How to Buy Crypto on Webull
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Webull is a well-established brokerage firm, offering commission-free trading of stocks and ETFs. However, Webull also offers cryptocurrency trading, which helps to separate it from some competitors that don’t offer access to crypto.
Cryptocurrency has become a mainstream investment option, allowing you to diversify your portfolio while also gaining the potential for significant gains. However, if you’re fairly new to Webull, you may be a little confused about how to buy crypto on this platform. So, here we’ll delve into this topic in more detail.
For more details, please read our Webull review.
Webull currently offers new users up to 12 free stocks for trying the platform. You’ll get two free stocks (each worth $3 – $3,000) for signing up. Deposit any amount to get up to 10 more free stocks. Sign up for Webull through this link to be eligible for the bonus.
Crypto on Webull
Webull has been around since 2017. It’s part of the Fumi Technology Group, which is a fintech that offers real-time market analysis, analytics tools, and other trade technologies. Webull benefits from a technology team in Fumi Technology’s home base in China, while the brokerage and customer-facing ops are based in New York City.
As with its primary rival, Robinhood, Webull takes pride in being an online commission-free brokerage for stocks, options, and ETFs. However, starting in 2020, the platform began to support crypto. Today, you can trade crypto assets including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and many other crypto tokens.
Read our Webull vs Robinhood comparison to learn more about how these two platforms compare.
As of April 18, 2022, Webull offers more than 30 different cryptocurrencies: Bitcoin (BTCUSD), Bitcoin Cash (BCHUSD), Ethereum (ETHUSD), Litecoin (LTCUSD), Dogecoin (DOGEUSD), Zcash (ZECUSD),Stella Lumens (XLMUSD),Ethereum Classic (ETCUSD),Cardano (ADAUSD), Dash (DASHUSD), Shiba Inu (SHIBUSD), Basic Attention Token (BATUSD), Chainlink (LINKUSD), Uniswap Protocol Token (UNIUSD), Algorand (ALGOUSD), Polygon (MATICUSD), Sushi (SUSHIUSD), Avalanche (AVAXUSD), Terra (LUNAUSD), REN (RENUSD), Solana (SOLUSD), Cosmos(ATOMUSD), Decentraland(MANAUSD), Fantom (FTMUSD), The Graph (GRTUSD), CurveDAO Token (CRVUSD), Loopring (LRCUSD), Tezos (XTZUSD), USD Coin (USDCUSD), Aave (AAVEUSD), Crypto.com Coin (CROUSD), Harmony (ONEUSD), yearn.finance (YFIUSD), Apecoin (APEUSD), Chiliz (CHZUSD), Synthetix (SNXUSD), Gala (GALAUSD) through Apex Crypto.
Due to global and mainstream attention, digital currencies have had an increasing proliferation, and more companies and investors have entered the crypto forum. However, many people who want to join this financial revolution remain in the dark about how and where they can buy or trade crypto.
The good news is that Webull makes it simple to buy or sell cryptocurrencies. There are now numerous cryptocurrencies supported on the platform, so you can diversify your investments and portfolio.
Webull offers real-time crypto stats and data with two-factor authentication built in to ensure security and safety. You can enjoy commission-free trading 24/7 with a minimum deposit of only $1. However, it’s impossible to transfer your crypto holdings to other platforms without liquidating or selling your assets beforehand.
Buying crypto on Webull does not require you to have your own digital wallet, which may be a significant plus if you’re concerned about security. Webull will store the crypto for you, rather than transferring it to your digital wallet.
It’s important to note that cryptocurrency is highly volatile and prices/values can swing significantly in short periods of time. Be sure that you don’t invest any money into crypto that you cannot afford to lose, and do your own due diligence before making any investment.
How to Buy Crypto on Webull
Buying crypto on Webull is straightforward and can be accomplished in five steps.
1. Open Your Webull Account
If you’re completely new to Webull, you’ll need to first open an account. This is standard for online trading platforms, so you’ll need to provide your personal and financial information to comply with SEC regulations.
2. Request Permission
Once your account is open, you need to request permission to trade or buy crypto through the Webull app. To apply for approval, you’ll need to ensure the Webull app is up to date with the latest version. Then, you simply need to click on the Webull icon and click the “more” button. You should then see “Crypto Trading” and when you click this, you’ll request permission.
After your request is accepted, you can start trading at any time.
3. Fund Your Webull Account
Before you can start buying crypto coins, you’ll need to fund your Webull account. There are a few available options to fund an account. Webull supports wire transfers and electronic transfers from a third-party bank.
Electronic transfers are free, but they can take up to five days to settle in your account and show as available funds. However, it’s the most straightforward method. You just need to link your checking or savings account. This is an option on the main settings page and you’ll simply need to provide your bank account and routing numbers.
Wire transfers are quicker, with funds settling in your Webull account within one business day. However, you’ll incur a fee from your bank and Webull, so it may not be cost-effective.
Webull is a free investing app that provides advanced reporting tools and allows you to make free trades of stocks, ETFs, and options. Right now Webull is offering up to 12 free stocks when you signup through our link (use the button below) and deposit any amount.
- Commission-free trades of stocks, ETFs, options, and cryptocurrency
- Buy fractional shares for any amount
- Extended trading hours
- Advanced reporting tools
- IRAs now available
- 24/7 customer service
4. Select the Cryptos You Want to Buy
Once your account is funded, you just need to tap on “Crypto”, which you’ll find on the “Market” tab. You can carry out your purchase via a market order or limit order.
This is an order to immediately buy crypto at the current market price at the time of the transaction.
A limit order allows you to specify the price you are prepared to pay for your crypto purchase. Your order will only be executed when the specified price is available.
5. Monitor Your Crypto
Webull aims to make it easy to add currencies to a watch list or set alerts for price changes. If you want to monitor a cryptocurrency, you can just tap the star icon that you’ll see on the currency profile. You can set an alert to notify you of any price changes, by tapping the “alert” button.
You can also check a currency profile to look at the key stats for this currency. This includes details such as trading volume, but you can also use the drawing tool to analyze the price action of up to two currencies simultaneously.
For more on Webull, please see:
- What is Paper Trading on Webull?
- Does Webull Have Instant Deposit?
- Does Webull Have Fractional Shares?
- Can You Day Trade on Webull
- Webull Margin vs. Cash Account
- How Does Webull Make Money?
Webull Commissions and Fees
One of the great advantages of Webull is that it’s a commission-free platform. However, although there are no commissions on trades, there are some fees you need to be aware of when trading crypto. Webull charges a spread of 100 basis points when buying or selling crypto, which is equivalent to a 1% fee. This is comparable to the fees assessed by Webull’s competitors.
Is Webull a Good Choice for Crypto?
Webull is an excellent platform for beginners or traders with minimal experience, whether you want to trade in stocks, options, ETFs, or crypto. The interface offers superb ease of use, particularly compared to many other online trading platforms. It has a zero-commission pricing structure, although you’ll pay the 1% fee for crypto trades.
The most significant downside is that you cannot transfer crypto off the platform. This means that if you’re used to using an offline secure crypto wallet, you will have no way to transfer your coins into your preferred wallet. Of course, you can sell your cryptocurrency at any time, but you won’t have the option to transfer it without selling it.
For this reason, Webull is best for those who view crypto as an investment similar to stocks or ETFs.
Frequently Asked Questions
You cannot transfer any crypto holdings to a different platform. However, there is a possibility that this may change in the future and Webull could add this as a feature at some point.
Webull offers commission-free trades of stocks, ETFs, and options. Crypto trades on Webull are charged a spread of 100 basis points, which is equivalent to a 1% fee.
Currently, Webull offers more than 30 different cryptocurrencies, which is significantly more than Robinhood crypto. Webull is also adding new crypto options on a regular basis, so that number should continue to increase.
Final Thoughts on Webull Crypto
It’s certainly not difficult to buy or trade crypto on Webull, but you will need to familiarize yourself with the proper steps. When you deposit funds into your Webull account, you can initiate trades in stocks, options, ETFs, and supported cryptocurrencies. However, bear in mind that there’s a delay of up to five days for electronic transfers from your bank to settle in your Webull account. This is similar to other brokerages and trading platforms, so it’s neither an advantage nor a disadvantage of Webull.
Whether you’re new to Webull or just starting to dip your toes in the waters of trading in crypto, this platform does have a lot to offer. The interface layout is intuitive and easy to use, and you can explore crypto trading without risking too much of your investment fund.
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