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Webull Crypto Full Guide: Wallet, Fees, Withdrawal
09/04/2023

Webull Crypto Full Guide: Wallet, Fees, Withdrawal

09/04/2023
4,8

How to use Webull platform for trading crypto and securities: full guide on one of the nowadays major trading platforms from Cryptonica.news.

Webull is an online broker and exchange that offers cryptocurrency and securities purchases and sales. The platform allows users to trade popular cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and many others. Webull offers robust educational materials and advanced research tools, which is perfect for beginner traders who want to learn everything they can about buying crypto and becoming full-time investors in cryptocurrency. In addition to buying and selling crypto, Webull offers a ton of other excellent features, including charting tools, paper trading, immediate funding, and the ability to trade stock, ETFs, and options for free.

This guide will provide an overview of the Webull crypto trading platform, including how to buy and sell cryptocurrencies, available coins, fees, and other important features.

What is Webull Crypto?

Webull is a trading platform that allows users to trade securities and cryptocurrencies online. It was founded in 2017 and has often been compared to the popular U.S.-based platform, Robinhood. Wang Anquan, the platform’s founder, an experienced entrepreneur, and former finance director at Alibaba, introduced his mobile-first investment solution, Webull brokerage, in 2018 for iOs and Android. As a result, the platform has grown to become one of the largest trading platforms on the market.

The goal of Webull is to improve the investment experience for users worldwide by offering a user-friendly platform and giving traders a wide range of features and options in trading.

Source and Copyright © Webull official website

 Webull Team

Webull's leadership team has extensive experience in finance, holding positions at notable companies like Goldman Sachs and ING. They also received education from esteemed universities like Columbia and Rutgers. 

The main members of the Webull Team are

CEO Anthony Denier
Director of Human Resources Danielle Leto
Director of Trading & Trade Surveillance Ivan Katusa
COO Shen Lu

Webull Investors

Webull project has secured a total of $238 million in funding through 5 rounds. Its first funding round was on October 14, 2016, and its latest was a Series D for $150 million on February 18, 2021. Thanks to this successful fundraising, Webull's parent company is now valued at over $1 billion. Fumi Technology, a Chinese holding company, owns Webull and has received support from investors such as Xiaomi, Shunwei Capital, and other private equity firms.

Webull Crypto Services

The Webull project can be considered in terms of three main services:

Webull Trading Platform

Webull is a commission-free online broker and exchange that offers real-time market quotes, customizable charts, and paper trading. It is regulated by the SEC and FINRA and is a member of the SIPC, protecting up to $500,000. The platform is ideal for newer and active traders, offering no account minimums, commission-free trading of stocks/ETFs and options, and multiple cryptocurrencies.

Webull Crypto Fees

Webull doesn't charge a commission for crypto trading, but regulatory and exchange fees may apply. No deposit minimums or balances, except for a $1 fee for crypto accounts. Additionally, Webull charges a spread of 100 basis points (1%) when buying or selling cryptocurrencies. This means that the price of the cryptocurrency is marked up by 1% when you buy and sell on the platform. 

Webull Crypto Wallet

Webull has launched a new crypto wallet that allows members to send and receive cryptocurrencies easily. However, Webull does not offer a wallet function that allows the transfer of crypto into or out of the account. The new crypto wallet feature is designed to make it easier for users to manage their cryptocurrencies within the Webull platform. The wallet feature is available for Bitcoin, Litecoin, and other cryptocurrencies.

How to Buy Crypto on Webull?

Here are the steps to buy crypto on Webull:

  1. Authorization 

    To buy crypto on Webull, the user first needs to authorize it on the Webull website or in the app. After phone number verification users will need to create a password, and then get access to the website again, but authorized. 

    Source and Copyright © Webull official website
     
  2. Opening an account

    After successful authorization users will need to open an account by clicking the “get started” button on the first website page. Then the following pictures should appear and one can continue:

    Source and Copyright © Webull official website
     
  3. Email verification

    The user needs to verify his/her e-mail account:

    Source and Copyright © Webull official website
     
  4. Identity verification 

    To open a brokerage account with Webull, the US Patriot Act mandates that they must confirm the identity of the person. The transmission of personal information is encrypted and kept secure. Users will need to fill in personal data and get access to the Webull account in the end. One will also have to add your KYC (know your customer/client) information.


    Source and Copyright © Webull official website
     
  5. Requesting crypto trading permission

    Once users have opened an account, they need to request permission to trade crypto. This can be done by going to the settings section of your account and selecting "crypto trading."
     
  6. Depositing money 

    After users have been approved for crypto trading, they need to deposit money into their accounts. This can be done by linking the bank account to the Webull account and transferring funds.
     
  7. Buying crypto

    Once users have deposited funds into your account, they can buy crypto by going to the "crypto" section of the app or website. Webull currently allows users to trade four crypto options: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
     
  8. Selling crypto

    If users want to sell their crypto, they can do so by going to the "crypto" section of the app or website and selecting the coin they want to sell. You can then choose to sell all or part of the holdings.

    Here is the great visual instruction on how to buy/sell crypto on Webull:

Webull Pros and Cons

As with any of the crypto projects, the Webull platform has also strong and weak sides of the project. Let’s see the Pros and what can the platform be useful for the users:

  • Webull offers an exceptional user experience on all devices with its clean designs, simple customization, and impressive graphics;
  • Those who trade options will appreciate the zero-cost option trading feature;
  • Crypto traders have access to trade and sell 44 different cryptocurrencies;
  • New traders can ease into the process with simulated (paper) trading and fractional shares.

Here are the Cons of the platform:

  • Compared to the top players in the industry, the amount of stock and market research content available is limited;
  • The educational material available is somewhat restricted and lacks excitement;
  • At this time, the investment choices are restricted to stocks, exchange-traded funds, and options. Open-end mutual funds or fixed income are not currently offered;
  • When trading cryptocurrencies on Webull, there is a one percent markup applied;
  • The platform has a limited selection of only 44 digital currencies available for trading.

Summary

Webull is a commission-free online trading platform that offers a range of features for both novice and experienced traders. While it has many benefits, such as no account minimums, advanced charting tools, and a wide range of investment options, it also has some drawbacks. 

One of the main cons of Webull is that it does not offer access to mutual funds or bonds, and it may not be the best option for long-term investors. Additionally, some users have reported technical issues with the platform, such as slow loading times and occasional crashes. It is important to note that Webull is not an ideal platform for crypto trading, as it only supports 44 digital currencies and charges high fees and wide spreads over 100 basis points (1%). Additionally, Webull does not offer a wallet function, which means it does not allow you to transfer crypto into or out of your account.

Despite these drawbacks, Webull remains a popular choice for traders looking for a low-cost, feature-rich platform. It is compared to the Robinhood platform which is also widespread among traders and crypto-enthusiasts but has less variety of the cryptocurrency list available. 

However, it is only the user’s choice whether to trade with Webull or not, because it is important to DYOR and be attentive to any of the platform that offers you trading crypto. We do not provide any financial advice, thus, be sure to be cautious.

Frequently Asked Questions

Can you use Webull for crypto?

The platform allows users to buy, sell, and trade popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. One of the advantages of buying crypto via Webull's platform is that the company does not charge any trade or commission fees to buy and sell crypto on its platform. However, Webull charges high spreads over 100 basis points (1%). 

What is Webull Free Stocks?

New users can get free stocks with Webull by opening and funding an account with at least $100. The value of the stock is randomly determined between $2.5 and $250. It's a chance to start investing and trading without fees or commissions for novice traders.

Is Webull a free commission exchange? 

Webull is a commission-free exchange for trading stocks, ETFs, and options. However, certain index options may be assessed a contract fee. They also offer free trading of cryptocurrencies but with a 1% spread. There are no deposit minimums or balances for most accounts, and they have a promotion for free stocks when you open and fund your account. 

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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