Webull is an online brokerage account for self-directed investors with a robust platform and comprehensive data and research tools. You can open an Individual Retirement Account (IRA) through Webull.
What are Webull IRAs?
Webull offers Roth IRAs, Traditional IRAs, and Rollover IRAs with more IRA types coming soon. IRAs are retirement savings plans that hold tax advantages. Funds in these plans can be invested to maximize returns and are often managed by advisors, Robo-advisors, or self-direct investors.
With Webull, you actively manage your IRA investments like you would your general investing account.
Why contribute to an IRA?
There are tax-advantaged benefits to contributing to an IRA. Depending on your work situation and income, you can open a Traditional or Roth IRA and may even be able to roll over existing 401(k)s or IRAs from other plans into Webull. The following are other considerations:
- You may benefit from tax breaks. Depending on the type of IRA, you can save on your taxes now with a deduction or save later with a tax-free withdrawal.
- Grow your account with income from interest, dividends, and capital gains that can accumulate each year without an end-of-year taxable event.
- Greater investment flexibility. Most 401(k)s and other employer retirement plans only provide a limited selection of investment choices. With an IRA, you can pick from a wider range of investment options.
How do IRAs work at Webull?
If you’re an existing Webull user, then you can simply apply to open an IRA. New Users must open a Webull brokerage account first and then apply for an IRA. Learn more about Webull’s online brokerage account.
IRAs through Webull are governed by the same IRS regulations to open Traditional and Roth IRAs that must be met. Maximum contribution and deduction limits along with annual deadlines that must be adhered to.
Webull supports annual contributions, roll-over and direct roll-over of contributions, and transfers between trustees. Before making a contribution, you must open an IRA account in Webull. You may deposit through ACH or wire transfer.
Why Actively Manage your IRAs?
IRAs allow you to choose from individual securities, such as mutual funds, stocks, bonds, exchange-traded funds (ETFs), certificates of deposit (CDs), and options. Currently, Webull IRA only supports stocks and ETFs.
The Webull IRA does not allow for trading on margin or shorting securities. In addition, the account balance cannot be negative. IRA accounts only support day trading with settled funds and generally follow the trading rules of cash accounts.
Features & Benefits
Webull shines with its robust platform giving you more options to invest your retirement funds. Get access to the same tools as in your online brokerage account.
- Zero-commission – trade with no commissions or trading fees for stocks and ETFs in your IRA account.
- Full extended hours trading – trade before and after the market closes. Access trading either before (4 AM – 930AM) or after (4 PM – 8 PM) the trading day of a stock exchange.
- Multi-platform – log into your account online or on a mobile app. Create and consolidate watch lists, analyze charts, place orders, and check your positions across all platforms (web, mobile, PCs).
- Free Real-Time Quotes – get access to up-to-minute market data. Free real-time quotes provided are Nasdaq Basic, Nasdaq Total View, NBBO) to analyze company trends.
Webull Financial LLC is a member of Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Additionally, Webull clearing firm Apex Clearing Corp has purchased an additional insurance policy. Keep in mind your trading losses are not insured.
- Commission Fees: $0
- Minimum Account Fee: $0
With all IRA funds, withdrawing the amount before retirement age can result in taxes, early withdrawal fees, and penalties assessed by the IRS.
Who is it best for?
Webull IRAs are best for active investors who have a good grasp of market conditions and higher risk tolerance. There is a wealth of information available and can be overwhelming for beginner investors. But for those with a better background, managing your own IRA investments can lead to fewer fees and potentially better returns.
Webull IRA Review
With Webull IRAs, you can choose the same type of stocks and ETFs you do with your general investing account, but use your retirement money for the trades.
As an investor, you can access loads of information for analysis including corporate earnings reports, conference calls, balance sheets, and more.
There are things to consider before switching to a Webull IRA. You have more control in managing your retirement funds but that can also come with more risks. The benefit of actively trading using retirement funds is to maximize your returns on a tax-advantaged account and pay lower fees compared to a managed account by a brokerage firm. However, if you’re risk-averse, you may want to stick to Robo-advisors to help you manage your retirement accounts.
How to Start a Webull IRA
The time needed: 3 minutes.
Step-by-step to open a Webull trading account
- Getting started
Log in to your account or click on the link to get started with Webull.
- Apply for an IRA account
Choose the type of IRA you’d like to open. Sign the terms and conditions.
- Submit your application
It may take up to 2 business days to approve your IRA application.
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