Webull Desktop Review [2021]: How It Compares

Webull Desktop Review [2021]: How It Compares

  • Value For Investors
  • Value For Active Traders
  • Commissions & Fees
  • Platform & Tools
  • Customer Service
  • Order Execution

Summary

Webull recently performed a major overhaul on its desktop software. Called Webull 4.0, the new program is capable of delivering a high-level trading experience, but how does it match up to its competitors? Read on to find out!

Pros

  • Multiple order tickets
  • Pre-installed layouts
  • Margin details on every ticker symbol
  • Compatible with Mac
  • Simulated trading mode
  • Multi-screen support
  • Day trading tools

Cons

  • Security screeners are undeveloped
  • Research tools are minimal
  • No streaming video news
  • Small number of technical studies
  • Weak option tools
  • Several order types are missing

Brief Overview

Webull recently performed a major overhaul on its desktop software. In this Webull desktop review we take an in-depth look at how it performs and how it matches up against their competitors.

Called Webull 4.0, the new program is capable of delivering a high-level trading experience.

The broker has continued to make improvements to its new platform, but some features are still missing. Here are the details:

Downloading the Software

The first thing you’ll want to do is download the desktop platform. To do this, just head over to Webull.com and click on the DOWNLOAD link in the top menu.

You’ll get three download icons for three operating systems:

  • Linux (Ubuntu)
  • Windows
  • Mac (OS 10.12 or later)

Platform Overview and Customization

Once installed, you’ll see most of the software’s features without having to log in. You can browse through the platform as a guest. A few tools do require a login, however.

One thing I really like about this platform is that a login is saved. Once you log in, you won’t have to log in again. Actions above a certain level, like order submission, will require a PIN.

There is a padlock icon at the very top of the screen on the menu bar. Click on this and you’ll be able to unlock the software for trading.

Before you place an actual trade, I recommend getting some practice using the platform’s paper-trading mode. This feature can be turned on by clicking on the dollar sign in the left-hand column of icons.

The paint roller icon is where the software’s layouts are hidden. Just click on this to find pre-built layouts or to start your own.

There are two color themes on Webull’s desktop platform: light and dark. To change from one to the other, click on the gear icon. It appears in the very bottom-left of the screen.

In this settings menu, you can also change many other defaults, including:

  • The colors of gains and losses
  • Hot keys
  • Order ticket defaults
  • Audio notifications of actions

webull desktop

Widgets

A good place to begin on Webull’s desktop trading system is the widgets icon. It is located in the very top of the screen in the shape of a 3D box. Clicking on this reveals all the platform’s major tools.

Next to each entry is a blue plus sign (+). Click on this blue icon and you’ll get the widget. For example, when I clicked on the entry for Top Gainers & Losers, the platform generated a new window.

Other widgets include:

  • Volume analysis
  • Order book
  • Alert messages
  • Screeners
  • IPO orders 

Charting Tools

A chart is included on an asset’s profile. If you lose it for any reason, just go back to the widget menu. There’s a chart widget that can be added.

A small icon with three horizontal bars appears in the window’s title bar.

Click on this and you’ll be able to expand a graph the full width of the monitor.

Once expanded, the software reveals all its features. These include: 

  • Approximately 40 technical studies
  • Twelve drawing tools, including some Fibonacci tools
  • Price history up to 50 years
  • Interval as short as 1 minute
  • Eight graph styles 

During my testing, the feature I found most helpful was right-click trading.

webull desktop 1

Stock and ETF Trading

For ETF and stock trading, a good place to begin on the platform is the default watchlist. It is located in the top-left of the vertical menu, represented by the star icon.

Once on a watchlist, just click anywhere on a row and you’ll get the asset’s profile. It is easy to add or delete an entry on a list. Just click on the star icon that appears on a security’s profile.

If you need multiple watchlists, you can create as many as you want.

On a security’s profile, you’ll find two order tickets, the regular version and an Active Trade ticket.

The default order ticket offers the following order types:

Although there is a dollar amount option in the quantity field, it’s not full fractional-share trading. Webull’s software simply converts this amount to the nearest whole number of shares. 

The other trade ticket has predefined buttons (red for sell and green for buy). Each button is a pre-filled order, such as sell 200 shares of IBM at the best bid.

webull desktop 2

Crypto Trading

Earlier versions of Webull’s desktop platform couldn’t submit orders for cryptocurrencies. That flaw has been corrected with a recent upgrade. Just make sure you’re on the most recent version, which is currently 4.6.2.

To update to the latest version at any time, go to the settings menu (remember the gear icon). Then look under GENERAL SETTINGS for the update link.

Cryptocurrency profiles have less information on them compared to their security cousins. And the Active Trade ticket is also missing. The regular ticket has market and limit orders only. This time, fractional-share trading is possible.

Options Trading

Earlier versions of the desktop system also didn’t have integrated option spreads. That, too, has been changed. During my investigation, I found 9 spreads. Examples include:

Chains show several columns, including open interest and implied volatility. The most recent software version also has Greek values, a huge benefit for option traders.

To submit an options order, just click on a contract, and an order form will be automatically populated. The final screen shows a profit-loss diagram with maximum gain and loss figures.

webull desktop 3

Day Trading

There are several tools on Webull’s new desktop program that short-term traders will want to use.

A very helpful feature on the regular trade ticket is the incorporation of bracket orders. Just click on stop-loss and take-profit to add orders that will take you out of a trade.

Every entered ticker symbol on the Webull platform provides margin and shorting details.

Just hover over the yellow icon with a dollar sign and the blue downward arrow. The software will generate pop-up windows with information on:

  • Day-trading leverage
  • Overnight leverage
  • Shortable status
  • Maintenance requirement
  • And more

Other day-trading tools include:

  • Volume analysis: This window displays the market day’s transaction records.
  • Order book: This is where you’ll find Level 2 data if you have subscribed to it. Up to 30 levels are shown.
  • Price ladder: The order book and volume analysis can be combined into one price ladder. An order can be submitted by clicking on a price anywhere on the ladder.
  • Day-trading layout: This can be found in the Customized

Security Analysis

The stock screener on Webull’s new platform is still somewhat elementary. It can only search by about 20 variables. They include:

  • Exchange
  • Market cap
  • Net margin
  • Analyst ratings

A search can be saved, which is a useful feature.

Stock profiles have plenty of details, including news articles, financial statements, and press releases. On Tesla’s profile, I found 35 trade recommendations, with an average of hold.

webull desktop 4

Fees and Requirements

One of the best features of Webull 4.6 is that it’s completely free to use. There is no account minimum, either.

The downside is that Webull does charge for Level II quotes. But the monthly fee is only $1.99.

Real-time data on options is available from OPRA at no charge. But Webull requires at least one derivative trade every 30 days to gain access to it.

Other Trading Tools at Webull

Webull also has a browser platform. During my research, I did find a few differences between the two. For example, the browser platform has trend channels in the drawing tools menu. The desktop platform does not.

And Webull’s mobile app has a really nice community forum. Users can connect with each other and discuss trade ideas. This social-networking feature isn’t available on Webull 4.6.

Bottom Line – Webull Desktop Review

For day traders on a budget, Webull 4.6 is hard to beat.
Credit: Warrior Trading

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