Webull is one of the world's most famous trading apps, with millions of users. It has become a massive success due to two main reasons:
- Its low-cost structure (Webull offers commission-free trading);
- A referral program that incentivises users and influencers to share the platform.
If you follow famous financial Youtubers such as Graham Stephan or Meet Kevin, you've heard of Webull many times before.
Is Webull available in Australia?
Unfortunately, Webull is currently not available in Australia. The company is only available in the United States and Hong Kong and hasn't shared any plans to expand to other regions.
While Australia is a vast market, it is highly regulated, and Webull already has some competitors operating in Australia under a similar business model (which we cover below).
Can Australians use a VNP to use Webull from Australia?
No, Australian investors cannot use a VPN to use Webull from Australia. Upon account opening, Webull requires specific documentation as proof that you are a U.S. citizen.
Webull Alternatives in Australia
- Interactive Brokers. Founded in 1978, IBKR continues to lead as the globe’s unofficial broker. IBKR offers minimal trading commissions ($5 or 0.08% to start) for US-listed or ASX-listed stocks and ETFs, over 17,000 transaction fee-less mutual funds, and exceptional research. However, they require a $2,000 minimum deposit with at least $20,000 in liquid net worth.
- eToro. While also providing commission-free trading for US-listed stocks and ETF, this broker leads the charge for “social investing,” or the option to automatically copy the trades of other investors. They provide access to the world’s major cryptos for a 1% commission. All for a minimum investment of A$10.
- Capital.com. This relatively new online broker from the UK uniquely specializes in only CFDs, or “Contracts for Differences,” and requires a basic minimum investment of A$20. CFDs provide exposure to profits or losses without conferring asset ownership. However, over 80% of traders lose money using CFDs with this broker.
- Stake. Headquartered in Sydney, Stake provides access to both US and Australian stocks and ETFs while charging A$3 for the ASX and $0 for US-listed. Their minimum deposit is A$50, despite offering streamlined US tax compliance for Aussie investors.
If you want to open a Webull account, you're in bad luck: it doesn't work in Australia. However, we believe that any of the brokers mentioned above will be good choices. Whether you value security and reputation or want a commission-free trading platform, the alternatives presented should be a good starting point. Explore their websites and decide for yourself!
Hope you found our breakdown helpful, and please let us know if you have any questions or feedback - we're happy to help!
A reminder that the above should not be construed as investment advice and should be considered information only. Investors should do their research and diligence about the services and opportunities best suited for their risk, returns, and impact strategy.