seems like they're responding to the Robinhood 3% IRA transfer bonus, got this email this morning

Quote:

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Dear Valued Clients:

Thank you for being a part of Webull! Enjoy commission-free trading on a wide range of assets, advanced charting tools, and real-time market data! Webull is revolutionizing the way individuals approach investing!

Check out this limited-time offer! Earn 2% cashback on deposits and 3% cashback from ACAT transfers made to your Margin Account between 2/21/2024 12:00 AM ET 3/15/2024 11:59 PM ET!

You can participate in this promotion via both funding methods!

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haven't looked too much into it but sounds like it's essentially a 3% bonus on transfers into taxable trading acct? essentially tripling Robinhood's 1% taxable transfer match
I posted the terms viewable from app, states acct must maintain at least the total transfer amount through Aug2025

I've used Webull as my 'play money' trading acct that's nearing 6 figures, but wouldn't mind transferring in all my individual stock positions in Vanguard for a couple grand free money, pretty much all long holds at this pt I don't do much actual trading

any thoughts on what else needs to be considered here?

Like someone said in the Robinhood thread I'd be very cautious of transferring money to an institution this desperate for business. Both Robinhood and Webull are very small and very new companies. To me it's just not worth the trouble.

the intrigue here is the same unheard of 3% bonus but in taxable (1% at RH) and only restricted 1.5yrs (vs 5), same 500K SIPC coverage
I transferred my Roth to RH since it's all long and 3% untaxed and on top of contribution limit is golden, held back on 401K to avoid pro rata and preserve backdoor Roth ability, and taxable since only 1%

strongly considering this at 3% since I've used Webull already, like the interface and charts better than most and the 4am-7pm EST trading is nice to have

EliteZags said:

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the intrigue here is the same unheard of 3% bonus but in taxable (1% at RH) and only restricted 1.5yrs (vs 5), same 500K SIPC coverage
I transferred my Roth to RH since it's all long and 3% untaxed and on top of contribution limit is golden, held back on 401K to avoid pro rata and preserve backdoor Roth ability, and taxable since only 1%

strongly considering this at 3% since I've used Webull already, like the interface and charts better than most and the 4am-7pm EST trading is nice to have

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I'm fully aware of the SIPC coverage. Again, I just don't see a long term benefit for the hassle of moving the accounts and the potential of your brokerage going out of business. Chances are very high that someone bigger would buy them out before they ever went under, but again it's just not worth it to me for 3%. To each their own.

Minor bump as I got an email from them (use them only for a little day trader/fun account) advertising up to 4.5%, though it is staggered in 1/5th payments annually, for an IRA transfer.

https://www.webull.com/ko-yield/1708508176523-bb98c7

1 percent to the referring customer and 4.5 to the referred one is…well it could add up and be worth it I'd think.



Curious if anyone has gone thru with it. (Note, they label it a 'march' program but it runs thru April).

I went with RH for Roth bonus since it's 3% paid up front within Roth so untaxed bonus + gains, plus it's free extra contribution over limit
whereas Webull's bonus is paid in installments into taxable brokerage

still held back on rolling over 401Ks for either to preserve backdoor Roth capability

PSA: Webull is a Chinese company. No way in hell I give them a back door to my money and whatever else they are doing.