How to Trade Cryptocurrency on Webull

·

Webull has established itself as a popular online broker, and its cryptocurrency trading features are a significant part of its appeal. This guide walks you through the entire process, from account setup to placing your first trade, while highlighting the platform's key benefits and important considerations.

Getting Started with Crypto on Webull

Webull entered the online brokerage scene in 2017, allowing it to incorporate proven features while introducing innovative tools tailored for modern traders. Its fintech foundation provides a robust and user-friendly environment for trading digital assets.

A major advantage for beginners is the ability to start trading crypto with just $1. This low barrier to entry allows new investors to learn and develop their skills without committing significant capital. The platform also boasts instant settlement for crypto trades. When you buy or sell, funds are debited or credited to your account immediately, enabling you to react quickly to market movements.

Available Cryptocurrencies on Webull

Webull supports trading for a curated selection of major cryptocurrencies. This ensures you have access to the most established digital assets as well as some prominent altcoins. The available trading pairs include:

This selection covers the core of the crypto market, providing ample opportunity for portfolio diversification.

Step-by-Step Guide to Buying Crypto

Trading cryptocurrency on Webull follows a similar mechanics to trading stocks or ETFs. If you are new to the markets, it is highly recommended to first practice with Webull's Paper Trading service. This feature provides virtual funds and real-market conditions, allowing you to test strategies and learn the platform's functionality without any financial risk.

Step 1: Open and Fund Your Account

The account setup process is straightforward and can be completed on either desktop or mobile devices. You will need to provide some personal information to verify your identity and comply with financial regulations. Webull is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), which provides a layer of security and oversight for your funds.

While cryptocurrencies themselves are unregulated, using a regulated broker is a critical first step toward safer trading. To fund your account, you can easily link your bank account using the Micro-Deposit Verification process:

  1. Log into Webull and tap 'Deposit'.
  2. Choose 'Micro-Deposit Verification'.
  3. Select your bank account type (checking is recommended).
  4. Enter your routing and account number.
  5. Tap 'Next' to complete the setup.

Step 2: Find Your Desired Cryptocurrency

Once your account is funded, locating a crypto market is simple. Use the search function in the top-right corner of the trading dashboard to find the asset you want, such as Bitcoin or Ethereum. The platform provides real-time price data and charts. You can also click on the 'News' tab to stay informed about latest market events or utilize the built-in technical analysis tools to inform your decisions.

Step 3: Execute Your Trade

Enter the quantity of cryptocurrency you wish to purchase and click 'Buy'. For more advanced risk management, consider using order types like Stop-Loss or Take-Profit. A stop-loss order automatically sells your asset if its price falls to a certain level, helping to limit potential losses. A take-profit order does the opposite, locking in gains at a predetermined price point.

Given the volatility of crypto markets, some traders prefer a buy-and-hold strategy, investing only what they can afford to lose. A good habit is to immediately check every executed trade in your Portfolio section to catch any potential errors quickly.

👉 Explore more advanced trading strategies

Key Features and Benefits

Webull's platform is designed for efficiency and security, making it a strong contender in the crypto brokerage space.

Understanding Fees and Transfers

Webull is highly transparent about its fee structure. The platform does not charge commissions on cryptocurrency trades. Instead, it incorporates a 100-basis point spread (1%) on either side of a trade. This means the cost is built into the buy and sell prices you see on the platform.

There are, however, some ancillary fees to be aware of, primarily for paper statements and wire transfers. For example, domestic wire transfers incur an $8 deposit fee and a $25 withdrawal fee, handled by Webull's clearing firm. ACH transfers to and from U.S. bank accounts, however, are free.

A crucial limitation to note is that Webull does not currently support transferring cryptocurrencies into or out of your account. You can only buy and sell crypto within the Webull ecosystem; you cannot deposit coins from an external wallet or withdraw them to one.

Frequently Asked Questions

Is there a minimum deposit to trade crypto on Webull?
No, one of Webull's standout features is that you can begin trading cryptocurrency with as little as $1. This makes it an accessible option for investors who want to start with a small amount of capital.

Can I transfer my Bitcoin from another exchange to Webull?
No, you cannot. Webull's platform currently does not support the transfer of cryptocurrencies into or out of your account. You can only trade the crypto you purchase directly on the Webull platform.

What are the trading fees for crypto?
Webull charges no commission fees for crypto trades. The primary cost is a 1% spread that is incorporated into the price of each asset when you buy and sell. Always check the latest fee schedule on their website for the most current information.

Is Webull a safe platform for crypto trading?
Webull employs robust security measures like two-factor authentication (2FA) and is regulated by top-tier financial authorities like the SEC and FINRA. While this adds a layer of security for your account and cash, remember that all cryptocurrency investments carry inherent market risk.

Does Webull offer a demo account for crypto?
Yes, Webull's Paper Trading feature provides a virtual trading environment with fake money. It's an excellent tool for beginners to practice trading strategies and get comfortable with the platform's interface before risking real capital.

What order types are available for crypto trading?
You can place basic market orders as well as conditional orders like stop-loss and take-profit. These advanced order types are essential tools for managing risk in the volatile crypto market.