The LSE Directory / Retail brokers
Webull is a commission-free online brokerage operating in the US through Webull Financial LLC, with affiliated platforms in more than a dozen other markets including the UK, Canada, Australia, Hong Kong, Singapore and Brazil. It offers trading in stocks, ETFs, options, OTC securities and cryptocurrency, alongside margin accounts, IRAs and cash management, distributed through desktop, web and mobile apps. Its platform centers on real-time charting, technical indicators, a built-in paper-trading simulator and extended-hours trading rather than a stripped-down order-entry screen. Within the discount-brokerage category, Webull positions itself toward technically oriented, self-directed active traders rather than passive buy-and-hold investors: its charting suite, options analytics and developer API access target users who want professional-grade tools without subscription fees. The bulk of its US revenue comes from payment for order flow, which made up 53.3% of 2025 revenue at $304.1 million, with the remainder from interest-related income and handling charges rather than management fees. In July 2026 it extended this model to institutions with Webull Institutional, a white-label brokerage-infrastructure and API offering for brokers, hedge funds, advisors and fintechs, built on the same clearing and execution stack that serves its retail base. Webull Financial LLC, the SEC-registered US brokerage entity, was established in 2017; its underlying technology and ownership trace to Hunan Fumi Information Technology, a China-based fintech founded in 2016 by Wang Anquan, a former Alibaba and Xiaomi employee who held roughly 79% of voting control as of March 2026. Webull went public on Nasdaq under ticker BULL in April 2025 through a merger with special-purpose acquisition company SK Growth Opportunities Corporation. For fiscal 2025 the company reported revenue of $571 million and net deposits of $8.6 billion; Q1 2026 revenue was $159.9 million, up 36% year over year, on 27.6 million registered users, 5.1 million funded accounts and $24 billion in customer assets. The firm is a member of FINRA, SIPC, NYSE, Nasdaq and Cboe EDGX, and has drawn regulatory penalties including a $3 million FINRA fine in 2023 over approving underage options traders and a $1.6 million FINRA penalty in 2025 for social-media marketing violations. In April 2026, FINRA approved Webull Securities (US) LLC for self- and correspondent clearing, letting the firm bring settlement and custody in-house rather than relying solely on a third-party clearer. Webull cites that approval as the foundation for the July 2026 launch of Webull Institutional, its push into supplying brokerage infrastructure, execution and clearing services to other financial institutions.
