Webull Corporation

1. Multi-Asset Trading Platform: Stock and ETF Trading: Webull offers commission-free trading services for U.S. stocks and ETFs (exchange-traded funds), attracting a large number of individual investors. Users can buy and sell stocks of U.S. listed companies and various ETFs through its platform. Options Trading: The platform also supports options trading and provides corresponding analytical tools and data to meet the needs of investors with higher risk preferences and complex trading strategies. Cryptocurrency Trading: Webull allows users to trade a variety of cryptocurrencies on its platform, and this part of the business will be the focus of subsequent analysis. Other products: Depending on the regulatory requirements of different countries and regions, Webull may also offer other investment products such as futures and bonds.

2. Market Data and Analysis Tools:

Webull provides real-time market data, advanced charting tools, technical analysis indicators, news information, and analysis reports to help investors make informed trading decisions. Its platform usually includes community features that allow users to exchange trading ideas and strategies.

3. Wealth Management and Education:

Although primarily focused on trading, Webull may also offer some basic wealth management tools and investment education content to help novice investors get started.

4. Global Layout:

Webull is committed to global expansion and has been operating in multiple countries and regions, including the United States, Australia, and Hong Kong, serving tens of millions of users.

1. Payment for Order Flow (PFOF): This is one of the main sources of income for Webull. When users place trade orders (buying or selling stocks, ETFs, options, etc.) through Webull, the platform routes these orders to specific market makers (such as Citadel). Market makers pay fees to Webull for these orders. They profit from the small difference in the bid-ask spread, while brokers earn revenue by selling order flow to market makers. Although this model is controversial in the industry, it is a common way for many commission-free brokers to generate profit.

2. Margin Interest:

Webull allows eligible customers to engage in margin trading, which means borrowing money to purchase securities. Webull charges interest on these loans. The interest income from margin trading is an important source of profit for brokers, especially when the market is active and investors are using leverage more frequently.

3. Interest on Uninvested Cash Balances:

The cash balance in the client's account that is not used for investment will be deposited by Webull into partner banks, from which Webull earns the interest spread. Webull typically offers clients competitive cash management rates (for example, providing higher annual yields through the Webull Premium subscription), but the interest it receives from banks is usually higher, resulting in profit. 4. Stock Lending: Webull can lend fully paid stocks from its clients' accounts to short sellers and charge borrowing fees. After borrowing the stocks, short sellers sell them, hoping to buy back the stocks at a lower price in the future to return them, thus earning the price difference. Stock lending is another important source of income for brokers.

5. Premium Subscription Fees:

Webull offers some advanced features and more favorable conditions (for example, higher interest on uninvested cash), which may require users to subscribe to paid services. This brings the company stable subscription revenue.

6. Other Fees:

Although stock and ETF trading is commission-free, Webull may charge a small fee for certain specific products (such as index options, futures) or services, such as regulatory fees, exchange fees, wire transfer fees, etc.

Webull's profit model is diversified, aiming to generate revenue from customer activities through non-trading commissions. Its core lies in leveraging a large user base and trading volume to achieve profitability through order flow payments, margin interest, cash balance interest, and stock lending. This model allows it to offer attractive zero-commission trading services while maintaining the company's financial health.

Webull offers a wide range of cryptocurrency trading services, affecting a variety of coins: Mainly supported spot cryptocurrencies: Bitcoin ( BTC ) Ethereum ( ETH ) US Dollar Stablecoin (USDC) Litecoin (LTC) Dogecoin (DOGE) Shiba Inu Coin (SHIB) Others: Aave (AAVE), Algorand (ALGO), Arbitrum (ARB), Avalanche (AVA), BAT (BAT), Bitcoin Cash (BCH), BONK, Zcash (ZEC), Stellar Lumens (XLM), Ethereum Classic (ETC), etc. Cryptocurrency Futures Trading: Webull also offers futures contract trading for Bitcoin (BTI), Nano Bitcoin (BIT), Ethereum (ETI), and Nano Ethereum (ET), allowing users to speculate on the price fluctuations of these assets without directly holding the cryptocurrencies. Influence method: Increase market liquidity: Webull, as a global trading platform with tens of millions of users, significantly enhances the market liquidity of these cryptocurrencies through its trading services. More traders participating in buying and selling helps to create a more effective price discovery mechanism. Lowering the entry threshold: Webull's user-friendly interface and zero-commission (or low-fee) trading model have lowered the barrier for ordinary investors to enter the cryptocurrency market, attracting more retail participants to trade mainstream coins like Bitcoin and Ethereum. Promoting mainstream adoption: By collaborating with cryptocurrency infrastructure providers such as Bakkt and Coinbase, Webull integrates cryptocurrency trading into its mainstream financial services platform, helping to drive the popularity and acceptance of cryptocurrency among traditional financial users. Provides derivative tools: The provision of cryptocurrency futures offers investors tools for hedging risks or engaging in leveraged trading, enriching market strategies, but it may also increase market volatility. Regional Impact: The launch or relaunch of cryptocurrency trading services by Webull in different countries and regions (such as the United States and Brazil) will directly affect the activity level of the local cryptocurrency market and the trading volume of specific coins.