Webull says the information on its platform is not investment advice and that users are responsible for their own investment decisions, including the risk of losing money.
This analysis describes what Webull's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
Users who rely on market data, analyst ratings, or other content on Webull's platform for investment decisions should understand that Webull expressly disclaims responsibility for investment outcomes, placing full risk on the user.
Interpretive note: Whether specific platform features constitute recommendations subject to Regulation Best Interest depends on their design and presentation, and the disclaimer alone may not resolve that regulatory question.
The provision was renamed to 'Investment Risk and No Investment Advice Disclaimer' and expanded with explicit language that Webull does not provide investment advice and warnings about past performance.
View full change record →Investors using Webull's research tools, news feeds, or analytical content do so at their own risk, as the agreement states this content does not constitute investment advice and Webull is not liable for investment losses resulting from reliance on platform information.
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We have implemented appropriate technical and organizational security measures designed to protect the security of any Personal Information we process. However, despite our safeguards and efforts to secure your information, no electronic transmission over the Internet or information storage technolo...
Our Services may produce inaccurate information about people, places, or facts. Outputs from our Services should not be relied upon as a sole source of truth or for professional advice. You should not use our Services as a substitute for the advice of a qualified professional such as a doctor, lawye...
THE SERVICES ARE PROVIDED 'AS IS' AND 'AS AVAILABLE' WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. GRAMMARLY DOES NOT WARRANT THAT THE SERVICES WILL BE UN...
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"The information provided on the Services is for informational purposes only and should not be construed as investment advice. Webull does not provide investment advice. Any information available through the Services should not be used as a substitute for the advice of a licensed financial advisor. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results.— Excerpt from Webull's Webull Customer Agreement
REGULATORY LANDSCAPE: This provision engages SEC and FINRA regulations governing investment advice, including the distinction between broker-dealer execution services and registered investment adviser services under the Investment Advisers Act of 1940. Webull's disclaimer is consistent with its registration as a broker-dealer rather than a registered investment adviser, but the SEC's Regulation Best Interest (Reg BI) imposes a best interest standard on broker-dealers when making recommendations, which may limit the practical scope of this disclaimer for any content that constitutes a securities recommendation. FINRA Rule 2010 on standards of commercial honor and principles of trade is also relevant. GOVERNANCE EXPOSURE: Medium. The disclaimer is standard practice for broker-dealer platforms offering market data and research tools. However, if Webull's platform features, notifications, or algorithmic prompts function as recommendations under Reg BI, the disclaimer alone may not insulate Webull from regulatory obligations to act in the customer's best interest. JURISDICTION FLAGS: Some states have enacted fiduciary standards for financial advisors that may apply to certain types of personalized investment guidance, even if provided through a digital platform. EU and UK regulations impose conduct-of-business rules on firms providing investment services that may constrain the scope of this disclaimer for users in those jurisdictions. CONTRACT AND VENDOR IMPLICATIONS: Institutional users relying on Webull's data or research outputs for their own client-facing services should note that Webull expressly disclaims responsibility for investment outcomes and that this disclaimer would likely be reflected in any downstream liability analysis. COMPLIANCE CONSIDERATIONS: Legal teams should evaluate whether any feature of Webull's platform that makes personalized suggestions or prompts constitutes a recommendation under Reg BI, which would trigger best interest obligations regardless of the disclaimer. The adequacy of risk disclosures at the point of user decision-making, rather than only in the Terms of Service, should be reviewed.
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Users who rely on market data, analyst ratings, or other content on Webull's platform for investment decisions should understand that Webull expressly disclaims responsibility for investment outcomes, placing full risk on the user.
Investors using Webull's research tools, news feeds, or analytical content do so at their own risk, as the agreement states this content does not constitute investment advice and Webull is not liable for investment losses resulting from reliance on platform information.
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