Excellent Promo: Up to US$3,000 Reward For Moneybull – New and Existing Webull Users Qualify!

Update: this deal is over but new deal is up; subscribe for more updates.

Over the past week or so I noticed something interesting – Webull is having a promo for Moneybull that looks really, really good: deposit at least US$5,000 before 16th October 2023 (4PM) and maintain the funds until end of 2023 to receive cash vouchers on top of the fund’s returns.

Accumulated Deposit AmountBonus Cash Vouchers
US$5,000 to US$49,999US$120
US$50,000 to US$99,999US$1,500
≥ US$100,000US$3,000

Deposit US$100,000 and get US$3,000 + the fund’s potential 3.7% to 5.37% p.a. returns in just 2.5 months? Those are very attractive returns, and even existing Webull users qualify (as long as the promo appears in their app)!

Even though the promo started on 22nd September 2023, Webull has been advertising quite a lot, so much so that I think many people (including finfluencers, tsk tsk) tuned this promo out. It wasn’t until I published my post on 3rd October 2023 that people started to take notice, and now it’s the talk of the town.

So what is this promo all about?

What is Moneybull?

Moneybull is the name given to Webull’s cash management feature. Roboadvisers and trading platforms use cash management funds for their clients to put aside idle funds that are not currently being used for other investments.

The funds used by Moneybull are Fullerton SGD Cash Fund for Singapore dollars and Fullerton USD Cash Fund for US dollars. These funds are investments and investments can range from lower risk stuff to more volatile and risky things.

In Fullerton SGD Cash Fund’s case, the money is invested in SGD deposits with eligible financial institutions. When you place funds into the fund, the money is pooled with funds from other investors and then used by the fund manager to put into deposits with financial institutions like banks. At present, over 80% of the deposits are very short term at 4 weeks or under placed with multinational banks.

So is there risk? Sure there is – all investments contain some amount of risk – and there is also risk when you put money with a bank. When placing money into a fund that invests in bank deposits, there is always a relatively small but present chance of capital loss if the banks the fund is placing deposits with go under.

Currently, the fund’s biggest holdings include deposits with Qatar National Bank and MUFG Bank (Japan’s largest bank). They may not be familiar names to Singaporeans but they are large banks and it’s a good thing the fund does not place all its eggs in any single basket of a bank.

Note that this is not personal investment advice and you should do your own due diligence and research before putting funds into any investment or financial product. If you are still concerned about the risk of the investment itself, it seems possible to qualify for the promo by leaving your funds in cash – more on that later.


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Why is the promo attractive?

If you consider a lock-up period of 2.5 months (16th October 2023 to 1st January 2024), a cash bonus of US$3,000 on a deposit of US$100,000 represents as much as 15.04% annualised returns. This is a fixed amount given by Webull, and is an incredibly generous bonus. If we take it to be a guaranteed return on the amount we deposit, it can be as high as 15.04% p.a!

USD AmountBonus CashAnnualised “Returns”*
US$5,000S$12011.90% p.a.
US$50,000S$1,50015.04% p.a.
US$100,000S$3,00015.04% p.a.
*assumes deposit done on 16th October 2023 and withdrawal done on 1st January 2024

On top of the bonus cash, the fund also gives its own returns. As at 14th October 2023, the USD fund has performed at 5.41% p.a. return while the SGD fund has had 3.69% p.a. Combined with the cash rewards, the returns are substantial which is why this promo is excellent.

What’s a possible reason Webull is offering something so attractive? It is anyone’s guess, but Xris suggests that the company might be trying to inflate its Asset Under Management (AUM) figures by the end of the year, something that sounds like a likely explanation to me.

SGD deposits work too

There is actually no need to convert your SGD to USD if you want to avoid forex risk. To take advantage of the promo in SGD, Webull uses a fixed rate of S$1 = US$0.7297. To be clear, if you want your funds to remain in SGD, there is no need to convert your currency at all.

Simply deposit these amounts in SGD (rounded up to the nearest dollar) and you will qualify for the respective tier:

USD AmountSGD Equivalent

Get an account first

If you want to take advantage of the promo, you first need a Webull account. If you don’t have one, you can sign up below and also get the sign-up rewards.

You need a margin account in order to access Moneybull.


Until 3.59PM 30th April 2024

13 days 13 hours 54 minutes 50 seconds left to grab this offer!

 Register and open account with this link 0 commission trades for US Stocks and ETFs for 31 days
0 subscription fees for mutual funds
Welcome PromoFund at least US$500 and complete 1 buy trade5 free shares worth US$10 to US$500 each

🔥 Bonus 2 more shares for using my link
Welcome Promo ADeposit US$2,000, complete 5 buy trades and maintain until 31st May 2024


Subscribe at least US$2,000 to Moneybull and maintain until 31st May 2024
15 free shares worth US$10 to US$500 each
Or Welcome Promo BDeposit US$100,000, complete 10 buy trades and maintain until 31st July 2024


Subscribe at least US$100,000 to Moneybull and maintain until 31st July 2024
Get US$2,950 worth of free shares
Transfer-in PromoParticipate in Transfer-in Promo and fill out Share Transfer Form

a) First transfer of US$5,000 of shares and maintain for 1 year

b) First transfer of US$25,000 of shares and maintain for 1 year

c) First transfer of US$100,000 of shares and maintain for 1 year
a) US$150 transfer subsidy + US$1,000 shares

b) US$150 transfer subsidy + US$3,000 shares

c) US$450 transfer subsidy + US$10,000 shares

Exclusive bonus: 3-month commission-free US stocks trading
You can fund the equivalent in Singapore dollars using the rate SGD$ = US$0.7297

Get 0 platform fee, and trade fractional shares from as low as US$5 per trade. Great for dollar-cost averaging small amounts!

*T&Cs apply. Principal is not guaranteed. Returns are not guaranteed and not an indication of future performance. All investments involve risks and are not suitable for every investor. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Terms and conditions:

Last updated: 5th April 2024

Signing up takes a very short time especially if you are using SingPass. There is a waiting time for account approval which can be as short as 20 minutes.

Step-by-step guide

You must have the promotion in your app to qualify and make sure you tap Participate Now in your app. Thereafter, Webull specifies two steps to qualify for this promo:

  1. Activate Moneybull
  2. Deposit the funds before 16th October 2023 4PM

For a guide, you may follow these steps:

  1. Open Webull app → Menu → “GET UP TO USD3,000 cash voucher” button under Promotion Center
  2. Tap Participate Now
  3. Activate Moneybull
  4. Deposit at least US$5,000 (or SGD equivalent) before 16th October 2023 4PM
  5. Hold the funds until 31st December 2023 11.59PM
  6. Optional: convert funds to USD for USD fund
  7. Optional: set retained amount to keep funds in cash

Moneybull will auto-sweep your money into the cash funds (around 9.30 to 10AM on working days) according to the currency you leave your cash in. If you leave your money as SGD, the funds will be swept into the SGD fund. If you wish, you can also convert your SGD into USD to invest in the USD fund (note that there is a spread of around 0.6% for currency conversion).

Prefer to hold cash? You can also set a retained amount of how much you want to retain as cash. According to a question posed to Webull’s customer service, it appears you can choose to leave your funds as cash if you wish as long as you remember to activate Moneybull.

When you meet the requirements, Webull will credit the cash voucher by 5th January 2024 and its value will be credited to your account within 7 days. You are then able withdraw the reward as cash.

All these are based on my understanding of the promo, so do read through the terms and conditions (found within the app) to make sure you fulfil the promo requirements.

What are the risks?

As with most things in life and investments, there is a certain degree of risk. Here are some risks that one might face with this promo.

Note: Webull has been a regular sponsor of my YouTube channel and website, and I also receive an affiliate fee for each sign-up. While I strive to be unbiased, receiving an income may colour my evaluation of this promo so it is important I highlight this potential conflict of interest so you can do your own due diligence. The following is not an exhaustive list of risks.

Risk of the fund losing money
The first risk one faces with this promo is the investment risk of the underlying fund. Again, with a fund that invests primarily in deposits with banks, the main risk I feel would be the one or more banks collapsing. It’s not a common thing, but we have seen in recent times that such things do happen.

Unlike your own personal deposits with a bank, there is no Singapore Deposits Insurance Corporation (SDIC) coverage for this, so you can indeed suffer losses if one or more banks the fund places deposits with go under.

It is worth noting that the fund places money with multiple institutions and the risk is thus diversified across different banks.

If you are truly averse to the investment risk, you can hold the funds in cash instead of putting it towards the cash funds. As described above, set a retained amount so that the money does not get invested.

Foreign exchange risk
If you opt to convert your money into USD, there is also going to be foreign exchange risk. There is a chance of the USD depreciating against SGD when you convert your funds back to SGD in future.

Webull going under
As we have seen in the past couple of decades, even large financial institutions can collapse and the risk of Webull becoming insolvent over the next 2.5 months cannot be completely ruled out.

According to Webull, your cash holdings are held in custodian with DBS who is the custodian for Webull and investment funds are held in custodian with Allfunds. In the event of Webull going under, your assets should be segregated from their operating funds. There is more discussion about these safeguards in the Telegram group.

Webull going rogue
Errant companies absconding with customers’ money is also something that happens occasionally, so one might naturally be sceptical when a company promises a good promo. Because such a risk is very real, I have turned down sponsorships from a few companies that handle clients’ money that are not regulated by MAS.

Webull is an MAS regulated company with a Capital Markets Services License. Among the criteria for the license are the strength of the company’s compliance systems and the fitness and propriety of the applicant. Personally speaking, if a company’s propriety to handle customers’ funds is good enough for MAS, it is good enough for me.

Some other things to take note

For deposits to be eligible, it needs to be done by 16th October 2023 4PM. The promo tracks withdrawals between 22nd September 2023 4PM to 31st December 2023 11.59PM.

By the wording, it means that you should avoid all forms of withdrawal during this time period, even if you decide to deposit some amount into Webull.

For instance, if someone deposits US$100,000 by 16th October 4PM, then deposits another US$5,000 on 31st October but withdraws just US$1,000 on 1st November, the accumulated deposit is now US$99,000. This is because the US$5,000 deposit does not count towards the promo while the US$1,000 withdrawal does.


This promotion offered by Webull is certainly enticing and by far the best deposit promo we’ve seen all year. Caveat emptor still applies, however, and you should definitely consider whether you are comfortable putting a sizeable amount in any financial product or platform.

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