Cash App vs Webull (2024)


Webull versus Cash App: which is better for IRA account? Compare investing accounts, online trading fees, stock broker extended hours, and differences.


Overview of Webull and Cash App


In the world of personal finance apps, there are many options to choose from. Some excel at stock and crypto investing, while others focus on simplicity and ease of use. If you're considering Cash App or Webull as your go-to finance app, read on to see which one might be the best fit for your needs.


Ease of Use


Cash App and Webull are popular apps for investing and managing money, but when it comes to ease of use, Cash App takes the lead. It simplifies the process of finding and investing in a limited selection of stocks and cryptocurrency. You can easily invest in fractional shares starting at just $1.

Webull is more complex but offers a wider range of stocks, ETFs, options, and cryptocurrencies, along with more research tools.


Investment Options


When it comes to investment choices, Webull clearly stands out. Cash App lets you invest in a limited number of stocks and Bitcoin. It can be frustrating when you find a stock or ETF you want to invest in, only to discover it's not available on Cash App.


Cash vs Webull


With Webull, you have access to many more investment options. If you're interested in crypto, Webull offers over 40 digital currencies to research and invest in. In addition to stocks and ETFs, you can also trade options on Webull. It's clear that Webull is designed for users looking to advance their investing skills, while Cash App provides a simpler entry point for beginners.


Webull vs Cash App


Fees and Commissions


In this category, it's a tie. Both Webull and Cash App offer commission-free stock trading. However, Webull has a 1% spread on crypto transactions, which is a slight downside.


Promotions


At the time of writing, Webull is offering a promotion of free stocks when you open and fund an account. This gives Webull the edge in this category.

Cash App currently does not offer any promotions for its investing features.


Tools


Cash App is geared more towards beginner investors. It includes a feature called "My First Stock" for those who want to learn the basics of stocks and investing. Beyond that, the app offers limited research capabilities.


Cash App Chart


Webull, on the other hand, offers a more comprehensive set of tools for research. You can conduct detailed research on individual investments and create customizable watchlists and screeners. Webull also allows users to create a virtual portfolio to practice trading without any risk. Another helpful tool is the Net Order Imbalance Indicator (NOII), which provides insights into likely opening and closing prices. If you're serious about trading, Webull offers many more tools to help you optimize your investments.


Webull Trading Platform


Account Types


Cash App offers a standard, self-directed, taxable brokerage account with no other options like IRAs, joint accounts, or trusts. It's simple and easy to use.

Webull, however, provides a wider variety of accounts. You can choose between a cash account or a margin account for individual accounts. Webull also supports traditional, Roth, and Rollover IRAs.


Account Minimums and Requirements


To open an account on Cash App, you must be at least 18 years old and a U.S. citizen. You'll need to provide personal information to verify your identity and for tax purposes. You can start investing with as little as $1, and there is no minimum account requirement.

To open a Webull account, you must also be a U.S. citizen, at least 18 years old, and have a U.S. residential address. Webull requires documents for account verification. There's no minimum account balance unless you want a margin account.


Webull app


Margin Requirements


To maintain a Webull margin account, you must have a minimum of $2,000. With this amount, you can make three-day trades within five business days. If you exceed this, you'll be classified as a pattern day trader (PDT) and will need to maintain a $25,000 minimum to continue day trading.

For Cash App, every account is technically a margin account for settling funds. If you engage in pattern day trading, your account may be closed, suspended, or deactivated.


Promotions


Webull: Get up to 40 free stocks when you deposit money at Webull!

Cash App: Use U2Q3HN referral link to get $10 cash bonus.



Cash App Pros


  • Easy to use
  • Provides some educational tools
  • $1 minimum for investing
  • Ability to gift stocks
  • No account minimum
  • No commission on trades


Cash App Cons


  • Limited platform that most beginners will outgrow quickly
  • Restricted selection of stocks, crypto, and account types
  • Primarily available as a phone app (not optimized for tablets or computers)


Webull Pros


  • More account types available
  • Fewer restrictions on available stocks
  • Extensive research tools for intermediate investors
  • No commission on trades


Webull Cons


  • Steeper learning curve for beginners
  • Potential for investors to engage in complex trades like options before they are fully prepared


Open Webull Account



Open Webull Account

Open Cash App Account



Open Cash App Account

Updated on 8/23/2024.