How to Buy Crypto on Webull

Traditional stock trading platforms increasingly see the benefit of including cryptocurrency investment in their operations as crypto grows more popular. Webull announced that it had adopted crypto in November 2020. Webull’s support for cryptocurrencies has increased, making it a good option to get started with crypto.

If you’re looking to buy crypto on Webull, you’ve come to the right place. In this Webull crypto review, we’ll go over everything related to Webull Crypto, from creating your Webull account to making the most of the platform’s features and services.

Let’s dive right in!

Webull Overview

Webull homepage
The Webull Homepage

Webull, an electronic trading platform was founded by Wang Anquan in 2017. This makes it a relative newcomer: For comparison, the digital-only trading platform Robinhood, Webull’s main competitor, was founded in 2013.

On August 20, 2020, there were 11 million registered users. The average age was 40, and the average account had about $4000. Webull’s userbase has further grown since then.

Trading stocks and exchange-traded fund margins, options, crypto, and other assets is possible on the trading platform. The platform’s main advantage is that it has both mobile and desktop versions.

Webull’s mobile-first philosophy, however, doesn’t detract from its arsenal of advanced charting and screener tools. It is easy to sign up and trade with the Webull App. The average time it takes to tour the entire platform is around 30 minutes.

This platform is affordable: There are no minimum deposits and it charges no commissions. Although Webull is not perfect, there are still solid options for active traders.

Webull’s integration of crypto trading has given its userbase of traditional traders the option of further diversifying their portfolio without learning the ropes of a dedicated crypto exchange, such as Coinbase. Webull Crypto initially supported just a few crypto assets, but it has expanded to support 23 more cryptocurrencies such as Terra (LUNA), and Decentraland(MANA) since its launch.

Webull Financial LLC, a member Financial Industry Regulatory Authority, Securities Investor Protection Corporation, The New York Stock Exchange, NASDAQ, Cboe EDGX Exchange, Inc.

Fumi Technology (a China-based holding firm) owns the trading platform. Investors include Xiaomi, Hongdao Capital and Shunwei Capital. The company’s headquarters are in New York. However, technology aspects of the business are managed in Hunan in China.

Webull Features and Services

Webull has a variety of options and services. These include margin trading, portfolio analysis, as well detailed portfolio analysis. Here’s a list of the most essential of them.

  • You can trade most products for free. According to the industry standards, stocks, options and ETFs are available with no commissions. Note that however, Platform charges 1%Both when you sell and buy crypto on Webull.
  • Smooth user experienceBoth desktop and mobile apps are well-designed so that you can conduct complex market analyses via them both.More than 50 Webull widgetsInvest in crypto funds anywhere around the globe and you will not be disappointed.
  • Signup offers that are attractiveWebull has many signup promotion options. You can now get five stocks for free if your account is opened and funded. You can also get $5 in crypto for your first transaction. Further incentives are provided by these promotions to encourage people who use Webull specifically to buy or invest in cryptocurrency.
  • Fractional coins. As you already know, some cryptocurrencies are so expensive that regular traders will not be able to afford one unit. Webull has fractional coins that allow you to invest only in fractions of a coin.
  • The instant settlement of cryptocurrency transactions Instantly settle crypto. It’s easy to understand why: Neither buying crypto nor selling crypto requires physical processes to occur.
  • 23-hour availabilitySince no officially recognized exchange regulates or brokers crypto trading, it’s open almost 24/7. Every day there’s an hour of maintenance, which means you can trade on Webull crypto 24/7.
  • High margin trading rates Webull allows you to borrow Up to three times the account equity. Before you are granted margin trading access, Webull will require that you have $2000 at the minimum on your account. Plus, you’ll be paying margin interest rates on a daily/monthly basis.
  • Stellar supportWebull support can be reached online and by phone 24/7. You will receive prompt attention to any issues. Webull customer support has multiple positive reviews, so you’ll likely encounter friendly and responsive staff.

Webull: What is the best way to buy cryptocurrency?

Webull crypocurrencies page
Webull cryptocurrencies page

Registration on Webull takes seconds. Just follow these steps and you’ll be trading crypto in no time.

Step 1: Open an account

Webull Sign in Sign Up page
Youbull Sign In Page

To open a Webull Account, you must be at least 18 and possess a valid US identification. After you fill out your phone number and verify it, you’ll need to submit your ID. Most accounts can be verified in less than 24 hours.

Step 2: Ask for permission

Once you have your account, you’ll need to request permission to trade crypto on Webull. To do this, visit the Crypto Trading Page.

Step 3: Add funds

After you’re granted permission to trade crypto on Webull, you must add funds to your account. You can use your bank account to wire funds or do bank-to bank transfers, just like on most other platforms. Although wire transfers can be performed much faster than electronic transactions, your bank will charge you extra fees.

Step #4: Select a cryptocurrency

Do you prefer Shiba Inu over Bitcoin Cash? You might consider REN or ETH. The next step is to choose which cryptocurrency you wish to invest. Here you may want to do your research: There’s an art to buying crypto, and you have to master it.

The market or limit orders can both be used for purchase. What’s the difference between the two? The market order takes place immediately at the current cryptocurrency exchange rate. A limit order can be placed only when certain conditions are met.

Step #5: Get started managing your holdings

Start crypto portfolio on Webull
Start crypto portfolio on Webull

You must track and manage your crypto after you have purchased it. Although Webull has a lot of tools to help you keep an eye on what is happening, there are some crypto-specific trackers that may be more useful.

Information about InvestmentsThis website contains information that is intended to be informative. It does not recommend you to purchase, sell or hold any financial products or instruments. This information may not be the same as what you receive from financial institutions or other service providers.

Market risk can include the loss of principal. The market for cryptocurrency can be volatile and subject to secondary activity. Do your research and get your advice. Never invest more than you are able to afford. Trading stocks and CFDs can be risky. CFDs can result in losses between 74-89% for retail investors accounts. Before making an investment, you should carefully consider your situation and seek advice. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.

Webull Cons and Pros

Of course, no platform is perfect, but if you’re looking to start trading crypto on Webull, you’ll find more advantages than shortcomings.

There are pros

  • Mobile app user experience that is intuitive and smooth
  • Simple registration
  • Advanced tools for market analysis and data processing
  • For most products, there is no commission trading
  • No ongoing fee or minimum balance requirement
  • It’s easy to diversify and explore traditional trading methods
  • High-level security
  • Online and phone support available 24/7

Cons

  • If you’re a seasoned crypto investor, you’ll find the list of coins limited
  • Webull Crypto doesn’t offer a wallet, so you can’t withdraw crypto directly
  • You don’t technically “own” your crypto assets, you don’t have the keys to transfer crypto
  • There are limited educational resources
  • To open an account, you must be a resident of the USA and possess a valid US ID.

Questions

Do you have a question regarding your Webull account or the Webull app? You can count on us to provide the right answers.

What Cryptocurrencies are Available On Webull

Webull Crypto initially supported only a few crypto assets. Webull Crypto now supports Bitcoin, Ethereum, ETCUSD and Ethereum Classic (ETCUSD), Litecoin(LTCUSD), Bitcoin cash (BCHUSD), Shiba Inu/SHIBUSD), Decentraland/MANAUSD), Stella Lumens/XLMUSD), Cardano/ADAUSD, Algorand/ALGOUSD), Polygon/MATICUSD), Sushi/SUSHIUSD), Avalanche/AVAXUSD), Terra/LUNAUSD), Solana Coin (USDCUSDCUSDCUSDCUSDCUSD), Harmony.fin.coins (APEUSD), yearn.fin.fin (YFIUSD), yearn.finsapecoin (APEUSD), Apecoins) via Apex Crypto llc.

You should be aware that crypto markets are constantly changing and may not have the right coin for you. However, Webull continues to expand its portfolio of crypto assets.

What is Webull’s comparison to other crypto trading platforms?

Webull offers some distinct advantages over other digital trading platforms, like Robinhood. Webull has a longer trading time and offers a wider range of crypto assets. Robinhood, on the other hand has stronger security and users can fund their accounts with a debit card. Webull doesn’t offer that functionality yet.

But if you’re looking to buy crypto specifically and compare Webull to dedicated cryptocurrency exchanges and crypto wallets, it does fall short. Crypto-specific platforms have more variety. Second, it is much more easy to sell and buy crypto directly from a wallet without liquidating. Finally, many crypto-lovers are not just looking to buy cryptocurrency to watch it grow in value, but also to be able to control the keys of a wallet.

Besides, in contrast to Webull and Robinhood, dedicated crypto platforms are more often than not open internationally, because anonymity and globalism constitute an important part of the crypto ecosystem’s purpose and philosophy. This means that crypto-specific businesses have significant leverage in an ever more connected world.

Can Webull offer a Crypto Wallet?

Unfortunately, Webull doesn’t offer a crypto wallet, so you cannot freely transfer crypto to and from your account.

Are Webull for Me?

If you’re an active trader who’s looking to benefit from the extended trading hours or if you want to invest in stocks, options, and ETFs in addition to crypto from one place, Webull is for you. Especially if you’re a millennial, you will appreciate the flexible mobile-first approach of the platform.

Here’s how Webull CEO Anthony Denier has described the platform’s users:

“Our traders are very quick to take positions. They move very quickly between positions. They tend to use sophisticated analytical tools such as charting and backtesting to decide when to enter and exit their trades.”

Webull might be the trading platform that suits your needs if you are like this.

How can I transfer my Webull Crypto into another Wallet?

It is not possible to transfer crypto from Webull into another wallet without converting it in $. For serious crypto investors who are looking for flexibility when transferring their holdings, this is a major disadvantage.

Are Webull’s products safe?

Webull is just as legitimate and safe as other online brokers. Webull’s investments are safe thanks to the SIPC coverage and 2-factor authentication.

However, you should note that Webull’s traditional trading, which includes options and stocks, is managed by a different body than crypto on Webull. The traditional trading on Webull (stocks, options, etc.) is handled by another body than the crypto on Webull. First, Webull Financial LLC is responsible for the registration and regulation of the Securities and Exchange Commission and Financial Industry Regulatory Authority.

Webull Crypto llc, on the other hand is not a registered broker/dealer and not a member of FINRA. It also has not been FDIC- or SIPC-insured.

Webull is Free

Webull is completely free to use. They charge a 1% markup/markdown which is added to the exchange rate. If you want access to premium data, however, it’s anywhere between $2.99 to $24.99 per month. Just like all online brokers, Webull also makes money through margin trading interest rate, withdrawal and deposit fees, as well as order flow.

Conclusion

Crypto trading on Webull has many advantages, especially if you’re a newcomer to the world of crypto and just want to test the waters. There are many benefits to using Webull’s mobile app. You can access margin trading at competitive rates, trade stocks, or invest in other assets.

That being said, if you’re an intermediate or professional crypto investor, and crypto trading is your main focus, you may want to use dedicated cryptocurrency exchanges and crypto wallets: Being free to swap coins whenever, keeping funds in a hardware wallet, and having the option to invest in 20,000+ coins (like on CoinStats, for example) is priceless.

Webull Crypto Review: We hope you found it interesting. Next, check out this guide to buying cryptocurrency on Robinhood. All the best with your trading.

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