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Webull was one of many brokers that stopped its users from buying more GME and AMC shares to benefit short selling hedge funds. With lots of people looking for new brokers, this guide explores the best Webull alternatives around.
Compare the best alternatives to Webull
If you want to jump in and switch brokers straight away, here’s a list of the best alternatives to Webull. If you want more information, keep reading for a comparison between the top options.
Webull vs other top brokers
Webull only restricted trading on the top stocks for a short time, but if you’re still looking to find an alternative broker we’ve compared some of the best options. These comparisons can help you decide what’s the best alternative to Webull.
Webull vs AvaTrade
AvaTrade is a trading platform based in Ireland. It lets you trade CFDs on all sorts of assets, from stocks and forex to cryptocurrency and ETFs. This way, you can trade on the performance of these assets without needing to own them.
One thing to think about is that AvaTrade doesn’t offer stop-loss limits. If you’re looking for an alternative to Webull because it placed restrictions on volatile stocks, stop-loss limits might be important to you.
AvaTrade offers beginner-friendly platforms and has shown no sign of restricting its own users’ trading at any stage. So you can be confident you’ll be allowed to trade freely.
Webull vs eToro
eToro is an ideal trading platform for beginners. It offers an intuitive, simple to use platform where you can trade stocks and cryptocurrencies. With eToro you can use leverage to trade on the margin or trade CFDs on your favourite stocks.
eToro is a social trading platform, so you can follow the top traders and copy their trades. This can be a good way for beginners to get to grips with the market, while you can see other users’ comments and analysis on each move.
You should note that eToro did briefly restrict trading on stocks like GME. If you’re looking for an alternative to Webull in response to its move against retail investors, make sure to check the latest news first to make sure the restrictions have been lifted.
Webull vs BlackBull Markets
BlackBull Markets is a relatively new online broker that offers trading on forex and commodity assets, along with CFD trading on indices.
Based in New Zealand, BlackBull is only available in a few countries at the moment. This means it’s an option for UK users but unfortunately not for US customers yet.
Despite its more limited options, BlackBull Markets is growing fast and offers lots of liquidity. Unlike Webull, it has never restricted trading on any of its assets and is ideal if you have a focus on forex trading.
How to find good alternatives to Webull
There are a lot of brokers out there that offer similar services. Before you decide who to switch to, it’s a good idea to think about what’s most important to you. Do you want the easiest trading platform with lots of beginner materials, the lowest fees, or the biggest range of asset options?
Here are some things you should consider when picking a Webull alternative.
What to look for in an alternative stock broker
- Variety of trading options. Make sure your chosen broker offers your favourite trading assets. This is particularly important if you’re looking for a Webull alternative that lets you trade specific stocks, like GameStop.
- Ease of use. You want to be able to dive in and start trading straight away. Pick a broker with an intuitive, simple design and ideally a mobile app if you want to trade on the go. If you’re a new trader, you might want to pick one with useful guides or a demo account.
- Low fees. If you’re a regular trader, trading fees can become expensive if you pick a broker with high charges. Even small fees can add up with a lot of trades. You can find brokers who offer very low fees, or even zero commission trading.
- Account limits. Understand the deposit limits and any restrictions on trading in the form of daily or trading limits. You want to be able to trade freely whenever you like.
Why would I want to find an alternative to Webull?
Webull is one of the brokers that reacted to WallStreetBets traders spiking demand by restricting trading on popular stocks like GameStop and AMC. Rather than allow its customers to decide when to buy and sell, it only allowing them to close their positions. This restriction on free trading pushed many users towards finding an alternative to Webull.
When you choose a broker we believe you should have the freedom to make your own investment decisions. If that means finding Webull alternatives, then there are plenty of brokers out there who offer good trading platforms.
How to move your funds to an alternative broker
- Log in to Webull and close all your existing positions
- Go to the menu and withdraw funds
- Wait for the funds to clear back into your bank account (this might take a day)
- Sign up with your new broker
- Deposit funds
- Open new positions
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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