The Unraveled Teacher

Switching From Robinhood to Webull: Order Types

If you’re new to Webull and you’re feeling like Webull’s interface is intimidating, you are not alone. Robinhood was built on the idea of a trading interface that is simple enough for anyone to use. Unfortunately, an over-simplified trading platform can lead to uniformed trading. Webull might seem like a lot at first, but you’ll have a much better idea of what’s going on in the markets once you get accustomed to trading on Webull.

What to Know About Placing Trades

The way you place a trade on Webull is quite different than Robinhood. On Robinhood, you just hit BUY, enter a price, and swipe up. Webull has a lot more options and a different default setting on orders to buy stock. The process on Webull is easy, but you are granted so many more options than Robinhood.

Market vs. Limit Orders

Robinhood automatically sets every order to a market order for regular stock trading. Webull defaults every order to a limit order, so you first need to understand how both of these orders work and how to change them to suit your own trading style. For a breakdown of all the simple order types on Webull, check out this post.

A market order does not require you to enter a price, only a quantity of shares. Once you submit a market order, it will fill at whatever the current market price is for the stock you are buying. So if you’ve learned to trade on Robinhood, you are likely used to having your orders just fill right after you “swipe up.” While the instantaneous buy might seem convenient, it is possible to get burned on market order if you are trading fast moving stocks. You are relinquishing control over your price point per share by using a market order.

A limit order requires that you enter both a quantity of shares and, for buys, the highest price you are willing to pay per share. So, if you want to buy $VXRT (this is purely a random example- not a recommendation to buy or sell) at $7.50 per share, you would enter $7.50 as your limit price. This means your order will fill to buy $VXRT at $7.50 or better. If the stock is moving up quickly and the price rises above $7.50 before you actually submit the order, your order will not be filled until the price drops back to $7.50 or lower. If you unaware of how a limit order works, you can end putting in a limit order and thinking you bought the stock since that’s what normally happens on Robinhood, but your order may not fill depending on the stock’s price action.

To learn how to set a limit order on Robinhood, check out this post.

If you want use market orders on Webull to keep trading in the same way you were on Robinhood, it’s actually very simple. Go to your order window in the Webull app. You can select a stock through the Quick Trade feature on your account. Then you should see the following screen:

As you can see, there’s a lot more information available on the same screen where you place an order than you’ll see on Robinhood. When you first sign up for WeBull, they’ll give you a period of free access to Level 2 data, but if you are just trying to learn the platform, don’t worry about figuring out how read Level 2 just yet. Ignore it for now, and we’ll come back to that at a later point. On your order window, scroll down to see all the options available for a buy order.

Once you select Market Order, the field to enter a limit price disappears. You will simply enter how many shares you want to buy and hit Buy at the bottom. WeBull has just introduced fractional shares so you can now decide to purchase stock with a market order using Whole Share amounts or Fractional Share amounts. You can only purchase fractional shares through a market order.

Side by Side Order Window Comparison

What I like better about WeBull’s order window is that a simple, well-labeled drop down let’s you change the order types without having to go to a different screen like you do on Robinhood. I also like all the information in addition to the Estimated Cost that I get with WeBull. I can see my available day trades, the maximum number of shares I can buy, and my Buying Power.

Trading with Robinhood is a bit like driving a car without any mirrors. It might seem simpler because you don’t have mirrors to check, but the lack of mirrors is probably going to cause some problems in your driving at some point.

Don’t have a WeBull account? Click the image to open an account and earn free stock just for signing up!


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