Webull is a free online stock trading platform, owned by Chinese company Hunan Fumi Information Technology.
How to withdraw money from Webull
Although Webull positions itself as a conditionally free platform. In fact it is not, buying and selling shares for a very reasonable fee, for depositing or withdrawing money from the platform you will have to pay a huge amount, citing bank fees, so depositing money on the platform will cost you from 8 to 12.5 dollars, and if you want to withdraw money, you will pay from 25 to 45 dollars when withdrawing to a bank account. Payments through ACH are free in the US, but they can take up to 4 days to process.
In addition, you will not be able to withdraw to an account if you have not made a deposit from it to the platform, you will have to wait 60 days after adding the account for it to become available for withdrawal.
| Withdrawal Method | Fee | Processing Time | Restrictions |
|---|---|---|---|
| ACH (U.S. only) | Free | 1-4 business days | Requires initial deposit from the same account |
| Bank Wire (Domestic) | $25 | 1-2 business days | Requires initial deposit from the same account |
| Bank Wire (International) | $45 | 1-5 business days | Requires initial deposit from the same account |
The principle of income generation of the platform is based on receiving commissions from withdrawal or deposit of funds, most likely, the banks that process payments are connected with Webull. Also, the platform does not directly limit withdrawals for small investors, it is clear that if you withdraw $20,000, it is not a problem to pay $40, but if you withdraw $100, it is already a significant loss of your money.
Let’s summarize all the details of withdrawing from Webull.
Withdrawals must be made to your own bank account. Webull does NOT accept third-party bank accounts or third-party payment platforms. This means you cannot use payment processors like PayPal.
You are responsible for any fees associated with your withdrawal, which include but are not limited to currency conversion fees and bank fees. So consider how much the banks will charge you: if you withdraw $100, you will lose $25 if you live in the US.
If you decide to make a withdrawal, here’s how:
- Click the Webull logo at the bottom of the screen
- Click “Transfers” at the top of the screen
- Click “Withdraw” and select the withdrawal currency
- Enter the withdrawal amount
- Click “Submit Withdrawal Request”
