Webull is a trading platform for securities and cryptocurrencies. Founded by Wang Anquan in 2017, the platform has been called the “Chinese Robinhood” and has offered fierce competition to the U.S.-based platform.
Anquan is an entrepreneur and former director of finance at Alibaba. His Webull brokerage is part of a trend of mobile-first investing solutions like Robinhood that offer their users the option to buy both traditional securities and crypto. Webull seeks to provide an easier and more enjoyable experience to investors around the world, and also offers some other perks that we will cover later on.
When Webull launched its mobile app in 2018, new investors were quick to download and experience simplified trading. The app streamlines the signup and authentication process, getting new investors trading faster. Its interface is easily navigable and aesthetically pleasing, with options to view charts, buy stocks and crypto, and monitor your portfolio’s performance.
However, unlike Robinhood’s at times too-simple interface, Webull ramps up the available tools for investors with more data and analytics. This makes the platform an ideal choice for beginner and more seasoned traders alike. Like Robinhood, Webull offers commission-free trading, which is a boon to new investors who want to maximize the funds in their accounts.
How to Buy Crypto on Webull
As a new member of Webull, you can begin the crypto buying process by logging into your account via the desktop or mobile application. First, you will need to transfer money from your bank account, which will be held as brokerage cash on the Webull platform. This deposited amount is now your buying power to buy stocks and crypto via the app.
Users can trade crypto on the same app but some users may not be able to access crypto features depending on their state or country. Webull is allowed in India, the United States (in most states), China, South Korea, and most countries that permit crypto trading.
Key Steps for Buying Crypto on Webull
- Navigate to the search icon located at the top right of the screen. Then, search for “crypto” to bring up a list of all tradeable cryptocurrencies, or search for the specific cryptocurrency you want to buy.
- Once you have pulled up the list of available cryptocurrencies, make your selection to go to its page. For example, if you select Litecoin, you will be taken to the Litecoin trading page. The page will have live pricing data at the top and a chart of activity spanning from “live” all the way through to historical data since the coin’s inception.
- On the screen, users will be able to choose between various options. Hitting the “buy” button will take you to a purchasing screen where you can enter the amount of fiat currency you would like to use to buy your crypto.
- The screen will tell you how much in crypto your fiat will get you. For example, $20 will only be enough to purchase a fraction of a Litecoin, whereas it would allow you to buy multiple coins of lower-valued currencies, e.g., Dogecoin. Review the trade information and ensure you are comfortable with the purchase.
- Confirm and submit your order when ready. You have now invested in crypto!
Do You Own Crypto on Webull?
Users do not really own their crypto assets on Webull. They will not be able to transfer any crypto tokens outside of the platform and they will not have access to any keys. Users are only able to trade their crypto and to pocket their gains in the form of fiat currency.
If you are only looking to take advantage of upswings in the value of cryptocurrencies like Bitcoin and don’t need to own the actual coins, then Webull can be a simple and convenient avenue for either buying and holding coins or using shorter-term trading strategies.
However, Webull does have plans in the works to enable traders to open their own hosted crypto wallets and to have the option to transfer their crypto holdings off the platform.
Which Coins and Tokens Does Webull List?
Webull has expanded its offerings to include eight cryptos and has plans to add further assets in response to popular demand. The platform’s crypto selection is almost identical when compared to other security and crypto hybrid brokerages like Robinhood. It is currently supporting trading in Bitcoin, Bitcoin Cash, Ether, Litecoin, Dogecoin, Zcash, Stellar Lumens, and Ethereum Classic.
How Much Are the Trading Fees?
One of Webull’s biggest selling points is its commission-free trading structure. This means that with a standard Webull account, users will not need to pay any trading fees. It is free to open an account, maintain it and make trades.
How to Sell Crypto on Webull
If you already have crypto holdings on Webull, you can sell them by navigating from your investment lists to your crypto. Once you have selected the coin you wish to sell, choose the option to sell crypto.
You will then see the option to sell all or part of your crypto holdings. Select the amount you would like to sell and review your trade. Once the trade is complete, the value of the crypto you’ve sold will be exchanged back into brokerage cash. You can then withdraw any amount you’d like in fiat currency from Webull to your bank account.
Keep in mind that you will need to pay capital gains taxes on any crypto you’ve sold via Webull. The platform has easy-to-use tax documents that are available to download via the desktop app.
How Does Webull Compare?
How does Webull compare with other investment brokerages and crypto exchanges? Webull offers an exceedingly easy user experience paired with an advanced charting toolbox with overlays and drawing. It also offers a built-in community feed that allows for greater social use. It provides users with a commission-free and streamlined mobile experience for simplified investing. Webull’s motto is “Enjoy Tech. Enjoy Investing,” and the company has done a remarkable job of taking competitors like Robinhood head-on.
Webull allows investors to open IRA accounts and individual investor accounts. It may not be the best platform for investment vehicles like mutual funds and retirement accounts, but these are always an option. However, those who are mainly interested in crypto ownership would do best to purchase their coins via a crypto-specific exchange.
Here is a down and dirty review of how Webull stacks up against other trading platforms and crypto-specific exchanges.
Day Trading On Webull
Many use Webull for day trading and short-term trading strategies. The platform is great for these investors as they enjoy zero commission fees, good margin fees, and a variety of charting and trading tools. The app is incredibly easy to use and it is easy to trade from anywhere. It offers more tools than platforms like Robinhood, yet some advanced traders may want even more from their trading brokerage and software.
Companies like Charles Shwab, Fidelity and Ameritrade have been around much longer and provide professional day traders with all the advanced tools they need to do business. They have also started offering commission-free trading in a bid to compete with newer brokerages. Whether or not you choose Webull as a day trading platform will ultimately come down to which tools and support you need as a trader.
Webull Vs. Coinbase
Unlike Webull, Coinbase is a crypto-only exchange. It is one of the most popular platforms in the United States and has seen massive growth over the past two years. Coinbase users can purchase crypto assets and transfer their coins from the platform to third-party wallets or cold storage options. Coinbase users can benefit from a great app and UX, crypto rewards and staking, and a choice between over 50 different crypto assets.
Webull Vs. Binance
Binance, currently the world’s most popular exchange by daily traded volume, is an international crypto exchange that mints its own native token, Binance Coin. With Binance, users can trade over 350 different altcoins and earn money in various ways, including staking and earning interest on their crypto holdings. Binance also offers users a way to trade peer-to-peer (P2P), participate in margin trading and execute advanced trading methods like futures contracts. Like other crypto-specific exchanges, it offers users a way to stay in control of their crypto holdings by transferring them off the platform.
Webull Vs. Kraken
Kraken is another good option for crypto-only traders. The platform offers numerous short-term tools, including advanced charting software, for those who wish to trade options and more with crypto. Kraken positions itself as one of the most trusted exchanges and offers around-the-clock customer support to help users with their accounts. This is an important feature, as many exchanges have had complaints when it comes to lack of infrastructure and live support. However, Webull also prides itself on its 24/7 customer support.
Webull Vs. Gemini
Since 2015, Gemini has offered investors a crypto investing experience with sophisticated features and design at slightly higher trading fees. The platform has launched programs for users to earn up to 7.4% APY on their assets, while offering other benefits like the Gemini credit card. Gemini has a very easy-to-use interface and provides the same trading options as other U.S.-based options, with around 45 coins available. Gemini is another good alternative to Webull for those looking to have the option to hold crypto themselves, rather than just to pocket the profits from their crypto trades.