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