Webull

Webull

Webull launched in 2017 as a subsidiary of Fumi Technology, a Chinese fintech company backed by Xiaomi and other private equity investors. The platform entered the United States in 2018, positioning itself as a technology-forward alternative to established retail brokerages by offering commission-free trading, extended-hours access, and a sophisticated in-app charting experience that mimicked desktop trading terminals. The firm's product philosophy centered on removing barriers for self-directed investors who wanted professional-grade analytics without account minimums or recurring fees. The brokerage offers equities, ETFs, options, and US-listed ADRs, with cryptocurrency trading added through a separate entity. Webull built its clearing and settlement infrastructure on proprietary technology, which the firm has cited as a structural advantage in trade execution speed and cost. The platform generates revenue primarily through payment for order flow, margin interest, and stock loan income, standard mechanics for zero-commission brokerages under SEC Regulation NMS. Competitors include Robinhood, Charles Schwab, and Interactive Brokers, against which Webull competes on the depth of its technical analysis tools rather than brand ubiquity or asset breadth. In 2023, Webull filed for a public listing via a special purpose acquisition company merger, though the transaction was mutually terminated by year-end. The firm subsequently raised private capital from existing backers and new institutional investors, while continuing to expand those serviceable geographies internationally, including Singapore, Hong Kong, and the United Kingdom. In March 2025, Webull acquired Plus500's US subsidiary to expand its retail brokerage footprint, per the firm's official communications. Webull operates within a regulatory framework that subjects it to oversight by the SEC and FINRA in the United States. The firm's Chinese ownership structure and data handling practices have periodically drawn scrutiny from lawmakers focused on the security of US investor data processed by affiliates abroad, a structural tension shared by several cross-border fintech platforms registered as US broker-dealers.