Webull may share your personal and financial data with affiliated companies, outside vendors, and marketing partners, including for those third parties' own marketing purposes if you consent.
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
Data sharing with affiliates and third parties for marketing extends your information beyond the core trading service, potentially making your financial profile and trading behavior visible to a broader network of commercial partners.
Interpretive note: The precise scope of consent required for third-party marketing sharing, and whether the policy's consent mechanism satisfies Regulation S-P opt-out standards, depends on operational implementation and regulatory interpretation.
Previous version had no excerpt provided; current version now includes detailed disclosure of specific types of third parties and purposes of data sharing.
View full change record →Your trading activity, financial data, and personal identifiers may be shared with a network of affiliates and third-party marketers, meaning your investment behavior could inform commercial targeting beyond Webull's own communications. If you have provided consent for third-party marketing use, withdrawing that consent may require an affirmative opt-out request.
How other platforms handle this
At Ledger, earning and maintaining our users' trust is a top priority. That's why we are deeply committed not only to protecting your privacy and securing your personal data, but also to being fully transparent about how we handle it.
We may share your information with third-party vendors and service providers that perform services on our behalf, such as payment processing, data analysis, email delivery, hosting services, customer service, and marketing assistance. We may also share your information with third-party advertising p...
We may also share your personal information with third parties that assist us in providing our services, or where we are under an obligation to report to. But rest assured: we will only ever share your personal information in the limited circumstances described in this Policy.
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Webull has changed this document before.
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"We may share your personal information with our affiliates, subsidiaries, and business partners. We may also share your information with third-party service providers that perform services on our behalf, such as data analytics, marketing, and customer support. We may share your information with third parties for their own marketing purposes with your consent.— Excerpt from Webull's Webull Privacy Policy
(1) REGULATORY LANDSCAPE: Sharing of customer financial information with affiliates and non-affiliates by a broker-dealer triggers Regulation S-P opt-out notice requirements. The CCPA and CPRA impose separate obligations regarding disclosure of data sharing with third parties and provide California residents with the right to opt out of sale or sharing of their personal information for cross-context behavioral advertising. The FTC Act applies to the accuracy and completeness of disclosures about third-party sharing practices. (2) GOVERNANCE EXPOSURE: High. The combination of affiliate sharing and third-party marketing sharing, particularly for a platform holding sensitive financial data, creates layered regulatory obligations. Regulation S-P requires delivery of a clear and conspicuous opt-out notice before sharing nonpublic personal information with non-affiliated third parties for marketing. Whether the policy's consent mechanism satisfies Regulation S-P's opt-out standard requires legal evaluation. (3) JURISDICTION FLAGS: California residents have CPRA rights to opt out of sharing for cross-context behavioral advertising and to request disclosure of third parties to whom their data has been sold or shared. EU and UK users may have additional rights under GDPR requiring a lawful basis for each sharing purpose, and consent-based sharing with third-party marketers under GDPR requires freely given, specific, and withdrawable consent. (4) CONTRACT AND VENDOR IMPLICATIONS: Contracts with third-party marketing and analytics partners should include data processing agreements, purpose limitations, and onward transfer restrictions. Affiliate sharing arrangements should be documented and auditable to demonstrate compliance with Regulation S-P's affiliate exception requirements. (5) COMPLIANCE CONSIDERATIONS: Legal teams should audit whether current opt-out mechanisms for Regulation S-P non-affiliate sharing are conspicuous and operationally functional, and whether CCPA opt-out of sharing mechanisms are correctly implemented on the platform. The distinction between consent-based third-party marketing sharing and Regulation S-P opt-out sharing requires careful legal mapping to ensure the policy accurately reflects operational practice.
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Data sharing with affiliates and third parties for marketing extends your information beyond the core trading service, potentially making your financial profile and trading behavior visible to a broader network of commercial partners.
Your trading activity, financial data, and personal identifiers may be shared with a network of affiliates and third-party marketers, meaning your investment behavior could inform commercial targeting beyond Webull's own communications. If you have provided consent for third-party marketing use, withdrawing that consent may require an affirmative opt-out request.
ConductAtlas has identified this type of provision across 4 platforms. See the full comparison.
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