Webull
Webull Corporation is a holding company incorporated in the Cayman Islands and headquartered in New York. Its subsidiaries operate an electronic trading platform, accessible via mobile app and desktop computer, offering commission-free and low-cost trading of stocks, exchange traded funds, options, margins, and cryptocurrencies.[6][7][8][9] Its U.S.-based subsidiary, Webull Financial LLC, is a security broker registered with the U.S. Securities and Exchange Commission and a member of FINRA and SIPC, offering trading services to customers in the U.S. It also has licensed subsidiaries offering trading services in Hong Kong and Singapore.
| Type | Privately held company |
|---|---|
| Industry | Financial services |
| Founded | May 24, 2017[1][2] |
| Founders | Wang Anquan[3] |
| Headquarters | New York, U.S. |
Key people | Anthony Denier (CEO)[4] |
| Products | Electronic trading platform |
| Services | Stockbroker |
| Owner | Wang Anquan[5] Xiaomi[5] Shunwei Capital Hongdao Capital Bojiang Capital Gopher Asset Management |
| Website | www |
Webull is owned by Hunan Fumi Information Technology,[10] a Chinese holding company that has received backing from Xiaomi, Shunwei Capital, and other private equity investors in China.[11][12]
History edit
On May 24, 2017, Webull Financial LLC was established as a Delaware limited liability company[12] by Wang Anquan, a former employee of Alibaba Group.[5][13] A year later, in May 2018, the company released its mobile app for iOS and Android.[14] In May 2020, the company received SEC approval to launch a robo-advisor on its platform.[15]
By August 2020, the platform had over 11 million registered users, and in October 2020, it had 750,000 daily active users.[16][17]
In November 2020, Webull began supporting cryptocurrency transactions.[18]
On January 28, 2021, Webull halted buy orders for stocks affected by the GameStop short squeeze,[19] but reversed course and allowed buy orders starting at 2:35 pm that day.[20] On that day, Webull recorded its highest-ever number of active daily users at 952,000.[21] That week, approximately 1.2 million people downloaded the Webull mobile app.[22]
In June 2021, Webull began talks of an initial public offering to raise up to $400 million.[23][24]
In September 2021, the Brooklyn Nets and New York Liberty entered into a global multi-year agreement with Webull and the company became the official jersey patch partner for the Nets.[25] Terms of the agreement for the jersey patch weren't announced, but people familiar with the agreement told CNBC that it is a multi-year pact that pays the Nets roughly $30 million per year.[26]
References edit
- ^ "GameStop, AMC Trades to Resume at Chinese Online Brokers". Bloomberg News. January 29, 2021.
- ^ Wursthorn, Michael; Choi, Euirim (August 20, 2020). "Does Robinhood Make It Too Easy to Trade? From Free Stocks to Confetti". The Wall Street Journal.
- ^ Massa, Annie (December 10, 2020). "Webull is winning over traders from US rival". Australian Financial Review.
- ^ Noto, Anthony (August 22, 2019). "No Bull! Broker-dealer Webull says commission-free is the way to be". American City Business Journals.
- ^ a b c Massa, Annie (December 8, 2020). "Robinhood Is Losing Thousands of Traders to a China-Owned Rival". Bloomberg News.
- ^ Frankel, Matt (December 1, 2020). "Investing Apps That Let You Invest For Free". The Motley Fool.
- ^ Chang, Ellen (August 19, 2020). "Why Investors Could Add Some Active Investing to a Portfolio". WTOP News.
- ^ Houston, Rickie (March 8, 2021). "Webull investing review: Commission-free investments, margin accounts, and cryptocurrencies for active traders". Business Insider. Retrieved July 4, 2021.
- ^ "Webull securities trading options in hong kong". January 21, 2022.
- ^ Zeldin, Lee (July 13, 2023). "Biden's financial regulators give China-backed brokers a hand, but who is surprised?". The Washington Times. Retrieved September 23, 2023.
- ^ McGregor, Grady (February 2, 2021). "The Robinhood revolt was good for Webull, China's little-known trading app". Fortune. Retrieved August 6, 2021.
- ^ a b "Webull Financial LLC". Delaware Department of State: Division of Corporations.
- ^ "Form ADV - CRD #: 304881" (PDF). SEC Reports. January 12, 2021.
- ^ "Webull Financial Launches Comprehensive Commission-free Stock Trading App". PR Newswire. May 30, 2018. Retrieved July 2, 2022.
- ^ Capelj, Renato (May 6, 2020). "Webull Leverages Crisis To Spur Innovation, Financial Wellness". MarketWatch.
- ^ Graw, Michael (August 20, 2020). "Commission-free brokerage Webull launches desktop platform". TechRadar.
- ^ Osipovich, Alexander (October 16, 2020). "Individual-Investing Boom Fuels Trading in Low-Price Stocks". The Wall Street Journal.
- ^ Vigna, Paul (December 16, 2020). "Bitcoin Tops $20,000 for First Time". The Wall Street Journal.
- ^ Crowley, James (January 28, 2021). "Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform". Newsweek.
- ^ "Update: GME, AMC, and KOSS are no longer restricted". January 28, 2020 – via Twitter.
- ^ Perez, Sarah (January 28, 2021). "Robinhood and Reddit top the App Store, as trading apps surge following gamestop mania". TechCrunch.
- ^ Vanian, Jonathan (February 2, 2021). "Robinhood, Webull, and Fidelity apps soar amid GameStop controversy". Fortune.
- ^ "Online Broker Webull Considers $400 Million U.S. IPO". Bloomberg. June 8, 2021. Retrieved July 4, 2021.
- ^ Dayal, Nikhil (June 10, 2021). "Webull In Talks To File For IPO Later This Year: Report". Benzinga. Retrieved July 4, 2021.
- ^ "Brooklyn Nets and New York Liberty form Global Multi-year Partnership with Webull". Brooklyn Nets. Retrieved October 11, 2021.
- ^ Young, Jabari (September 27, 2021). "Brooklyn Nets land $30 million per year jersey deal with brokerage platform Webull". CNBC. Retrieved October 11, 2021.
External links edit
- Official website