After Moomoo and Tiger Brokers, now we have the new kid on the block, Webull, giving out sign-up rewards. Unlike Moomoo and Tiger Brokers who took about 7-11 days, Webull’s entire sign-up to withdrawal process took me 34 days. I waited for a few months before opening the account as I was waiting for my friend to test out the entire process and their OTP had some problems a few months back.
This is accurate at the time of writing this article (late November to early December) and your timeline and rewards might vary. Do check the latest T&Cs with the company.
This article has been updated on 2/1/2023 to take into account the new sign-up rewards. The timeline will refer to the old rewards but I will add some notes for the new rewards. The new rewards should take you about 37 days.
I will also be sharing the referral rewards with those that signed up using my link. More details at the end.
Disclaimer: This is not an endorsement of the platform. This is a blog to showcase how to get the signup rewards from setting up an account. Your experience getting the rewards might vary. Placing and keeping your funds on these platforms has its risks.
Disclosure: This blog entry contains referral links and/or codes. This means that I get a commission if you decide to sign up through my links or use my codes, at no cost to you. This helps pay for my running costs. Please read my affiliate and referral disclosure for more information.
Signup Rewards
Get up to US$120 worth of trading vouchers when you sign up for an account with Webull.
There are other miscellaneous rewards but the trading vouchers are the ones that we are interested in. At the time of writing this post, the rewards are as follows.
Please check the latest rewards here using my referral link.
| Action | Rewards |
| Register for a Webull account | 1-month Level 2 US Market Data (Nasdaq TotalView) subscription |
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0 commission trades^^ for US and HK markets
0 subscription and redemption fees for Mutual Funds US$30 trading voucher [expires in 30 days from date of issue] |
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US$90 trading voucher [expires in 30 days from date of issue] |
You will need to be a new user for their brokerage services that have not funded your account. I used Webull a number of years before as a price alert service but only recently created a brokerage account for the signup rewards. We will only receive the trading vouchers after about 30 days of depositing the S$2,000. Also, We can track if we have done things correctly and our progress easily.
We can access this page by clicking “Menu” at the bottom bar > “Welcome Rewards” icon > “My Progress”. The cash vouchers are that can be directly withdrawn, unlike stock vouchers where we will need to buy/sell stocks to encash the vouchers.
The new rewards are now trading vouchers which you will need to buy and sell shares to unlock their value. Take note to make sure the trading value is more than the voucher amounts or else you will only get the lower amount.
- Receive trading voucher within 7 working days after the 30 days
- Use trading voucher in trading
- Receive cash in account within 7 working days after using the voucher
Notable Fineprint
**Note: Even if the shares you bought drop in value, you will still qualify for the rewards as long as you don’t make withdrawals before you get the rewards. Capital gains & losses are excluded from calculating the minimum balance. Basically, if you don’t withdraw after the initial deposit, you will qualify.
[Important] Even if you refer your friend and receive rewards before the 30 days, DO NOT WITHDRAW. Your net cumulative deposit has to remain at S$2000.
The formula is as follows
Net cumulative deposit = Accumulated deposits – Accumulated withdrawals (capital gains and losses excluded)
Even if your base is still “untouched”, you technically fail this condition. I learned this the hard way. I withdrew only the referral rewards to share them with my friend who signed up using my code, resulting in my welcome rewards failing. Fortunately, the service staff understood my predicament and sent in a request to manually credit the rewards. Really don’t itchy hand. I failed the requirement on the last day after waiting for 30 days.
^^Note: Clients will enjoy commission-free trades for Stocks, Exchange-Traded Funds (“ETFs”) and Options listed in the United States of America (“US”) markets on the Webull trading platform until further notice. Commission-free trades mean that Clients can trade on the US markets at 0 commission until further notice. Additionally, Clients can trade on the US markets at 0 platform fee, 0 membership fee and 0 contract fee until further notice.
Based on the US stock and option purchase, the only fees paid are to FINRA and SEC, regulatory bodies in the US. This will be elaborated on below.
For the full T&Cs, please view them during the signup process.
Webull, PFOF & Safety Of Funds
PFOF is a revenue source for Webull as they do not charge commissions at the moment. From 1 April 2023 onwards, MAS will revise the guidelines that a broker should not receive PFOF in placing and/or executing orders as it introduces a conflict of interest. Webull might need to start charging commissions. More information might be released at a later date on how Singapore users might be affected. This is an important consideration should you decide to open an account and/or trade with Webull as we might see big changes in the near future. If you decide that it is too risky to fund your account when such big changes are possibly incoming, please do not do so.
Webull will provide the standard US$500,000 of Securities Investor Protection Corporation (SIPC) insurance for clients, with up to US$250,000 of which can be cash.
I weighed the pros and cons and decided to go ahead personally as I am able to earn ~US$150 in sign-up bonus in ~30 days while risking S$2,000 in the initial deposit.
Account Creation – D1
First, you will need the app on your phone. You can download the app using my referral link here.
- You will first be brought to a page highlighting the welcome bonuses and after clicking the “Sign Up” button, you will be brought to another page with the link to download the Webull app.
- After downloading the app, click the “account” at the bottom to start creating your account.
If you don’t want a brokerage account, you can also use the Webull app to keep a watchlist of stocks with price alerts for free. However, if you just use it as a watchlist, there won’t be any rewards.
3. Just follow the instructions accordingly until you reach a page asking you what kind of account and trading products you require.
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- Select “Cash Account”
- Select all “Stocks”, “ETFs” and “Options”
- Proceed accordingly
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Now just wait for your account to be approved. My account was approved almost immediately. You should receive a notification on your app.
Deposit Funds – D1
Once your account is approved, you will be able to deposit your funds to start the ball rolling.
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- To start the deposit process, you will need to access the funding page.
- Access the funding page by clicking Account > Transfers > Deposit
- [Very Important] You will need to fund a minimum of S$2,000 in your first transfer to get the welcome rewards. You cannot do any test transfers to make sure you fund the right account. Therefore, take the extra time and effort to make sure everything is correct before sending over the funds.
- There are three methods of funding
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- eDDA (simplest)
- FAST (secure but troublesome)
- TT (for those without a local account)
I personally used FAST as I didn’t want Webull to have direct access to my bank account. One problem with FAST is that I wasn’t able to copy/paste the bank details on the app. I had to manually type in the account number and recipient name to perform the transfer from my bank. Make sure that the bank account is keyed in correctly as this can be prone to error due to the manual process. If you want the easier way, you can use eDDA. The FAST method is quite a bit more troublesome than the eDDA method.
5. If you use eDDA, after setting up the linkage, you will be able to key in the funding amount from the Webull app and they will deduct the funds from your bank accordingly.
6. If you use FAST, after performing the transfer, you will need to notify Webull of the transfer by clicking the “Notify Webull of Transfer Completion” button.
You will then need to provide Webull with the following information
- Deposit amount
- Date of transfer
- Reference number (automatically generated)
- Screenshot of the transfer confirmation (including account number, amount and reference number)
The funding for me was almost immediate even when I used the FAST to fund my account.
Convert SGD to USD – D1
We will need to convert our SGD to USD to perform the next few steps (buy US stocks and options).
- Access the currency exchange page by clicking Account > Transfers > Currency Exchange
- We will need to convert SGD to USD so change the currencies accordingly.
- Key an amount in the SGD field and the USD amount will be calculated automatically. This amount should be an amount comfortably above US$100 to make sure you have enough to purchase the share.
- Click “Exchange Now” and your USD funds should be available immediately.
The more you convert, the more you will lose to the differences in the spread and the risk of foreign exchange loss. I converted S$300 to get US$213.81 (1 SGD = US$0.7127). The rate was S$1 = US$0.714796 on Xe.com at the time of conversion. Webull made about 0.5% from the conversion.
Buy Share – D1
Now we will need to buy US$100 worth of shares or ETFs on the US market to qualify for the US$100 cash voucher.
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- Search for your stock by clicking “markets” at the bottom bar >magnifying glass.
- Look for a share that is relatively stable (preferably some blue chip). I chose Apple for this purpose.
- [Very Important] We will need to make an order of US$100 in a buy trade in the US Market to qualify for the rewards.
Apple was US$139.07 at the point of purchase so buying an individual share fits the criteria. If you would like to purchase a share that costs below US$100, you will need to make sure the stock price x purchased quantity is above US$100.
4. Stock orders can be placed during extended and regular hours – 4 AM ET to 8 PM ET (5 PM SGT to 9 AM SGT)
5. After arriving on the page for your stock, click “Trade” at the bottom. Most fields should be filled in automatically. Below is an example of how your order should look like.
| Side | Buy |
| Order Type | Limit |
| Limit Price | Automatically filled |
| Quantity | Just make sure the total order is at least US$100 |
| Trading Hours | Include Extended Hours |
| Time-in-Force | Day |
After checking, click “Buy” and then “Confirm”.
6. Once the buy order is filled, you should receive a notification on your phone.
7. You will now qualify for the US$100 cash voucher S$30 trading voucher and now will need to wait for 30 days.
8. There were no transaction fees for buying the stock.
Sell Share – D1
To minimize the risk of losing money, you can sell the stock immediately after your order is filled.
- Access the assets page by clicking on Account > Assets
- Under “My Positions”, click on your stock
- Click on “Sell to Close”
- Most fields should be filled in automatically. Below is an example of how your order should look like.
| Side | Sell |
| Order Type | Limit |
| Limit Price | Automatically filled |
| Quantity | Same as amount bought |
| Trading Hours | Include Extended Hours |
| Time-in-Force | Day |
Your order should be filled shortly. If the order takes too long to fill due to volatility, you can either wait or shift your limit price.
5. Once the sell order is filled, you should receive a notification on your phone.
For reference, I bought the stock for US$139.07 and sold it for US$139.05. I paid US$0.02 in transaction fees (US$0.01 for trading activity fee and US$0.01 for SEC fee) for selling the stock.
Buy Options – D1
While waiting for your stock sale to go through or after selling your stock, we can proceed to buy a US Option to get the US$50 cash voucher.
To be frank, I have no idea how options work so I asked my friend who tested the platform before me how to fulfil all the criteria to get the voucher.
Essentially, we need to perform the same actions but now with options and there is no minimum US$100 trade value. My friend recommended I buy an option for PLTR as it has a low cost.
- Search for the company by clicking “markets” at the bottom bar >magnifying glass.
- Option orders can only be placed during trading hours – 9:30 AM ET to 4 PM ET (10:30 PM SGT to 5 AM SGT)
- After arriving on the page for your stock, click “Option” at the bottom and then scroll down to click on one of the lower numbers.
It can be overwhelming as there are numbers everywhere. I just clicked on one of the numbers which is 0.01. Any low amount should be good. - All fields should be filled in automatically. Below is an example of how your order should look like.
| Side | Buy (Important!) |
| Order Type | Limit |
| Limit Price | Automatically filled (Should be ~ US$0.01) |
| Quantity | 1 |
| Time-in-Force | Day |
5. Once the buy order is filled, you should receive a notification on your phone.
6. You will now qualify for the US$50 cash voucher S$90 trading voucher and now will need to wait for 30 days.
Sell Options – D1
To minimize the risk of losing money, you can sell the option immediately after your order is filled.
- Access the assets page by clicking Account > Assets
- Under “My Positions”, click on the option
- Click on “Close”
- All fields should be filled in automatically. Below is an example of how your order should look like.
| Side | Sell |
| Order Type | Limit |
| Limit Price | Automatically filled (if it is 0.00, bring it up to 0.01) |
| Quantity | 1 |
| Time-in-Force | Day |
5. Once the sell order is filled, you should receive a notification on your phone.
For reference, I bought the option for US$2.04 and sold it for US$0.94.
You might find it difficult to sell your option at $0.01 but it is ok, just let it expire in 3 days and you will lose $2 (cost of option) instead of $1 (spread) in return for the reward.
Setting Up Withdrawal Settings – D1
While waiting for the 30 days to be up, you can add your bank account for withdrawal.
We can access the withdrawal page by clicking the Account > Transfers > Withdraw > Currency > Add Bank Account
You will need to fill in the following information.
- Bank Account Name
- Filled in automatically
- Bank Region
- Singapore/Other countries
- Account Type
- Currency your account accepts
- Bank Account Number
- Bank Address
- You can get this by searching your bank + swift code, it will usually also contain the bank’s address
- Swift Code
- You can get this by searching your bank + swift code
- Recent bank statement within the last 3 months
- Need to download PDF to upload. I needed to download my bank statement using the web version as the POSB app didn’t allow me to download the statement.
Take the time to make sure everything is correct or else you might face delays in your withdrawal.
It should get approved almost immediately. However, DO NOT WITHDRAW ANYTHING before receiving the welcome rewards or else you will fail the welcome rewards mission.
Rewards Received – D34
The reward received is a cash voucher that is automatically added to our cash balances. We can just convert them to the currency of choice and then withdraw them.
You should receive your rewards 30 days AFTER (D31) you fund your account and buy the stock and option. However, you should take note that the rewards received will be in transit and will be accessible within 7 business days (2 business days in my case).
You can view your rewards under Menu > Shortcuts – My Rewards and it should appear under “In Transit”.
We can set up a calendar reminder to check on the rewards in about 30 days after opening your account and doing the necessary transactions.
Update: Instead of cash vouchers, the new rewards are trading vouchers. We can still unlock the cash value from these trading vouchers.
- Receive trading voucher within 7 working days after the 30 days [~D34]
- Use trading voucher in trading [~D34]
- Receive cash in account within 7 working days after using the voucher [~D37]
Currency Conversion – D34
Since the rewards received are in cash, we do not need to buy a stock then sell it to encash the rewards. The rewards are received in USD so we will need to convert the USD to SGD. This is similar to the process where we converted SGD to USD to purchase the stock/option.
- Access the currency exchange page by clicking Account > Transfers > Currency Exchange
- We will need to convert USD to SGD so change the currencies accordingly.
- Click full exchange or the amount you would like to convert.
- Click “Exchange Now” and your SGD funds should be available immediately.
Update: This step will be delayed by 2 – 3 days as there is an additional step of unlocking the value of the trading vouchers.
Withdrawal Date – D34
Since we have already set up the withdrawal settings, it should be very straightforward.
- Access the withdrawal page by clicking the Account > Transfers > Withdraw
- Select the currency you would like to withdraw
- Key in the amount you would like to withdraw or just click withdraw all
- Click “Submit Withdrawal Request”
It would be prudent to do a test withdrawal of a few dollars to make sure your account is set up correctly.
Update: This step will be delayed by 2 – 3 days as there is an additional step of unlocking the value of the trading vouchers.
Money In Bank – D34
They state that it can take 1 – 2 business days for our withdrawal to be processed but from my experience, it reached my bank account almost immediately (within 10 minutes).
I put in S$2,000 on 9 November 2022 and got back S$2,189.47 on 12 December 2022.
Update 2/1/2023: This step will be delayed by 2 – 3 days as there is an additional step of unlocking the value of the trading vouchers. Instead of taking 34 days, it might take you up to 37 days.
Sharing My Referral Bonuses – Limited
If you think that my article is useful, you can sign up with my referral code. I will also be sharing referral bonuses with users that sign up using my referral link.
For 1 January 2023 – 31 January 2023, I will send the first 10 users S$50 eVouchers (number of referrals limited by the platform’s T&Cs) that sign up using my referral link and fund their accounts. I will update this post as fast as I can with the number of sign-ups per campaign period so that we can keep within the sign-up limits. Once this number is close to 10, do drop me an email at consumelesslife@gmail.com just in case.
Number of referrals this campaign period – 0/10
What You Need To Do
For Sharing Rewards – S$50 eVouchers from me (limited to 10)
- Sign up for a Webull account using my link
- Fund your account with an [important] initial minimum deposit of SGD 2,000 in one deposit during the campaign period or first 30 days of account approval.
- Send me an email at consumelesslife@gmail.com ASAP with the following information
- Email address – to receive eVoucher and to verify sign up
- Date of sign up – to verify sign up
- Mobile number used to sign up – to verify sign up
- Voucher choice – FairPrice / CapitaLand
- Check out this guide on how to receive and use CapitaLand eVoucher. Here is a list of malls to check outlets accepting CapitaLand eVouchers. After clicking on the mall, click on “Accepts eCapitaVoucher” to filter the stores.
- For the FairPrice vouchers, you will be able to use them online and offline. You can check out how to use them here.
For New User Sign Up Rewards – USD150 from Webull
- Keep the funds in your account for 30 days
- Execute at least 1 Stock or ETF buy trade on the US Market with a minimum trade value of US$100 within 30 days
- Execute at least 1 Options buy trade on the US Market within the same 30 days
- Keep track of your progress by going to Menu > Promotion Center > Scroll sideways to Welcome Rewards > My Progress
Take note that you should follow ALL steps to receive all rewards.
I will send out the vouchers via email after I receive the rewards from Webull’s side (about 7 business days after you fund your account). Take note that if I do not receive any rewards from Webull’s side due to various reasons (e.g. did not click my referral code, funded S$1,999 into account, you already have an account, funded account after 30 days), I won’t be able to send you the rewards.
TL, DR
The entire timeline for getting the Webull welcome rewards took me 34 days from opening an account to withdrawal. I put in S$2,000 on 9 November 2022 and got back S$2,189.47 on 12 December 2022. I will also be sharing the referral rewards with new users that sign up using my link.
Update 2/1/2023: The entire timeline for the new rewards will take you about 37 days instead.
