Many people don’t know about the WEBULL platform but it has become a famous brokerage platform for investing in stocks and exchange-traded funds specially cryptocurrency. Users attracts to it not only because it offers free commission trading, but also due to the fact that it gives its users many of unique services that you can’t find on other brokerage platforms.
For example, this app features a Community tab, where you’ll find discussions on a wide range of topics related to investment and all. There’s also a news feed and a stock ticker. One of the major benefits of using Webull is that it gives users entrance to 11 cryptocurrencies.
But here a question will arise in the mind of the readers that as with any investment app, how safe it is. No app is useful if it puts your personal information, to say nothing of your money, at the time of risk.
Security of one’s personal information isn’t a simple matter. Increasing security requires thinking about privacy policies, insurance policies related to it, and even which type of major scams are out there in the market. Below all the information regarding your question are mentioned so you can decide on your own is it safe to use webull?
is Webull Safe?
Let’s come to the point directly; Is Webull safe? The answer is yes. Webull isn’t only a friendly user but it has some important securities in place to confirm both your money and your identity (personal information) are safe and secure.
You need to know about webull in detail though, that this question is a complex one. When checking an investment app specially like Webull, it’s necessary for you to consider some factors which are mentioned below:
Credentials: First step is that you have to look at the reputation of the company. Check the company’s solid reputation and all of its history. Ensure that Has it taken the important step for the security of customer’s accounts.
Protections: Next steps for you to make sure what type of the security protections the company has for its users and also which security tools they use for their employees. Check its privacy policy regarding their customer information, and what steps has the company taken to make sure it’s not unsafe to data breaches?
Vulnerability: Final steps for you is that you should think and make research about which kinds of scams and schemes platform users can become victims. Generally you have to check which type of attacks should you look out for when you’re using the app.
Webull’s Credentials as an Investment Company
Firstly you should consider First things first that How does Webull heap up as an investment firm and can you trust the company with your money?
Scanty History
Some users must have doubts due to Webull’s relatively short and weak history. This webull company is only four years old, owned by a Chinese industry that is Fumi Technology.
The reality is that the company is actually the headquarter of this company is situated in New York City, so it’s not vulnerable to intervention from the Chinese government. In Fact four years isn’t a enough time to make a reputation of any company specially in the case of brokerage firm, it is notable that Webull has managed to assemble over 11 million registered users account in that time. In fact, it has 750,000 plus active users each day.
Regulated and Insured
While the history of a company or a firm can speak a lot about how seriously they take its customers’ security, the real proof lies in how that company insures its money of their customers or users. In other words, we can say that they really put their money where their tells is, so to speak. It’s tough to assert Webull’s authenticity in this department.
First of all, the company is managed by top financial authorities, like U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA).
Webull Customer Protections
As we know that money is only part of the equation when it comes to online safety Insurance won’t stop identity scammers from emptying your bank account, for example.
App Security Features
Webull promises to secure all online activities with 128-bit encryption instead of 256- bit encryption. That is quite good but yes you’ll get the best VPNs, but for all practical purposes, VPNs can’t be hacked in fact not with a monster-force attack. In addition, the app contains firewalls and two-step user authentication for keeping your data safe and secure.
Plaid authentication: All financial transactions between Weibull and customer bank accounts take place through Plaid. This adds additional encryption for bank account numbers and other important personal data. It also adds multi factor authentication to your account
Apex Clearing
App security features and Clearing security are the two different things. Clearing implies how real investment transactions and deposits take place, the exact process of moving money from one account to another account. As mentioned above, Apex clearing grasps all of Webull’s clearing, and they secure transactions Approx. $37.5 million for each investor. Apex clearing involves the transfer of funds to the seller and in exchange the transfer of securities to the purchaser.
Privacy Policy
It is very important to note that all the basic and major security tools in the world aren’t of much use if any company gathers data of its customers or users and sells their data to the highest contender.
The policy also says that no company is completely immune to the chances of a data theft that could confirm reveal user personal information. Moreover, Webull shows that if the company was sold and purchased by the new owner then the user data would also become the property of the new owners.
Addressing Your Personal Vulnerability
Ultimately, it does not matter how safe and secure an investment company is, and also no matter how safe and secure that their app is to use, you are required to identify that investment security is only as safe as the person who is investing. That means, as an investor you have to keep an eye on the scammers and the types of scams that users might become prey off.
Now, it is not possible to discuss every investment scam with you. But yes there are dozens of scams that the scammers use if not hundreds. But yes below some of the most common things are given that you should know:
High-Yield Investment Programs
High yield investment programs popularly known as prime bank schemes, these investment programs promise their user or investors of impossibly high returns on their investment, sometimes they offer more than 100 percent. Most HYIPs are the type of a Ponzi scheme in which money from new investors is used to pay the due amount of old investors.
How to stay safe using Webull
Webull is safe enough for the investors. Eventually, though, as the list of scams above advised the users, the power to keep your money and your identity (personal information) safe rests in your hands. Here are a few suggestions to keep yourself safe from the scammers.
Use strong passwords.
Please make sure to create strong passwords for all your accounts. Avoid making your passwords based on personal information like birth dates and family person names. Use a mixture of alphabets, numeric, symbol and uppercase too.
Use multifactor authentication when offered.
Keeping your two step authentication on your account always prevents scammers from hacking your account. In Multi Factor authentication you have to provide at least two pieces of information related to you in order to log in to your account. Webull offers two-factor authentication. While opening your account you have to give code directly sent to your number.
Never share login information.
In your Webull account there is information about your financial accounts so anyone who can open your Webull account also has the access to open your financial accounts.
Set your account to private.
The very next step to keep your account safe and secure from the scammers is to turn off your access to Webull’s social media functions which will limit your ability to get news and talk about the markets on the site. They provide you security from the scammers present in the market.
Trust only businesses and users you know.
You should trust the users and businesses that you know. The time you get involved online with someone unknown, the risk of becoming a prey increases. Check two or three times the credentials of users you are going to deal with.
Install antivirus software.
Most basic tip to protect yourself from scammers is to install antivirus software on your laptop. The best antivirus software that is available in the market can make sure that the scammers can’t put any malware into your device.
Conclusions
In conclusion we can say that WEBULL is safe platform but sometimes it is more prone to scams. But by following right steps and ensuring your safety can provide you the security to become a victim of scammers.
Scammers uses only few common scams on the investors like they will try to enter some malware into your device but you have to install antivirus software before creating WEBULL account.
