U.S.-based financial services company
Webull Corporation is a holding company incorporated in the Cayman Islands and headquartered in St. Petersburg, Florida.
[12] Its subsidiaries operate an
electronic trading platform , accessible via
mobile app and desktop computer, offering commission-free and low-cost trading of
stocks ,
exchange traded funds ,
options ,
margins ,
fixed income , and
futures .
[13]
[14]
[15]
[16]
[17]
[18] Its U.S.-based subsidiary, Webull Financial LLC, is a security broker registered with the
U.S. Securities and Exchange Commission and a member of
FINRA and
SIPC , offering trading services to customers in the U.S. It also has licensed subsidiaries offering trading services in Hong Kong and Singapore.
Webull is owned by Hunan Fumi Information Technology,
[19] a Chinese
holding company that has received backing from
Xiaomi ,
Shunwei Capital , and other
private equity investors in China.
[20]
[21]
History
On May 24, 2017, Webull Financial LLC was established as a
Delaware
limited liability company
[21] by Wang Anquan, a former employee of
Alibaba Group .
[7]
[22] A year later, in May 2018, the company released its
mobile app for
iOS and
Android .
[23] In May 2020, the company received SEC approval to launch a
robo-advisor on its platform.
[24]
By August 2020, the platform had over 11 million
registered users , and in October 2020, it had 750,000
daily active users .
[25]
[26]
In November 2020, Webull began supporting
cryptocurrency transactions.
[27]
On January 28, 2021, Webull halted buy orders for stocks affected by the
GameStop short squeeze ,
[28] but reversed course and allowed buy orders starting at 2:35 pm that day.
[29] On that day, Webull recorded its highest-ever number of active daily users at 952,000.
[30] That week, approximately 1.2 million people downloaded the Webull mobile app.
[31]
In June 2021, Webull began talks of an
initial public offering to raise up to $400 million.
[32]
[33]
In September 2021, the
Brooklyn Nets and
New York Liberty entered into a global multi-year agreement with Webull and the company became the official jersey patch partner for the Nets.
[34] Terms of the agreement for the jersey patch weren't announced, but people familiar with the agreement told
CNBC that it is a multi-year pact that pays the Nets roughly $30 million per year.
[35]
References
^
"GameStop, AMC Trades to Resume at Chinese Online Brokers" .
Bloomberg News . January 29, 2021.
^ Wursthorn, Michael; Choi, Euirim (August 20, 2020).
"Does Robinhood Make It Too Easy to Trade? From Free Stocks to Confetti" .
The Wall Street Journal .
^ Massa, Annie (December 10, 2020).
"Webull is winning over traders from US rival" .
Australian Financial Review .
^
https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm
^
https://www.tradersmagazine.com/featured_articles/on-the-move-firstrade-appoints-don-montanaro-webull-promotes-anthony-denier/
^
https://www.prnewswire.com/news-releases/webull-appoints-anthony-denier-as-group-president-302027329.html
^
a
b Massa, Annie (December 8, 2020).
"Robinhood Is Losing Thousands of Traders to a China-Owned Rival" .
Bloomberg News .
^
https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm
^
https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm
^
https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm
^
https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm
^
https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm
^
https://www.prnewswire.com/news-releases/webull-announces-expansion-into-futures-and-commodities-trading-302076403.html#:~:text=NEW%20YORK%2C%20March%2011%2C%202024,to%20further%20diversify%20their%20portfolios .
^
https://www.bloomberg.com/news/articles/2024-02-28/online-brokerage-webull-shed-crypto-exposure-ahead-of-spac-deal
^ Frankel, Matt (December 1, 2020).
"Investing Apps That Let You Invest For Free" .
The Motley Fool .
^ Chang, Ellen (August 19, 2020).
"Why Investors Could Add Some Active Investing to a Portfolio" .
WTOP News .
^ Houston, Rickie (March 8, 2021).
"Webull investing review: Commission-free investments, margin accounts, and cryptocurrencies for active traders" .
Business Insider . Retrieved July 4, 2021 .
^
"Webull securities trading options in hong kong" . January 21, 2022.
^ Zeldin, Lee (July 13, 2023).
"Biden's financial regulators give China-backed brokers a hand, but who is surprised?" . The Washington Times. Retrieved September 23, 2023 .
^ McGregor, Grady (February 2, 2021).
"The Robinhood revolt was good for Webull, China's little-known trading app" . Fortune . Retrieved August 6, 2021 .
^
a
b
"Webull Financial LLC" .
Delaware Department of State: Division of Corporations .
^
"Form ADV - CRD #: 304881" (PDF) .
SEC Reports . January 12, 2021.
^
"Webull Financial Launches Comprehensive Commission-free Stock Trading App" . PR Newswire . May 30, 2018. Retrieved July 2, 2022 .
^ Capelj, Renato (May 6, 2020).
"Webull Leverages Crisis To Spur Innovation, Financial Wellness" .
MarketWatch .
^ Graw, Michael (August 20, 2020).
"Commission-free brokerage Webull launches desktop platform" .
TechRadar .
^ Osipovich, Alexander (October 16, 2020).
"Individual-Investing Boom Fuels Trading in Low-Price Stocks" .
The Wall Street Journal .
^ Vigna, Paul (December 16, 2020).
"Bitcoin Tops $20,000 for First Time" .
The Wall Street Journal .
^ Crowley, James (January 28, 2021).
"Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform" .
Newsweek .
^
"Update: GME, AMC, and KOSS are no longer restricted" . January 28, 2020 – via
Twitter .
^ Perez, Sarah (January 28, 2021).
"Robinhood and Reddit top the App Store, as trading apps surge following gamestop mania" .
TechCrunch .
^ Vanian, Jonathan (February 2, 2021).
"Robinhood, Webull, and Fidelity apps soar amid GameStop controversy" .
Fortune .
^
"Online Broker Webull Considers $400 Million U.S. IPO" . Bloomberg . June 8, 2021. Retrieved July 4, 2021 .
^ Dayal, Nikhil (June 10, 2021).
"Webull In Talks To File For IPO Later This Year: Report" . Benzinga . Retrieved July 4, 2021 .
^
"Brooklyn Nets and New York Liberty form Global Multi-year Partnership with Webull" . Brooklyn Nets . Retrieved October 11, 2021 .
^ Young, Jabari (September 27, 2021).
"Brooklyn Nets land $30 million per year jersey deal with brokerage platform Webull" . CNBC . Retrieved October 11, 2021 .
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