Webull Account Types

Webull offers several types of accounts to cater to different investor needs:

1. Individual Accounts:

• Cash Account: This account allows you to buy securities only with the cash you have available. It is suitable for beginner investors who prefer a lower risk level.
• Margin Account: This account permits borrowing money from the broker to invest, which can increase buying power but also comes with higher risks. A minimum balance of $2,000 is required.

2. Retirement Accounts (IRAs):

• Traditional IRA: Allows you to invest pre-tax income, lowering your taxable income in the year of contribution.
• Roth IRA: Funded with after-tax income, allowing tax-free withdrawals in retirement.
• Rollover IRA: For transferring funds from a qualified retirement plan, such as a 401(k).

3. Limited Options: Webull does not currently support joint accounts, custodial accounts, or Coverdell education savings accounts.

Webull Broker Account Opening Process

Opening an account with Webull is a straightforward process:

1. Visit the Webull Website: Go to the official Webull website or download the app.
2. Sign Up: Click on the "Open an Account" or "Sign Up" button.
3. Provide Personal Information: Enter details such as your full name, address, phone number, and social security number (SSN) or individual taxpayer identification number (ITIN).
4. Verification: Verify your email address and phone number through the verification message sent to you.
5. Choose Account Type: Select the type of account you wish to open (individual, retirement, etc.).
6. Submit Application: After entering all required information, submit your application for approval.
7. Funding Your Account: Once approved, fund your account via bank transfer, wire transfer, or mobile check deposit.

The account approval process typically takes a couple of business days for new customers, while existing customers may experience instant approvals.