Webull Hong Kong Review: Zero Commission Trading With Real Tradeoffs
Contents
Webull Hong Kong has built its pitch around a simple proposition: pay nothing in commission or platform fees on both HK and US stock trades — permanently. In a market where moomoo, Tiger, and Longbridge each charge at least something on HK stocks (whether commission, platform fees, or both), Webull's double-zero structure stands out on paper.
But zero-commission trading is only part of the picture. Webull HK has a HK$10,000 minimum deposit requirement that competitors have dropped entirely. Its IPO handling fees are higher than both moomoo and Tiger. And its Hong Kong user community is smaller, which matters for investors who rely on local sentiment and discussion.
This review covers the full picture — what Webull HK genuinely does better, where it falls short, and who should actually consider it.
Table of Contents
- How We Evaluated Webull HK
- Fee Comparison: Webull vs moomoo vs Tiger
- Account Opening
- Trading Experience
- IPO Subscription
- Pros and Cons
- Who Should Use Webull HK
- FAQ
How We Evaluated Webull HK {#how-we-evaluated}
We assessed Webull Hong Kong across the following dimensions:
- Fee structure — commission, platform fees, IPO fees, data costs, and any hidden charges compared to major competitors
- Account opening — minimum deposit, document requirements, and onboarding friction
- Trading experience — app interface quality, charting tools, order types, and 24-hour US trading
- IPO capabilities — subscription process, handling fees, margin leverage, and how it compares to specialists like moomoo and Tiger
- Regulatory standing — SFC licensing, investor protection, and corporate backing
- Genuine downsides — honest assessment of where Webull HK falls short
Fee Comparison: Webull vs moomoo vs Tiger {#fee-comparison}
This is where Webull HK's core advantage is clearest. Here is the full fee comparison:
| Fee Type | Webull HK | moomoo (HK) | Tiger Brokers (HK) |
|---|---|---|---|
| HK Stock Commission | HK$0 | 0.03% (min HK$3) | 0.03% (min HK$3) |
| HK Platform Fee | HK$0 | HK$15/order | HK$15/order |
| US Stock Commission | $0 | $0 | $0 |
| US Platform Fee | $0 | $0 | $0.005/share |
| IPO Subscription Fee | HK$0 | HK$0 | HK$0 |
| IPO Handling Fee | HK$50 (cash) / HK$100 (margin) | HK$0 | HK$0 |
| Withdrawal Fee | HK$0 (1 free/month) | HK$30 | HK$20 |
| Real-time HK Data | Free | Free | Free |
| Real-time US Data | Free | Free | Free |
| Minimum Deposit | HK$10,000 | HK$0 | HK$0 |
The real cost on regular HK stock trades: On a HK$50,000 HK stock trade, Webull costs HK$0 in commission and platform fees. moomoo costs approximately HK$15 commission + HK$15 platform fee = HK$30. Tiger costs HK$15 commission + HK$15 platform fee = HK$30. Exchange levies (stamp duty, SFC levy, etc.) apply equally to all brokers.
For someone making 20 HK stock trades per month, the annual savings with Webull over moomoo or Tiger would be roughly HK$7,200 in avoided commission and platform fees. That is real money.
The IPO cost caveat: Where Webull gives with one hand, it takes with the other. IPO handling fees of HK$50 per cash subscription (or HK$100 for margin) are charged regardless of whether you receive an allotment. moomoo and Tiger charge nothing. For an investor who subscribes to 12 IPOs per year, that is HK$600-1,200 in fees that competitors do not charge.
Minimum deposit gap: Webull requires HK$10,000 to open an account. moomoo and Tiger both require HK$0. This is not a deal-breaker for most investors, but it is a meaningful barrier for those starting with smaller amounts.
Account Opening {#account-opening}
Opening a Webull HK account requires the following:
Documents needed:
- Hong Kong ID card (HKID) or passport
- Proof of address (bank statement, utility bill, or government correspondence within 3 months)
- Selfie for identity verification
Process:
- Download the Webull app or visit the Webull HK website
- Fill in personal information and upload identification documents
- Complete the suitability assessment questionnaire (standard SFC requirement)
- Fund your account with at least HK$10,000 via bank transfer
Timeline: Account approval typically takes 1-3 business days. Some users report same-day approval during weekday business hours.
The minimum deposit friction: The HK$10,000 requirement is worth repeating. Both moomoo and Tiger Brokers allow account opening with zero deposit, letting you explore the platform before committing capital. Webull requires the commitment upfront.
Trading Experience {#trading-experience}
App Interface
Webull's mobile app is its strongest non-fee feature. The interface is clean, well-organised, and noticeably less cluttered than moomoo's information-dense screens. Navigation between portfolio, watchlist, and order screens is intuitive.
What Webull does well:
- Visual clarity — clean design with good use of whitespace, less overwhelming for newer investors
- Charting tools — solid built-in charts with common technical indicators, multiple timeframes, and drawing tools
- Order types — market, limit, stop, stop-limit, and trailing stop orders available
- Watchlist management — customisable lists with real-time price streaming
Where it is less strong:
- Research depth — fewer in-app research tools, analyst ratings, and screening capabilities compared to moomoo
- Community features — much smaller user community than moomoo's active forums
- Desktop app — functional but not as feature-rich as moomoo's desktop platform
For dedicated charting and technical analysis beyond what any broker app offers, most active traders complement their broker with TradingView — the free plan supports multi-timeframe candlestick charts, 100+ indicators, and simultaneous HK and US watchlists.
24-Hour US Stock Trading
Webull HK supports extended-hours US trading that goes beyond what most HK brokers offer:
- Pre-market: 4:00 AM - 9:30 AM ET (4:00 PM - 9:30 PM HKT)
- Regular hours: 9:30 AM - 4:00 PM ET (9:30 PM - 4:00 AM HKT)
- After-hours: 4:00 PM - 8:00 PM ET (4:00 AM - 8:00 AM HKT)
The extended hours coverage is particularly useful for HK-based investors who want to react to US earnings releases, economic data, or market-moving events without waiting for the next regular session. moomoo also offers extended hours trading, but Webull's coverage window is among the widest available.
Free Level 2 Market Data
Webull provides free real-time Level 2 (market depth) data for both HK and US markets. This shows the order book — bid and ask prices at multiple price levels — which active traders use to gauge supply and demand pressure.
This matches moomoo's free Level 2 offering and is a clear advantage over Tiger Brokers, which charges approximately HK$40/month for HK Level 2 data. For data-reliant traders, this saves roughly HK$480 per year.
IPO Subscription {#ipo-subscription}
This is Webull HK's weakest area compared to competitors, and honesty requires saying so clearly.
IPO Handling Fees
| IPO Type | Webull HK | moomoo | Tiger Brokers |
|---|---|---|---|
| Cash subscription handling fee | HK$50 | HK$0 | HK$0 |
| Margin subscription handling fee | HK$100 | HK$0 | HK$0 |
| Subscription fee | HK$0 | HK$0 | HK$0 |
The HK$50 cash handling fee and HK$100 margin handling fee are charged per application, regardless of whether you receive an allotment. Both moomoo and Tiger charge nothing for IPO handling.
For occasional IPO subscribers (2-3 per year), this amounts to HK$100-300 annually — annoying but not catastrophic. For active IPO investors who subscribe to 10+ offerings per year, the cost is HK$500-1,000+ annually, which begins to erode the savings from zero regular trading commissions.
Margin Leverage for IPO
Webull offers standard margin leverage for IPO subscriptions, but it is generally lower than what moomoo offers. moomoo provides up to 20x margin leverage for selected high-demand IPOs, which substantially increases allotment probability in oversubscribed offerings. Webull's IPO margin terms are less aggressive, making it a weaker choice for leverage-focused IPO strategies.
Bottom Line on IPO
If your primary investment strategy revolves around HK IPO subscriptions, Webull is not the optimal platform. The combination of handling fees and lower margin leverage puts it behind both moomoo and Tiger for IPO-focused investing. Webull's strengths lie elsewhere — in regular stock trading.
Pros and Cons {#pros-and-cons}
Genuine pros:
- Truly zero commission + zero platform fee on both HK and US stocks — permanent, not promotional. This is unmatched among major HK brokers for regular trading
- Clean, intuitive app interface that is easier to navigate than moomoo's denser screens
- 24-hour US stock trading with one of the widest extended-hours windows
- Free Level 2 market data for both HK and US (saves ~HK$480/year vs Tiger)
- Good charting tools built into the app
- SFC-regulated with publicly listed US parent company
Genuine cons:
- HK$10,000 minimum deposit when moomoo and Tiger require HK$0 — a real barrier for smaller accounts
- IPO handling fees (HK$50 cash / HK$100 margin) when competitors charge nothing
- Lower IPO margin leverage than moomoo's up to 20x offering
- No mutual funds — if you want bond funds or money market funds, look elsewhere
- No naked options trading — limited derivatives access compared to IBKR
- Smaller Hong Kong user community — less in-app discussion, fewer local insights compared to moomoo
- Customer service responsiveness has been reported as slower than moomoo's
- One free withdrawal per month; additional withdrawals may incur fees
Who Should Use Webull HK {#who-should-use}
Good fit:
- Active HK and US stock traders who make frequent trades and want the absolute lowest regular trading cost. If you trade 15+ times per month, Webull's zero-fee structure saves thousands of HK$ annually
- Investors who prioritise a clean, visually simple app over information density
- US stock traders who want 24-hour access with good extended-hours coverage
- Cost-conscious investors who do not plan to do frequent IPO subscriptions
Not ideal for:
- IPO-focused investors — the handling fees and lower margin leverage make moomoo or Tiger Brokers better choices
- Investors starting with less than HK$10,000 — the minimum deposit requirement locks you out
- Mutual fund or bond investors — Webull does not offer these products
- Derivatives-heavy traders who want options strategies beyond covered calls
- Investors who value a large local community for sentiment and discussion — moomoo's community is significantly more active
For a broader comparison of HK broker options, see our Hong Kong broker comparison guide and Tiger Brokers vs moomoo comparison.
FAQ {#faq}
Is Webull Hong Kong safe and regulated?
Yes. Webull Securities (Hong Kong) Limited holds an SFC (Securities and Futures Commission) licence, number BNG700, for dealing in securities. Client securities are held in segregated accounts through CCASS, and the SFC's Investor Compensation Fund provides coverage up to HK$500,000 per investor in the event of broker default. Webull's US parent company, Bull Holdings, is publicly listed under the ticker APP, providing an additional layer of corporate transparency through SEC-mandated financial disclosures. The regulatory framework is the same as that covering moomoo, Tiger Brokers, and other SFC-licensed brokers in Hong Kong.
What is the minimum deposit for Webull HK?
HK$10,000. This is a notable difference from moomoo and Tiger Brokers, both of which require HK$0 minimum deposit to open an account. The HK$10,000 requirement means you need to commit capital before you can explore the platform, whereas competitors let you open an account and look around first.
Does Webull HK charge for IPO subscriptions?
Webull does not charge an IPO subscription fee, but it charges a handling fee: HK$50 for cash subscriptions and HK$100 for margin (leveraged) subscriptions. This fee is charged per application regardless of whether you receive an allotment. Both moomoo and Tiger Brokers charge HK$0 for IPO handling. If IPO investing is a major part of your strategy, this cost disadvantage is significant.
How does Webull HK compare to moomoo and Tiger Brokers?
Webull wins clearly on regular trading costs — HK$0 commission and HK$0 platform fee vs moomoo's ~HK$30 and Tiger's ~HK$30 per HK stock trade. However, moomoo and Tiger win on IPO (HK$0 handling fees, higher margin leverage), minimum deposit (HK$0 vs HK$10,000), community size, and feature breadth. Choose Webull if you trade frequently and do not care about IPO; choose moomoo or Tiger if IPO subscriptions are important or you want a richer ecosystem. For a detailed head-to-head, see our broker comparison.
Can I trade US stocks 24 hours on Webull HK?
Webull HK offers extended-hours US stock trading covering pre-market (4:00 AM ET), regular hours, and after-hours (until 8:00 PM ET). While not literally 24 hours around the clock, this provides roughly 16 hours of trading access per US trading day — one of the widest windows among HK-based brokers. This is particularly useful for reacting to earnings releases or economic data announced outside regular market hours.
Does Webull HK offer margin financing for IPO?
Yes, Webull offers margin financing for HK IPO subscriptions. However, the leverage ratios are generally lower than what moomoo provides (moomoo offers up to 20x for selected IPOs). The margin handling fee is HK$100 per application, compared to HK$0 at moomoo and Tiger Brokers. For investors who rely on high leverage to increase IPO allotment probability, moomoo's terms are more competitive.
Related Reading
- Hong Kong Stock Broker Comparison
- Tiger Brokers HK Review
- Tiger vs moomoo: Hong Kong IPO Comparison
- moomoo Australia Review
Disclaimer: This article is for informational purposes only and does not constitute financial advice or a product recommendation. Fee schedules, platform features, and IPO terms change frequently — verify all current information directly with Webull Securities (Hong Kong) before opening an account. This article contains affiliate links; we may receive a commission if you open an account through certain links, at no additional cost to you. Investing in securities involves risk, including possible loss of principal. Fee data last verified February 2026.