Tried on my end as well last night:
1. Funded the minimum 2K
2. Exchanged 10 USD (this is the minimum they allow)
3. Did 6 x buy trades of VLTA consecutively (~2.24 USD per piece), selling them along the way to minimise exposure
Now have to wait at least 30 calendar days for the 60 + 40 USD worth of AAPL shares to be credited, i.e. 1-Jul-22.
Coincidentally, I was changing some USD in IBKR a few hours apart, so exchange rate comparison as such:
Webull = 0.723789
IBKR = 0.727775
Not too good, but I guess worth it just for the 100 USD AAPL shares.
And Webull cited to have really high PFOF on stocks:
A quick update that:
1. AAPL shares were credited (did not manage to trace the exact date as I have left the app there)
2. Just withdrew most of my 2K SGD, was quite a hassle to set up the linkage to my OCBC as there's a need to provide bank statements etc
In any case, I'm leaving some of the token USD (~10) and AAPL shares there as I foresee using WeBull as a complement to my TDA and IBKR accounts. The zero commissions for US is really very attractive to me, and I've heard good things about the improving FX spread (but perhaps this will be subject to another round of tests in the future). Once the withdrawal is set up, it certainly beats TDA which is charging a heft USD 25 per withdrawal.
Only wrinkle left is the PFOF, but some say setting limit orders should mitigate this concern (at least I see it as "out of sight, out of mind"). I personally think they also need to earn something and I'm also trying to find a way to understand the quantification of PFOF impacts across brokerages.
