Is Webull A Safe And Legitimate App In 2023?

Webull is often referred to as a more advanced version of beginner friendly trading apps like Robinhood.

Through the Webull app, you have access to a lot of analysis tools, technical indicators and advanced charting.

You can also invest in stocks, ETFs, options and even some cryptocurrencies.

However, many people often wonder if the Webull app itself is safe. 

It is probably due to the fact that they don't charge any trading commissions or fees to use the platform.

Webull does make money, but not through trading commissions.

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Is The Webull App Safe?

When determining if a brokerage platform you are looking into is safe or not, you primarily consider these things:

1. Is the brokerage platform a member of SIPC?
2. What security measures are built into the app?

It is equally important to make sure your assets are safeguarded as well as your personal information.

Let's cover both of these now!

SIPC

Webull Financial is a member of The Securities Investment Protection Corp (SIPC), which insures against the loss of financial assets up to $500,000 (including $250,000 of coverage for cash).

Webull’s clearing firm, Apex Clearing, has also purchased an additional insurance policy. In the event that SIPC was exhausted, this supplemental policy would kick in.

Since Webull Financial is a member of SIPC, you are fully SIPC insured. Keep in mind, however, this insurance protects you in the event that your financial assets go missing.

There is no insurance protecting you from losses incurred while investing in the financial markets.

In addition, Webull offers crypto's and these are not covered by the SIPC or any federal insurance. 

Webull App Security

Beyond the SIPC insurance and supplemental policy through Apex, you should also consider if the app itself is secure.

Unfortunately, Webull doesn't share information on their website about app security features. The only relevant information seems to be this article on Webull security tips.

While there has yet to be a widespread security breach with the Webull platform, we certainly wish they shared more information about the Webull app security itself.