Robinhood vs Webull: What Each Broker Discloses About Your Orders
Robinhood and Webull are both US brokers that route customer orders to market makers and are paid for that flow. Their Q2 2026 Rule 606 reports show nearly the same rate on stock orders, 12.35% and 13% of the quoted spread, and options made up about 70% of each broker's payments.
These two apps are usually compared on screenshots and sign-up offers. This page compares them on the documents each broker files about what happens to your order after you tap the button, and on the accounts each one actually offers. It is not a recommendation to open either.
What each one is
Robinhood is a US broker split into two firms. Robinhood Financial LLC holds customer accounts and passes every order to its affiliate, Robinhood Securities, LLC, which routes it on to outside market centers. Robinhood Securities states in its Q2 2026 routing report that it takes no payments for routing orders from any other introducing broker, so its report describes Robinhood customers’ flow.
Webull is a US broker that routes orders without trading against them. Its October 2025 order-handling disclosure says it “is not a liquidity provider and does not trade on a principal basis.” Its orders go to wholesalers and exchanges, and it is paid by several of them.
How each broker is paid for your order
Both brokers receive payment for order flow. Robinhood’s support page on order routing says the market makers it uses pay rebates, all at the same rate, set as a percentage of the bid-ask spread. Webull’s disclosure is blunter: it receives payment for order flow, and that payment “may result in reduced price improvement” for its clients.
The rates are printed in each broker’s quarterly Rule 606 report. The SEC requires every broker to publish one, naming the venues that received its orders and the net payments it received from each. The latest reports, for April to June 2026, carry these stated rates:
- Stock market orders and marketable limit orders in regular hours: Robinhood Securities receives 12.35% of the spread between the national best bid and offer. Webull receives 13%.
- Extended hours: Robinhood receives 9% of the spread. Webull receives up to $0.0026 a share.
- Overnight, 8:00 p.m. to 4:00 a.m. ET: Robinhood receives $0.0006 a share. Webull’s report says it receives no payment for orders executed in that window.
- Options, orders of 1 to 100 contracts: Robinhood receives $0.30 to $1.20 a contract; Webull’s largest options wholesalers pay $0.23 to $1.00. Both scale the rate by how wide the option’s spread usually is.
Where they differ
The per-share rate is close; the accounts are not. On stock orders during regular hours, 12.35% and 13% of the spread are within a rounding error of each other on any single trade. The differences worth choosing on are in the account menus each broker publishes.
Account types. Robinhood’s support pages (read 25 Sep 2026) describe a primary account that is either cash or margin, plus joint, custodial and revocable trust accounts, traditional and Roth IRAs in self-directed and managed forms, and managed accounts through Robinhood Strategies. Webull’s help center lists individual cash or margin accounts, “you may open one of each”, traditional, Roth and rollover IRAs, joint, custodial (UTMA/UGMA), futures, entity, event and crypto accounts.
Retirement accounts. Robinhood’s IRA page states a match on contributions: 1%, or 3% for subscribers to its Gold tier, which must stay in the IRA for five years to avoid a possible withdrawal fee. Webull offers a rollover IRA as its own account type, which Robinhood’s IRA page does not list.
Cash and margin side by side. At Webull you can hold a cash account and a margin account at the same time. At Robinhood the primary account is one or the other, though additional individual accounts can be opened. The rules behind that choice are set out in cash account vs margin account.
Hours. Robinhood runs a 24 Hour Market for a list of selected stocks and ETFs from Sunday 8 PM to Friday 8 PM ET, whole-share limit orders only. Webull’s disclosure lists day-plus-extended orders from 4:00 AM to 8:00 PM ET, limit orders only, and its pricing page lists overnight trading. Both describe their extended sessions as limit-order sessions.
Where they agree
Both route orders to the same handful of wholesalers. Citadel Securities, Virtu, Jane Street and Hudson River Trading appear in both brokers’ stock tables for Q2 2026, and the same five firms fill options orders for both.
Both pay every wholesaler the same rate, by their own statements, so neither is paid more for sending an order to one firm than another. Webull adds that it does not negotiate a trade-off between payment and execution quality.
Both leave the spread with you. Whatever the rate, the payment is a slice of the bid-ask spread that your order crosses. A limit order is the one control you have over that price at either broker.
A worked example
Take a hypothetical stock quoted at $50.00 bid and $50.02 ask, a 2-cent spread, and a market order to buy 100 shares during regular hours.
At Robinhood’s stated rate: 12.35% of $0.02 is $0.00247 a share, times 100 shares is about 24.7 cents paid to Robinhood Securities by the wholesaler. Its report adds that it passes 80% of that revenue to Robinhood Financial.
At Webull’s stated rate: 13% of $0.02 is $0.0026 a share, times 100 shares is 26 cents.
The difference is 1.3 cents on a $5,002 order. Neither figure is taken from your account. Both are paid by the wholesaler that fills you, which is why the question to ask is not the size of the rebate but the price you were filled at. Each broker publishes its own price-improvement statistics; read them for the kinds of orders you place.
Which one to use
Use Robinhood when an IRA with a contribution match matters to you, or when you want managed and self-directed accounts, including a custodial account for a child, inside one app. Read the match’s five-year holding condition first.
Use Webull when you want a cash account and a margin account open at the same time, a rollover IRA as its own account, or a fuller charting workspace in the same app you trade from.
Use neither as a reason to trade more often. The routing documents show that options orders pay these brokers far more than stock orders do, and a well-designed options screen is not evidence that options suit you.
The original data
The data: both brokers’ Q2 2026 Rule 606 reports, the Robinhood Securities report generated on 28 Jul 2026 and the Webull Financial report generated on 23 Jul 2026, parsed venue by venue and month by month for April, May and June 2026. The totals are published as a CSV of both brokers’ Q2 2026 order-flow payments. The stated rates in the table above are published as a CSV of each broker’s stated rates, with where each one sits in its report.
Robinhood Securities reported $498.4 million in net payments from the venues listed: $141.8 million for stock orders and $356.6 million for options, so options were 71.5% of the total.
Webull reported $102.8 million: $30.7 million for stock orders and $72.0 million for options, 70.1% of the total.
The per-order averages are close as well. Weighted across the listed venues, market orders in S&P 500 stocks paid Robinhood 136.74 cents per 100 shares over the quarter and Webull 125.47 cents.
In the 24,971-video search study this site keeps, 144 titles name Robinhood or Webull, from 77 channels, at a median of 18,991 views. Only 2 of those 144 name both brokers in the title. The comparison people search for is rarely made on the one document that lets you make it.
When it fails
Comparing rebate rates fails when it is taken as comparing costs. A 13% share of a spread tells you nothing about how much of the spread you paid; two brokers with the same rate can deliver different fills. The execution-quality figures, not the 606 report, answer that.
Reading one quarter as permanent fails too. The rates, the venues and the account menus above were read on 25 Sep 2026 from documents dated between October 2025 and July 2026. Brokers change routing arrangements without announcement, so re-read the current report before relying on it.
The totals fail as a measure of size. The dollar figures cover only the venues each report lists, and Robinhood’s larger total reflects more customer orders, not a higher rate.
An IRA match fails when the conditions are skipped. A match that must stay put for five years, or that depends on a paid tier, is worth less to someone who expects to move the account.
And either app fails when the options screen sets the pace. About 70 cents of every order-flow dollar at both brokers came from options in this quarter. That is a description of where the revenue is, and it is worth remembering each time an app suggests an options trade.
Related
Payment for order flow explains the arrangement both reports describe and why it is legal. The Robinhood page covers how that broker’s app shapes trading habits. And the Webull page sets out what its charting and paper account are good for.
Read a broker’s Rule 606 report before its marketing page. The report is short, it is filed every quarter, and it tells you who pays for your orders and at what rate, which no advertisement will.
— Michael Whitman
This page is educational, not financial advice. Test every idea on your own charts before risking money.