Have you ever found yourself looking at a stock chart, seeing the price move, but wishing you had a deeper understanding of why it's moving the way it is? Or perhaps you're an active trader who needs every possible edge to make informed decisions in real-time. If so, a Level 2 account on Webull might be exactly what you need!
Level 2 market data, often called NASDAQ TotalView, offers a transparent look into the order book, showing you the different bids (buy orders) and asks (sell orders) at various price levels. It's like having X-ray vision for the market, revealing the hidden layers of supply and demand that influence price action. While Webull provides Level 1 data (basic real-time quotes, showing the best bid and ask) for free, unlocking Level 2 gives you a significant advantage, especially for day traders and those who rely on technical analysis.
This comprehensive guide will walk you through the process of getting a Level 2 account on Webull, step by step, so you can start leveraging this powerful tool in your trading journey.
Step 1: Understand What Level 2 Data Is and Why You Need It
Before we dive into the "how-to," let's ensure we're all on the same page about what Level 2 data is and why it's valuable.
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| How To Get A Level 2 Account On Webull |
What is Level 2 Market Data?
Imagine a marketplace where buyers shout out the highest price they're willing to pay, and sellers shout out the lowest price they're willing to accept. Level 2 data is essentially a detailed list of these "shouts." Specifically, for NASDAQ TotalView, it provides the best 50 levels of bids and asks for all NASDAQ, NYSE, and regional-listed securities on the NASDAQ Market Center.
It typically displays:
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Market Maker ID (MMID): This identifies the firm placing the bid or ask. Understanding who is buying or selling can give you clues about institutional vs. retail activity.
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Bid Price: The price at which buyers are willing to purchase the stock.
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Bid Size: The number of shares buyers are willing to purchase at that specific bid price.
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Ask Price: The price at which sellers are willing to sell the stock.
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Ask Size: The number of shares sellers are willing to sell at that specific ask price.
In essence, it's a window into the depth of the market.
Why is Level 2 Data Important for Traders?
For active traders, particularly day traders and scalpers, Level 2 data is crucial for several reasons:
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Identifying Support and Resistance Levels: Large buy orders (bids) at a specific price can act as a support level, indicating where the price might bounce. Conversely, large sell orders (asks) can act as resistance, suggesting where the price might stall or reverse.
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Gauging Market Sentiment: By observing the size and density of bids and asks, you can get a better feel for the overall buying and selling pressure on a stock. Is there a strong accumulation of buy orders, suggesting bullish sentiment, or heavy selling pressure?
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Spotting Order Flow Imbalances: You can see if there are significantly more buyers than sellers, or vice-versa, at different price points. This imbalance can often precede a price move.
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Predicting Short-Term Price Movements: While not a crystal ball, Level 2 data, when combined with other technical analysis tools, can help you anticipate short-term price fluctuations, allowing for more precise entry and exit points.
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Understanding "Iceberg" Orders: Sometimes, large orders are broken down into smaller ones to avoid alarming the market. Level 2 can help you piece together these larger hidden orders.
Are you ready to unlock this powerful insight? If so, let's move on to the practical steps!
Step 2: Ensure You Have a Verified Webull Account
Before you can even think about Level 2 data, you need a fully functional and verified Webull brokerage account. If you don't have one yet, here's a quick rundown of the initial setup:
Tip: Skim once, study twice.
Sub-heading: Account Opening and Initial Verification
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Download the Webull App or Visit the Website: Webull is available on iOS, Android, and has a robust desktop application and web platform.
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Sign Up: You'll typically need to provide your email or phone number to start the process.
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Complete the Application Form: This will involve providing personal information such as:
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Full legal name
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Date of birth
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Social Security Number (for U.S. citizens)
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Residential address
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Employment information
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Financial information (income, net worth, investment experience)
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Upload Required Documents: To comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, Webull will require you to upload:
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Government-issued ID: (e.g., Driver's License, Passport)
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Proof of address: (e.g., utility bill, bank statement)
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Important Note: Ensure the names and addresses on your documents match your application exactly to avoid delays.
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Review and Submit: Double-check all information before submitting your application.
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Account Approval: Webull typically approves accounts within 1 to 3 business days. However, if your application requires additional verification, it might take longer. You'll receive a notification via email and within the Webull app once your account is approved.
Sub-heading: Funding Your Account (Optional for Level 2)
While not strictly required to access Level 2 data, having funds in your account is essential for trading. Webull offers commission-free trading for stocks, ETFs, and options, but you'll need money to execute trades based on your Level 2 insights!
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Link Your Bank Account: You can typically link your bank account via ACH transfer (electronic funds transfer), which is usually free but can take a few business days.
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Wire Transfer: For faster deposits, you can use a wire transfer, though your bank may charge a fee.
Step 3: Navigate to the Market Data Subscription Section
Once your Webull account is approved and you're logged in, the next step is to find where you can subscribe to market data. The process is straightforward, whether you're using the mobile app or the desktop/web platform.
Sub-heading: On the Webull Mobile App
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Open the Webull App: Launch the application on your smartphone.
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Tap "Menu" (Bottom Right): Look for an icon that resembles three horizontal lines or "More" at the bottom right corner of the screen.
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Scroll Down and Select "Market Quotes" or "Market Data": The exact wording might vary slightly with app updates, but it will be something similar.
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Find "Level 2 (NASDAQ TotalView)": Within the market quotes section, you'll see various data packages. Locate the one specifically labeled "Level 2 (NASDAQ TotalView)."
Sub-heading: On the Webull Desktop/Web Platform
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Launch Webull Desktop Application or Go to Webull.com: Log in to your account.
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Look for "Market" or "Quotes" Section: On the desktop platform, you'll usually find a "Market" tab or a direct link to "Quotes" in the navigation bar.
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Find "Market Data" or "Subscriptions": Within the market section, navigate to the area where you can manage your market data subscriptions.
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Locate "Level 2 (NASDAQ TotalView)": Similar to the mobile app, you'll find the option to subscribe to Level 2 data here.
Step 4: Subscribe to Level 2 (NASDAQ TotalView)
This is where you commit to getting that valuable market depth!
Sub-heading: Understanding the Cost
Tip: Reading on mobile? Zoom in for better comfort.
Webull's pricing for Level 2 (NASDAQ TotalView) is generally quite competitive:
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For Non-Professional Users: It typically costs around $2.99 per month. This applies to the vast majority of individual retail traders.
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For Professional Users/Entity Accounts: The cost is significantly higher, around $108.99 per month. Webull will determine if you are a "professional user" based on specific criteria (e.g., if you are licensed, work for a financial institution, or distribute market data). For most users, the non-professional rate will apply.
Note: Webull sometimes offers promotions or trials for Level 2 data, especially for new users. Keep an eye out for these!
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Sub-heading: The Subscription Process
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Select "Level 2 (NASDAQ TotalView)": Click or tap on this option to proceed.
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Review the Details: Webull will display the monthly fee, billing cycle, and any terms and conditions associated with the subscription. Read these carefully.
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Confirm Subscription: You will be prompted to confirm your subscription. This usually involves clicking a "Subscribe" or "Confirm" button.
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Payment Method: Ensure you have a valid payment method linked to your Webull account (e.g., your linked bank account). The monthly fee will be deducted from your account balance.
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Activation: Once confirmed, the Level 2 data should activate almost immediately. You might need to restart the app or refresh the platform for the changes to take effect.
Step 5: Accessing and Utilizing Level 2 Data
Now that you've successfully subscribed, it's time to put that powerful data to use!
Sub-heading: Viewing Level 2 on a Stock Quote Page
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Search for a Stock: Go to the main trading interface and search for any stock you're interested in (e.g., AAPL, TSLA, MSFT).
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Locate the "Level 2" Tab/Section: On the stock's detail page, near the charting and order entry sections, you will find a dedicated "Level 2" tab or a section clearly displaying the Level 2 order book.
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Analyze the Bids and Asks:
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Bids (Left Side): You'll see a list of bid prices and the corresponding sizes (number of shares). The highest bid will be at the top.
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Asks (Right Side): You'll see a list of ask prices and the corresponding sizes. The lowest ask will be at the top.
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Market Maker IDs: Pay attention to the MMIDs to see which institutions or firms are active.
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Time and Sales: Often displayed alongside Level 2, this shows actual executed trades, including the price, volume, and timestamp. This helps confirm the real-time activity suggested by the Level 2 order book.
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Sub-heading: Integrating Level 2 into Your Trading Strategy
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Confirming Breakouts/Breakdowns: If a stock is approaching a key resistance level, look for a thinning of asks above that level or large bids coming in to break through. Conversely, for a breakdown, look for a large number of asks at lower prices or bids drying up.
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Identifying Liquidity: Level 2 helps you understand how liquid a stock is. Stocks with many bids and asks at various price levels are generally more liquid, meaning you can enter and exit trades with less slippage.
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Scalping Opportunities: For very short-term trades, Level 2 can help you identify small shifts in supply and demand that might lead to quick profits.
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Avoid Being "Hunted": Understanding the order book can help you avoid placing orders where market makers might try to "hunt" your stop loss by driving the price momentarily to a certain level.
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Combine with Charting Tools: Level 2 data is most effective when used in conjunction with other technical indicators and charting patterns. Don't rely solely on Level 2; use it to confirm your broader analysis.
Step 6: Monitor and Adjust
Level 2 data is dynamic and changes constantly. Therefore, continuous monitoring and adjustment of your strategy are essential.
Sub-heading: Real-Time Monitoring
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Watch for Changes in Depth: Pay attention to sudden increases or decreases in bid or ask sizes at particular price levels. These can indicate institutional interest or withdrawal.
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Observe Order Placement and Cancellation: Market makers often place and cancel orders rapidly to test market sentiment or to hide their true intentions. While tricky to interpret, seasoned traders can glean insights from this.
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Look for "Sweeps": When a large number of shares are bought or sold across multiple price levels, it's called a "sweep," indicating aggressive buying or selling pressure.
QuickTip: Read line by line if it’s complex.
Sub-heading: Troubleshooting Common Issues
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"Why isn't my Level 2 working?":
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Check your subscription status: Ensure your Level 2 subscription is active and hasn't expired or been cancelled.
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Internet connection: A stable internet connection is crucial for real-time data.
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App/Platform restart: Sometimes a simple restart can refresh the data feed.
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Contact Webull Support: If the issue persists, reach out to Webull's customer service for assistance.
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"Why are some Level 2 screens different?": Different exchanges (e.g., NYSE, NASDAQ) may have slightly different ways of displaying their order book data. Webull's Level 2 (NASDAQ TotalView) focuses specifically on the NASDAQ Market Center.
Frequently Asked Questions (FAQ)
How to get a Webull account approved quickly?
Ensure all your personal information is accurate and matches your uploaded identification and proof of address documents precisely. Double-check your Social Security Number, date of birth, and full legal name.
How to use Webull Level 2 for day trading?
For day trading, use Level 2 to identify liquidity, support/resistance levels, and order flow imbalances. Look for large bids/asks that indicate significant interest and combine this with chart patterns for precise entry and exit points.
How to interpret Level 2 market maker IDs?
Market Maker IDs (MMIDs) represent different firms. While specific interpretation requires experience, observing consistent activity from certain MMIDs can offer clues about institutional involvement. Large, persistent orders from specific MMIDs might suggest significant institutional interest.
How to turn off Webull Level 2 data?
You can typically cancel your Level 2 subscription within the "Market Quotes" or "Market Data" section of the Webull app or desktop platform. Look for a "Manage Subscription" or "Cancel" option next to Level 2 (NASDAQ TotalView).
How to see historical Level 2 data on Webull?
Reminder: Reading twice often makes things clearer.
Webull primarily provides real-time Level 2 data. Historical Level 2 data is generally not available on the platform for in-depth analysis. You would need specialized third-party tools for that.
How to combine Level 2 with other indicators on Webull?
Level 2 works best when combined with other technical indicators like Volume, VWAP (Volume Weighted Average Price), moving averages, and candlestick patterns. Use Level 2 to confirm the signals you're getting from your charts.
How to troubleshoot Level 2 data not loading?
First, check your internet connection. If it's stable, try restarting the Webull app or desktop platform. Ensure your subscription is active. If the problem persists, contact Webull customer support.
How to identify "spoofing" with Webull Level 2?
"Spoofing" is when a market maker places a large order with no intention of executing it, only to manipulate the price or trick other traders. While difficult for beginners to spot, experienced traders look for large orders that appear and disappear quickly without execution.
How to get free Level 2 data on Webull?
While Webull occasionally offers promotional periods or trials for Level 2 data, it is generally a paid subscription service for NASDAQ TotalView. Webull does offer Level 1 (basic best bid/ask) data for free.
How to differentiate between non-professional and professional Level 2 subscriptions?
Webull automatically classifies users as non-professional or professional based on regulatory criteria. If you are not affiliated with a financial institution, licensed, or redistributing market data, you will likely be classified as non-professional and receive the lower monthly rate.
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