Since its inception in 2017, Webull has steadily recorded a high increase in new account sign-ups, thanks to its wide range of investment products, platform options, and ease of use.
If you are thinking of opening a Webull account and want to know how long it takes before your application is approved, this guide is for you.
Webull typically appraises account applications within 24 hours. However, in some cases, manual verification is required by the brokerage so the process may be delayed by a few hours or days. Webull will notify you via an email or internal message once the review is complete.
Approval for account applications varies from person to person. Some Webull clients claim that they got approved within an hour, while others had to wait up to three days.
Barring additional verification done by Webull, you can access your new account a couple of hours after submitting the necessary documents.
Of course, there are exceptions to this. Applications may get approved after several days or even a week if there are issues with the input data and other external factors.
Sometimes, delays happen due to the volume of applications received by Webull. As one of the fastest-growing brokerages and retail trading platforms, Webull regularly experiences spikes in new applications.
As a result, new clients need to wait for more than 24 hours before being awarded working accounts.
Applications submitted during the weekend may also go through delays. Many users have reported that the process took longer during non-business days.
To clear up any confusion, you should reach out to Webull’s customer support team and ask for the cause of the delay.
Opening a Webull account is easy and fast, as long as you meet all the requirements imposed by the platform. If you do, your account will be verified within the least amount of waiting time.
When you input the wrong information on your Webull application, this can impact the timeframe for approval.
It is worse if you fail to notice that mistake you did since you may wait for weeks without resolution to the setback.
When you open a Webull account, you will be asked to follow specific steps and to key in your personal information.
The needed data include your name, date of birth, address, and social security number, among others. You also need to provide your employment information and current financial situation.
To verify your identity, you have to submit a photo of an ID. Webull accepts passports, national ID cards, or driver's licenses as proof of identity.
If you made a mistake in entering your information during this phase in the application, this will likely result in unnecessary holdups.
The ID you will provide should also be valid so you can get approved without problems.
Finally, while the account opening process is completely digital, Webull may require you to submit physical copies of your documents.
To prevent setbacks, you should prepare these papers ahead of time.
Webull needs roughly 24 hours to confirm the information you provided in the application, hence the prescribed waiting time.
Brokers ask you to provide financial and tax information as to compliance with the government laws and rules imposed by self-regulatory organizations.
They are required to put procedures in place to validate the identity of anyone seeking to open an account on their platform.
Under the regulations, brokers must also have a rational basis before recommending to a customer whether to buy or sell a particular security.
To make assessments, they have to consider your risk tolerance, financial situation and needs, security holdings, and investment goals.
Personal information is also collected for record-keeping purposes. This allows brokers to be up to date with their client's current financial affairs.
If your approval process takes more than three days for any reason, it is likely that Webull encounter problems while verifying your account.
You should contact the Webull support team to check what is going on and see if there is any additional information you need to provide.
Yes. You can submit your account application to Webull during the weekend. However, approval could take longer since you submitted it during non-working days.
Some Webull users have claimed that the waiting line was longer when they applied during the weekend.
However, this should not take longer than a day or two as Webulll processes applications fairly quickly.
Since the stock market is closed for the weekend, most brokers also close their doors due to a lack of customers.
No matter, some brokerages have live agents available 24/7 via chat and phone. Others offer technical support via email.
Webull may deny your account application for several reasons. This may be as simple as an unclear ID photo, or as serious as a suspicion of fraud.
In some cases, applications are declined if the documents you passed are not satisfactory.
You need to be accurate when providing information to Webull or any other trading platform. Webull is required to obtain the client’s information in compliance with the government, Financial Industry Regulatory Authority (FINRA), and Securities and Exchange Commission (SEC) regulations.
The ID that you will submit should show not only your full name and birth date but also a clear photo of you. If your face is barely recognizable in the photo, Webull has the right to deny your application.
Another probable reason is mismatched information on your document. For instance, if the date of birth you indicated in your application is not the same as the date on the ID you uploaded, your request for an account will likely be denied.
Your social security number (SSN) and individual taxpayer identification number (ITIN) should also be verified. If not, you will need to visit your local Social Security Field or IRS office to have them verified before proceeding with another Webull application.
Sometimes, applications are declined because the verifier came across a record suspecting you of fraud or identity theft. Since swindlers are abundant in trading platforms like Webull, they take extra precautions in approving suspected accounts.