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Written by Logan Robison on May 11, 2021
Category: 
FTC Disclosure

Why Does Webull Ask For Your ID?

Webull is a brokerage platform that allows its users to invest in stocks and ETFs commission-free. In addition to stocks and ETFs, users can also invest in cryptocurrencies, options, and participate in short selling.

Many intermediate and advanced users love this platform because of the in depth technical analyses and detailed charts provided. Beginner investors often find that this platform is a little overwhelming due to the large amounts of information.

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Why Does Webull Ask for Your ID?

As part of complying with SEC and FINRA regulations, Webull must make a reasonable effort to verify the identification of its users. For the most part, this entails asking for information such as name, address, and social security number.

However, Webull may also ask users to upload a clear photo of their government issued ID.

This requirement was enacted when the Department of the Treasury and the Securities and Exchange Commission (SEC) established the USA Patriot Act in 2003. This act was implemented to safeguard investors and investment platforms against money laundering and potential acts of terrorism.

This act states that brokers must do the following three things:

  1. Verify the identity of any person seeking to open an account, to the extent reasonable and practicable
  2. Maintain records of the information used to verify the person’s identity
  3. Determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to brokers or dealers by any government agency

Therefore, it follows protocol that Webull, or any other brokerage, would make extra effort to verify the identification of its users.

Article written by Logan Robison
Logan graduated with a degree in finance from Brigham Young University and currently works in merchandising for a large retailer. In his free time he loves to hike and camp with his wife and son. Logan is also heavily involved in real estate investing and owns properties in Utah and Arkansas.

Platform Reviews

Power Your Investing

Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood
Robinhood provides an easy-to-use free trading platform for beginner investors. Robinhood has $0 account minimums. Get a free stock when you open an account below.
Try Robinhood
M1 Finance
M1 Finance offers a free investing platform where users can build portfolios of stocks and ETFs. Users can also choose from a variety of pre-built portfolios offered for free.
Try M1 Finance
Fundrise
Passively invest in private real estate deals with as little as $10. Fundrise allows you to own residential and commercial real estate across the U.S. starting at a 1% annual fee.
Try Fundrise
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