Webull is one of the most popular online brokers among millennials globally, which is also attributed to the launch of the Webull app. Although Webull ranks second in active monthly users with 2,7 Million (a number only eclipsed by RobinHood), this relatively new online broker is dominating when it comes to growth with an increase in newly joined users of 265% year-over-year.
If you are eager to join now or your application is yet to be approved, you are probably wondering one thing: How long does Webull take to approve your account application?
While it varies from person to person, most Webull users get their account applications approved within an hour, barring any further verification. Although this is the case with the majority, there are exceptions. The whole process may take between a couple of hours to several days or even a week due to a heavy workload or issues with input data.
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This explanation seems too vague in providing a precise answer for how long Webull will take to approve your account application. The uncertainty regarding the account approval time made me create an article that will give you a clear idea of what to expect. I will go over several factors that you should consider when intending to join Webull. We have to take a closer look at several examples, so let’s not waste any more time!
How Long Does Webull Take To Approve Your Account Application?
Almost every Webull review out there states that your account application will get approved in no more than 60 minutes. While it reflects the reality to an extent, as Webull indeed takes an hour to approve your account application more often than not, this is more of a generalized timeframe.
If you are looking for an answer on the official Webull desktop or the mobile application platform, you will also be unsuccessful in figuring out the exact approval time. According to the statement in the Help Center section in Webull, your “account application is approved automatically.” They specify that the application approval process may be extended due to additional verification, but there is no actual timeframe.
To find a more accurate answer, I will look at a couple of instances where the approval process may take longer because of various complications. These cases will allow you to form reasonable expectations as to why Webull may delay the approval of your account application.
If there is a spike of users joining the trading platform around the same time as you, you may have to wait for more than 24 hours at least before you are allowed to use your account. I already mentioned that Webull is the fastest growing trading platform year to year, so such delays are not out of the realm of possibility.
Such delays may also occur if the application is submitted during the weekend, as reported by Webull users. Your account application will be approved in no more than one to two days.
There is a chance that the application approval process takes longer than usual because of wrong information. Many users fail to notice that they haven’t input the correct data, which inadvertently delays the approval time.
Believe it or not, some people report that they have waited for more than a week before realizing their mistake. Once you recognize that you have made a mistake, it is advisable to contact the customer support team, which usually resolves the issue in less than an hour, depending on the workload.
More often than not, you won’t have to deal with any of the mentioned inconveniences, and Webull will approve your account application within 60 minutes. Although this may be the case, you are better off knowing what might cause a delay and how to handle the situation. Reaching out to the Webull customer support team will fix the issue 9 times out of 10.
How Long Does Webull Take to Approve Other Processes?
The timeframes for other processes of significance on Webull are specified, meaning you won’t have to second-guess whether there will be a delay or not.
The one question that every investor is most interested in is how long does Webull take to transfer money. Depending on the type of transfer method used, it takes between one and five business days.
Stock transfers take between five to seven business days, barring any complications. If there is a difference between your Webull account and your outgoing account, occurring delays are a sure thing. Any activity in your outgoing account, such as unsettled stocks or ACH transactions, may also cause complications.
Let’s say that you want to upgrade your regular cash account to a margin account. The whole procedure takes no more than six days.
What about linking Webull to your bank account? Four business days.
Unsurprisingly, waiting for cash to settle takes the least out of all the mentioned procedures.
What Does Webull Offer That RobinHood Doesn’t?
While Webull and RobinHood are similar in quite a few aspects, including the ever-so-desired trading after hours, Webull allows its users to short stocks. RobinHood users can’t take advantage of this particular trading strategy.
RobinHood also has a limited cryptocurrency selection in comparison to Webull.
Both platforms offer a delayed approval time, so there is that.
Conclusion
A simple question regarding the application approval time on Webull surprisingly has quite a complicated and somewhat unclear answer.
While pretty much every Webull review guarantees that your account will get approved in less than 60 minutes, the reality can be quite different for some users. A couple of hours is an acceptable delay at face value. However, when it comes to trading, a few minutes can be crucial.
Several days or even a week? A whole other story.
It is important to consider the reasons behind such delays. Webull has the fastest-growing community, so it is understandable when the approval of some account applications is postponed. The workload can be unbearable at times.
If the user has made a mistake when inputting personal information, approving an application becomes a complicated task without additional elaboration from the user. When you find yourself in a situation that you can’t handle by yourself, a quick message to the Webull customer support team will more often than not provide an effective solution.