Webull: what the sources say

The questions, with sources

"Not verified" means we could not confirm it from a source we could read. Check the entity and rules for your own country. Education only, not investment advice.

How the points add up

• Regulation 20 of 20. Licensed by a major financial regulator (see the broker page for the register entry)
• Client protection 12 of 12. Investor compensation scheme applies: SIPC plus Lloyd's excess SIPC (omnibus) / Apex policy (fully disclosed); Segregation not verified (unscored)
• Transparency 10 of 10. Annual financial statements are public (listed parent or published report)
• Security record 15 of 15. No incident found in our search of the last five years (not an exhaustive guarantee)
• Compliance record 7 of 25. 3 regulator or court action(s) in the window; reports from press only are shown but not scored
• Costs 10 of 10. Buying 1,000 USD of a US stock or ETF: 0% commission at the published base tier (FX and spread not included)

Points earned of points available. A criterion we could not verify is left out and lowers the evidence share. See how we score.

Security incidents

• No incident found in our search. Search depth: full. That is not proof there is none.

Regulator and court actions

• 2023-03 FINRA: USD 3 million fine: inadequate due diligence on options approvals, flawed complaint supervision, unreported written complaints (conduct 2018 to 2021) Outcome: Settled without admitting or denying source
• 2023-11-01 Massachusetts Securities Division: USD 500,000 fine, censure and cease-and-desist for failure to reasonably supervise (compliance staffing, complaint handling) Outcome: Consent order; independent compliance consultant and 3 years of annual reports required source
• 2025-05 FINRA: USD 1.6 million fine and censure: paid influencer supervision, Form CRS delivery, vendor display rule, erroneous order controls Outcome: Press Official FINRA Disciplinary Actions (Jul 2025 report) confirms USD 1.6m fine and censure, action dated 8 May 2025. Earlier press source: https://www.grcreport.com/post/webull-financial-settles-violations-with-1-6-million-fine-following-finra-review source

Actions reported by press only are shown and not scored.

Other reports

• 2024-04 Multistate attorney-general inquiry reported (Indiana AG letter named) into whether US customer data could be exposed to Chinese authorities; no breach shown source
• 2026-10-07 House Select Committee on the CCP reported (press) to call Webull's China ties a national security risk; report questions customer-data isolation; no evidence of compromise in reporting source

Reports that are not security incidents or regulator actions against the broker, shown for completeness and not scored.

Key facts in five lines

• Webull Financial LLC states it is SEC-registered and a FINRA and SIPC member [source 1].
• US-listed stocks, ETFs and options are commission-free on the US fee page; outgoing stock transfer costs USD 75 [source 2].
• SIPC protects up to USD 500,000 per customer; futures accounts are not SIPC-protected [source 1].
• FINRA fined Webull USD 3 million in 2023 and, per press, USD 1.6 million in 2025 [sources 3,4].
• Parent Webull Corporation is Nasdaq-listed (BULL) and files Form 20-F [source 8].

Questions about Webull

Is Webull safe?

We do not give a yes or no. We record its regulation (SEC; FINRA member; SIPC member), whether an investor compensation scheme applies, and what we found about incidents and regulator actions. Read the sections above, and check which entity holds your account.

Does Webull charge commission on US stocks?

Webull does not charge commissions for stocks, ETFs and options listed on US exchanges (US entity pricing page)

Where this comes from

• [1] Webull Help: What is Webull Financial LLC accessed 2026-10-11
• [2] Webull Financial Fee Schedule accessed 2026-10-11
• [3] FINRA: FINRA Fines Webull $3 Million accessed 2026-10-11
• [4] GRC Report: Webull $1.6 million FINRA fine (press) accessed 2026-10-11
• [5] Massachusetts Securities Division: Webull Consent Order E-2022-0058 accessed 2026-10-11
• [6] Seeking Alpha: Webull faces scrutiny across multiple states (press) accessed 2026-10-11
• [7] Finance Magnates: House panel calls Webull's China ties a national security risk (press) accessed 2026-10-11
• [8] Webull Corp Form 20-F FY2025 (SEC) accessed 2026-10-11
• [9] Investing in the Web: Webull countries (third party) accessed 2026-10-11

Not verified: Fractional shares, FX fee, inactivity and account fees not verified (not on the page read). Country availability only from a third party. FINRA 2023 press release date not shown on page (March 2023 per URL/press); the 2022 California DFPI consent order seen in search results was not opened. No confirmed customer-data breach found.

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