Webull 2% transfer bonus / 3.5% IRA transfer bonus up to $100,000

jetpack

Recycles dryer sheets
Joined
Aug 2, 2013
Messages
440
Wondering if you all had seen this transfer offer? Seems pretty crazy!

Earn 3.5% BONUS on IRA​

2.0% BONUS on Non-IRA​

For a Limited Time Only, Switch to Webull to Claim Your Bonus

It's paid out over a few years, so you have to keep the money with them.

I have a couple of friends that like them and use them for trading, so, they seem pretty legit.

It's up to $5mil on non IRA and $1mill for IRA. so $100k and $35k bonuses respectfully
They also 3.5% match on additional IRA contributions.

I'm using Vandguard / Fidelity for most things, but this is really quite an incentive!
 
It looks like they don't support mutual funds or brokered cd's, but efts, stocks options etc, which would limit me a bit.
 
Just be sure you know what you're getting into. When they say no mutual funds or bonds, that says a lot. And paying the bonus out over a five year period is another hurdle.

From Forbes:
Screenshot 2024-08-08 at 12.13.36.png
 
I think that review id a little dated, as they do offer us treasure bonds. Also the payout for non IRA is only 2 years.
 
It looks like they don't support mutual funds or brokered cd's, but efts, stocks options etc, which would limit me a bit.
Yeah, that doesn't w*rk for me. Too bad. Sounds like a pretty good bonus though YMMV.
 
Transferring money from reputable firm like Vanguard or Fidelity into some unknown company which may cease to exist tomorrow? Big NO for me, regardless of any bonus.
 
Transferring money from reputable firm like Vanguard or Fidelity into some unknown company which may cease to exist tomorrow? Big NO for me, regardless of any bonus.
+1
 
Transferring money from reputable firm like Vanguard or Fidelity into some unknown company which may cease to exist tomorrow? Big NO for me, regardless of any bonus.
Yeah, I've pretty much adopted the adage of "When in doubt, don't."
 
Transferring money from reputable firm like Vanguard or Fidelity into some unknown company which may cease to exist tomorrow? Big NO for me, regardless of any bonus.

Not questioning anyone's decision on this. However, Webull is a SIPC member which protects securities up to $500,000 including cash up to $250,000. This is no different than any of the well-known brokerages. Only difference on this is that the well-known brokerages generally have excess-SIPC insurance to provide higher limits of coverage.

If the no-name brokerage, which is a SIPC member, were to cease to exist, it would have little or no effect on your holdings. Generally the SIPC insurance wouldn't even kick in, as the investor is the registered owner of any securities held. Cash is the main thing you are getting protection for - similar to FDIC in the case of a failed bank. The SIPC is there to protect against fraudulent/criminal activity by the brokerage.
 
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