Webull recently added cryptocurrencies to its extensive list of assets and investment options. However, unlike many other digital exchanges, it uses a system called purchasing power in every transaction, which many traders are not familiar with. If you’re thinking about investing in some Bitcoin or Ethereum on the platform, it’s crucial that you learn how to get crypto buying power on Webull.
In order to get crypto buying power on Webull, you will need to have a sufficient account value. The minimum value required to participate in the crypto trade is $25,000. Generally speaking, the more funds and assets you have on the platform, the higher your crypto buying power will be.
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Although it’s primarily not a cryptocurrency exchange platform, Webull became popular among many crypto enthusiasts for its $0 transactions fees. Since this deal is too good to pass up, take a look at what it will take for you to buy cryptos on the platform.
Ever since Webull announced that it was going to add cryptocurrencies, many have wondered what the crypto trade is going to look like on the platform. Long-time Webull users will be pleased to hear that trading in cryptocurrencies works the same as with any other asset, as it uses the same purchasing power system. Let’s explain how that works for any newcomers out there.
If you want to buy some cryptocurrency on Webull, you will first need to acquire enough crypto buying power. This term is directly influenced by all the funds and assets a user has on their account. Since it’s typically calculated as an almost one-to-one ratio of their value, the more assets a user has, the greater their crypto purchasing power will be.
However, it’s important to point out that there is a specific requirement you’ll need to fulfill before you can get any crypto purchasing power. Due to the volatility of these digital assets, the entry point (starting account value) at which you’ll be eligible to participate in the cryptocurrency exchange is very high. Currently, you will need to have funds and assets that equal or over $25,000, which is no small feat even for many long-time investors.
While the overall account value is the main factor that impacts the user’s ability to participate in the cryptocurrency exchange, there are several other factors that may negatively affect crypto purchasing power.
The most common reason why your crypto purchasing power is lower than your actual account value is that some of your funds are currently unsettled. Since some transactions like bank transfers can last up to five days, your ability to buy crypto coins will be slightly diminished until the deposit is fully processed. While Webull does provide users with provisional credit when trading other assets, this is not available for cryptocurrencies.
Another common reason why you might get the “Insufficient Crypto Buying Power” infamous message is the ACH link expiration. If you recently changed your bank account information, Webull account password, or registered email address without updating them on the app itself, it’s very likely that the ACH link expired. This will prevent you from purchasing any crypto coins until the problem is resolved.
Although it’s not so common, you might be experiencing problems with your purchasing power due to connectivity issues. In case you’re disconnected from the internet before a transaction concurred, there might be a delay in the asset settlement process, causing the funds to not appear on the account for longer than usual. The same thing can happen if there’s a power outage at the bank or Webull’s headquarters, causing the service to become temporarily unavailable.
An outdated version of the app could also be causing some problems, so make sure to update it whenever a new version is available. If the problem with your purchasing power persists, don’t hesitate to contact Webull’s customer support. They will do everything they can to help you resolve the issue.
Although Webull was not initially designed for cryptocurrencies, buying crypto on the platform is surprisingly easy. Even if you’re not using Webull yet, the whole process consists of just a few steps, which go like this:
- Step 1 – Open a Webull account – Opening an account is quick and easy, as all you’ll need is a valid ID for verification.
- Step 2 – Request permission – Once you’ve been approved, navigate the app to request permission to participate in crypto trading. To do this, click on the Webull Icon (horns,) press the More button, and then the Crypto trading button.
- Step 3 – Add funds – As we already mentioned, you need to have sufficient funds in order to participate in crypto trading. Funding the account can be done in several ways, including ACH transfers, bank cards, and wire transfers.
- Step 4 – Choose and buy crypto – To see all the available currencies on the platform, navigate the Market tab and click on Crypto. Once you find the cryptocurrency you want to buy, choose the amount you wish to purchase, select the appropriate fund source, and click Submit.
Although Webull has only recently allowed crypto trading, the investment platform already has a large selection of cryptocurrencies you can buy and trade. Take a look at some of the most popular options you’ll have on the platform.
|Dogecoin||Meme Coins, payments||DOGEUSD|
|Shiba Inu||Meme Coins||SHIBUSD|
|Ethereum Classic||Blockchain platform||ETCUSD|
Are There Any Downsides to Buying Crypto on Webull?
Although using Webull to buy and trade cryptocurrencies does offer several benefits, it’s important to note that the platform doesn’t provide a crypto wallet. This makes transferring your assets from the platform incredibly complicated, which may be enough to put off some newcomers. Make sure to consider all your options before you decide to invest in crypto on the platform.