Among the newer names in Malaysian investing, Webull says on its Malaysia About page that it launched here in 2024. The pitch is simple and loud: zero commission and zero platform fees on US stocks. That raises the obvious questions a careful investor asks before moving money — is it actually licensed here, is it really free, and how is it different from moomoo, which says almost exactly the same thing?
This review answers those, and where Webull fits against the brokers we cover elsewhere. If you have read our guide to funding a US brokerage or the Interactive Brokers review, Webull sits at the opposite end of the trade-off: locally licensed and beginner-friendly, but without the deep market access IBKR offers.
Is Webull legal and safe for Malaysians?
Yes — and this is Webull's strongest card. Webull Malaysia is operated by Webull Securities (Malaysia) Sdn Bhd (company no. 202101039706), which holds a Capital Markets Services Licence (CMSL) under the Capital Markets and Services Act 2007, licence number eCMSL/A0399/2024, granted by the Securities Commission Malaysia in 2024. You can confirm any CMSL holder yourself on the SC's public register.
That local licence is a meaningful difference from the foreign brokers many Malaysians use. Where Interactive Brokers serves Malaysians through offshore entities with no local regulator to appeal to, Webull is regulated here — as a CMSL holder it is subject to the SC's client-money and conduct rules, and a dispute goes through a Malaysian channel.
What regulation does and doesn't protect
Being SC-licensed protects you against broker misconduct — mishandling of client money, for example — and gives you local recourse. It does not protect you against market losses: if a stock you bought falls, that is your risk, regulated broker or not. Treat the licence as a reason to trust the platform with your money, not as a guarantee on your investments.
Fees — genuinely among the cheapest
Webull's headline is real, with the usual small print. The commission-free US pricing is currently a promotion, not a permanent guarantee, so check the terms when you sign up.
| Item | Webull Malaysia | Notes |
|---|---|---|
| US stocks & ETFs | 0 commission, 0 platform fee | Commission-free promo: 365 days from activation for new users, or until 31 Dec 2026 for existing users |
| US options | USD0.35 per contract | 0 platform fee |
| Bursa Malaysia shares | 0.05% of trade value, min RM2.50 | 0 platform fee |
| Deposit (MYR) | Free | Online bank transfer; your bank may charge |
| Withdrawal (DuitNow/RTP) | RM0.50 per withdrawal | Interbank GIRO withdrawals are free |
| Currency conversion | Applies on MYR→USD | Confirm the current spread when funding |
Webull's pricing page, "last updated on 1 Oct 2026", read 17 October 2026. Relevant exchange and regulatory fees also apply, and the 8% SST applies to clearing fees and related commission for some Bursa products. Verify current pricing before trading.
Two points worth flagging. First, the US options rate (USD0.35/contract) and the 0 platform fee make Webull genuinely competitive for active US traders, not just buy-and-hold investors. Second, the one number the headline hides is the currency conversion spread — you fund in ringgit and Webull converts to USD to trade US stocks, and that spread is a real cost on every conversion. It is usually far smaller than the commissions it replaces, but it is not zero; if you convert large sums, compare it against IBKR's near-interbank FX.
What you can trade
From one Webull account you can trade:
- US markets — stocks, ETFs, fractional shares and options on NYSE/NASDAQ
- Bursa Malaysia — local shares and derivatives
- Hong Kong and China A-shares — for regional exposure
That US + Bursa combination in a single SC-licensed app is the practical draw: you can hold your Malaysian blue chips and your US index ETF in the same place, funded in ringgit.
Webull vs moomoo — the comparison that actually matters
For most Malaysians the real decision is not Webull versus IBKR — it is Webull versus moomoo, because the two are near-identical: both SC-licensed, both 0-commission on US stocks, both funded in ringgit, both polished mobile-first apps aimed at younger investors.
| Webull | moomoo | |
|---|---|---|
| SC-licensed | Yes | Yes |
| US stocks commission | 0 (promo) | 0 (promo) |
| US commission-free window | ~365 days (new users) | ~180 days (new users) |
| Bursa fee | 0.05%, min RM2.50, no platform fee | 0.03% plus RM3 platform fee per order |
| MYR funding | Online bank transfer | FPX, GXBank and bank transfer (help centre) |
| LSE / UCITS ETFs | No | No |
The differences are at the margins. Webull's US commission-free promo runs longer, which matters if you are starting out and trading actively in year one. On Bursa fees, the structures cross over: Webull charges 0.05% (minimum RM2.50) against moomoo's 0.03% commission plus a RM3 platform fee per order. Webull's 0.05% (minimum RM2.50) is RM2.50 on a RM5,000 trade, against moomoo's RM1.50 commission plus RM3 platform fee (RM4.50). The two cross at about RM15,000, where each costs RM7.50; above that moomoo's lower 0.03% rate makes it cheaper. This ignores SST and promotions. Neither gap is large for a typical retail order — decide on the app you find easier and the promo that suits your first year.
Where Webull falls short — no LSE, no UCITS ETFs
Webull's ceiling is market access. It reaches US, Hong Kong and Bursa markets, but not the London Stock Exchange — and the LSE is where Irish-domiciled UCITS ETFs such as CSPX and VWRA trade.
That matters for tax. As our domicile guide explains, Irish-domiciled ETFs cut US dividend withholding tax from 30% to 15% and remove US estate-tax exposure — a real long-term edge for a Malaysian buy-and-hold investor. To act on that, you need LSE access, which means Interactive Brokers. Webull lets you buy US-listed ETFs (like VOO or SPY) directly and cheaply, but not the more tax-efficient Irish-domiciled versions.
Best for: Beginners and cost-conscious investors who want a locally regulated, ringgit-funded app to buy US shares and ETFs, and who value having a Malaysian regulator behind the broker. If you specifically want Irish-domiciled UCITS ETFs, use IBKR instead.
— Adam Tan
Funding from Malaysia
This is where Webull is noticeably easier than IBKR. You fund your Webull account directly in ringgit by online bank transfer to the account details and reference number shown in the app — no deposit fee from Webull (your bank may apply its own), no intermediary, and only from a bank account in your own name. Withdrawals by Interbank GIRO are free, and Real Time Payment / DuitNow withdrawals cost RM0.50 each. We could not confirm FPX, or which digital banks must use DuitNow, from Webull's pages (HELD).
Compare that with Interactive Brokers, where we describe a Wise route (not verified as its only one, HELD) — top up Wise, convert to USD, then transfer. Webull's direct ringgit bank-transfer funding removes a whole step, which is a genuine advantage for a first-time investor. The trade-off is the currency conversion happening inside Webull rather than at Wise's near-interbank rate — worth checking if you fund large amounts.
Tax — what to expect
When you trade US stocks you complete a W-8BEN form declaring non-US status. US dividends are then subject to 30% US withholding tax for Malaysian investors, deducted at source — this applies to any Malaysian holding US-listed securities, not a Webull quirk, and it is the core reason the domicile guide exists. Malaysia has no capital gains tax on individuals, so selling shares at a profit is not taxed here.
Who should skip Webull
- UCITS ETF investors — if your plan is CSPX/VWRA for the withholding-tax saving, Webull cannot reach the LSE; use IBKR.
- Investors who convert very large USD sums — IBKR's near-interbank FX may save more than Webull's zero commissions, depending on amounts.
- Bursa-only investors — if you never buy foreign shares, a local broker such as Rakuten Trade that gives you a direct CDS account may suit you better.
Common questions
Is Webull legal and safe for Malaysians?
Yes. Webull Malaysia is Webull Securities (Malaysia) Sdn Bhd, an SC-licensed CMSL holder (eCMSL/A0399/2024). It is locally regulated — a Malaysian regulator stands behind it — and subject to the SC's client-money rules. Regulation protects against broker misconduct, not against market losses.
How much does Webull charge for US stocks?
0 commission and 0 platform fee on US stocks and ETFs (a promotion — check current terms), USD0.35 per options contract, and 0.05% (min RM2.50) on Bursa shares. Exchange and regulatory fees still apply.
Webull or moomoo?
Near-identical: both SC-licensed, 0-commission on US stocks, ringgit-funded and beginner-friendly. Webull's US commission-free promo runs longer; Bursa fees differ (Webull cheaper on Bursa trades below about RM15,000, moomoo above). Choose on app preference.
Can I buy Irish-domiciled ETFs (VWRA, CSPX) on Webull?
No — Webull does not offer LSE access, where those trade. For UCITS ETFs and their tax advantage, use IBKR.
How do I fund Webull from Malaysia?
Directly in ringgit by online bank transfer, with no Webull deposit fee — simpler than the Wise route we describe for IBKR. DuitNow withdrawals cost RM0.50; Interbank GIRO withdrawals are free.
Related guides
- moomoo Malaysia Review — Webull's closest rival, compared in full
- Interactive Brokers Malaysia Review — the choice for LSE and UCITS ETF access
- Best Online Stockbrokers in Malaysia 2026 — Webull against moomoo, Tiger, Rakuten and IBKR
- How to Fund a US Brokerage from Malaysia — the ringgit-to-USD steps
- US vs Irish-Domiciled ETFs for Malaysians — why market access changes your tax bill
Data sourced from Webull Malaysia's published pricing, help centre and About pages, as of 17 October 2026. Fees, promotions and regulatory status change — verify current terms on webull.com.my before opening or funding an account. This guide is informational only and does not constitute financial advice. money.com.my is not a licensed financial adviser.
This guide is AI-assisted.
Amendment, 17 October 2026 (short answer trimmed). The short answer at the top of this guide was cut from 90 to 62 words, to meet the 75-word limit for a quotable answer. Shortened; wording tightened, no figures changed. Removed or tightened: the descriptive words "low" and "direct", the sentence calling it one of the cheapest and easiest ways to buy US shares, and the closing sentence that IBKR remains the choice for UCITS ETF investors. No figure, rule, source or condition was added, every figure left in the answer was already in it and in the body, and the rest of the guide is unchanged.
Amendment, 17 October 2026. The short answer at the top was rewritten after the "short answer trimmed" note above (now 54 words, with corrected figures). We re-read Webull Malaysia's pricing page ("Last updated on 1 Oct 2026"), About page, help-centre deposit and licensing answers and its deposit-reward T&C, and the moomoo help-centre fee pages, and saved them in docs/verification-log/evidence-batch-a-oct17. Confirmed: CMSL eCMSL/A0399/2024 and company no. 202101039706; 0 commission and 0 platform fee on US stocks and ETFs under a promotion (365 days from activation for new users, or until 31 December 2026 for existing users); US options USD0.35 per contract; Bursa 0.05% with a RM2.50 minimum and no platform fee; MYR deposit free; RTP/DuitNow withdrawal RM0.50; moomoo's 180-day commission-free window; Webull's 2024 Malaysia launch. Corrected: the Bursa crossover with moomoo. moomoo charges 0.03% commission plus a RM3 platform fee per order, not "0.03%, min RM3", so Webull is cheaper below about RM15,000 per trade (not RM5,000 to RM6,000). Webull's help page describes deposits as an online bank transfer with a reference number; FPX/DuitNow deposit wording and the list of digital banks that must use DuitNow are removed. IBG withdrawals are free. Removed as unsupported: "launched in May 2024" and "around 250,000 users, most under 35". Added the underlying US commission of 0.025% (min USD0.99) that the promotion waives. Held: FPX availability, digital-bank DuitNow requirement, the SC register entry (the SC search is not machine-readable; the licence number is taken from Webull's own About page).