Webull and TD Ameritrade both have sophisticated tools for investors who want a technically advanced trading platform, and both utilize how tech can help inventors make more informed investment decisions.
However, these two investment platforms have key differences that make each one of them shine, and have seen recent upgrades to benefit their clients even more. To help you decide which is the best for you, our Webull vs TD Ameritrade comparison takes a close look at the factors that matter most: cost, account types, tradable securities, and more.
Webull vs. TD Ameritrade: Overview
Header |  Webull |  TD Ameritrade |
|---|---|---|
Rating | 4.5 stars | 5.0 stars |
Commissions | $0 stocks and ETF trades | $0 stocks and ETF trades |
Account minimum | $0 | $0 |
Account types | Individual taxable account, margin, IRAs (traditional, Roth, Rollover) | Individual taxable account, joint, margin, IRAs (traditional, Roth, rollover, SEP), custodial, savings, credit card, checking |
Investment products | Stocks, ETFs, fractional shares, cryptocurrency | Stocks, ETFs, mutual funds, commodities & metals, bonds, and futures |
What is Webull?
Webull, launched in 2017, is a mobile-first online stock trading platform. It’s already made a name for itself with zero-commission trades, no deposit minimums, and low fees overall. But one of the first things you’ll notice about Webull is its robust, mobile-friendly trading platform.
Webull has grown its list of features since it launched, and its newest iteration, Webull 8.0 launched in 2022 with additional features like over 20 more technical indicators, expanded market news, streamlined earnings analysis, strengthened community features, and more.
Investors can now trade stocks, options, ETFs, and crypto on Webull. They also let you trade on margin, and invest in an IRA (Roth, traditional, and rollover).
Read our full Webull Review for more information.
What is TD Ameritrade?
TD Ameritrade has been around for decades, starting as First Omaha Securities back in 1975. Charles Schwab acquired it in 2020, and as of now, TD Ameritrade will continue operating as a separate entity.
One of TD Ameritrade’s most significant selling points — the thinkorswim trading platform — is here to stay. TD Ameritrade’s long list of tradable securities and thinkorswim continue to make it one of the most popular online brokerages for active and self-directed investors.
Webull vs. TD Ameritrade: Commissions and fees
Header | Webull | TD Ameritrade |
|---|---|---|
Stock commission | $0 | $0 |
ETF commission | $0 | $0 |
Mutual fund commission | N/A | $49.99 no-load |
Options commissions | $0 | $0.65 per options contract |
Crypto commissions | 1% | N/A |
Bonds commissions | N/A | $0 on auction |
Futures commissions | N/A | $2.25 fee per contract |
Broker-assisted trades | N/A | $25 |
Margin rates | 3.99-6.99% | 7.50-9.5% |
Account transfer fee | $75 | $75 (full only) |
Account maintenance fee | $0 | $0 |
Inactivity fee | $0 | $0 |
Like many other brokerages, Webull and TD Ameritrade have eliminated most commissions, and it’s free to sign up with either one.
TD Ameritrade is more expensive when it comes to fees, but part of that is because you have more options. Mutual funds, for example, aren’t available at Webull, and neither are broker-assisted trades.
Webull is significantly more expensive when it comes to their margin interest rates, and this is important if you’re borrowing money from your brokerage.
Webull vs. TD Ameritrade: Available investment products
As you can see from that last section, TD Ameritrade set itself apart with more investment options. Webull lets you buy and sell whole and fractional shares of stocks, ETFs, options, and cryptocurrency, which isn’t available at TD Ameritrade.
Here's a full list of what's available though TD Ameritrade:
- Stocks
- Bonds
- ETFs
- Mutual funds
- Options
- Futures
- Forex
- Foreign ADRs
- IPOs (for qualified accounts)
- Commodities
- Metals
Not all investors will be interested in some of the exotic investments, but having access to mutual funds and bonds will help you build a nicely diverse portfolio. TD Ameritrade also has over 4,000 no-transaction-fee mutual funds, which is more than you’ll find at Vanguard or Fidelity.
TD Ameritrade vs Webull: Account types
If you are looking for more than an individual brokerage account or IRA, TD Ameritrade has nearly every account type you could want. Webull just doesn’t compare with its limited individual accounts and IRAs (Roth, traditional, and rollover).
Here are the kind of brokerage accounts you can open at TD Ameritrade:
- Standard accounts: Individual, Joint Tenant, Tenants in Common, Community Property Account, Tenants by Entireties, and Guardianship or Conservatorship
- Retirement accounts: Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, Solo 401k, SIMPLE IRA, Pension or Profit Plans
- Education accounts: 529 Plan, Coverdell Education Savings Account, and UGMA/UTMA
- Specialty accounts: Trust, limited partnership, partnership, investment club, limited liability, sole proprietorship, corporate (profit or non-profit), non-incorporated, small business plans, and charitable
- Managed portfolios: Essential, selective, and personalized — all have minimum account requirements
- Cash management accounts
TD Ameritrade also has a robo-advisory platform for those who want a hands-off experience. Read more at Best Robo Advisors for 2023.
TD Ameritrade even offers five branded credit cards now.
Webull vs TD Ameritrade: Mobile app and trading platforms
Webull and TD Ameritrade both have innovative trading platforms that offer active investors a lot of features. It’s clear they’ve both taken a user-first approach in development.
TD Ameritrade has two main trading platforms, and both have a corresponding mobile app. Beginner and casual investors can find everything they need on the TDAmeritrade.com trading platform. There, you can screen and trade assets, and it has research from Morningstar, Thomson Reuters, and CRFA. There’s also a tool to track capital gains and losses to help you at tax time.
Then there’s thinkorswim for serious investors. It’s a robust platform and mobile app with technical analysis tools and studies, paper trading, real-time news, quotes, customizable screeners and charting, and more.
Thinkorwim is a professional-level program, and you can use it to trade forex and futures. Plus, you can employ multi-leg strategies on options and trade with different pre-programmed support. It has 400+ different technical tools, and you even build your own algorithms.
Mobile app ratings
Webull Mobile
- 4.7 iOS
- 4.4 Android
TD Ameritrade Mobile
- 4.5 iOS
- 3.6 Android
thinkorswim
- 4.7 iOS store
- 3.8 Android
Webull’s platform includes real-time quotes, a macro view of the market with which sectors are lagging and leading, paper trading, and lots of charting options (candlesticks, bar, line, and Heikin Ashi).
Webull does have strong research and analysis offerings from Nasdaq Totalview, Thomson Reuters, Refinitive, Lipper, and OPRA. The latter is free with one or more options trades per month.
TD Ameritrade’s platform offers more than Webull does. It goes beyond what most brokerage apps offer, and splitting the platform for seasoned and average investors means everyone can feel comfortable with the options they want. But the only slight edge is that Webull has a more user-friendly interface.
Webull vs. TD Ameritrade: Additional features
You can tell these platforms already offer a lot, but let’s take a quick look at some stand out additional features.
Extended trading hours
Webull’s pre-market hours are 4:00 a.m. to 9:30 a.m., and after-hours trading is between 4:00 p.m. to 8:00 p.m. TD Ameritrade has the same after-market hours, but pre-market hours are limited from 7:00 a.m. to 9:30 a.m.
Educational content
TD Ameritrade also has some pretty impressive educational content, including videos, articles, slideshows, quizzes, online seminars, and in-branch presentations. You can even select your level of investing expertise and let TD Ameritrade guide you through the curriculum.
Webull has courses designed for topics about ETF trading, order types, cryptocurrency, exploring data points, using the software, and more.
Cash management
TD Ameritrade has cash management services, including free online bill pay, unlimited check writing, and reimbursed ATM charges nationwide. They also have a cash sweep program with three options to earn interest on cash balances:
- Insured Deposit Account
- TD Ameritrade Cash — cash is held in your brokerage, earns simple interest, and is protected by SIPC coverage
- Money Market Fund
In-person support
TD Ameritrade has brick-and-mortar locations if you ever really want in-person support. Schwab is closing most of TD’s branches, but about 55 will remain open, and the rest will be co-located into a nearby Schwab branch. Schwab has over 360 branches.
M$M tip: No matter which brokerage you invest with, we highly recommend checking out Personal Capital. It’s a free tool to track your net worth, analyze your investment fees, and keep track of where you’re at on the path towards retirement.
The final word: Is Webull better than TD Ameritrade?
We truly believe that the best online brokerage is the one that meets your needs as an investor. Do you want access to nearly every security available? Or is something like cryptocurrency more important to you?
The reality is that you can have them both, and many investors do use more than one platform, especially since many of the more traditional brokerages still aren’t offering cryptocurrency.
Offering crypto sets Webull apart from TD Ameritrade, but TD Ameritrade is still a rare find in today’s investing sphere. Thinkorswim is for tech-savvy active investors, but there’s another platform that’s easy for new investors. I imagine we will only see more out of TD Ameritrade now that Schwab owns it, and that’s exciting for all of us.
FAQs
Webull doesn’t charge commissions, annual fees, sign-up fees, etc. You will encounter regulatory fees from the SEC and FINRA, and that’s standard. But like any other free brokerage, Webull still makes money on its customers (how they stay free). They do it through payment for order flow (PFOF), which is selling your trades to a high-frequency trader to execute at better rates. Webull also makes money on margin fees, short selling fees, earning interest on your uninvested cash, and miscellaneous administrative fees.
Thinkorswim is impressive, seriously. It’s designed for active traders and has way more technical tools than Webull’s platform does. Webull still has a lot to overwhelm most casual investors, but the platform has an easier-to-use interface.
If you’re an active investor, there’s a lot more to love about Webull. The trading platform is, by far, much more advanced than Robinhood's. Webull also offers traditional, Roth, and rollover IRAs.
Both have cryptocurrency, margin lending, fractional shares, and options trading. But Robinhood will stand out to some investors with its cash management account.
Overall, Robinhood is better for new investors. The app is designed with them in mind, while active investors can get a lot out of Webull’s tech-heavy trading platform.
About Millennial Money Man
Bobby Hoyt is a former band director who paid off $40,000 of student loan debt in 18 months on his teaching salary and then left his job to run Millennial Money Man full-time. He helps other Millennials earn more through side hustles, save more through budgeting tools and apps, and pay off debt. He is a personal finance expert who has been seen on Forbes, Reuters, MarketWatch, CNBC, International Business Times, Business Insider, US News, Yahoo Finance, and many other personal finance and entrepreneurship media outlets.
