Webull vs Robinhood vs moomoo: Which Is Cheaper in 2026?
All three charge nothing to buy a stock or an option. So we priced the things that still cost money: borrowing, idle cash, the subscriptions and the fee to leave.
By Pavel Penev, MScFounder, TradeWize · 10+ years trading the marketsWebull, Robinhood and moomoo look a lot alike. They're all phone-first, they all charge $0 to trade US stocks, ETFs and options, and they all want you to trade more than you probably should.
So the commission isn't how you choose. What's left is what each one charges to lend you money, what it pays on cash you leave sitting, what its subscription changes, and what it costs to leave. We read every one of those off the brokers' own pages on 2026-10-23.
The short answer
On trading costs it's a tie. Borrow on margin and Robinhood is cheapest: $260 a year to borrow $5,000 with Gold, against $437 at Webull without Premium. Webull Premium ($40 a year) and Robinhood Gold ($50 a year) both pay 3.6% on idle cash. moomoo sits in the middle on margin at 6.8%, with no subscription to buy.
What this article is, and isn't
This is a comparison of published prices for US accounts, not a recommendation. TradeWize isn't a broker and has no affiliate deal with any of these three. We earn nothing whichever you pick. Every figure is linked at the end. Brokers change prices often, so check the live page before you open anything.
Webull vs Robinhood vs moomoo at a glance
| Robinhood | Webull | moomoo | |
|---|---|---|---|
| Stock and ETF trades | $0 | $0 | $0 |
| Stock and ETF options, per contract | $0 | $0 | $0 |
| Index options, per contract | $0.50 ($0.35 with Gold) | $0.50 | $0.50 |
| Margin rate, small balance | 5.25% (first $1,000 free with Gold) | 8.74% (5.45% with Premium) | 6.8% |
| Subscription | Gold, $5/mo or $50/yr | Premium, $3.99/mo or $40/yr | None needed |
| Cash interest with the subscription | 3.6% | 3.6% | Promotional rates |
| IRA contribution match | 1% (3% with Gold) | 1% (3.5% with Premium) | Not listed |
| Fee to transfer out | $100 | $75 | $100 |
| Minimum to open / to use margin | $0 / $2,000 | $0 / $2,000 | $0 / $2,000 |
Read off each broker's pricing, margin and subscription pages on 2026-10-23. Robinhood's margin and cash rates are as of 17 September 2026, Webull's margin rates as of 16 October 2026. moomoo's 6.8% is the rate its US margin page advertises.
The first two rows are identical. Every row after them is different, and that's where the money is.
Trading costs: a three-way tie
All three charge $0 commission on US stocks, ETFs and stock options. None adds a per-contract fee on a normal option, either. That's cheaper than Fidelity or Schwab, which charge $0.65 a contract.
Index options are the one exception. All three add $0.50 a contract on options like SPX, and the exchange charges its own fee on top. Robinhood Gold cuts its part to $0.35. Webull also adds $0.10 a contract on oversized option orders.
You'll also see a few cents of regulatory fees. Robinhood lists $0.04 a contract for options regulatory and exchange fees. moomoo lists about $0.04. These are pass-throughs every broker charges, so they don't separate these three.
Your real trading cost is the spread
With commissions at zero, the biggest cost on most trades is the gap between the bid and the ask. On a thin option it can be several dollars a contract. A limit order controls it. A market order pays it in full, at any of these brokers.
Margin: where the gap opens
Margin is money the broker lends you against your shares. You need at least $2,000 in the account at all three, and you pay interest every day you borrow. This is where they stop looking alike.
Robinhood charges 5.25% on balances up to $50,000, Gold or not. Gold adds one perk: your first $1,000 of margin is free. moomoo advertises 6.8%. Webull charges 8.74% without Premium and 5.45% with it.
Interest for a year at each broker's small-balance rate, plus the subscription where it's needed for that rate. Rates read 2026-10-23.
Borrow $5,000 for a year and here's what you'd pay, cheapest first:
Margin interest plus the yearly subscription where you'd buy one for the rate. Gold's first $1,000 is interest-free.
Robinhood with Gold costs $260, and without it $262.50. Webull Premium costs $312.50 once you count its $40 fee. moomoo costs $340. Webull without Premium costs $437.
If you use margin at Webull at all, buy Premium. It pays for itself once you borrow more than about $1,216.
Margin magnifies losses too
Borrow $5,000 on top of $5,000 of your own and a 25% drop wipes out half your money. Fall far enough and the broker sells your shares for you, at the bottom. Cheap margin is still borrowed money.
Learn it by doing
Reading about it is one thing — it clicks when you do it. Practise this hands-on in a free, interactive lesson (Stage 7: Brokers, Accounts & Getting Started).
Try the free lesson →Cash you leave sitting
Most traders leave some cash uninvested between trades. What it earns depends on the broker, and mostly on whether you pay for the subscription.
Robinhood Gold pays 3.6% on uninvested cash. Webull Premium pays 3.6% too, in individual and joint cash accounts. Without Premium, Webull's own calculator starts you at 0.5%. moomoo has no subscription for this. It runs promotions for new customers instead, with a base rate of 3.35% in its 2026 terms.
Rates like these follow interest rates, so they'll change. Check the cash setting the day you open the account, whichever one you pick.
Gold vs Premium: are the subscriptions worth it?
Robinhood Gold costs $5 a month or $50 a year. Webull Premium costs $3.99 a month or $40 a year. Here's what each gets you.
| Robinhood Gold | Webull Premium | |
|---|---|---|
| Price | $5/mo or $50/yr | $3.99/mo or $40/yr |
| Cash interest | 3.6% | 3.6% |
| Margin | 5.25%, first $1,000 free | 5.45%, down from 8.74% |
| IRA contribution match | 3%, up from 1% | 3.5%, up from 1% |
| Index options | $0.35 a contract, down from $0.50 | Discounted |
From each broker's Gold or Premium page, read on the study date. Both IRA matches come with conditions, such as keeping the money in the account for five years.
Both pay for themselves fast if you keep cash with them. Premium's fee is covered by the extra interest on about $1,290 of idle cash. Gold's margin perk alone saves up to $52.50 a year, a little more than it costs.
They're not worth it if you invest everything and never borrow. Then neither perk does anything for you.
Leaving costs money too
Moving your account to another broker is called an ACATS transfer. Robinhood charges $100 for it, and so does moomoo. Webull charges $75. All three take transfers in for free.
Many brokers will pay that fee back if you move a big enough account to them. Ask the broker you're moving to before you start.
How a $0 broker makes money
If trading is free, someone else is paying. For all three, a big part of it is payment for order flow. Your order goes to a market maker, and the market maker pays the broker for it.
Webull's own filing says it gets 13% of the bid-ask spread on regular-hours market orders. Every US broker has to publish these numbers each quarter, in a Rule 606 report.
The rest comes from margin interest, subscriptions, and the gap between what the broker earns on your idle cash and what it pays you. That's why the margin and cash rates above are the real price of the account.
Outside the US
This comparison is for US accounts. Webull and moomoo both run separate firms in other countries, including Webull in the UK, Canada and Australia and moomoo in Singapore, Australia and Canada. Each has its own prices, its own regulator and its own investor protection.
Robinhood offers US stocks in fewer places. So if you live outside the US, compare your local version of each app. Check that the firm is on your regulator's register before you deposit anything.
So which one?
- You'll borrow on margin: Robinhood. Its 5.25% is the lowest of the three, and Gold makes the first $1,000 free.
- You'll keep a lot of cash in the account: Robinhood Gold or Webull Premium, both at 3.6%. Premium is $10 a year cheaper.
- You want charts, screeners and data without paying for a subscription: moomoo or Webull. Both are built around their desktop and mobile charting.
- You'll trade index options: Robinhood Gold, at $0.35 a contract against $0.50 elsewhere.
- You just want to buy stocks and ETFs and hold them: any of the three costs $0. Pick the app you like.
One more thing. All three apps make trading feel easy, and frequent trading is where most people lose money. The broker matters less than what you do in it.
Is Webull or Robinhood cheaper?
For buying and selling, they cost the same: $0 on US stocks, ETFs and options. The difference is margin. Robinhood charges 5.25%. Webull charges 8.74%, or 5.45% with Premium at $40 a year. Borrow $5,000 for a year and Robinhood costs $262.50 against $437 at Webull without Premium.
Is moomoo better than Webull?
They're close. Both charge $0 to trade and both focus on charts and data. moomoo's advertised margin rate of 6.8% beats Webull's standard 8.74% but not Webull Premium's 5.45%. Webull charges $75 to transfer out, moomoo $100.
Is Robinhood Gold worth it?
If you keep cash in the account or use margin, usually yes. It costs $50 a year and pays 3.6% on uninvested cash, makes your first $1,000 of margin free and raises the IRA match from 1% to 3%. If you invest everything and never borrow, it does little for you.
Is Webull Premium worth it?
If you use Webull's margin, yes. It cuts the rate from 8.74% to 5.45% and pays for itself once you borrow about $1,216. It also pays 3.6% on idle cash in cash accounts, which covers the $40 fee at about $1,290.
Are Webull, Robinhood and moomoo safe?
All three are US broker-dealers, members of FINRA and SIPC. SIPC covers up to $500,000 per customer, including $250,000 in cash, if the broker fails. It doesn't cover your shares falling in value.
Can I use Webull or moomoo outside the US?
Yes, in several countries, through separate local firms. Webull runs in places like the UK, Canada and Australia, and moomoo in Singapore, Australia and Canada. Their prices differ from the US ones here, so check your local site.
Learn to trade before you pick the app
TradeWize's free track covers brokers, accounts and the fees worth caring about, with a zero-risk simulator built into the lessons. Stage 7 is the broker stage. No card needed.