When you create an account on a trading platform, one of the first things you have to take care of is transferring funds to ensure trading capital as soon as possible. Webull, as one of the online brokers with most users on a global scale, makes no exception. If you just signed up for Webull or intend to do so, you probably can’t wait to link Webull to your bank account and already make your first deposit.
But how to link Webull to your bank account?
To link Webull to your bank account, you have to go to the app homepage, click on “transfers” at the top of the screen, and select the “link a bank account” option in the middle. After that, you need to make a wire or ACH transfer and go through a micro-deposit or real-time verification to finish the whole process.
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Linking Webull to your bank account is an easy and quick task. Even if this is the case, each step requires a certain level of attention. There are a couple of factors you have to consider to finish the process as efficiently as possible. And without any fees!
How to Link Webull to Your Bank Account?
As I already mentioned, you won’t face any difficulties with linking Webull to your bank account. However, you should be aware of a few key details that will allow you to go through the whole procedure without worrying about time or money.
Right after you have gone through the initial steps and made it to the two transfer ways, you are presented with a choice. I will briefly go over both to give you a basic understanding of their characteristics.
An Automated Clearing House (ACH) transfer is free of charge but takes a little bit longer than a domestic wire transfer. This type of transfer is only available to people with U.S. bank accounts.
The domestic and international wire transfers are secure but paid. Users outside of the USA can only take advantage of this type of service.
The ACH transfer is generally the more common of the two since it is free, so I will opt for it for the sake of choosing a transfer type as a process step. I should note that the beneficiary owner of the bank account has to match the Webull one, meaning you can’t use a different bank account.
After that, you will be presented with another choice. A micro-deposit verification or a real-time verification.
Let’s start with the first verification type. You have to enter your routing and account numbers, after which Webull will send two transactions to your bank account. These will get processed in one to two business days.
Once the sum gets transferred to your account, Webull will withdraw the money. After the transactions, you have to go back to the initial link and verify the transactions. The whole verification process takes a considerable amount of time compared to real-time verification.
The real-time verification is processed through Plaid, which ensures secure and encrypted transactions and the privacy of your credentials. You have to choose your bank out of the options and enter your bank user ID and password.
Depending on the bank of choice, you will be asked to provide a text, phone, or email verification. Then you need to submit the code you just received. If you have more bank accounts, it is necessary to choose just a single one. After a few seconds, you will be ready with the whole process.
Keep in mind that only you can use only one bank account for ACH transfers. If you intend to switch it, you have to delete the previous bank account you had submitted.
How Long Does It Take to Link Webull to a Bank Account, as Well as Other Processes on Webull?
The processing time for pretty much every significant process is stated on the official website of Webull. Here are a few helpful examples.
If you want to link your Webull account to a bank account, it will take four business days.
If you intend to upgrade your cash account to a margin account, it will take a little longer than that. It will take about six business days before the submitted request gets approved.
Stock transfers usually take between five to seven business days. If there are differences between your Webull and outgoing account, you may have to deal with unwanted delays.
The account application approval period is somewhat unclear. You are probably aware of how much it takes for your account to get approved if you are already a user, but it can be inconsistent from person to person. The Help Center section on the official website of Webull doesn’t provide any information regarding the supposed timeframe.
What Features Can I Take Advantage of on Webull After the Deposit I Have Made Has Settled?
Webull is one of the best online brokers worldwide, thanks to the various benefits it provides. One of the more common features you can utilize is trading after hours, which is standard for other trading platforms. Trading during pre-market hours is also a viable option.
One advanced trading strategy you can start using right from the get-go, provided your deposit exceeds $2,000, is short-selling.
Webull has cemented itself as one of the top trading platforms that offer investors an array of features.
It is no secret that you have to deposit a particular amount of money before taking advantage of the various trading instruments and benefits. It is a great thing that Webull has simplified the process of linking Webull to your bank account to ensure efficiency and promptness and to avoid confusion with the initial deposits.
A few clicks, a few scrolls, a password, and a username here and there. Before you know it, the sum is already on its way.
And you are on your way to optimizing your returns from trading. Don’t worry if you need more buying power and capital, you already know how to handle this task!