WEBULL

🏢 Background

Webull is a technology-driven financial services company focused on providing a convenient and low-cost online trading platform for global retail investors. Its core concept is to give investors more opportunities to participate in the market and lower the barrier to entry through technological innovation and data analysis tools. Webull was originally founded in 2016 by its founder, Wang Anquan, and started its business early through Hunan Fumi Information Technology Co., Ltd. in China. In 2017, Webull Financial LLC was founded in the United States and has quickly grown to become one of the leading zero-commission trading platforms in the US market. Currently, Webull operates in 15 markets around the world, serving more than 20 million registered users.

Webull's business model is mobile-first at its core, combining desktop and web platforms to provide an intuitive user experience. With an emphasis on free market data, real-time quotes, and analytical tools, the platform caters to the needs of a new generation of investors. In 2024, Webull will be listed on the NASDAQ in the United States (ticker symbol: BULL) through a SPAC merger with SK Growth Opportunities Corporation, marking its transformation from a start-up to a global fintech company.

💰 Registered capital

As a holding company registered in the Cayman Islands, the registered capital information of Webull Corporation is not clearly disclosed in public channels, which is more common in unlisted companies or newly listed companies. According to SEC filings, Webull received approximately $100 million in trust account funding in the 2024 SPAC merger transaction, valuing the combined company at approximately $7.5 billion. In addition, Webull has a total client asset value of $8.2 billion under management in 2023, demonstrating its strong capital operation capabilities.

👨 💼 Key executive backgrounds

Webull's executive team is made up of veterans in the financial and technology sectors, and here are a few of the key executives:

Anthony Denier (Group President and Chief Executive Officer, U.S. Brokerage).
Denier has over 20 years of experience in the financial industry, having held senior positions at Credit Suisse and Galleon Group, focusing on brokerage and trade execution. He joined Webull in 2016 and is responsible for the strategic expansion of the U.S. market and driving the company's compliance with the SEC and FINRA. In January 2024, Denier was appointed Group President of Webull Corporation, responsible for the overall management of the global brokerage business.

Arianne Adams (Chief Strategy Officer & Head of Derivatives)
Adams has extensive experience in the financial derivatives sector and has held senior management positions in a number of international brokerage firms. She joined Webull in 2023 and is responsible for driving the development of futures and derivatives trading products, particularly playing a key role in the launch of the retail futures trading business in 2024.

H. W. (Chief Financial Officer)
Name not disclosed, but according to LeadIQ data, H. W. is responsible for Webull's global financial strategy, including public financing and capital management. He has over 15 years of experience in the fintech and cross-border investment sectors.

S. L. (Chief Operating Officer)
S. L. focuses on Webull's global operations management and has played a significant role in localizing operations in new markets such as Canada, Brazil and Thailand.

🤝

Webull's team of advisors is not publicly disclosed, but it works with a number of top-tier financial institutions and legal advisors to ensure global compliance and strategic development. For example, in the 2024 SPAC merger, Webull retained Cohen & Company Capital Markets as exclusive financial advisor and Kirkland & Ellis LLP and Wilson Sonsini Goodrich & Rosati as U.S. legal counsel. These partners provide Webull with expert strategic and legal support. In addition, Webull Advisors LLC (Webull's registered investment advisory subsidiary) has partnered with BlackRock to provide users with data-driven robo-advisory services, demonstrating that it has strong external support in the investment advisory space.

🏭 shareholding structure

Webull Corporation's shareholding structure is complex, involving multiple countries and investment entities. According to SEC filings, Webull was wholly owned by Cayman Islands-based Webull Corporation prior to the 2024 SPAC merger, with early shareholders including founder Wang Anquan and a number of Chinese private equity firms such as Xiaomi and Shunwei Capital. After the merger, the existing shareholders will retain approximately 98% of the shares, and the SPAC shareholders will hold the remainder.

Although Webull is listed in the United States, its historical association with Chinese entities, such as Hunan Fumi Information Technology Co., Ltd., has raised concerns. In 2022, Webull restructured its shareholding structure and spun off Hunan Fumi Information Technology Co., Ltd. from Webull Group to reduce geopolitical risks. However, some members of the U.S. Congress still expressed concern about Webull's "China background" and believed that it could be affected by China's regulatory policies.

📜 nature of the company

Webull is a private-to-publicly traded fintech company with a financial services and brokerage business. At its core, it is positioned as a global digital investment platform that combines brokerage services, investment advisory and data analytics capabilities. Webull differentiates itself from traditional full-service brokers through a technology-driven business model that focuses on retail investors, especially the younger generation and mid-level traders.

🏢 subsidiaries and parent companies

Parent Company: Webull Corporation (Cayman Islands Registered)
Major Subsidiaries:

• Webull Financial LLC: U.S.-registered broker-dealer, It is regulated by the SEC and FINRA, and provides trading services such as stocks, ETFs, and options.

• Webull Advisors LLC: A U.S.-registered investment advisor that provides robo-advisory services.

• Webull Pay LLC: Responsible for cryptocurrency trading, operating in partnership with Bakkt Crypto Solutions.

• Webull Technologies Pte. Ltd.: A Singapore-based entity responsible for technology development and operations in the Asia-Pacific region.

• Webull UK Limited: A British subsidiary serving the European market.

• Other local entities: There are local operating companies in 15 markets, including Hong Kong, Japan, Australia, Canada, Brazil, etc.

🌍 country of registration

Webull Corporation is registered in the Cayman Islands, and its principal operating entity, Webull Financial LLC, is registered in Delaware, USA. In addition, Webull has locally incorporated entities in each of its operating markets (e.g. Hong Kong, Singapore, UK, etc.) to comply with local regulatory requirements.

⚙️ business status

Webull is currently in normal operation and covers 15 markets around the world, including the United States, Hong Kong, Singapore, Japan, Australia, the United Kingdom, Canada, Brazil, etc. In 2023, Webull has 4.3 million funded accounts and $8.2 billion in client assets under management, demonstrating solid growth in its business scale and user base. In April 2025, Webull completed a SPAC merger and listed on the NASDAQ, further consolidating its market position.

🏷 Enterprise classification

Webull belongs to the FinTech and brokerage services industry, specifically as an online retail brokerage platform. Its business combines financial services, technology development, and data analytics to position itself as the platform of choice for a new generation of investors.

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segmentation

Webull primarily serves the retail investment market and targets beginners, intermediate traders, and active traders. Its markets cover the world, mainly in North America (the United States, Canada), Asia Pacific (Hong Kong, Singapore, Japan, Australia) and emerging markets (Brazil, Thailand, Indonesia, etc.). Webull's competitors include Robinhood, eToro, Interactive Brokers, M1 Finance, and more.

🛠 service

Webull provides the following core services:

Brokerage services: support stocks, ETFs, options, futures, bonds, cryptocurrencies and other transactions with zero commissions (some transactions are subject to regulatory and exchange fees).

Robo-advisors: Automated portfolio management through Webull Advisors LLC, combined with BlackRock's algorithmic support.

Cash Management: A high-yield cash account is available, with an annualized rate of return (APY) of approximately 4% on current uninvested cash.

Community function: The platform has a built-in community function, where users can share trading strategies and discuss market dynamics.

Educational resources: Articles, videos, and webinars covering fundamental investing, technical analysis, and advanced strategies.

Regular Investment: Supports automatic regular investment plans for stocks and ETFs to help users achieve long-term wealth accumulation.

🛡️ Regulatory information

Webull is heavily regulated in a number of markets around the world, and the following are the key regulatory information:

Hong Kong:

Regulator: Hong Kong Securities and Futures Commission (SFC)

Registered Entity: Webull Securities (Hong Kong) Limited

Regulatory Effective Date: In December 2020, Webull's Hong Kong business was officially launched.

Other markets:

Singapore: regulated by the Monetary Authority of Singapore (MAS).

United Kingdom: Regulated by the Financial Conduct Authority (FCA) in the United Kingdom.

Japan, Australia and other markets: respectively regulated by local securities regulators, the specific certificate number varies from market to market.

Compliance Record: In 2023, FINRA fined Webull $3 million for deficiencies in customer complaint handling and options trading due diligence. Webull has taken corrective action to comply with regulatory requirements.

📈 trading products

Webull offers a wide range of trading products to meet the needs of different investors:

Stocks: U.S.-listed stocks, ADRs (American Depositary Receipts), OTC (over-the-counter) securities, and zero commission trading.

ETFs: Over 3,300 ETFs across multiple asset classes.

Options: Stock options and index options, no equity option contract fee, $0.55 per contract for non-equity options.

Futures: Launched in April 2024, including E-Mini and Micro contracts, with fees of $0.70 and $0.25 per contract, respectively.

Bonds: U.S. Treasuries (0.1%), corporate bonds, and municipal bonds (0.7% fee, coming soon).

Cryptocurrency: Bitcoin, Ethereum, Dogecoin, and more are supported through the Webull Pay app with an implied fee of 1%.

Money Market Funds: With a minimum investment of $1, they provide a highly liquid, low-risk cash management option.

💻 trading software

Webull offers multi-platform trading software, designed with user experience and functionality in mind:

Mobile: Webull App (iOS and Android) supports real-time quotes, custom charts, technical indicators and community interaction. Users rate the intuitive interface for mobile-first investors.

Desktop: Webull Desktop, which offers advanced charting tools, real-time Level 2 data, and multi-screen support for active traders.

Webtrade: Webtrade, with the same functionality as mobile and desktop, and seamless switching across devices.

Features: Round-the-clock trading (4:30 AM to 8:00 PM pre-market for U.S. stocks), advanced technical analysis tools (such as candlestick charts, MACD, RSI), demo trading accounts, and IPO/SPAC zones.

User feedback: Some users reported that the iPad version was not optimized enough, and the paper trading (simulated trading) function did not support OCO (One Cancel All Cancellation) orders.

💸 deposit and withdrawal methods

Webull's deposit and withdrawal methods vary from market to market, the following is the US market information:

Deposit Method:

ACH transfer: free, the maximum transfer in a single day is $50,000, and the processing time is 1-5 working days.

U.S. Domestic Wire Transfer: $8 fee, processing time 1-2 business days.

International Wire Transfer: $12.5 fee, non-U.S. bank accounts only.

Withdrawal Method:

ACH Transfer: Free, processing time 1-5 business days, subject to a 60-day holding period (if the deposit and withdrawal accounts are different).

U.S. Domestic Wire Transfer: $25 fee.

International wire transfer: $45 fee.

Other fees: $75 for Transfer-Out Securities (ACATS) and $5 and $2 for paper statements and confirmations, respectively.

📞 customer support

Webull offers the following customer support channels:

Online Support: 24/7 support is provided through the in-app help center or email ([email protected]).

Phone Support: Available only during market hours (9:30 AM-4:00 PM ET) at +1-817-222-XXXX (exact numbers vary by region).

Community support: The platform has a built-in community function, and users can exchange investment experiences with others.

User feedback: Some users reported a slow response from customer service, especially when dealing with fund transfers and account verification issues. Webull has improved the user experience by adding educational content and self-service tools.

🔍 Core business and services

Webull's core business is retail brokerage services with zero commissions and low-cost trading at its core, combined with the following key services:

Zero-commission trading: Stocks, ETFs and equity options are commission-free, reducing transaction costs.

Robo-advisor: Provide low-threshold (minimum $100) automated investment services through Webull Smart Advisor.

Data-driven tools: Real-time quotes, Level 1 and Level 2 data for free (3 months free for new users, $1.99 per month for subsequent use), and technical analysis tools.

Global presence: Support multi-market trading (e.g. US, Hong Kong, China A-share ADRs), and plan to further expand into emerging markets.

High-yield cash management: Uninvested cash can achieve an annualized rate of return of 4%, which is better than traditional banks.

🖥 technical infrastructure

Webull's technology infrastructure is built around high performance and scalability:

Cloud architecture: Cloudflare and Nginx technologies are used to ensure fast response and stability.

Real-time data: Provide real-time market data and Level 2 quotes by partnering with exchanges such as NASDAQ and NYSE.

Cross-platform synchronization: Real-time data synchronization across mobile, desktop, and web supports a seamless trading experience.

Security technology: Uses top-of-the-line encryption and two-factor authentication (2FA) to protect user data and transactions.

Technical team: The core technology development team is located in Hunan, China, but the US and Singapore teams are responsible for localized development and maintenance.

🛡 Compliance and risk control system

Webull's compliance and risk control system includes:

Regulatory compliance: Regulated by the SEC and FINRA in the United States, and complies with local regulatory requirements in the global market.

Investor Protection: SIPC insurance covers $500,000 in assets, and Apex Clearing provides additional transaction insurance.

Risk control measures: real-time monitoring of trading activity to prevent fraud and unauthorized account access; Adopt an anti-fraud system that is continuously optimized.

Data Privacy: Comply with the U.S. Privacy Act and Hong Kong's Personal Data (Privacy) Ordinance, and only share necessary data with third parties such as Google Analytics.

Challenge: The 2023 FINRA fines show deficiencies in customer complaint handling and options due diligence, and Webull has rectified and strengthened its internal processes.

📍 Market positioning and competitive advantage

Market Positioning: Webull is positioned as a mobile-first retail investment platform targeting the younger generation and mid-level traders, with an emphasis on low cost, high functionality, and community interaction.
Competitive advantage:

Zero-commission model: Similar to Robinhood, but with richer analytical tools.

Advanced trading features: Futures, options, and round-the-clock trading are supported to attract active traders.

Global operations: Covering 15 markets, outperforming some competitors who only focus on a single market.

Technology-driven: Level 2 data and advanced charting tools are available for free, differentiating it from traditional brokers.

Community function: Built-in social function to enhance user stickiness.

Competitors: Robinhood, eToro, Interactive Brokers, M1 Finance, Revolut, etc.

🤝 Customer support and enablement

Webull empowers clients by:

Educational Resources: Offering free content covering fundamental investing, technical analysis, and advanced strategies, educational resources have increased significantly since 2023.

Community interaction: Users can share trading ideas, discuss market trends, and enhance the learning experience.

Demo Trading: Paper trading accounts are available to help newbies practice their strategies.

Personalization tools: Support custom charts, filters and reminders to meet different trading styles.

Room for improvement: User feedback shows that there is still room for improvement in the responsiveness of customer service and the depth of educational content.

🌱 Social Responsibility and ESG

Webull's social responsibility and ESG initiatives include:

Financial Education: Partnering with schools to host financial literacy events, such as the 2025 Community Project with the Tampa Bay Rays and Tampa Bay Rowdies.

Community support: Participate in public welfare activities such as hurricane relief, and cooperate with the Brooklyn Nets and New York Liberty in 2025 to enhance the brand's social influence.

Transparency in Governance: As a public company, Webull is required to comply with SEC disclosure requirements and regularly publish financial and operational reports.

Environmental impact: No specific environmental initiatives were disclosed, but its digital operating model naturally reduced its carbon footprint.

🤲 Strategic cooperation ecosystem

Webull's strategic partners include:

Financial institutions: Partnered with BlackRock to develop robo-advisors and Bakkt Crypto Solutions to provide cryptocurrency trading.

Exchanges: It is a member of the New York Stock Exchange (NYSE), NASDAQ, and Cboe EDGX, ensuring high reliability of data and trade execution.

Media: Partnered with the Wall Street Journal to provide users with exclusive financial information.

Sports Sponsorship: Reached brand cooperation with Brooklyn Nets, New York Liberty, Tampa Bay Rays, etc., to enhance market awareness.

New Market Partner: Partnered with Trader's Club in Brazil to accelerate local operations.

💵 Financial health

As of May 2025, Webull's financial figures are as follows:

Market Cap: $7.5 billion (based on 2024 SPAC consolidated valuation).

Revenue: Trailing Twelve Month revenue of $390 million in 2024.

Earnings per share (EPS): -$1.12, reflecting high investment and expansion costs in the early stages of the IPO.

Client assets: $8.2 billion at the end of 2023, 4.3 million funded accounts.

Employee size: Approximately 1,102 employees worldwide (2025 data).

Webull's revenue streams include Order Flow Payment (PFOF), margin loan interest, cash management interest, and premium subscription services such as Webull Premium. Although it is still in the red, its user growth and AUM show long-term potential.

🚀 future roadmap

Webull's future development plans include:

Market expansion: Continue to enter emerging markets such as Southeast Asia and Latin America, and have entered Canada, Brazil, Thailand and other places in 2024.

Product diversification: Launched more fixed income products (e.g., corporate bonds, municipal bonds) and payment solutions (e.g., Webull Pay's digital wallet and debit card).

Technology upgrades: Enhanced AI-powered trading tools and personalized recommendations.

Enhanced compliance: Addressing geopolitical risks and further transparency on ownership structures and data privacy measures.

Brand building: Raise global awareness through sports sponsorships and community events.