Webull offers only two types of individual accounts: cash and margin.
Each user can have one of each. If you already own one kind, you will need to create a new login before applying for the other.
The platform also supports Traditional, Roth, and Rollover IRAs. Each member can open one IRA, and you must have an individual account before creating an IRA.
Joint accounts, custodial and corporate accounts are not available.
However, keep reading for some good alternatives to consider for a joint or custodial account!
Just as the name implies, joint investment accounts allow two or more people to invest together in one account. You can invest in just about anything with a partner, including stocks, bonds and funds, real estate. Combined ownership in financial assets is referred to as joint tenancy.
These accounts let multiple people have control of the investment account, letting them to make trades, deposits and withdrawals, and take other actions related to their investments.
Joint accounts can be an effective and efficient way to pool your money together with your partner.
If you have a partner or family member or even a trusted friend you are interested in pairing up with for a joint investment account, M1 Finance may be a good choice for you.
M1 requires a minimum of $100 to open an individual or joint brokerage account.
M1’s target customers have longer-term goals for their investments. They can be saving up for a dream vacation, for a down payment on a home, or even to build up a solid emergency fund. They may have had experience with using other traditional online brokerages to invest in stocks and ETFs.
M1 Finance was made for these potential investors as a lower-cost alternative due to its free offerings. They also allow investors to have a large amount of control over the contents of their portfolio.
Webull also does not offer custodial investing accounts.
If you have children that you would like to start setting money aside for, whether it’s for a first car or college expenses, and are looking for a tax-advantageous, easy, low-cost way to do it, you may want to consider a custodial account.
This type of account lets an adult, such as a parent, grandparent, other relative, or family friend invest money on behalf of the child. This means that while the child owns the assets contained in the account, the adult makes all of the investment decisions.
The account must be transferred to the minor when he or she reaches age 18 or 21. Depending on the state in which you live, this age can be up to 25.
There are significant tax benefits that you will want to consider. These accounts let you keep investing money on behalf of a child, without you holding legal ownership of those assets. That is a huge benefit for income tax purposes.
Unearned income in a custodial account will be taxed to the child rather than to the adult overseeing the account. Most children have little or no earned income. This places them in a much lower tax brackets than the adult. This means lower tax bills or even no tax liability at all.
Many of today’s brokerage platforms help adults invest on behalf of the minor and build a diverse portfolio in a wide array of assets, including a combination of stocks, mutual funds, bonds and ETFs.
However, if you are looking to open a custodial account, Firstrade has a solid option.
Firstrade provides online and mobile trading of stocks/ETFs, options, mutual funds, fixed income products and more. They offer extended hours trading from 8 am-8 pm and have trading tools with a 0.1 second trade execution guarantee.
The platform offers a well-organized website, user-friendly tools and quality research. Some people in the industry say Firstrade lacks the depth to compete with the larger full-service brokers. That said, investors looking for a low-cost, well balanced, all round easy-to-use broker will find Firstrade a great fit.
There is not a one-size-fits-all account type for today’s investors, and the outstanding online platforms out there are well aware of this fact.
While Webull does not currently offer joint or custodial accounts, there are other suitable options out there.