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How to Buy Crypto on Webull Explained
At a Glance
- Webull is a platform that allows you to buy, sell, and trade cryptocurrencies online.
- It offers real-time data and stats, operates 24/7, and charges no commission for crypto trading.
- Webull currently offers four cryptocurrency options: Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
- Steps to buy crypto on Webull include opening an account, requesting crypto trading permission, depositing money, choosing the cryptos to buy, and monitoring your investments.
Webull is a brokerage firm that is known to offer cryptocurrency trading among other features. The thing that users love about it is the commission-free trading feature, which allows them to save some funds in the process.
If you’re looking to diversify your portfolio by trading crypto or you’re simply looking for a way to gather some cryptocurrency, Webull may be the right platform for you.
Though we go over how to buy crypto on Webull in detail in this article, the short version is that you have to open an account, request crypto trading permission, deposit money, and make your purchase.
Can You Buy Crypto on Webull?
Cryptocurrencies have grown a lot in popularity over the years. As a result, different coins were born, with some of the most popular ones being Bitcoin, Ethereum, Litecoin, Dogecoin, Binance Coin, and Tether.
Bitcoin was, in fact, the first cryptocurrency in the world, being founded in 2009. It has a $1.2 trillion total market value, and it is still on top when it comes to the most used cryptos. Now, there are thousands of cryptocurrencies traded all across the globe.
So, it only makes sense that people needed more platforms to allow them to buy and trade their cryptos, and Webull was created along with many others for this purpose. At first, Webull was made for ETFs, stock, and options trading, but because crypto was growing in popularity so much, they decided to launch Crypto in 2020.
So, you can now use Webull Crypto in order to buy, sell and trade different cryptocurrencies online. The only downside is the fact that you have only four cryptocurrency options available, respectively Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
Still, with Webull, you can get crypto data and stats in real-time, so you can always have the latest information regarding your favorite cryptocurrencies. What’s more, the platform is safe, having a built-in 2-factor authentication among other features.
You can trade cryptos 24/7, and trades are free of commission. The minimum deposit is very low, being only $1. Although you can buy crypto on Webull, it is not possible to transfer your amount to another platform. Instead, you would have to liquidate or sell your crypto assets.
Webull also operates a bit differently from other platforms. You don’t have to buy a whole coin – you can get fractional coins as well. So, let’s say that Ethereum is trading for $40 and all you have available is $15 – you can use that small amount to buy a fraction of that coin.
It is a very big advantage, especially if you are a beginner when it comes to cryptocurrencies, and you want to trade or diversify your portfolio. It also helps you limit the risk, particularly when you think about the high volatility of crypto trading. All in all, buying crypto on Webull is possible and very advantageous.
How to Buy Crypto on Webull
If you want to know how to buy crypto on Webull, here are the steps you will have to go through:
Open an Account
First things first, you need to make sure you have an account on Webull. If you don’t and you are a new user, you will have to create an account. In order to do it, you need to provide certain details about yourself. Usually, you will also have to add your KYC (know your customer/client) information.
Request Crypto Trading Permission
When your account is ready for use, you have to request permission to be able to buy crypto and trade it in your Webull application. The app has to be updated to the very last version if you want to make sure you get the approval. You will have to do these things to request permission:
- Click on the Webull icon. You will find it on the bottom row as the middle icon
- Click on “More”
- Next, request permission by clicking “Crypto Trading”.
When your buy and sell crypto request is accepted, you can start trading. The cool thing is that you can trade on the Webull app at any time. Also, there is no commission for crypto regulation, unlike the stock market.
If you want to start trading, you need to buy crypto. To do that, you must fund your account. You have multiple options available that allow you to do it. You can either do an electronic transfer or a wire transfer. What’s great is that you can do electronic transfers for free on Webull. At the same time, you will have to wait up to 5 days until the deposit settles and is ready for use. In order to make an electronic transfer, you have to enter your routing number and bank account number.
You can also decide to make a wire transfer if you don’t want to wait so long. Funds are settled within 1 business day, so you can start trading sooner. However, the wire transfer will bring charges from both Webull and your bank.
Choose the Cryptos You Wish to Buy
When your account is funded, you can select what cryptos you want to buy. Under the “market” tab, tap on crypto. You can then perform a limit order or a market order.
Limit orders allow you to specify the amount you want to pay to make the purchase. When that price is reached, the order is executed. On the other hand, market orders allow you to buy crypto instantly, and at the present market price.
Webull doesn’t let you transfer your cryptocurrency assets, but you can transfer the coins to a hardware wallet for safe storage. Keeping all your crypto assets on Webull is not recommended, as there is always the possibility of getting hacked.
Keep an Eye on Your Cryptos
You have the option to set a price change alert or add crypto to a watchlist. All you have to do is go to the currency’s profile and tap the star icon. Then, tap on “alert”. To access key stats, you can also check the currency profile.
Webull Commissions and Fees
Crypto trading comes with no commission, so you can do it for free. This way, you can enjoy some of the best cryptocurrencies without worrying about commissions.
Does Webull Have a Crypto Wallet?
Unlike some other platforms that provide a dedicated crypto wallet, Webull does not offer a separate wallet for storing your cryptocurrencies. This might come as a surprise to those familiar with traditional crypto exchanges, where a digital wallet is a standard feature.
Without a dedicated crypto wallet, users on Webull do not have the ability to transfer their crypto holdings in or out of the platform. In essence, when you buy cryptocurrencies on Webull, you are investing in the price movement of the digital currency rather than owning the asset in a wallet where you control the private keys. This setup is more akin to trading a stock or ETF.
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The Bottom Line
It is not difficult to buy crypto on Webull, but you have to follow all the proper steps. Once you deposit money into your Webull account, you will have the chance to buy the cryptocurrency you want. When you have the amount, you can start trading crypto.
If you are new to Webull, make sure to follow the guidance here so your crypto purchase process on Webull goes smoothly and you get the cryptocurrency you desire so much.
Webull Buying FAQ
Here are some very frequently asked questions regarding Webull crypto:
What is Webull?
Webull is a financial services company that offers a platform for trading stocks, options, and cryptocurrencies.
Can I buy cryptocurrencies on Webull?
Yes, Webull allows users to buy and sell various cryptocurrencies including Bitcoin, Ethereum, Litecoin, and others.
How do I start trading crypto on Webull?
To start trading crypto on Webull, you need to open a Webull account, complete the necessary KYC (Know Your Customer) process, and then you can fund your account and begin trading.
What types of cryptocurrencies are available on Webull?
Webull offers a range of cryptocurrencies for trading. The availability of specific cryptos can vary, so it’s best to check their current listings.
Are there any fees for trading crypto on Webull?
Webull does not charge a direct commission fee for crypto trading, but they do incorporate a spread into the price of the cryptocurrency which is a cost to consider.
What is the minimum amount required to buy crypto on Webull?
The minimum amount required to purchase cryptocurrency on Webull can vary, but it is typically a small amount, making it accessible for most investors.
Is crypto trading on Webull available 24/7?
Yes, cryptocurrency trading on Webull is available 24 hours a day, 7 days a week, unlike traditional stock markets.
How secure is cryptocurrency trading on Webull?
Webull employs various security measures to protect users’ accounts and assets. However, as with any online trading platform, it’s important for users to also practice good security habits.
Can I transfer my existing cryptocurrencies into Webull?
As of my last update, Webull did not support the transfer of cryptocurrencies into or out of their platform. Users must buy and sell crypto directly through Webull.
Is there a mobile app for crypto trading on Webull?
Yes, Webull offers a mobile app that allows users to trade cryptocurrencies, in addition to other assets, from their mobile devices.