Important Information and Key Risks

At Webull, we're committed to providing you with a seamless and informed trading experience. This guide contains important information about your account, key risks, fees, and helpful resources. Please take a moment to read through it to understand your rights and responsibilities when using our services.

1. Our Products and Services

Webull offers users the ability to access a variety of financial services on its platform. Self-Directed Securities trading is offered by Webull Financial LLC, a broker dealer registered with the Securities and Exchange Commission (SEC). Webull Financial LLC is a member of the Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC), The New York Stock Exchange (NYSE), NASDAQ and Cboe EDGX Exchange, Inc (CBOE EDGX). Self-Directed trading in Commodities (e.g. Futures) is offered by Webull Financial LLC too. Webull Financial LLC is also a CFTC registered Futures Commission Merchant and NFA Member.

Robo-Advisory accounts and services are provided by Webull Advisors LLC (also known as "Webull Advisors"). Webull Advisors is an Investment Advisor registered with and regulated by the SEC under the Investment Advisors Act of 1940. Registration does not imply a level of skill or training. See additional information here. Trades in your Webull Advisors account are executed by Webull Financial LLC.

Optional subscription services, including Webull Premium, provide access to advanced features, tools, and market data for a periodic fee.

Cryptocurrency trading is offered by Webull Pay LLC. Webull Pay LLC (NMLS ID 1886762) is a licensed money transmitter. Webull Financial LLC and Webull Pay LLC are separate entities. Webull Pay LLC may use third-party service providers, such as Bakkt Crypto Solutions, LLC (NMLS ID 1890144), for cryptocurrency services. For more information about Webull Pay, please visit www.webullpay.com.

Learn more about our services here

2. Key Risks You Should Know

All investments involve risk, and not all risks are suitable for every investor. The value of investments may fluctuate and as a result, clients may lose more than their original investment. The past performance of a financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit or protect against loss in a down market. There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. It's important to understand these before trading:

• Market Risk: The value of your investments can go up or down due to market fluctuations.
• Liquidity Risk: Some securities may be difficult to buy or sell quickly without affecting the price.
• Margin Trading Risk: Trading on margin can amplify losses as well as gains. You may lose more than your initial investment.
• Options Trading Risk: Options involve risks and are not suitable for all investors. They can result in significant losses.
• Commodities Trading Risk: Futures, futures options, and other commodities product trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement and other relevant Futures Disclosures located at www.webull.com/fcm-disclosures prior to trading futures products. Futures accounts are not protected by the Securities Investor Protection Corporation (SIPC).
• Cybersecurity Risk: While we employ robust security measures, no system is completely immune to cyberattacks.

3. Fees & Charges

Webull strives to keep trading costs low, but certain fees may apply:

• Commission-Free Trades: $0 commissions on U.S.-listed stocks, ETFs, and options
• Options Contract Fees: Low fees for transactions in certain options products
• Regulatory Fees: Small fees imposed by regulatory agencies (e.g., SEC, FINRA).
• Margin Interest: Interest charged on borrowed funds for margin trading.
• Wire Transfer Fees: Fees may apply for outgoing wire transfers.
• Subscription Fees: Fees apply for optional services such as Webull Premium, which offers enhanced features and data.

View our detailed Fee Schedule here

4. How We Protect You

We value your privacy and do not share any information with the social media platforms. Please review our privacy policy for more information on how we collect and use your data.

SIPC & Excess SIPC Protection: Client securities accounts at Webull Financial LLC are protected by the Securities Investor Protection Corporation ("SIPC") for a maximum coverage of $500,000 (with a cash sublimit of $250,000) In addition, Webull offers clients Excess SIPC coverage based on the clearing arrangement:

1. For securities accounts under the omnibus clearing relationship with Apex, Webull carries an excess SIPC policy with certain underwriters at Lloyd's of London, which extends per account coverage for securities and cash up to an aggregate of $100 million, subject to a maximum limit of $1,900,000 for any one customer’s cash. Securities positions are not subject to any per account sublimit.

2. For securities accounts that are fully-disclosed to the clearing firm, Apex has purchased an additional insurance policy. The coverage limits provide protection for securities and cash up to an aggregate of $150 million, subject to maximum limits of $37.5 million for any one customer’s securities and $900,000 for any one customer’s cash.

3. Advanced Encryption: We use industry-standard encryption to protect your data.

4. Account Monitoring: Real-time monitoring to detect and prevent unauthorized activities.

5. Getting Help & Support: We're here to assist you: our Customer Support is available via email and in-app messaging, our Help Center where you can find answers to common questions in our comprehensive FAQ and our Educational Resources where you can access tutorials, webinars, and market insights.

If you have any questions or need assistance, please don't hesitate to reach out to support@webull.com or +1 (888) 828-0618

5. Agreements & Policies

It's important to familiarize yourself with our terms and policies:

• Customer Agreement: Outlines the terms of your relationship with Webull.
• Form CRS: Summarizes the products, services, and fees of Webull Financial LLC
• Privacy Policy: Details how we collect, use, and protect your personal information.
• Options Agreement: Required for accounts approved for options trading.

Access all Agreements, Disclosures & Policies here

6. Additional Product & Other Risks

• Options: Options trading entails significant risk and is not appropriate for all investors. Option investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by expiration date. Losses can potentially exceed the initial required deposit. You need to complete an options trading application and get approval on eligible accounts. Please read the Characteristics and Risks of Standardized Options before trading options. A $0.55 per contract fee applies for certain index options and a $0.10 per contract fee applies for oversized option orders. Relevant regulatory and exchange fees may apply. Please refer to our Fee Schedule for more details.

• Margin: Margin trading involves unique risks, including interest charges and the potential to lose more than deposited. Before trading with margin, you should determine whether this type of trading strategy is right for your specific investment objectives, experience, risk tolerance, and financial situation. For more information please see Webull Financial’s Margin Disclosure Statement, Margin Agreement, Day Trading Risk Disclosure Statement and FINRA Investor Information. Additional info: webull.com/policy.

• Online Trading: Trading through an electronic trading or order routing system exposes you to unique risks. Investors should be aware that system response, execution price, speed, liquidity, market data, and account access times are affected by many factors, including market volatility, size and type of order, market conditions, system performance, and more. Investors should be aware that system response, execution price, speed, liquidity, market data, and account access times are affected by many factors, including market volatility, size and type of order, market conditions, system performance, and other factors. Market volatility, volume and system availability may delay account access and trade executions.

• Commission-Free Trading: Free trading of stocks, ETFs, and options refers to $0 commissions for Webull Financial LLC self-directed individual cash or margin brokerage accounts, IRAs, custodial, and joint accounts that trade U.S. listed securities via mobile devices, desktop or website products.

• Self-Directed Trading: No content on the Webull Financial LLC website shall be considered as a recommendation or solicitation for the purchase or sale of securities, options, or other investment products. All information and data on the website is for reference only and no historical data shall be considered as the basis for judging future trends.

• Use of Social Media: The information shared by Webull Financial LLC (“Webull”) on social media is for general and informational purposes only and shouldn't be considered personalized investment advice. This information is not a recommendation to buy, sell, or hold any particular security, financial product or to engage in any specific investment strategy. Webull is not affiliated with any of the social media platforms we use, and we don't endorse or approve any third-party content that might appear on our pages. While we may share content from others or engage with external perspectives, this is purely for informational purposes and to foster a broader understanding of the financial landscape. It shouldn't be taken as our endorsement of any specific product, service, individual, or viewpoint outside of Webull. Keep in mind that individual experiences and opinions shared in social media posts may vary, and don't necessarily reflect the typical outcome. Please note, Webull does not communicate through direct messages on social media and will never ask for personal information through any social media platform. For questions about your account, please call us directly or send us a message through our platform.

• Fractional Shares: Engaging in fractional share or bond trading poses unique risks and limitations. Fractional share and bond positions are not transferable and may be illiquid outside of Webull Financial. Not all assets on Webull Financial are eligible for fractional trading. For additional detail on fractional shares visit webull.com/fractional-shares.

• Free Stock Promotions: Free stock offers are available to new users only. Complete terms and conditions available at webull.com.

• Exchange Traded Funds (ETFs)/ Exchange Traded Products (ETPs): ETFs are subject to similar risk to those of their underlying securities, including, but not limited to, market, investment, sector, or industry risks, and those regarding short-selling and margin account maintenance. An ETF prospectus contains its investment objectives, risks, charges, expenses, and other important information, and should be read and carefully considered before investing. Securities trading is offered to self-directed customers by Webull Financial LLC, member SIPC, FINRA. All investments involve risk, including the possible loss of principal. You should consider your investment objectives carefully before investing. This is not a recommendation, investment advice, or a solicitation for the purchase or sale of a security. Additional info: webull.com/policy.

• Complex ETFs/ETPs: Inverse, leveraged, volatility-linked, and other types of ETFs are considered complex products and involve greater risk and typically have higher carrying costs. It is important that investors understand the unique characteristics and risks associated with these securities. These products may not be suitable for buy-and-hold investors. In general, these types of ETFs reset daily and are not designed to track the underlying index or benchmark over a longer period of time. Complex ETPs (including leveraged, inverse ETFs, volatility-linked ETPs, ETNs, crypto ETPs) can significantly differ from traditional stocks/ETFs. They may involve derivatives, leverage, or volatile assets, leading to amplified risks and returns. Before investing, carefully review the prospectus or other disclosures to fully understand the product.

• Day Trading: Day trading involves unique risks. Please consider Webull Financial’s Day Trading Risk Disclosure at webull.com/policy.

• Over the Counter (OTC) Equity Securities: Trading in OTC equity securities carries a high degree of risk and may not be appropriate for all investors. OTC equity securities may be “thinly traded” or more illiquid than exchange-traded securities, which tends to increase price volatility and impair your ability to buy or sell within a reasonable period of time without adversely impacting execution price(s).

• IRA Accounts: Webull Financial does not provide legal or tax advice. The information provided should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation. Additional info: webull.com/policy.

• Vega AI: Vega is an AI-powered tool that provides general market information, summaries, and educational insights based on publicly available data. Outputs generated by Vega are for informational purposes only and may be inaccurate, incomplete, delayed, or not reflect current market conditions. Vega does not provide personalized investment advice, recommendations, or solicitations. Users should not rely solely on Vega when making investment decisions and should independently verify any information before acting. AI-generated content should be treated as supplemental and not a substitute for independent research or professional advice. Vega Analyst requires subscription, fees may apply. Credit usage varies per report and cannot be guaranteed.

Account Protection

SIPC and Excess SIPC Coverage: Client securities accounts at Webull Financial LLC are protected by the Securities Investor Protection Corporation ("SIPC") for a maximum coverage of $500,000 (with a cash sublimit of $250,000). In addition, Webull offers clients Excess SIPC coverage based on the clearing arrangement:

For the purpose of determining a Webull Financial LLC covered account, accounts with like names and titles are combined, but accounts with different titles are not (e.g. Individual/John Doe and IRA/John Doe). Futures and other assets held outside the securities account are not covered. SIPC and Excess SIPC Protections do not protect against a loss in the market value of securities. SIPC is a non-profit, membership corporation funded by broker-dealers that are members of SIPC.

For more information about SIPC and answers to frequently asked questions please refer to the following websites:

• http://www.SIPC.org
• https://www.finra.org/investors/have-problem/your-rights-under-sipc-protection

7. Recurring Investments

Recurring investments do not ensure a profit or guarantee against loss. Not all assets on Webull Financial are eligible for recurring investments. Recurring investments may result in a purchase of fractional shares.

Third Party Data

Market data, fundamentals data, and news are provided by third-party service providers, and Webull Financial is not involved in preparing or editing, nor does it explicitly or implicitly endorse or approve any data. The third-party service providers do not explicitly or implicitly endorse or approve the data of other third parties, nor do they give investment advice or advocate the purchase or sale of any security or investment. Webull Financial and third-party service providers do not guarantee the accuracy or reliability of any data. Webull Financial does not bear any legal liability to the user for any loss or damage arising from the delay, error, inaccuracy, or omission of any data. See the Webull Financial Data Disclaimer for more information.

Community

The comments, opinions or any other information provided by users of the Community are not from Webull. They do not represent the opinion of Webull, nor should they be considered as investment advice or used as the basis for any investment decision.

Wefolio

Wefolios solely represent the views or opinions of the individual user providing such content and should not be considered a recommendation or solicitation of securities nor, does it reflect the views or opinions of Webull Financial, its parent, subsidiaries, or affiliates.

No Tax Advice

Webull Financial does not offer tax advice. Any integration with third-party tax software is provided for informational purposes only. For any questions about taxes, including how to file, you should contact a tax professional.

Money Market Funds

All investments involve risk. Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can view and download a prospectus by contacting customerservice@webull-us.com. Please read the prospectus carefully before investing.

Webull Premium Subscription: Webull Premium is an optional, fee-based subscription service offering access to enhanced tools, market data, potential trading discounts, potentially higher rates on cash management programs, and other promotional benefits. While these features are designed to provide additional information and potential cost savings, they do not guarantee investment success, ensure profits, or protect against losses. The inherent risks associated with trading securities, options, futures, and other financial products, as outlined in this document, remain applicable regardless of subscription status. The value and benefits derived from Webull Premium are dependent on individual usage, trading activity, and market conditions. Subscribers should consider the cost of the subscription relative to the potential benefits based on their own investment strategy and activity level. Please note that the specific features, benefits, terms, and costs associated with the Webull Premium subscription are subject to change.

Fixed Income / Bonds

Investments in fixed income comes with risks related to interest rates, credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors. Bond transactions are subject to a mark-up/mark-down which will impact the price you pay and the yield you receive. For more information on the risks and costs of fixed income investing, visit webull.com/policy.

Futures

Futures trading involves substantial risks and is not suitable for all investors. Please read the FCM Risk Disclosures statement prior to signing up for Futures Trading. More info: webull.com/policy.

Trading in Event Contracts involves substantial risk and is not suitable for all investors. Please read the Event Contract Risk Disclosure prior to trading (Event Contract Risk Disclosure).

Fully Paid Stock Lending (FPSL)

Participating in the Fully Paid Securities Lending Program involves certain risks and may not be suitable for all investors. By lending your securities to Apex Clearing Corporation ("Apex"), you will lose the right to vote those shares and they will not be covered by SIPC insurance. Apex provides collateral in the form of cash or U.S. Treasury bonds for this loan in case of default. Before participating, carefully consider your investment objectives and risk tolerance and any tax consequences of enrolling in the program. For more detailed information about the risks associated with Fully Paid Securities Lending, please refer to the following:

• Apex Securities Lending Agreement and Trust Agreement
• Webull Supplemental Disclosure Fully Paid Lending

Cryptocurrency

Trading in cryptocurrency is highly speculative and involves a substantial degree of risk, including the potential for the total loss of your principal investment. Digital asset prices are subject to extreme and rapid volatility. Please be advised that cryptocurrency holdings are not securities and are therefore not afforded protections by the Securities Investor Protection Corporation (SIPC) or the Federal Deposit Insurance Corporation (FDIC). Furthermore, this asset class is subject to a developing and uncertain regulatory landscape and significant operational risks, such as cyber theft and the irreversible nature of blockchain transactions. Investors should carefully consider if this asset class is suitable for their financial condition and risk tolerance. Webull Pay does not provide financial advice. No content should be construed as a recommendation, an offer, or a solicitation, to buy, sell or hold any cryptocurrency.

Special Purpose Vehicle (SPV)

Investments are speculative, illiquid, and unregistered securities that carry substantial risk. Investors acquire an interest in the SPV only and do not hold a direct ownership stake in the underlying private company. You may lose your entire investment, face indefinite holding periods, and have no guarantee of any liquidity event or return of capital.

Private companies

are not subject to SEC reporting requirements, financial information may be limited, unaudited, or difficult to verify. Additional issuances by the underlying company may dilute your holdings, and stated valuations may not reflect fair market value or realizable proceeds. Investment decisions are subject to manager discretion, which may be influenced by financial incentives or conflicts of interest that are not fully aligned with investor interests. Coverage under SIPC may be limited or unavailable for unregistered interests. Please consult the private offering memorandum or prospectus in full before making any investment decision.

IPO

Investing in new issues may present more volatility and greater risks than securities trading in public markets and may not be suitable for all investors. Participation in new issues through Webull Financial LLC is offered on a self-directed basis. Allocation or fulfillment of new issues are not guaranteed and may be partial, delayed, or unavailable depending on demand and underwriting decisions. In addition, participation in new issues may involve the payment of interest or other costs associated with the settlement of shares. Please ensure that you fully understand the risks involved before investing in new issues by reading the Risks Associated with Investments in IPOs.

The Webull OpenAPI and MCP Server are provided "as is" without warranty of any kind and do not constitute investment advice. All trading involves a substantial risk of loss. By utilizing these tools, you acknowledge that AI-driven agents may misinterpret instructions, act on delayed data, or perform poorly under certain market conditions. Webull assumes no liability for losses resulting from automated or AI-directed decisions. You are solely responsible for verifying all order details prior to execution, actively monitoring your positions, and ensuring that any connected agents, algorithms, or tools operate exactly as intended.