Only a select percentage of individuals will find consistent success in the trading industry. If you’re starting out, there’s a chance you may fall into that group.
However, in your quest to find out, it may be wise to play with paper money and learn the ins and outs of the trading game. Once you’ve become familiar with it, you can always start putting real money on the table.
Webull has that feature for you. And it’s arguably the best among all the mobile-first trading platforms.
Here, we’ll be talking about the features this demo account includes and whether it’s a worthy simulation of trading in real life.
What is Webull?
Webull is a highly rated online brokerage platform that was founded in 2017. It is a financial technology company owned by a Chinese company called Hunan Fumi Information Technology Company. They provide trading technologies and analytical tools with real-time market data.
The Webull app is accessible through their website and as of 2018, on the mobile platform too. Since then, users have found the convenience, pleasing aesthetics, and ease of navigation to be a welcome addition to the stock trading world. To date, the app has had millions of downloads.
The following year, they were able to get a technological upgrade by providing a Robo-advisor that offers financial advice based on a proprietary algorithm. It’s paired with a beautifully implemented graphical interface.
Then, in 2020, they implemented cryptocurrency transactions.
Another feature that is exclusive to Webull is that they provide a time-lapse replay of stock charts and technical price analysis.
Overall, Webull allows the trading of cryptocurrencies, stocks, options, margins, and ETFs. They also offer a competitive margin rate.
What Is Webull Paper Trading?
Webull Paper Trading is an amazing feature that’s been created to help people start trading without having to spend any real money to do so. It has become incredibly popular recently, especially among newcomers to the trading world. It’s available on both the web app and phone app.
Basically, it’s a simulation using fake money but based on real-time charts and stock prices. It allows one to practice trading on all fronts. If you aren’t familiar with the Webull interface and want to learn without risking losing money on a dumb technical mistake, this is perfect.
Additionally, your trades are recorded and profit-loss calculated so that you can see how you’re actually doing, or would do in a real-life trade. Once you’ve got the hang of it and are making consistent profits, you can always switch over to the real trading account.
Benefits of Webull Paper Trading
Most people interested in Webull Paper Trading are beginners. It’s predominantly why it exists.
Let’s go through the benefits of using a paper trading account at Webull:
- Opening an account is easy and quick. There is no need to make an initial deposit. You may activate paper trading immediately following account creation.
- There are zero risks involved. Since it is common for most beginners to lose money when starting out with trading, a paper trading account at Webull helps to minimize money lost.
- The platform offers plenty of educational content you can use to learn about different trading strategies while paper trading.
- The first-hand experience you gain paper trading on Webull becomes invaluable when you switch over to a real account. You’ll be a lot more nimble on the interface, which allows you to execute trades faster and closer to the price you intended to buy/sell at.
- More experienced traders and/or professionals may use the paper trading account to test and compare the interface with their current broker to see if it’s worthwhile switching over to.
How Do I Sign Up for a Webull Paper Trading account?
Setting up a Webull paper trading account is relatively easy and intuitive. You don’t need to make an initial deposit. The following steps will help you get started in no time.
1. Open a General Webull Account
The first thing that you need to do is register an account before you start trading with a demo account on the Webull platform. All you have to do is visit their homepage and click on “Get Started.” Then, you will need to follow a few steps. To sign up, you can either use your mobile number or email address. You’ll have to click “Get Code” which will send a verification code to your phone number or email. Next, enter this verification code to complete the registration process. You can then proceed by clicking “Sign Up.”
2. Download the Webull App
You can also use the web app, but they are best known for the mobile-first approach. Search for the Webull app on the Apple App Store or Google Play store, then download.
3. Access Paper Trading Account
Lastly, you’ll need to click on “Open Account.” Then, you’ll be asked to complete a few verification processes. Finally, click on “Demo Account” to start using the paper trading feature.
How Do I Learn Paper Trading With Webull?
After gaining access to a demo account, you can initiate paper trades using the platform. Always be sure you are actually in the paper trading account when you intend to paper trade.
Choose a Trading Strategy
When it comes to trading, there are various strategies that can be used. Make sure to select a strategy and stick to it during a trade. You can choose whether you want to day trade or swing trade. Webull can help you with these and more through their educational materials.
After you settle on a strategy to follow, you must conduct some research into the assets and options that you want to trade. If you’re trading on mobile, you might want to consider other options for chart viewing since it’ll be quite limited on mobile. A couple of great free charting apps include:
- ThinkOrSwim by TD Ameritrade
You can use these charts on your PC for analysis while executing the actual orders on Webull for those sweet commission-free trades.
Consider Trading with Real Money
As you gain experience and hopefully some success over on Webull Paper Trading, you can then take the final step and start trading using real money. However, you must keep in mind that it takes quite some time to get the hang of trading in general, not to mention a completely new platform if you’re new to Webull. Many experts say it can take two years or more to consistently see profits month-over-month.
Only when you are truly confident in your abilities should you switch over to a real trading account. In order to do this, simply log in to your profile and open a real Webull trading account. For this, you have to put in a deposit, and while there are no required minimums, there are often free stock incentives rewarded for deposits over a certain amount.
Can You Paper Trade Options with Webull?
A Webull paper trading account does allow you to trade with options. These options are available on select assets. This might be worth checking out if you’re interested in trading options.
Webull Customer Service
For general inquiries, Webull provides answers to frequently asked questions on its website. You can navigate to these FAQs by clicking the “Help” tab on the top.
They also have a convenient live chat option as well.
For further inquiries, go ahead and reach out via the following:
- Via email: firstname.lastname@example.org
- Via a toll-free number: 1-888-828-0618
As a beginner, you will find Webull to be a great trading platform. It’s even a preferred platform for more experienced traders.
For those starting out, the paper-trading option is a must-have. It allows you to get familiar with the app before you start trading real money. Plus, you can take however long you want before you switch over.
Once you switch over, there are no trading fees. There are various non-trading transactions that do occur, but there are no fees associated with them.
Finally, you get the benefit of multi-platform support which allows you to trade wherever you want, whenever you want. Add to that the ability to trade options and you’ll find that the Webull app may be your favorite go-to trading platform.
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