Webull Crypto Review. How to Buy Crypto on Webull?
This guide will dive into everything you need to know about buying crypto on the Webull broker platform. Our review will break down what Webull is, the advantages to trading crypto on the platform, how the platform works, fees, available coins, and a step-by-step guide to buying crypto on Webull. Let’s start by breaking down what Webull Crypto actually is.
What is Webull Crypto?
Webull Crypto is designed to let Webull customers (specifically those with a Cash or Margin account) buy and sell crypto. One of the perks of Webull Crypto is that users can buy fractions of crypto within a $1 minimum instant settlement, which allows users to get their crypto funds immediately. Just as well, Webull’s crypto application offers real-time data about your cryptocurrency, as well as safe and secure two-factor authentication.
Webull Crypto Advantages
There are many advantages to buying crypto via Webull’s platform
Including the following:
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Webull does not charge any trade or commission fees to buy and sell crypto on their platform.
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Webull offers robust educational materials and advanced research tools. This is perfect for beginner traders who want to learn everything they can about buying crypto and becoming full-time investors in cryptocurrency.
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Trading hours for crypto purchases and sales are extended. Users can trade twenty-three hours a day, seven days a week. For only one hour per day, the cryptocurrency trading platform pauses for maintenance and account regulation.
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Users can enjoy instant settlements on their crypto trades.
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For those who don’t want to invest in whole coins, which can be quite expensive, there is also the option of buying fractional coins on Webull Crypto for as little as $1 to start.
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Webull’s customer service is known to be quite excellent and available 24/7.
Clearly, buying crypto on Webull is a pretty interesting and safe choice. But how does crypto trading on Webull work?
How does Webull Crypto Work?
Webull Crypto is a simple exchange that works in a very simple way. Webull allows users to trade crypto directly instead of as futures as many brokers do. Users can access price quotes on other cryptos too, even if a user is unable to trade a particular type of crypto. This direct trading process simplifies the process of trading crypto.
Does Webull have a Crypto Wallet?
Unfortunately, Webull does not currently offer any type of crypto wallet. The platform will let you buy and sell different cryptocurrencies, but the purchases you make cannot be transferred anywhere.
What is Webull’s Buying Power?
On Webull, a user’s buying power for crypto will be displayed at the bottom portion of the crypto order ticket. The total amount of crypto buying power is usually about equal to the cash the user has available to withdraw, in addition to any kind of provisional buying power. If a user’s crypto buying power doesn’t equal the user’s cash balance, that could mean that the user’s full cahs balance has not been completely settled. Typically, it can take a few trading days for a cash balance to settle. Any and all proceeds from cryptocurrency sales will be available immediately for more crypto trading.
Webull Crypto Trading Platform Overview
Webull’s platform for cryptocurrency is very community-driven and mobile-focused. Webull allows traders to trade cryptocurrencies directly, instead of as futures as some of the most popular crypto brokers require. Traders won’t have to pay an expensive commission for this service, either. However, traders will have to pay a spread markup of about 100 basis points (or, more simply, about 1% percent of your purchase price) on either side of the trade. This is determined by the market, and many other crypto exchanges will require similar spreads.
On Webull Crypto, users will be able to trade Bitcoin, Ethereum, Liteсoin, Dogecoin, and many more altcoins with only a $1 minimum. Just as well, users will be able to buy and sell crypto around the clock, seven days a week, with only one hour of pause per day. Traders can get direct price quotes on other altcoins as well, even if a trader is not able to trade them.
In addition to buying and selling crypto, Webull offers a ton of other excellent features. A few of those features include charting tools, paper trading, immediate funding, and the ability to trade stock, ETFs, and options for free.
What Cryptocurrencies Available on Webull
Webull has a decent volume of cryptocurrencies available on the platform.
| Trading pair | Industry | Current price | |
|---|---|---|---|
BTCUSD |
Payments |
63101.82 |
|
ETHUSD |
Blockchain platform |
4636.37 |
|
LTCUSD |
Payments |
208.07 |
|
UNIUSD |
Decentralized exchange |
26.54 |
|
ADAUSD |
Blockchain platform |
2.0799 |
|
DOGEUSD |
Meme Coins, payments |
0.2700 |
|
XLMUSD |
Payments |
0.3834 |
|
DOTUSD |
Blockchain platform |
54.0449 |
|
Shiba inu |
SHIBUSD |
Meme Coins |
0.00006339 |
Chainlink |
LINKUSD |
Blockchain platform |
31.80 |
DASH |
DASHUSD |
Blockchain platform |
201.53 |
Algorand |
DASHUSD |
Blockchain platform |
1.9391 |
BAT |
BATUSD |
Media |
1.9369 |
Zcash |
ZECUSD |
Blockchain platform |
167.91 |
Ethereum Classic |
ETCUSD |
Blockchain platform |
55.63 |
Webull VS Robinhood Crypto Fees
Webull is an excellent choice for crypto trading, mostly because they do not charge commission fees for trading. Robinhood is a similar application that has a smaller variety of cryptocurrencies to choose from, but also does not charge crypto fees.
| Webull | Robinhood | |
|---|---|---|
Crypto fees |
$0 |
$0 |
Webull does not charge fees to trade crypto. However, as with any crypto exchange, there is a 100-basis point spread on each side of the crypto trade. This is determined by the market and would not be considered a commission fee of Webull.
How to Buy Crypto on Webull
Buying crypto is extremely easy on Webull. Simply follow these steps to get started.
Step 1 – Open an Account and Request Permission
Opening an account only takes a few minutes. Be sure to have your ID ready, as you will have to go through a verification process. We recommend using the Webull app to do this, as you’ll have to take a photo of your ID. Most accounts are available in a day. Once approved, you will need to request permission to trade crypto by navigating to the Webull Icon, the More button, and then Crypto Trading.
Step 2 – Add Funds to Your Account
Funding your Webull account is as simple as any other online broker. You have many options, such as ACH transfer, wire transfer, bank card, etc. Transfers are free for the most part, but it may take a few days for money to settle in your account.
Step 3 – Choose Your Crypto
Navigate to the Market tab and then to Crypto. You’ll be presented with each altcoin available. Making a purchase is as simple as clicking on a ticker, selecting your fund source, and choosing Submit.
Step 4 – Monitor Your Crypto
Users can easily monitor their crypto earnings via the platform’s main dashboard homepage.
Webull Account Opening
Opening an account is quite simple on Webull, especially if you plan to only use the platform for cryptocurrency trading.
Start by navigating to Webull’s website. Select Get Started. You will be transferred to a signup page, where you will need to provide your email address, a password, and a verification code that will be sent to your email address.
You will be transferred to the main account center page. Select Open Account. You will need to provide your current country of residence and two photos of your photo ID. Your identification can be a driver’s license, state ID, or passport. From there, you will select your account type and read the platform’s risk disclosure. Only margin and cash accounts are permitted to trade crypto on Webull, so select one of those. We recommend the Cash account.
After you submit all of your information, your account should be approved within a day. If there are any issues with your identity verification, Webull will get in touch. The process is tedious, but it is only done to protect your account from fraud.
How Can I Withdraw Crypto From My Webull Account?
Unfortunately, this is one of the major downsides of buying crypto on Webull. The platform does not currently support a direct transfer of any cryptocurrencies out of Webull. However, there are some workarounds. You will have to sell your crypto and transfer the fiat profits to another platform.
To start, make sure you have a Coinbase account. On Webull, sell your crypto assets. From there, you will need to withdraw your funds from the platform via the Transfer and Withdraw page. With an ACH withdrawal, this can take a day. Once your funds have been transferred to your bank account, navigate to Coinbase and deposit your funds into your Coinbase account. From there, you can purchase cryptocurrency via Coinbase and withdraw coins into Coinbase’s wallet.
Can I Day Trade Crypto on Webull?
Technically, you can. However, it isn’t the most advisable application to day trade crypto on, as Webull does not offer crypto wallets or transfer options that are direct. Still, crypto trading on the platform is available twenty-three hours a day, seven days a week. Crypto trading is unavailable between 5:30 pm and 6:30 pm Eastern Time in order to conduct routine maintenance any any account reconciliation needed to keep the platform running smoothly.
How Much Money Do I Need to Begin?
There is no account minimum to start trading crypto on Webull. If you want to reasonably start trading and profiting from trading crypto, we would recommend depositing about $100 to $200 to start.
Summary
Webull is an online broker and exchange that offers cryptocurrency purchases and sales. The platform is very easy to use, boasts a mobile-friendly app, and offers quite a bit in terms of educational and research tools. There are many advantages to buying crypto on Webull, such as $0 trade commissions, long extended trading hours, instant settlements, partial coin purchases, and top-notch customer service.
Unfortunately, Webull does have some downsides. The platform does not offer a crypto wallet and thus, does not provide any way to transfer crypto earnings directly from one's account. We might expect this to become a future feature, but as it stands, transferring crypto earnings is very difficult on Webull.
Those downsides aside, Webull offers a wide range of cryptocurrencies, from Bitcoin to Ethereum to Litecoin. With no fees to worry about, traders can buy and sell crypto as they'd like. Setting up an account and buying crypto on the platform is very simple as well, though account verification usually takes about a day. And there are no minimums to get started, other than $1 to make a purchase.
FAQs
What is the settlement period for cryptocurrency trades on Webull?
All crypto trades on Webull settle T+1. Trades that are executed before 9:25 pm Eastern Time would be considered trade date (or T). With crypto, however, funds are always available for the next trade.
Is there a specific type of account I should apply for in order to trade crypto on Webull?
Individual margin and cash accounts are able to trade cryptocurrency on Webull. These are the only accounts on Webull that are permitted to trade cryptocurrency. If you want to apply for margin, it’s important to have a solid understanding of the rules and risks associated with margin. Some rules include the pattern day trading rule, your buying power as a day trader vs overnight buying power, margin, etc. Margin trading can be risky and many margin traders experience losses. However, crypto is considered non-marginable, so this isn’t relevant to those trading crypto exclusively.
What cryptocurrencies can I trade on the Webull platform?
Webull offers quite a few different types of crypto. Just as well, the platform has noted that they plan to add more crypto assets to the platform. Currently, traders can trade Bitcoin, Ethereum, Litecoin, Uniswap, Cardano, Dogecoin, Sellar, Polkadot, Shiba Inu, Chainlink, DASH, Algorand, BAT, Zcash, and Ethereum Classic.
Why isn’t my crypto order being filled?
Cryptocurrency trading is conducted via market makers. A market maker transaction is not like an agency transaction or equity transaction in which prices are matched. Because of this, limit orders are not guaranteed by Webull to be executed, even if the very last price shown has fallen within your limit. Limit buy orders can only be executed if one’s limit exceeds the specific offer price. Limit sell orders can only be executed if the specific bid exceeds the trader’s limit. Crypto is not regulated on Webul by FINRA, SEC, FDIC, SIPC, or any type of exchange regulator.
Glossary for novice traders
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1
Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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2
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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3
Cryptocurrency
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
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4
Ethereum
Ethereum is a decentralized blockchain platform and cryptocurrency that was proposed by Vitalik Buterin in late 2013 and development began in early 2014. It was designed as a versatile platform for creating decentralized applications (DApps) and smart contracts.
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5
Crypto trading
Crypto trading involves the buying and selling of cryptocurrencies, such as Bitcoin, Ethereum, or other digital assets, with the aim of making a profit from price fluctuations.
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Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Bruce Powers is an expert trader and technical analyst with over 20 years of experience in Forex, commodities, ETFs, cryptocurrencies and other assets. He is an active trader, technical and fundamental analyst, media commentator, educator and a writer. As an author for Traders Union, he contributes his deep analytical skills, expertise and understanding of the global economy and financial markets to provide market analysis and insights. Powers is also a frequent guest on business TV news shows.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).