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Does Webull have license?
Frank
Gambia
Mar 21, 2023
ANSWER Webull is an unlicensed broker even though it states offers that look too good to be true.Webull claims to be owned and operated by Webull Financial LLC, a company supposedly registered with and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). However, it should be noted that firms and individuals, who do not overseen by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), are not allowed to solicit or approach US citizens. We then searched the website of NFA for this broker, but found no matching results. In addition, the Securities Commission Malaysia (SC) issued a warning in 2021 against Webull after finding this broker carrying on unlicensed capital market activities of dealing in securities. You can check the full warning from here.Regarding your question, Webull does not have valid forex licenses. Letting this broker hold and control investors' funds or trading with it is risky. We would suggest investors stay away from such unlicensed brokers as Webull and trade with fully regulated brokers.
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