With the ongoing period of immense growth for cryptocurrencies in general, it is not surprising to see a number of new crypto exchanges pop up on the scene.
The sudden influx of competing houses of crypto commerce fosters better trading conditions and this is a good thing for everyone! Webull is a good example of this trend so let’s dive deeper into its offerings and go through this guide on how to buy crypto on Webull.
As the world slowly but steadily makes preparations to make cryptocurrency a legal tender, with El Salvador being at the helm of this trend, crypto coins are already taking over digital markets.
More and more voices that opposed cryptocurrencies and denounced it as a fickle trend that is bound to die out are going silent and making room for proponents of digital currencies.
In other words, cryptocoins are aiming towards global dominance and equal treatment with fiat currencies, and few things, if any, can change that.
With this degree of acceptance and security, more investors start and support various platforms dedicated towards trading crypto tokens and coins.
Worldwide attention has attracted such huge companies as MicroStrategy, Paypal, Tesla, and Square to invest into crypto, lending credence and reputation to more and more big projects across the market.
However, due to lightning-quick developments which have seen cryptocoins go from a geek-ish meme to a global financial force in little more than a decade, there are still a lot of traders out there who do not know how and where to trade and/or buy crypto assets.
Do not despair! The process is simple to master and there are few barricades between you and the crypto market.
Speaking of Knowing the Right Places to Trade and Buy Crypto, Have You Considered Webull?
Originally dedicated only to ETFs, stock, and options trading, Webull has launched its Webull Crypto branch in 2020.
It expands the original Webull portfolio by adding the options to trade, buy, or sell crypto online.
Users have a wide array of popular cryptocurrencies available for trade, including but not limited to Bitcoin, Ethereum, Shiba, Doge, Cardano, and Uniswap, for a total of more than 20 major types of tokens.
Webull provides its traders with real-time research and analysis of relevant data and stats.
Furthermore, its security policies such as 2FA (two-factor authentication) ensure maximum security during the handling of cryptocurrency.
Around the clock commission trading every day in the week is Webull’s norm and the minimum deposit is as low as 1$ only.
The only major downside? You cannot transfer your cryptos outside of the platform without selling or liquidating your assets.
Another neat feature of Webull is the option to buy parts of a coin.
Buying fractal coins is useful when the value of a single token goes above your purchasing power (Bitcoin, we’re looking at you), when you just type in the portion of a token that you want and obtain a fraction of the token.
Beginners and traders looking to diversify their portfolio will see the most use of this feature, as diversifying your portfolio remains the most reliable security measure against the volatility of the crypto trading market.
Okay, enough of the backstory, let’s get into the entire process of buying crypto on Webull, shall we?
How to Buy Crypto on Webull: Step by Step
1. Open a New Account on Webull
If you’re currently reading this guide, the chances are that you don’t have an already registered account on Webull, or so we’ll be free to assume that.
Jokes aside, every new user must first register and create a Webull account.
In similar fashion with other brokerages, you will have to provide some personal details and include your KYC (“know your client/customer”) information in accordance with SEC (The Security and Exchange Commission) regulation.
2. Request for Permission
After you finish with the registration of your new account, you will have to request permission for buying and trading cryptocurrencies through the Webull app.
Before you ask for approval, make sure that you have the latest version of the Webull app, just in case.
Now, do these steps:
- Click on the Webull icom (the big middle icon in the bottom row).
- Click on the “More” button.
- Click on the “Crypto Trading” to request permission.
As soon as your request goes through the system and becomes accepted, you can start trading via the app at any time.
The whole permission process is made so because, unlike the stock market, there is no commission for the regulation of crypto.
Good things often require a little bit more time investment. A couple of minutes in this case, so a pretty good tradeoff if you ask us!
3. Transfer Some Funds to Your Account
When it comes to channeling funds to your newly-made account, there are actually quite a few options available for consideration.
Webull supports direct electronic transfers as well as wire transfers from your bank.
While electronic transfers come for free with Webull, without any associated fees, they may end up taking up to 5 days to settle and be ready for use.
Also, using electronic transfers requires you to link your savings or checking account to your Webull account. This can be done by typing in your bank account number and your routing number.
Wire transfers, on the other hand, are considerably faster, requiring only up to one working day to settle, but they do come with associated fees both on the sides of the bank and Webull.
4. Buy crypto(s)
Once you have set up your account with some funds, press “Crypto” under the “Market” tab.
There are two ways with which you can carry out purchases on Webull, and these are market orders and limit orders.
- Market Orders. These are your regular, run-of-the-mill orders that get executed immediately with the market price established at the time the transaction is made. For example, if the price of Ethereum is $4,500 and you place a market order for 1 Ethereum token, you will get that one Ethereum for $4,500 as long as the price does not make a plunge or jump as about the time the order goes through.
- Limit Orders. Your regular orders with a twist, limit orders are used when you intend to buy some crypto at a specific price. Once these orders are made, they lay “dormant” until the price is reached. Limit orders are executed only when the input price is reached, or never.
Using a wallet, especially a hardware wallet, for buying cryptos is always recommended since in that case your crypto funds are safe and sound within your physical device.
However, Webull does not permit you to relocate or transfer your crypto assets away from the platform. In other words, your Webull tokens sadly cannot be stored within a hardware wallet.
While not very advisable, it is possible to keep your whole crypto portfolio within an exchange. The larger the amount of funds that you hold, the greater the loss in case of the exchange being hacked.
Webull does pay as much attention to safety as positive and commercially viable as they can, but if hardware wallet safety is that much of an issue to you, we fear that you will have to look for another exchange.
5. Monitor Your Portfolio
Webull’s user interface was designed to be simple in order to allow even beginners a clear overview of their portfolios.
All you have to do is add a currency to a watchlist or set a reminder for any fluctuations in price. In order to do this, just tap the star icon on the currency’s profile and it is done!
Alerts for price changes are done likewise, just tap the “alert” button to initiate the reminders.
You can even check the profile of a cryptocurrency and gain immediate access to key info, metrics, and stats such as trading volume, price graphs, tendencies in the market, etc.
Webull app also hosts a neat drawing tool with which you can analyze the functions of prices in graphs and do graphical calculations.
Split-screen option can display two currencies at the same time to make the comparison between currencies easier.
Commissions and Fees
You know what is the best feature of Webull? It does not charge fees for crypto trading. Zero commision. Null. Nothing. Free of charge.
Every one of those 20+ coins offered on the exchange can be traded on the platform without the users having to pay a fee to the platform. As long as it is within the boundaries of Webull, that is.
A Brief History of Webull
Founded in 2017 as a branch industry of Fumi Technology (based in China), Webull originated as a stock, options, and ETFs exchange, but it has integrated a cryptocurrency market into its offering only three years after that.
Fumi Technology is a fintech company that deals with market research and current market trends, insights, and analysis, as well as research tools and various other trading technologies.
Webull’s structure allows their brokerage and customer-oriented operations to be carried out from New York City, in spite of the technology team being stationed in Hunan, China.
This has multiple advantages when it comes to logistics and maneuverability, and can be credited with the stellar growth the company has achieved over the past couple of years.
As can be gathered from the information we have provided earlier in the article, Webull boasts itself to be an online commission-free mobile brokerage for stock, ETFs, options, and cryptocurrency.
As such, it is a vanguard service that offers multiple deals of similar and mutually-complementing natures.
Webull has since gone on to receive notable accolades from various fintech experts and popular investment sites.
For example, Bezinga has voted Webull as one of the top mobile cryptocurrency and investment apps in 2020.
How Good of an Exchange Webull Really Is?
Well, passing the final judgement on something is never easy or simple.
On one hand, Webull represents a great opportunity with lots of options for beginners and casual traders because of its simple and intuitive graphic design and user interface that puts highlight onto ease of use, especially when compared with some of its competition such as Robinhood.
On top of that, it charges no commissions for trading and this is more than commendable, for beginners, casuals, and seasoned veterans alike.
On the other hand, certain experienced and expert crypto day traders might find the offer that is limited to around 20 crypto coins a bit limited.
Mass-scale traders and those who invest heavily into crypto usually have very diverse portfolios with dozens, sometimes even hundreds of different crypto coins, tokens, and other types of digital assets.
Another extremely limiting fact is that Webull does not allow its users to transfer their crypto funds away from the platform itself.
Yes, security is Webull’s top priority and the chances of breaches happening are very slim, but still those who dedicate tens of thousands worth of $USD sleep better when their funds lie in a hardware wallet under their pillow (or at least somewhere around).
This is one of the main reasons why some people leave Webull to look for other, more versatile exchanges and platforms.
However, this is a tiny portion as every day the Webull community grows with more and more eager traders.
Webull is not shrinking, far from it! They pride themselves with a loyal fanbase and community that is significant in size and dedication.
Earning such a high degree of trust is not an easy task and those people must have been sticking around and gathering for something, right?
Finally, we can declare: yes, Webull is a good cryptocurrency exchange, for everything that we have said about it when added together still ends up being innovative, positive, and useful.
And, perhaps most importantly, it can serve as a stable and reliable platform on which you can earn your trade as a crypto trader.
Can any of us ask for more from a crypto exchange? We think not.