Webull is known for stock options and EFTs trading since it was launched. The recent surge in interest in cryptocurrencies made the company diversify and dabble in crypto too.
Can You Buy Crypto on Webull? You can buy Crypto on Webull. Launched in 2020, Webull Crypto allows users to trade crypto online 24 hours a day and seven days a week while maintaining a minimum deposit of $1. It is also commission-free which makes it a good place to start for new users.
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Webull attracts a lot of its clients due to its commission-free trade of EFTs and stocks. Users also find it easier to use whereby they are informative without being exhaustive.
Buying Crypto On Webull
Crypto has become an exciting prospect for people over the last few years and more individuals are buying into it as the ‘future of currency.’
The challenge is that most people want to jump on the crypto wagon but do not know how or where to purchase crypto.
Webull provides this service and we intend to show you how to use it.
Webull offers a variety of cryptocurrency options and it is lauded for its research tools and advanced charting. Some of the options include;
- Bitcoin (BTC)
- Ethereum (ETH)
- Stella Lumens(XLM)
The platform is quite inviting for new users and allows people to purchase fractional coins. For example, if the price for 1BTC is $40,000 a user can buy a fraction of it like $100 worth. From there, any growth in bitcoin increases the person’s share in bitcoin.
How to Buy Crypto on Webull
Purchasing crypto on Webull follows a simple process that first requires you to open a Webull account. That only takes a few minutes and requires you to key in some basic information. With Webull you will need to often provide your details as the (Know your customer) as part of the SEC regulations.
From there; request permission to trade crypto on the Webull app using the following steps.
- Tap on the Webull icon at the bottom of your screen
- Click on ‘More’
- Select ‘Crypto trading’ and the request should be sent.
- Await Approval and after confirmation, you can trade.
It’s important to have the latest update of the app to ensure a smooth process and avoid any issues along the way.
How to Fund Webull
Once approved to trade, you can begin immediately but first, you have to fund the account. Just like any other brokerage account, you can fund Webull through;
To initiate an ACH transfer you first have to link your bank account. It can either be the checking or your savings account. This is a simple process where you need to;
- Provide Webull with your routing number and bank account number.
- The bank will make two micro-deposits of about $1 to your account
- Enter those to your Webull account to verify you are the owner of the account
- The deposits take about 2 business days to appear in the bank account
After the Webull micro-deposits are verified, your account is ready for electronic deposits and withdrawals. Any funds you send generally take about 5 business days to settle in the Webull account and after that, you can use them for trading. Webull only provides access to a portion of your first deposit for trading on your first day. You are also limited to a daily deposit of $50,000.
Wire transfers are the faster alternative to electronic transfers since they are usually available within one business day. The time usually depends on the time the request is submitted. Wire transfers to Webull can be international or domestic and charge a fee.
On your first transfer, Webull waives its fees but in the future, a client is charged about $8 for domestic and $12.50 for international wire transfers. Those prices are for transfers under $25,000. Webull waives the fees for transfers above the same amount. Remember that some banks also include their fees in wire transfers.
Benefits of Trading Crypto on Webull
Trading Crypto on Webull has various advantages that users need to consider.
Reliable for All Types of Players
In the cryptocurrency trading scene, there are beginners, intermediate traders, and advanced traders. Webull is a platform that suits all of them. First, beginners have access to all the information they need while the app is still not exhaustive for already advanced traders.
You can Trade Everything in One Place
Webull offers a lot of convenience for traders who like to diversify their portfolios. You can trade stocks, EFTs, options, and Crypto and it’s all from a single app making it easy to keep up with everything at once.
Real-time Analytic Data For Free
Analyzing the market before diving in is a major part of trading crypto. Webull offers real-time data that users can use to make their decisions when trading crypto. This includes 8 charts and more than 50 indicators.
Minimum of $1 trading limit
Webull is built to accommodate everyone financially speaking. You can trade from as low as $1 which means people can keep investing and trading according to what they can afford. Furthermore, their accounts do not require any funds to open or maintain which works for everyone.
Lower Trading Margins
Webull offers a lower margin rate as compared to its competitors. Furthermore, users do not incur any additional costs on margin accounts which makes it cheaper by about $2000 compared to others. Webull competitors for example Robinhood require users to pay monthly subscription fees for access to margin accounts.
Webull can be a good place to start for users looking to trade crypto. However, it’s always encouraged that you do your research before investing in crypto. The stock and crypto market can be quite volatile and many people who just blindly dive in under the influence of social media and other factors tend to learn the hard way.
For example, even though margin trading on Webull is inviting, it carries significant risk and every trader should understand these risks before engaging. So, do your research and practice financial responsibility and you should be fine in trading crypto.