options and futures trading. This allows you to test different strategies.

Webull does charge some fees for leverage and short sales. This is usually determined by how much money you have in your account and ranges from 5.74% to 9.74%.

READ MORE: Webull Review: How It Compares for Beginner Investors

Wrapping Up

For new investors, Webull is one of the best tools to get started.

You just need to connect a bank account, search for the stock or ETF you want, input a dollar amount, and confirm. If you don’t have enough to buy a full share, you can also buy fractional shares by selecting “Market” as your order type.

Then, as you become more advanced, you’ll be able to use the other features Webull offers and grow your investments further.

For more tips on getting started with investing, check out these episodes of the Erika Taught Me podcast:

. . .

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I'm an award-winning lawyer and personal finance expert featured in Inc. Magazine, CNBC, the Today Show, Business Insider and more. My mission is to make personal finance accessible for everyone. As the largest financial influencer in the world, I'm connected to a community of over 20 million followers across TikTok, Instagram, YouTube, Facebook and Twitter. I'm also the host of the podcast Erika Taught Me. You might recognize me from my viral tagline, "I read the fine print so you don't have to!"

I'm a graduate of Georgetown Law, where I founded the Georgetown Law Entrepreneurship Club, and the University of Notre Dame. I discovered my passion for personal finance after realizing I was drowning in over $200,000 of student debt and needed to take action-ultimately paying off my student loans in under 2 years. I then spent years as a corporate lawyer representing Fortune 500 companies, but I quit because I realized I wanted to have an impact; I wanted to help real people and teach them that you can create a financial future for yourself.

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Our aim is to help you make financial decisions with confidence through our objective article content and reviews. Erika.com is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as MileValue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

Advertiser Disclosure

Our aim is to help you make financial decisions with confidence through our objective article content and reviews. Erika.com is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as MileValue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

Advertiser Disclosure

Our aim is to help you make financial decisions with confidence through our objective article content and reviews. Erika.com is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as MileValue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.