Broker Review
Webull Australia review
$0 US commission, advanced charting, paper trading and options. Webull brings a serious trading platform to Australian investors — but it's not for everyone. Here's the honest assessment.
BrokerVsBroker Verdict
Webull is best for active US share traders who want serious tools without paying for them. The free Level 2 data, extended hours trading, paper trading and options put it ahead of most competitors on features. The catches: limited ASX coverage, no CHESS sponsorship, and FX costs that aren't fully transparent. If you're focused on US stocks and want more than a buy button, Webull delivers. If you primarily invest in ASX shares, look at Stake, Superhero or Moomoo instead.
Webull fees in Australia
| Fee type | Webull charge | Notes |
|---|
| US shares commission | $0 | No per-trade commission on US stocks |
| ASX shares | $0 | Limited ASX coverage compared to AU-focused brokers |
| Options trading | $0 commission | Regulatory fees apply — typically cents per contract |
| Crypto | 1% spread | Built into the buy/sell price |
| FX conversion | Built into spread | Not quoted as a separate fee — compare carefully |
| Inactivity fee | $0 | No charge for inactive accounts |
| Withdrawal fee | $0 | Free to withdraw |
| Minimum deposit | $0 | No minimum to open an account |
Key features
Advanced charting
50+ technical indicators, multiple chart types, drawing tools and customisable layouts. Among the best charting available for free in Australia.
Paper trading
Practice with virtual money using real market data. Useful for beginners learning to trade and experienced investors testing new strategies without risking capital.
Extended hours trading
Trade US stocks pre-market (4am–9:30am ET) and after-hours (4pm–8pm ET). Useful for reacting to earnings and news events outside regular market hours.
Options trading
$0 commission options on US stocks. One of the only Australian brokers offering options, alongside IBKR and CommSec. Suitable for experienced investors only.
Level 2 market data
Real-time order book depth for US stocks — free. Shows buy and sell orders queued at each price level, giving a clearer picture of market momentum.
Fractional shares
Buy fractions of expensive US stocks like Amazon or Tesla from as little as $5. Useful for diversifying with a small portfolio without needing hundreds of dollars per stock.
Pros and cons
What Webull does well
✓$0 commission on US stocks and ASX shares
✓Best free charting tools of any AU broker
✓Paper trading — practice with real data
✓Options trading available
✓Extended hours US trading
✓No inactivity fee
✓No minimum deposit
Where Webull falls short
✗Not CHESS sponsored — custodial model
✗Limited ASX coverage vs AU-focused brokers
✗FX costs not clearly disclosed as a separate fee
✗No HK market access (Moomoo has this)
✗No auto-invest feature
✗Complex platform — steeper learning curve
Webull vs competitors
| Feature | Webull | Moomoo | Stake | IBKR |
|---|
| US commission | $0 | $0.99 | $0 | $0.005/share |
| FX fee | In spread | $0 | 0.5% | 0.002% |
| CHESS sponsored | No | Yes | Yes | No |
| Advanced charting | Excellent | Excellent | Basic | Excellent |
| Paper trading | Yes | Yes | No | Yes |
| Options trading | Yes | Yes | No | Yes |
| HK market access | No | Yes | No | Yes |
| Extended hours | Yes | Yes | No | Yes |
| Inactivity fee | $0 | $0 | $0 | $0 |
Who is Webull best for?
Webull suits active US share investors who want serious charting tools and advanced features without paying a premium. The paper trading feature makes it a genuinely useful tool for investors learning the ropes.
Webull is less suited to: passive ASX investors (Superhero or Stake are better), investors who prioritise CHESS ownership (use Moomoo, Stake or Superhero), or investors focused on long-term ETF accumulation (Vanguard or Pearler are more appropriate).
The elephant in the room is Moomoo — it offers similar advanced tools plus CHESS sponsorship, $0 FX fees and HK market access. For most Australian investors, Moomoo is the stronger all-round choice. Webull wins if you specifically want its options interface or extended hours trading experience.
Frequently asked questions
Is Webull available in Australia?
Yes — Webull launched in Australia in 2022 and is regulated by ASIC. It offers US stocks, some ASX access, crypto, and options trading with $0 commission.
Is Webull safe in Australia?
Yes. Webull is ASIC-regulated. US securities are held by its US custodian and protected by SIPC up to USD $500,000. Australian client funds are held in segregated accounts separate from Webull's own money.
Does Webull charge FX fees in Australia?
Webull doesn't show FX fees as a separate line item — the currency conversion cost is built into the buy/sell spread. This makes it harder to compare directly with brokers like Stake (0.5% explicit) or Moomoo ($0 explicit). Check the effective AUD/USD rate you receive versus the live market rate.
How does Webull compare to Moomoo?
Both are feature-rich platforms targeting active investors. Moomoo has a clearer edge: CHESS sponsorship, explicit $0 FX fees, and HK market access. Webull has a stronger options interface and extended hours trading experience. For most Australian investors, Moomoo is the more complete package.
Can I trade ASX shares on Webull in Australia?
Yes, but ASX coverage on Webull is more limited than dedicated Australian brokers. If ASX investing is your primary focus, Stake, Superhero, Moomoo or CommSec offer broader ASX coverage and CHESS sponsorship.
Open a Webull account
$0 US commission · Paper trading · Advanced charting · Options · No minimum deposit
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