In this post, we’ll be taking a closer look at WeBull Crypto and what happens when you receive the error, “Insufficient Crypto Buying Power” on Webull what it means and how to resolve it so that you can return to the land of trading in peace.
When you encounter the error “Insufficient Crypto Buying Power,” this commonly means that your crypto buying power may not be the same as the amount of cash available in your account. There’s either no cash available for use or not enough money in your Webull account. When this occurs, it’s because of a balance not being settled or pending.
Nowadays, many of us are going into the world of Stocks or Crypto Trading, and the easiest ways to get into it is a couple of clicks on your smartphone, an app download, you’ll set up an account, and then you’re good to trade to your heart’s content.
There are plenty of apps out that folks use, like Robinhood, Acorn, and WeBull, to name a few. Needless to say, where technology is involved, troubles and errors that can hinder how on top of things we are, are sure to follow.
Think of the money as being in transit to your WeBull account from your linked bank account. This process takes 3-5 business days to be completed. In short, you need to ensure that there is enough cash present in your account to place any trade orders.
This process is a way for WeBull to ensure that you have the allocated amount available in your bank account. Since Crypto trading is still a relatively new process to many investment apps and in general, there are still a relative amount of kinks to work out, so companies do approach this new market with caution.
Other reasons why you could be encountering this error might be but are not limited to:
A pending open trade order is tying up your buying power. To resolve this issue, it is as simple as canceling your opened order.
Once you’ve canceled that order, WeBull will remove the hold on your buying power, and your crypto buying power will be returned to you by WeBull.
WeBull does not support crypto transfers. This situation is a little different and perhaps a less common issue that arises.
However, if you formerly used another trading app, decided to join WeBull, and the money you took with you settled into your WeBull account, this does not include Crypto buying power.
What may have happened is that once you switched from your previous trading app, your crypto buying power may have been liquidated and added back into your cash buying power. So you’ll have to transfer funds from your available cash in your bank account into WeBull to buy cryptocurrency.
Once you set up a deposit from your bank account to your WeBull account, you are given something called ‘Provisional Credit.’
This is WeBull granting a partial amount of the pending deposit as buying power so that you can start trading fast. Unfortunately, you cannot use this credit for crypto trading because any funds used for crypto trading MUST be settled before buying any cryptocurrencies.
Think of it as ‘Good Faith’ money. It is given to you in good faith that your bank account is legitimate, contains the funds you are trying to transfer, and will be approved. Just like you, WeBull is hoping this part of the process goes smoothly.
You just waited 3-5 or even seven days for the fund transfer from your bank to WeBull to clear. However, you’re still receiving the above error.
- It’s frustrating and upsetting, but another reason this happens is that while the deposit to your WeBull account is completed, the funds are not settled. You may be thinking that your 3-5 days of waiting and processing include settling, but unfortunately, this couldn’t be any less true.
- It takes another 1 to 2 business days for your deposit to be settled. For example, if you deposited on May 1st, then anytime between May 4th and May 6th, your deposit should be completed.
- However, add one more day, and you’ll be looking at May 5th to May 7th for the deposit to be settled and converted over into buying power.
- Ideally, and on average, since all bank transfers are being done via ACH transfers, your deposit must be present in your account for seven trading days before it is fully available to you for use.
If you find yourself trying to purchase cryptocurrency and you had enough buying power, but now you don’t, then you might be asking, “What changed?” Simple. The prices do. Perhaps while you were in the process of initiating a trade, the prices changed before you could confirm your trade.
This happens and will result in the “Insufficient Crypto Buying Power” error as well. If you have any existing orders that can be canceled, you can opt to cancel those order(s).
Otherwise, you’ll have to add more cash to your WeBull account before you can continue to trade.
Because we have access to trading cryptocurrency, you might think that the list would populate all options available to buy and trade. However, within WeBull, this is not the case.
You may not see the option to trade any cryptocurrency if you have not applied for crypto trading privilege in the WeBull app, regardless of sufficient funds. You’ll need to request the ability to trade crypto for it to populate its’ list under your buyable stocks.
- Ensure your WeBull app is updated to the latest version.
- Open up your app and click on the WeBull icon.
- Select the More button and then click on ‘Crypto Trading’ to sign up.
You should receive a prompt from within the WeBull app that lets you know you’ve been accepted for crypto trading. If you already have money transferred successfully into your WeBull Buying Power, you’ll be able to purchase cryptocurrencies right away.