From 1 November 2022 16:00 SG Time to 1 December 2022 15:59 SG Time, new users who register an account with Webull Singapore will receive:
- USD 150 Cash Voucher
- 1-month Level 2 US Market Data subscription
Here’s how to get Webull Welcome Rewards
Step 1: Registration
Click here to register a new account.
After clicking “Sign Up” you will be directed to registration page.
Here are what you need to do:
- Fill in your phone number
- Click “Send Code” and the system will send a code via SMS to you
- Key in the verification code
- Click “Next”
You have successfully registered for a new account! Now, it’s time to set up your account.
Step 2: Setup Your Account
The next step is to setup your account. To do so, here are the steps you need to take:
- Download Webull App on your mobile
- Login with your mobile number
- Click on the “Open Account” tab at the bottom center of the screen
- Fill up your particulars. For simplicity, you can login with your Singpass.
- After submitting your particulars, wait for Webull’s approval (my approval took 21 hours). You will receive an email from Webull to tell you about your account’s approval.
Step 3: Make a Deposit
After your account is approved, it’s time to make a deposit. Inside Webull app, select “Webull” tab at the center bottom of the screen.
There are 3 ways to make deposit: eDDA, Fast or Telegraphic Transfer. Personally, I prefer DDA because it’s so much faster. But I’ll explain each methods.
eDDA method means you’re authorizing Webull to transfer money from your bank account into your Webull account. Setting it up is very easy, just click on “eDDA” then follow the instructions, login to your internet banking, set the amount limit and you’re done.
FAST method means that you need to manually transfer money from your bank account using FAST option. This is only applicable for deposit made in SGD. After you’ve done the transfer, you need to click “Notify Webull of Transfer Completion” and the money will be reflected into your account within 5 to 10 minutes.
Telegraphic Transfer (TT) method means that you need to manually transfer money from your bank account using the traditional Telegraphic Transfer method. This is applicable for deposit made in SGD, USD or HKD. After you’ve done the transfer, you need to click “Notify Webull of Transfer Completion” and the money will be reflected into your account within 1-3 days.
Please note: The registered name of the bank account holder and Webull account must be the same for all deposits and withdrawals. Deposits must be from your own individual bank account, not third-party bank accounts, joint accounts or third-party payment platforms.
After depositing your SGD, you need to convert it to USD to purchase stock in the US market. Here’s how.
Step 4: Execute 1 Buy Trade
Next, execute your first BUY trade of either Stocks / ETF / Options on US Market, with a minimum value of USD100.
Once your Buy Trade is completed, you are entitled to USD100 cash voucher. It will only be credited when you’ve completed Step 6.
To execute a Buy Trade, go to “Watchlists” tab, click on the search function at the top corner and type in the name of the stock that you want to buy.
Then, select “Trade” and select “Buy” tab. Choose the order type and key in the quantity and price (if using Limit order). Check the numbers that you’ve keyed in, and finally tap the “Buy” button at the bottom.
Remember, you need to BUY, and not sell. So, selling or shorting will not count. And you need to do it on US Market, not SG or HK market.
Step 5: Execute 1 Option Buy Trade
To get the remaining USD50 cash voucher, you need to execute 1 Option BUY Trade on US Market. There’s no minimum value of trade, so you can buy option of any stock.
Once completed, you will be entitled to USD50 cash voucher. But it only be credited after you’ve completed Step 6 below.
The process of buying option is similar to buying a stock. Here’s the step by step:
- Go to Watchlist and select the stock that you want to buy option for
- Select “Option” and you will see the option chain
- Select the option that you want to buy. The price displayed on the option chain is the price for 1 share. In option trading, 1 contract is for 100 shares. And you need to trade a minimum of 1 contract for each trade. That means, the price you will pay is 100 times the price shown on the chain.
- Choose the order type and key in the quantity and price (if using Limit order). Check the numbers that you’ve keyed in, and finally tap the “Buy” button at the bottom.
Step 6: Maintain Your Account for 30 Days
Next, you need to maintain you Net Cumulative Deposit at SGD 2,000 or above for 30 days after the initial deposit. That means, all your total deposit minus total withdrawal should be at least SGD 2,000.
It is alright if your portfolio falls below SGD 2,000 during the holding period, as long as your Net Deposit is at least SGD 2,000. If you don’t perform any withdrawal, your net deposit remains SGD 2,000.
After meeting all of the above requirements, your cash voucher will be credited to your account within 7 business days. Congrats! REMEMBER to use the cash voucher WITHIN 30 days. After 30 days, the unused cash voucher will be expired =(
Checking Your Progress
If you’re worried whether you have completed certain task correctly or not, you can actually check your progress in the Webull App.
Here’s how to do it: Go to Menu, and tap on “Welcome Rewards” button. Then, tap on “My Progress” button at the top right corner.
You can also see how many days left until you can be entitled to the rewards.
To read the full Terms & Conditions of this promotion, click here and scroll to the end to find the link to the T&Cs.
If you find this post helpful, feel free to buy me a coffee :)