Let’s try to get straight to the point in this eToro vs Webull comparison.
eToro vs Webull: Side-by-side Comparison
The table below shows the most important features of both platforms, compared side-by-side.
|Account types:||Retail, professional, demo||Individual (Cash or Margin) and IRA (Traditional, Roth, and Rollover), Demo|
|Supported deposits:||Credit/Debit card, Paypal, Neteller, Skrill, Rapid Transfer, iDEAL, Klarna/Sofort, Bank transfer, Trustly, POLi||ACH, Wire transfer,|
|Account minimum:||$10-$10,000 based on place of residence||$0 ($2,000 for margin accounts)|
|Trading fees:||Spreads 0.75%-5%||0% for stocks, options, ETFs and 1% point spread for crypto|
|Account fees:||$10/month inactivity fee||$75 transfer fee (to another broker)|
|Deposit fee:||Free||Wire transfer: $8 for US banks and $12.50 for international|
|Withdrawal fee:||$5 (plus conversion fees for international users)||Wire transfer: $25 for US banks and $45 for international|
|Limitations:||Pattern Day Trading||Pattern Day Trading for margin accounts only|
|Number of cryptocurrencies:||50+||30+|
|Mobile app:||Android and iOS||Android and iOS|
|Customer support:||Email, Live Chat, ticketing system||Email, phone|
|Regulation:||CySEC (Cyprus), FCA (UK), ASIC (Australia), DNB (Netherlands), FinCEN (US)||SEC (US), FINRA (US)|
As you can immediately notice eToro supports more deposit methods, while there is no option to fund a Webull account with a debit card, for example.
Let’s see what the other differences between these two brokers are.
Usability and Accounts
Although new investors will work their way around eToro, the platform is more suitable for those already accustomed to making trades. They will probably benefit most from its unique features as well.
On the other hand, the Webull platform is simple to navigate and caters to novice investors with its clean and intuitive interface. What is great about Webull is that users can customize the platform to suit their needs. That is done with the help of different widgets, hotkeys, and templates.
That being said, let’s examine the Webull vs eToro account requirements and features.
eToro account requirements and features
An eToro user can become anyone who meets the following requirements:
- Is of legal age
- Has a valid POI (proof of identity)
- Has a valid POA (proof of address)
- Is not on the list of restricted jurisdictions (those who are should check the alternatives to eToro)
Documents which can be used as POI are valid government-issued documents like a passport, ID card or Driver’s License. A utility bill, a bank statement, or even a letter from your employer is accepted as proof of address.
When talking about features, it’s inevitable to name a few of the social trading features available on eToro. They are what the platform is known for, after all. The most famous among these is the Copy Trader feature. It allows you not only a real-time view of other investors’ trades but to copy them as well.
Webull account requirements and features
To be eligible to use the Webull platform, you must:
- Be at least 18 years old
- Have a valid SSN (or ITN)
- Be a US resident, or have a valid US visa/permanent residency card
That being said, the Webull list of supported countries is pretty short, with only US jurisdictions on it.
Despite being a commission-free trading platform, Webull has some quite sophisticated features. Among them, you’ll find a stock screener, economic calendars, market analytics, and charting tools, as well as templates and widgets. Users who want to check out the platform without spending their own money can also use the Webull demo account. However, this account does not allow access to all of the platform’s features.
The eToro platform enables tradings in
The list for Webull is shorter. This platform supports only US-listed stocks and options, ETFs, ADRs, and cryptocurrencies.
However, US users can only trade crypto on eToro. Taking that into account, it seems like the Webull platform has more products when focusing on the US market.
For those interested in buying crypto: eToro has just above 50 coins, while Webull has only 30 cryptocurrencies. But let’s see if the Webull crypto fees are more attractive than those of its competitor to compensate for the low number.
Webull doesn’t charge any commissions for options, stocks, and ETFs. Yet, your trades will incur a minimal fee charged by the regulating agencies. These fees are usually fractions of a dollar. The crypto trading fee is a spread of 1%.
Other relevant fees are the Webull deposit and the Webull withdrawal fee. While ACH deposits and withdrawals are free, wire deposits and withdrawals come with a fee. A wire transfer from a US bank will cost you $8 per deposit and $25 per withdrawal. Wire deposits coming from an international bank will cost $12.5, and the withdrawals cost $45.
There are no eToro commission fees for stocks and indices as well. But exchanging crypto coins on eToro will cost you a spread fee extending from 0.75% to 5%, depending on what you are trading. Fees for currencies start from 1 PIP and for commodities from 2PIP. Indices are traded for 0.75 Points and up, while for CFDs, there is a flat 0.99% fee. Apart from the trading fees, eToro has a fixed $5 withdrawal fee. Funding your eToro account, on the other hand, is free.
eToro uses a combination of physical and cyber security protocols to secure the eToro accounts. Physical security refers to servers being stored in constantly monitored and protected secure facilities. Cyber protocols involve advanced masking and encryption techniques, firewalls, and the inevitable 2FA for accounts.
When it comes to assets, cash funds are FDIC secured up to $250,000, while stocks and ETFs are up to $500,000 in partnership with APEX. To make sure your crypto funds are safe too, eToro stores most of them in cold (offline) wallets. This will probably put at ease international users, whose pockets are hit by the high eToro minimum deposit.
Like eToro, Webull too has coverage of up to $500,000 for user’s assets, with cash assets insured to up to $250,000. When it comes to the platform’s security features, there is not much to say. This is not because the platform is not as secure as its competitor. Simply, Webull shares no information regarding security on its official website. What we managed to find out through user reviews is that the mobile app has a pattern lock feature, and Webull accounts do utilize 2FA.
Webull vs eToro: Mobile Apps
The eToro platform can be accessed by both Android and iOS mobile devices through the respective available apps. The features you will get when accessing on-the-go are more or less what you get on the web platform. Even though the app has a simple interface, it still allows access to some more complex features like charting tools and Social Trading.
Webull has an app for Windows, as well as for Android and iOS mobile devices. The mobile app allows access to in-depth analysis, charts, and excellent search functions. On top of that, it’s customizable, and all its features are free. Its interface is very good and intuitive, which is suitable for novice investors. However, this is expected from a platform that was launched mobile-first.
eToro users can either send an email or open a ticket through the client portal when in need of help from a customer service agent. There is a Live Chat feature too, but it is not available to all users. You need to be a member of the eToro Club, and one becomes a lowest tier member once it has a realized equity of at least $5,000.
Webull caters to inexperienced investors, and its features are mainly free. So it shouldn’t be a surprise that its customer service is more limited compared to its competitors. The customer service department can be reached either by email or by phone. Talking to an agent on the phone is possible only during trading hours. While the Live Chat feature is available on mobile apps, that is not the case with the web platform.
Who Is eToro Best For?
Everyone who is a social trading enthusiast should be on eToro. Furthermore, eToro is a great platform for everyone who wants to build a diversified portfolio.
Apart from cryptocurrencies, international users have access to a decent amount of other products. US users, on the other hand, can only trade cryptocurrencies but still can benefit from the social trading features.
eToro Pros and Cons
+Good for portfolio diversification
+Enables social trading
+No commissions on stocks and ETFs
-Only crypto exchanges available to US users
-High minimum requirements for some countries
Who Is Webull Best For?
Webull is best for mobile-oriented investors, who are more comfortable making trades on the go. The lack of Webull minimum deposit will suit the needs of active traders as well. Its business model is appropriate for all who don’t want to spend a fortune on fees. Moreover, novice traders would also feel at ease when using Webull.
Webull Pros and Cons
+No Webull minimum balance
+Easy-to-use and customizable platform
+Commissions-free for all offered products
-No Forex, mutual funds or futures
Which Is Better: eToro or Webull?
Both eToro and Webull offer commission-free trading and a low deposit minimum for US users. So when trying to reach the final verdict, you should take into account what are your specific requirements.
If your priority is to find a great mobile exchange platform, then Webull is worth looking into. Its mobile app enables access to some sophisticated trading features. The almost non-existent Webull transaction fee is an attractive feature for novice investors. Yet, you will probably need to learn more about trading on your own.
On the other hand, if you are looking for more educational tools, eToro might be for you. You can also learn on the go while copying other investors’ moves. However, this is not advised for anyone who is at the beginning of their trading journey.
Whichever platform you decide to go with at the end, we hope that this eToro vs Webull comparison has served its purpose. If not, check out our eToro vs Robinhood or Webull vs Robinhood comparisons to add another commission-free option to the equation.
eToro is a privately held Israeli company. It was founded in Tel Aviv in 2007 by the brothers Yoni and Ronen Assia and their partner David Ring. When it first appeared, the platform was known as RetailFX.
The company behind Webull is called Fumi Technology. This is a private Chinese holding company founded by Anquan Wang in 2016. Even though the parent company is Chinese, the platform is registered under the name Webull Financial LLC as a US company with headquarters in New York.
Even though the Webull platform is commission-free, there are still some fees involved when making a trade. The Webull trading fees are usually fractions of a dollar and are charged by the regulating agencies rather than Webull itself.
The Webull platform is regulated by the SEC and FINRA, and there is SIPC coverage for your assets. However, this doesn’t apply to crypto-assets. Apex Crypto LLC is the custodian for crypto assets on Webull. As such, it is neither a member of FINRA nor a registered broker. Crypto assets do not have SIPC or FDIC coverage, and users must understand the involved risks before making exchanges.
Both platforms are user-friendly and offer commission-free trading of options, stocks, and ETFs. However, both have their advantages and drawbacks. When talking about fees, deposits on eToro, for example, are free, while not all deposit methods are free on Webull. Read our full Webull vs eToro comparison to discover even more details.