Webull is regulated by the United States SEC (Securities and Exchange Commission) and is a member of the SIPC which protects (up to $500,000, which includes a $250,000 limit for cash) agaist the loss of cash and securities held by the customer.
Day trading is possible in Webull, however the number of day trades varies depending on the account type and value.
With a margin account, both settled and unsettled funds can be used for day trading. For the net account value of $25,000 or more, unlimited access to day trading is provided. For the net account values less than $25,000, only 3 day trades are permitted within 5 successive business days.
With a cash account, only settled funds can be used for day trading. When the settled funds are used up that day, day trading ability ends for the day.
Penny Stocks, also known as micro-cap stocks, nano-cap stocks, small cap stocks, or OTC stocks, are stocks with a share price below $5.00. Due to the inherent risks of penny stocks, Webull does not offer penny stocks.
However due to price volatility the stocks you are holding may turn to penny stocks. If you would like to close the position on those penny stocks, you have to contact Webull Help Center.