Review of Webull’s Promotion- Fund 1 cent and receive up to US$500

No, there was no typo in the title of the article. In what is the most effortless sign-up promotions offered by low-cost financial brokerages thus far, Webull is offering up to US$500 worth of blue-chip shares as long as your account is funded.

I am the first to admit that there are simply too many low-cost brokerages in Singapore right now and therefore I did not bat an eyelid when Webull came to town. However upon further analysis, I noticed that the sign-up gifts looked attractive vis-à-vis the effort required from my end. That was because I tested the definition of “fund any amount” by depositing just $0.01 and it still worked! Therefore, the “effort-reward” ratio is remarkably high and that is why I feel compelled to share this promotion with my loyal readers. This is my review of Webull’s promotion for new users.

Webull’s Promotion For New Users

This is how Webull’s promotion for new sign-ups works. Simply fund your account upon account opening. Any deposit is fine, even $0.01 which is what I have done. Upon successful deposit, you will get 3 free shares. These are blue-chip, fractional shares comprising of Alphabet, Microsoft, Apple and Tesla. Each of these shares will be worth a minimum of US$10 to a maximum of US$100. Depending on your luck, your welcome reward could be worth US$300 although in reality we all know how the algorithm is likely to be weighted. Diagram 1 shows Heartland Boy’s welcome gifts from Webull.

Don’t be disheartened because that is not the end yet. If your account continues to stay funded for another 30 days, you will receive 2 bonus chances to redeem free shares. In other words, don’t be too eager to withdraw your 1 cent just yet. If you do the math, a really fortunate user can walk away with USD500 worth of shares. Thereafter, sell the shares and encash to your preferred bank account. In terms of effort required, Webull offers the least path of resistance. Here’s why:

• No need to perform any BUY trades before getting your rewards
• Webull is willing to accept any amount of funding, even if it is just $0.01. When I was reviewing other online brokerages a couple of years ago, the norm was to fund $2,000!

That is why I feel that the effort to reward ratio is extraordinarily high and deserve a blog article on its own.

How To Sign Up For Webull Promotion

Here is a step-by-step guide on how to get your hands on up to US$500 worth of shares from Webull.

Step 1: Download the webull mobile app from the app store/ google play store

Step 2: Sign up using my referral link (I will thank you in advance for appreciating the effort that I put in this article)

Step 3: Register an account with your mobile phone and set your password

Step 4: Open an account as shown in Diagram 2.

You would have the option of using Singpass (myInfo) but on the day I was signing up there seems to be some technical issue. Not to be deterred, I manually keyed in my personal information. It is slightly more work but nothing too demanding for potentially US$500.

If you don’t foresee this to be your main brokerage, just select cash account with access to stocks and ETFs. Otherwise, if you want to access its cash management investments, select margin trading instead.

Note that there will be the usual financial due diligence (KYC) required from their end as part of regulatory requirements.

Step 5: Once your have completed your account opening, simply wait for the approval from Webull as shown in Diagram 3. While waiting for the approval, you can try out paper trading if you are eager to experiment with Webull’s brokerage services.

Step 6: After 1 business day, my account was approved by Webull. Log in via the mobile app or the desktop version to start the process of funding your account. I chose to deposit $0.01 via FAST transfer by logging into my DBS/POSB ibanking.

Step 7: It took less than a minute for Webull to confirm the transfer. Upon successful funding, I noticed that the main dashboard immediately indicated that I have rewards waiting for me.

Simply click on that icon to redeem your fractional shares! I can only wish you the best of luck – may the force be with you!

If you appreciate this guide, you can use my referral link to claim your free shares from Webull as well!

For those who encounter any difficulty, do see if you can get answers from the Help section (Frequently Asked Questions) or from Webull’s customer service.

Article is published on 16 April 2023.

-Update- Sep 2023

Promotion mechanism has been updated- Fund just $0.01 and receive at least USD $24 up to a maximum of USD $800 worth of shares if the algorithm is in your favour. Good luck.

Disclaimer: The information in this article is meant purely for informational purposes and should not be relied upon as financial advice. This article has not been reviewed by the Monetary Authority of Singapore. Note that this article contains referral links as part of Webull’s affiliate programme and goes to maintain the sustainability of this blog.