Robinhood's fiercest US rival has quietly launched in Australia
After taking on America’s biggest share trading platform, Webull is now turning its attention to Australia where it wants a piece of a market still dominated by CommSec.
Despite never actually coming to Australian shores, Robinhood became well known to local investors during the pandemic as its army of retail traders marched onto markets and put a rocket under beaten down stocks like GameStop and AMC.
Mention its fierce US rival Webull to an Australian investor however and you’d mostly draw blank stares. Nevermind —it rode the same speculative wave and has amassed 35 million users globally.
It might come as a surprise but Webull was launched in Australia before Christmas last year without much fanfare. It has covertly been operated by its 18-person local team ever since, working out of a nondescript office in the heart of the Sydney CBD.
It is building a presence in a crowded market still dominated by the Commonwealth Bank's broking arm CommSec, with other key players including Stake, Nabtrade and CMC Markets.
