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Written by Cari Scribner on March 2, 2021
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Webull Roth IRA Review 2021: Best Roth IRA?

If you’re in your 20s or even 30s, saving for your golden age may be one of the last things on your mind.

You probably have more urgent money goals on your list, like saving for your first home, buying a vehicle, or building an emergency fund.

But financial experts heartily recommend you start socking money away now for retirement, even if it’s only a small percentage of your paycheck.

One of the options is an Individual Retirement Account. An IRA is an account that lets you invest in a tax-advantaged manner.

The Webull trading platform offers commission-free trading of stocks, options, and ETFs and they offer Roth IRAs, Traditional IRAs, and Rollover IRAs.

There are no opening, closing, or annual fees for Webull's Roth IRAs.


Webull at a Glance

Commission-Free Trading: Stocks, options, ETFs, and cryptocurrency

Account Types: Roth IRA, Traditional IRA, Individual Brokerage

Account Minimums: $0

Top Features: commission-free trading and short selling, trading simulator, advanced mobile app

Webull Roth IRA

Webull is a commission-free stock and ETF trading platform that was launched in 2017.

It quickly became known for its extensive menu of offerings, ranging from technical indicators to simulated trading to a wide variety of advice from analysts.

With easy access to margin, research tools, and live data, Webull has built an ideal platform for active traders. 

Webull offers more than 20 different technical indicators on the platform. Traders use these charts to identify micro-trends to capitalize on. You will not find this many indicators on other free trading platforms out there.

Because of this deep wealth of resources, Webull caters to more seasoned traders who are actively involved in the market.

It is not intended for passive, longer-term investors who may not have the need for real-time updates and financial calendars. In fact, it can be overwhelming for complete beginners to take in all the info Webull offers.

However, with time and practice, you will be able to use the app and take advantage of all the technical tips they offer. Check out our full Webull review here.

Best Roth IRA Promotions

Roth IRAFeesLink
Betterment Robo Advisor0.25% To 0.40%Download
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Rollover Into a Webull IRA

Maybe you’ve set up a 401(k) account, but have decided an IRA is a wiser option. You can open a Rollover IRA in Webull and directly move your money into it from the 401(k). And no worries, you won’t be slammed with any tax penalties.

Keep in mind, you can also rollover money into a Webull IRA if:

  • Suddenly you have changed jobs
  • You have retired
  • You have left money in your previous employer's workplace savings plan

Pros of Webull Roth IRAs

  • Lets you set up Roth IRA for free(some competitors do not)
  • Well-organized app design makes it easier to navigate while setting up, rolling over or taking a look at your Roth IRA
  • Pick and choose any stocks and ETFs for your IRA

Cons Of Webull Roth IRAs

  • Limited investment offerings (Webull only trades U.S.-listed stocks and ETFs)
  • Competitors also offer mutual funds, bonds, certificates of deposit (CDs), and options
  • No prebuilt portfolios

Webull Free Training

We put together a free 30 minute video training that walks you through the entire process, step by step. This training will help you get up and running in no time at all.

GET THE GUIDE

Why Invest In an IRA?

There are many reasons to start putting money into a retirement account, but here are a few:

  1. You may benefit from tax breaks. Depending on the type of IRA, you can save on your taxes right now with a deduction or save later with a tax-free withdrawal.
  2. Grow your account with income from interest, dividends, and capital gains that add up each year without an end-of-year tax charged.
  3. Greater investment flexibility. Most 401(k)s and other employer retirement plans only provide a limited number of investment choices. With an IRA, you can pick from a wider range of investment options.

Why Choose A Roth IRA?

When you are younger or in lower income tax brackets, the Roth IRA may be the better option for you. If you are in higher tax brackets now compared to retirement, the Traditional IRA may be the better choice.

The key difference between Roth and Traditional IRAs is in the timing of their tax advantages.

With Traditional IRAs, you deduct contributions now and pay taxes on withdrawals later.

When you have a Roth IRA, you pay taxes on contributions now and get tax-free withdrawals later on when you’re living on a fixed income.

To contribute to an IRA you must have earned income. Qualified earned income for a Roth IRA includes any wages, salaries, or tips paid from an employer as well as self-employment income.

webull paper trade

Roth IRA Contribution And Income Limits

Every few years, the limits surrounding Roth IRAs change.

First of all, the maximum contribution for 2021 is $6,000 ($7,000 if age 50 or older).

Second of all, there are limitations on who can contribute to a Roth IRA based on income.

The Roth IRA income phase-out for 2021 begins at $125,000 for single filers and $198,000 for married filing jointly. If you make over $140,000 ($208,000 married filing joint) then you are not eligible to contribute to a Roth IRA.

What Can You Invest In Using a Roth IRA?

Here's the exciting part.

A lot of retirement plans are boring, meaning you can only invest in mutual funds, bonds, and investments like that. With a Webull IRA, you are 100% in the driver's seat. You can invest in any stocks and ETFs available on the platform within your retirement account.

If you want to invest all of your retirement funds into Tesla and Amazon, you are free to do so.

Webull's Roth IRA: In Summary

Whether you decide to go with Webull to set up an IRA or another platform, the important thing is that you begin saving for retirement today. Your future self will thank you.

The Webull Roth IRA is a good option for someone who wants to pick and choose their investments. If you are looking for someone to manage your money for you, this is not a service offered by Webull.

Article written by Cari Scribner
Cari Scribner is a career journalist with 20 year’s experience writing for newspapers and magazines. Now a freelance writer, she is also a published fiction writer with more than 15 short stories in literary mags. She recently completed a novel that is on the desk for consideration at two publishing houses. She lives with her two small dogs, Miloh and Lucy, in Upstate NY.

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