While people remain divided on whether or not cryptocurrency is a worthy investment, more and more trading platforms are beginning to accept it as a legitimate form of trade. Webull, of course, is one of them.
Read on and find out how trading crypto works on Webull.
Launched in 2020, Crypto is now one of Webull’s biggest features. Yes, you can buy Crypto on Webull, and the best part about it is that you don’t have to buy the whole coin if you don’t have enough funds for it.
They allow you to purchase only a fraction of the coin, which you can’t do on other platforms.
For example, Bitcoin trades at $100, but you only have $30. You can still buy that much or a fraction of that one coin. It doesn’t matter how much you own when it comes to cryptocurrency, as you are equally exposed to its volatility.
You can do so on both the mobile app and the desktop app. Assuming you already have a Webull account, you would have to request permission by doing the following:
Mobile App 7.0:
Desktop App 5.0:
Ensure that you have downloaded the latest versions of the apps because otherwise, you may encounter some issues. Once permission has been granted, you can start trading as long as you have funds in your account.
While Webull currently doesn’t have access to trade every cryptocurrency there is, they do have a wide range of cryptos available.
Below is a list of Cryptos that are available for trading on Webull:
They are actively working on adding more. You can also view a list of cryptos on the Webull app. Go to the Market page and select the “Cryptos” tab.
If you live within New York state, here are the cryptos that you can trade:
Yes, Bitcoin can be bought on Webull. According to their website data, you can buy or sell Bitcoin at a $1 minimum, trade Bitcoin 7 days a week, and trade with instant settlements, so your funds are always available.
Yes, Dogecoin is available to trade on Webull. The cryptocurrency, whose name was derived from a popular Shiba Inu meme, was added to its roster only in April 2022.
Shiba Inu became available on Webull in September 2021, which means you’re free to trade with it.
Safemoon is one of those crypto-tokens known as “memecoins” which are, as you’ve probably guessed, based on internet memes. As interesting as that may sound, it’s currently not tradeable on Webull. It’s listed on the platform, but only for chart purposes.
Like Safemoon, XRP is currently not yet available to trade on the Webull platform. It’s also listed for chart purposes, but nothing more.
Since cryptocurrencies are non-marginable and can’t be used as collateral, your crypto buying power is roughly the amount of funds you have, including any provisional buying power.
There are, however, some cases wherein your crypto buying power is not equal to your cash balance. This simply means that some of your funds have yet to fully settle.
Several users have reported that they still did not get any crypto buying power even after settling their funds. This is because most of the time, crypto buying power takes another few days, at the very least two more, to be updated after your funds settle.
Webull currently doesn’t have the option to either deposit or withdraw cryptocurrency.
The only workaround available at the moment, if you wish to get them out of Webull, is to sell your cryptos and withdraw the cash into your bank account once it settles.
Alternatively, you can repurchase them at another platform that is entirely focused on crypto and offers crypto wallets, wherein you can control and own the crypto you buy.
Webull is a broker, and if you buy cryptocurrency from a broker, you don’t own them.
You only essentially buy and/or sell the value of the crypto, and Webull, via Apex Crypto, gives you an “IOU,” and it stays with them.
While probably not the absolute best option out there for cryptocurrencies, you can at least rest assured that Webull is a safe place to perform all sorts of transactions related to trading, including buying cryptos.
Do note, however, that Apex Crypto, which is in charge of everything in regards to cryptocurrency on Webull, is not a registered broker-dealer. They’re not regulated by FINRA, nor are they insured by FDIC or SIPC.
Several users online have shared their own experiences regarding this, with some suggesting that it’s better to look for greener pastures elsewhere.
Webull crypto orders don’t get filled because what you see on the app when trading crypto is the median or mid-price, which, as the name suggests, is the middle ground between the bid price and the asking price.
If you put in the incorrect value or fail to match the asking price, it won’t get triggered, leading to your orders remaining unfilled.
Webull themselves have stated that the execution of limit orders is not guaranteed because crypto trading is fulfilled via a market maker. In short, if you want your buy orders to push through, then your limit must exceed the offer price.
For sell orders, on the other hand, your bid must exceed your limit.