How to Buy Crypto on Webull

To buy crypto on Webull, sign up for an account, fund it, go to the crypto trading section, select the cryptocurrency, enter the amount to buy, review fees and price, then confirm the purchase.

Driven by increasing global acceptance, cryptocurrencies have witnessed unparalleled growth in recent times. Considering their gradual dominance in the global financial space, it's safe to say that cryptocurrencies live up to the initial hype. With nearly 20,000 cryptocurrencies being traded publicly around the world, it is clear that digital currencies have come a long way since the inception of Bitcoin, the first cryptocurrency.

With the rise in popularity of cryptocurrencies, more and more individuals are looking to invest in them. One popular platform for buying and trading cryptocurrencies is Webull. Webull is a commission-free trading platform that offers a range of investment opportunities, including cryptocurrencies. But, how can you buy your preferred tokens on Webull and what does the platform do for consumers? Our guide will walk you through the process of buying cryptocurrency on this popular trading app.

Can You Buy Crypto on Webull?

The rise of digital currencies has attracted institutional investors and companies like Paypal, Square, and Tesla. Despite the growing interest, many individuals are still unsure how to buy or trade digital assets.

The good news is that buying or trading crypto is not rocket science; you must first create an account with an online cryptocurrency exchange or broker. Webull, Coinbase and Binance are examples of popular crypto exchanges.

Webull was originally designed for stock, ETFs and options trading. However, in 2020, Webull Crypto was launched. The platform allows you to buy, sell or trade crypto online. Users can only trade four crypto options: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), with real-time crypto data and stats. Features include two-factor authentication and commission-free 24/7 trading with fractional coin purchasing available. It is ideal for beginners and those looking to diversify their portfolio and limit risk in the volatile crypto market.

How to Buy Crypto on Webull

Heres' the step-by-step process of buying crypto on Webull.

1. Open an Account on Webull

If you are a new user, you must first create an account on Webull. Like most crypto brokers, you will need to provide your details and, most times, add your KYC (know your customer/client) information in line with SEC regulation. 

2. Request for Permission

After opening an account, you must request permission to buy or trade crypto via the Webull app. To apply for approval, make sure your Webull app is updated to the latest version. Then do the following:

• Click on Webull Icon (the middle icon on the bottom row).
• Click on the 'More button'.
• Then click on 'Crypto Trading' to request permission.

Once your request to buy and sell crypto is accepted, you can trade at any time on the app. (This is because, unlike the stock market, there is no commission for crypto regulation).

3. Fund Your Account

There are a lot of options available to enable you to fund your account. Webull supports electronic transfer from your bank account, as well as a wire transfer. Electronic transfers are free on Webull, but they may take up to five days to settle and be available for use. 

For electronic transfer, you must first link your checking or savings account to your Webull account. You can do this by entering your bank account number and your routing number. Wire transfer is faster, and funds can settle within one business day, but it comes with charges from both your bank and Webull. 

4. Select the Cryptocurrency You Want to Buy

After funding your account, tap on crypto under the 'market' tab. You can carry out purchases with either a market order or a limit order. 

• A market order is an order to buy crypto immediately at the current market price at the transaction time. For example, if Bitcoin's price is $60,000  and you place a market order for 1 Bitcoin, you will get it at $60,000 as long as there is no change in price before the order is executed.

• A limit order allows you to specify the price you intend to pay for your purchase. Your order is only executed when that price is reached.

Although a hardware wallet like Trezor is the safest way to store your coins because it is offline, Webull does not allow users to transfer crypto assets. This means you cannot transfer your coins on Webull to a hardware cryptocurrency wallet.  

It is generally not advisable to keep a considerable amount of your holdings on an exchange like Webull because there is a possibility for the exchange to be hacked. You might want to consider opting for a dedicated cryptocurrency exchange like Coinbase, which gives you more flexibility and control of your coins.

5. Monitor Your Cryptocurrencies

Webull makes it easy for you to add a currency to a watchlist or set an alert for price changes. To try this, just tap on the star icon on the currency’s profile. You can also set an alert to notify you of price changes. Tap on 'alert' to start the process. You can check a currency profile to access key stats. These include information like trading volume, among others.

You can analyze the price action of cryptocurrencies using the drawing tools on the Webull app. The mobile app also displays two currencies simultaneously for analysis. 

Best For

• Active Traders

get startedsecurely through Webull's app

Webull Commissions and Fees

Webull charges zero commission for crypto trading. You can purchase Enjin coin (ENJ) and some of the best cryptocurrencies on Webull at zero commission charges. There is, however, a 100-point basis spread on either side of a crypto trade.

Webull History

Webull was founded in 2017 as part of China-based Fumi Technology. Fumi Technology is a fintech company offering real-time market analysis, analytical tools and other trading technologies. Webull  is structured such that while the technology team is stationed in Hunan, China, the brokerage and customer-facing operations are carried out in New York City.

Like its rival Robinhood, Webull prides itself as an online commission-free mobile brokerage for stock, options and exchange-traded fund (ETF) trading. It only started offering support for crypto in 2020. Now users can trade stocks, ETFs, and options and crypto-assets like Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Webull has received notable acclaim from investment sites. Bezinga recently voted Webull as one of the best mobile investment apps for beginners in 2019 and the best investment app for 2020 and 2021.

Is Webull a Good Crypto Exchange?

Webull is an excellent option for beginners because of the platform's great interface, which enhances ease of usage compared to other online exchange or brokers. Its zero commission charge is also commendable and part of what makes it an excellent option for most traders.

However, expert crypto traders might not like that trading is limited to just four crypto options. Most significantly, the fact that currently, Webull does not allow you to transfer crypto away from the platform. This is because security is of high priority to an average trader and with an online platform that is not guaranteed. 

Therefore, most of these traders prefer crypto exchanges that allow them to transfer their digital currencies to an offline hardware wallet like Trezor, ensuring greater security. Nevertheless, Webull can boost many loyal customers. 

Frequently Asked Questions