Webull has decreased the minimum deposit to 2k and increased the max apple shares to 5%
Deposit $2000 - $29,999 receive bonus $100 in Apple shares + 2% p.a. for uninvested cash balance
Deposit $30,000 - $99,999 receive bonus $1000 in Apple shares + 2% p.a. for cash balance
Deposit >= $100,000 receive bonus $5000 in Apple shares + 2% p.a. for cash balance
Previous expired deal
Referee: Sign-up, transfer-in A$500 worth of ETFs & get 12-month commission free trading of AU/US stock markets.
Referrer: Limit of 10 referrals. Get 12-month commission free trading of AU/US stock markets.
You have to deposit and maintain until the end of Feb next year
And if they collapse, bye bye 100k
I don't understand, are they selling apple shares?
Yes, Webull is an Apple share authorised reseller.
Whats happens if they pull a FTX .
Im guessing no $250k gov guarantee?
They don’t have the $250K guarantee. But they also aren’t FTX.
You can purchase shares that will be under your individual HIN via CHESS.
Im talking about depositing 100k. Im assuming it has to remain cash deposit to qualify for apple shares i.e. technically you are loaning them 100k
I don't believe so, but if you buy $100k stock and then end of Feb your stocks have gone down then your balance will be <$100k = no $5k apple.
@Bdawg: I’ve confirmed both scenarios with support.
Yes, you are still eligible if you buy stocks with the 100K. Hence my comment about HIN/CHESS if looking for protection.
Yes, you are still eligible if the stocks value becomes below 100K
It’s all related to how much you put in.
I've been getting this app notification since past few days. Received a letter with HIN and they are CHESS sponsored
Also because its shares , it gets reported to ATO and you could be slapped CGT
The cost base is the value on the day you receive them so you only pay tax on any gain you make like any other share.
Hard to tell at this stage, but the bonus could be treated as taxable since ATO will ask many questions to webull when they see a high influx of $5000 apple shares being registered to multiple people. Tax office ia about collecting tax revenue so i doubt they will let 30% of $5k slip through ( assuming most people are in that bracket)
Nevertheless, be prepared to pay tax on the shares
Regardless, if the 100K is in a HISA, you’d be getting taxed anyway. No difference right, if you do end up getting taxed, except you are getting approx 20% p.an interest (5K shares over 3 Months ) as opposed to 5%.
I’m sure they are safe, but I’m not sure how I feel putting $2000 there
Put $100000 in there then 😉
I believe you have to leave 100000 dollars as deposit until the 24/2/2024 and then you will get 5000AUD in Apple Shares that you are free to sell straight after. Unfortunately no FCS but they are SIPC, honestly not sure how SIPC works.
Interestingly there only seems to be one case file on their website - Madoff from 2008.
From my brief watch/read:
Non US citizens/resident protected.
$500k stocks.
$250k cash.
File a claim within deadline (Madoff case file was around 4 months). They try to recover, liquidate if need be then make you whole if that doesn't work. If your values are about $500k/$250k limits you still share in any recovery/liquidation but it's not guaranteed by SIPC itself.
Webull Financial LLC is a listed member.
I'm strongly tempted to put $100k in now.
Did I miss anything?
I doubt they would care if your not a US citizen. Your file will be end of the list low priority.
that SIPC works to restore to customers their securities and cash that are in their accounts when the brokerage firm liquidation begins.
If they cant recover, your out of pocket though.
@easternculture: Not according to their website, you missed the "… then make you whole if that doesn't work".
Interestingly I’ve had support confirm SIPC only applies to US.
I think they mean non US citizen residing in the US legally with some sort of visa and paying US Taxes/studying
From sipc website: "There is no requirement that a customer reside in or be a citizen of the United States. A non-U.S. citizen with an account at a brokerage firm that is a member of SIPC is treated the same as a resident or citizen of the United States with an account at a SIPC member brokerage firm."
https://www.sipc.org/for-investors/what-sipc-protects
@Bdawg: Ill believe it when i see it.
When reality hits and a firm goes under, they can always change their mind and prioritise US citizens
@easternculture: That would be a pretty big sovereign risk move.
Someone said above if you invest the $100k in ASX you get HIN/CHESS. If Share value dips below $100k it doesn't matter.
I don't really want to take $100k out of one of my mortgages though… :/
@Bdawg: History will tell you that the USA have done worse, and they always get away with it.
All it needs is a senators seal
@easternculture: The US announcing to the world that they will steal from foreign investors at will (which is what you're effectively suggesting with the "choose not to pay out despite being legally obligated to") would crash their economy and destroy their global financial standing.
You seem determined to believe they'll do this based on your prejudice, but I don't think a rational investor should take it seriously.
@callum9999: No one is stopping you from throwing 100k in thia investment. After the collapse of multi billion dollar digital banks and crypto exchanges, everything is possible.
I wouldnt risk it
@easternculture: I couldn't care less what you would risk, I'm pointing out that your reasoning is absurd and should be ignored. Which isn't a surprise as it's based on a prejudice of the USA as opposed to actual considered risk analysis, and had to be changed each time someone corrected your false interpretations!
And no, I wouldn't put $100,000 in here (even if I was lucky enough to actually have that much).
@callum9999: Lol. Serious investors followed all the crypto advice and see where it got them. Over $1Trillion was wiped out in a short period and tens of thousands if not more of bankrupt people while hedge fund and crypto exchanges / whales walked out laughing with their hundreds of billions.
Dont give me this bull shit about prejudice and false interpretations. The risk is real and even with all the guarantee they give you, its never 100%
Also refer to this who claims they confirmed only US.
And this File a claim within deadline (Madoff case file was around 4 months). They try to recover, liquidate if need be then make you whole if that doesn't work. If your values are about $500k/$250k limits you still share in any recovery/liquidation but it's not guaranteed by SIPC itself
@easternculture: I have no idea what "crypto advice" you're referring to, but don't see how it's relevant?
You're very obviously prejudice - you kept throwing out random assumptions based on your personal distrust of the US. The fact that you had to change your argument several times before landing on this one demonstrates that you haven't actually researched this at all, you're just making statements based on your prejudice towards the US. It's a feeling I sympathise with given I genuinely despise the country, but your personal feelings don't matter. Nothing in life is 100% - that doesn't mean you should be living your life as if nothing is true.
I've already read that and do not believe it. The claim doesn't make sense and is much more easily explained by an ignorant agent. It seems incredibly unlikely that WeBull have specifically created their own secret deal to water down the protection their customers have…
I have no idea what you think the last link demonstrates? It has nothing to do with the level of protection a $100,000 deposit would hold.
@easternculture: This is in no way shape or form analogous to cryto my friend. Cryto is the digital wild west and the coast of somali combined. Now if the guarantee was from the Chinese government, then yes, as they have a track record of purposefully periodically cutting the hair of foreign investors.
Uninvested cash balance.
I don’t understand what they mean in this instance.
They mean cash you deposit into their service and leave there without purchasing anything - like a bank savings account.
You deposit $100k, you buy $50k of shares, then you have $50k uninvested cash balance.
Not targeted!
Me neither, I was for the last one but I chickened out. I'm going to ask support if they can activate the offer for me.
Support have no respond yet.
They responded with some idiotic statement like 'if you're eligible it will be in your promotions tab'. I don't think they understood my request.
interesting deal. thanks
Deposited $2000 each on mine and my wife's accounts. Hopefully will get the bonus $100 apple shares + 2% interest
Less than 24 hours left. Good luck everyone!
how do you complete step 1? I cant find anywhere to click “ participate now” on the webull.
Go to menu then promotion centre. The promo will appear there if you have it. Click on it then hit participate now
if i deposit 100k i get 5k apple shares? too good to be true