US Shares Commission Change

What are the changes to commission?

While the commission rate is not changing and remains at 0.025% or 2.5bps, we will be introducing a minimum charge per trade of $0.10, where previously there was no minimum. This minimum will be charged on each order when executed.

Orders with Multiple Fills

The minimum charge will apply to the portion of any order that is executed each day.

Example:

If you leave an order for the day to buy 100 shares, and only 70 are filled, the minimum of 10c will apply.

If the same order is left Good Till Cancelled (GTC), and 70 shares are filled on day one, with the remaining 30 shares willed filled the following day, two minimum charges of 10c will apply, one for each day.

If the same order is filled in three tranches during one day, only one minimum will apply.

How will this change what I am charged?

To put this in monetary terms, trades with a value under $400 will be charged $0.10 commission. Trades over $400 will continue to pay 2.5bps.

Why are you making this change?

We are charged a flat rate per trade for settlement and custody. By charging a low minimum fee, this ensures that we do not actively lose money should an investor make numerous, frequent tiny trades. This low minimum helps us ensure the trading platform is sustainable for all customers.

The average size trade on Webull's platform is considerably more than $400. We want to ensure that the small number of customers placing large numbers of trades significantly below the average does not subsidise the majority.