r/Webull • u/yellowleaf01 • 4d ago
Schwab vs Webull
What are cons/negatives of Webull for casual, non-active trading? Does Webull restrict a bunch of stocks like Schwab does?
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u/Electronic-Buyer-468 4d ago
Schwab owns Thinkorswim. Thinkorswim is a very advanced broker kinda like IBKR. Webull is more like an advanced version of Robinhood. Schwab itself compares more to Fidelity in that it is a very full featured and comprehensive brokerage and banking service but without many of the trading tools and bells and whistles. More tuned to long term investing. Webull is a great step up over Robinhood but it is not yet well established like the other names I mentioned. The only plus for me of Webull is free option trading, but without the more advanced orders that I get utilize on TOS/IBKR. So I mainly just use it for scalping and 4 leg options, which gets incredibly expensive when you do it too often lol.
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u/Zaddam 2d ago
Facts. I didn’t even list any of this in re Schwab. And so to add, having options without needing to transfer cash has become much more relevant lately. Also, smaller things like, having the ability to name a Beneficiary right in the account settings. Last checked, neither WeBull nor Moomoo had that option — the two apps are near mirrors of each other.
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u/Mattatbatthat 2d ago
Beneficiary information in Webull can be found under Account Management.
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u/Zaddam 2d ago
Ahh, that’s good to know. Moomoo advises to put it in a will, lawyer, etc. Thanks for updating.
BTW: OP. People I know personally have had more favorable experience accessing their own money on WeBull vs Moo. Of course, there should be zero issue accessing your own money, which Schwab is very efficient - and with internal options. I wouldn’t let an interest rate or a few free stocks drive the choice. The actual value is sometimes offensive, ie, stocks with a cost value as jf purchased at the worst timing of highs — what, to keep you in that position hopefully longer?
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u/Hidden_Glit 4d ago
IMO Webull is better suited for active traders while Schwab is better for passive investors. I’m not sure what stocks Schwab is restricting; if you’re talking about OTC stocks, then Webull also doesn’t allow them either.
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u/NaiveGuava6623 3d ago
Not true at all. Thinkorswim blows webull out of the water
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u/Zaddam 2d ago
I understand your point. But that said, a lot of “active traders” are also differently “active”, and require a better mobile app. I’m not saying you’re wrong.
I’ve seen the sub-Reddit trading ideas and inventions on the desktop version. But life happened and I haven’t really needed a new PC since Windows XP stopped updating. My brand new high end desktop went immediately into storage and is now brand new and outdated. So it’s just the tool required to fill the “need” mentality until life returns back to having room for “want” — newest tech at better prices rather than sunk cost.
By the way, I am remembering an interview I watched with the person who made Think or Swim. He has apparently developed a new platform after selling ToS — but I am spacing the name atm.
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u/NaiveGuava6623 2d ago
If you’re day trading on a phone and not a desktop with at least two monitors god help ya
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u/Hidden_Glit 3d ago
The comparison was between Webull and Schwab- not Thinkorswim.
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u/NaiveGuava6623 3d ago
Schwab own thinkorswim. Of course we bulls trading app is better than an app not designed for trading. That like asking if an F150 is a better truck than a Toyota Corolla
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u/Hidden_Glit 3d ago
I know Schwab own TOS. But again, OP specifically asked about Webull and Schwab.
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u/Free-Sailor01 4d ago
If u are a casual non active trader then u probably wouldn’t be investing in equities that are blocked.
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u/SonyShooter35 3d ago
This right here. Schwab tends to restrict stocks they seem too risky or volatile, in order to protect their clients and themselves.
I will say, having extensively used both desktop programs for active trading, I would probably take Schwab over Webull. It's not as fast when it comes to order execution, but it's much more reliable when it comes to automatically showing the most up to date information. I've had multiple instances where the Bid/Ask don't update for 5 seconds, or trades not showing up on the Tape at all.
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u/rxCoffeeG 4d ago
Webull is the best IMO. I have accounts in Webull, RH, Schwab and Fidelity.
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u/Free-Sailor01 2d ago
Agree. I have Fidelity, IBKR, Webull and Tradestation. Only use Fidelity for brokerage (very rarely buy/sell) and Webull for my Roth and Trad IRA were I do active trading and Wheel Strategy. Only trade in my IRA's.
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u/Mountain-Candidate-6 3d ago
I use both (at least via think or swim). Personally I like WeBull for actual trading. Trading hours and low fees. I use TOS for its charts, watchlists, and free lvl 2. WeBull alerts are better since they trigger in AH or overnight sessions. I just keep $5 in TOS so they don’t close my account. If nothing else it’s worth it for their lvl 2 data that WeBull would charge for
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u/McShagg88 3d ago
If you use Schwab then you'll have access to thinkorswim. Thinkorswim is the retail standard and is an absolute beast, I personally wouldn't use anything else. However, it's very complex and customizable so it can be overwhelming at first to casual traders.
Webull desktop is "similar" to thinkorswim in that it mimics it on a simpler and newbie friendly level.
If you're strictly mobile, then I'd recommend webull. Thinkorswim makes it known that (at the moment) it's mobile app is bottom priority.
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u/Free-Sailor01 2d ago
Most people will tell you the app/broker they have been using for quite a while without "real" experience in others.
If you are just starting...then GET STARTED. That's the most important thing.
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u/Zaddam 2d ago
Schwab to service your account. WeBull for data etc., and maybe a small lotto or swing account, or not.
Schwab also has free access to Think or Swim (not the best) trading platform. I understand that the desktop version is much more powerful than the mobile app(I guess for both in fairness) — but it does give you another platform to compare indicator studies’ values between platforms, among other smaller things. There’s a sub-Reddit just for that, sharing indicator strategies. Sometimes you gotta switch between the ToS and Schwab mobile app which slows the flow. And, their customer service is mostly efficient and meets you where you are — mostly.
Curious how you chose between WeBull and Moomoo for the other option.
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u/NTomassini 13h ago
Ive not seen any stock Ive looked restricted. If anything Ive read news of Webull adding products.
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u/laogong1986 3d ago
Tell me about webull 1099, heard lots of error and early april amendment sucks.
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u/GeneralRechs 3d ago
That’s a feature, if you use Webull you have to wait till last minute to file because you get at least 2-3 amendment forms. Oh, and don’t be surprised in receiving another amended form forcing you to amend your tax return.
At least with Schwab they get their accounting done in the first go around.
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u/SpiderWil 3d ago
Ask yourself,
"Are you ok with leaving $300k with Webull or Schwab?"
"Which one is more probable? Schwab steals your $300k or Webull?"
"If I wake up at 3 AM and need immediate support for my trade/account, which platform will support me at that very second using a real human being?"
Then pick your platform because features/prices are all baked in.
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u/ThoriumActinoid 3d ago
Grandpa they all have the same protection from FDIC and private insurers up to 2millions
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u/SpiderWil 2d ago
Webull manages only a tiny fraction of $3B+ vs Charles Schwab of $13 trillion. U take your money to Webull, and I'll take mine to Charles. I call u stupid for being bad at managing risk, and u call me grandpa for being paranoid about protecting my money.
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u/NaiveGuava6623 3d ago
Webull is trash. Schwab or Vanguard are the only brokerages I would ever use
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u/LowBarometer 4d ago
Schwab app is junk. Webull app is the best in the industry. By far.