Webull Review: Is it Good for Buying Crypto?

How Does Webull Work?

Account set up on Webull can be achieved with a few simple clicks. Once logged in, the platform presents a highly customizable trading experience with the tools to engage in real-time discussions with peers.

Here are the steps for getting started on Webull:

First, enter your personal information and create a password. Also, be sure to set up a two-factor authentication system for your account. Once the basic info is complete, you can personalize your profile to add extra information as you go.

Then, select an account type. Webull offers several account types ranging from a standard account that comes in the basic cash format or the margin enabled account for high-frequency traders. They also offer retirement accounts in the form of traditional IRA and Roth IRA accounts.

Other important features on Webull include a dedicated paper trading area which is an ideal sandbox platform where beginners can practice their trading strategies in a simulation. Furthermore, Webull also offers a variety of technical analysis tools such as Fibonacci levels, trend lines, or Pitchforks. They also have some great risk management tools on their platform, including stop-loss orders, market timing options, and contingent orders.

After the account is set up, you can fund it with a credit card or bank account via ACH transfer. You will then need to verify your identity for future purchases. Once verified, you can enjoy a wide range of trading opportunities with Webull.

Security & Support

Webull has two-factor authentication enabled, which makes it easier to guard your account against hackers and password theft.

The service also comes with the Webull Money Back Guarantee, which allows users to withdraw their funds if they are unhappy with the services offered by Webull within the first seven days of signing up. Any issues can be addressed via Webull’s customer support portal or email address for urgent requests.

Webull Fees

Webull does not have a minimum account balance, so you can get started with the platform for free. With no account minimums and zero commissions, this is an ideal model for beginner traders who will be able to take advantage of all the features offered by the platform without paying anything at all for their first trades.

However, there is a minimum requirement for advanced trading features such as margin and options trading. For margin trading, a user is expected to have a minimum of $2,000 in their account. Margin is available for both leveraged and short sale positions on Webull. What’s more, each margin is based on the size of the account. For instance, if the account has a minimum of $25,000, it receives a 6.49% margin with progressive rates ranging from 6.66% to 6.49%, 5.99%, and as low as 3.99% for accounts with more than $3 million.

There are also no charges for making ACH deposits and withdrawals; however, Wire Transfers incur a fee of $8 for deposits in the US and $12.5 for international ACH transfers. Also, if you are making a withdrawal using ACH or Wire Transfer, you can expect to pay a $25 fee in the US and about $40 internationally.

Which Cryptocurrencies Can You Trade on Webull?

Webull was built as a brokerage platform for traditional assets. Currently, they have four primary asset classes, which include stocks, ETFs, options, and cryptos.

Over the years, Webull has added support for several cryptocurrencies into its trading app. These include the following;

• Bitcoin
• Bitcoin Cash
• Ethereum
• Dogecoin
• Litecoin
• Stella Lumens
• Ethereum Classic
• Cardano
• Dash
• Shina Inu
• Basic Attention Token
• Chainlink
• Terra Luna
• Polygon
• Ren
• Algorand
• Uniswap

Country Restrictions

While Webull makes it easy to open an account and start trading cryptocurrencies, stocks, and options, its services are mainly limited to US residents.

The platform is open to users from the United States and a select few countries such as China and others that Webull has deemed fit for its services.

How is Webull Performance?

Webull has over 50 million registered user accounts and has maintained an uptime of 99.99% for over two years now. The company has also become one of the most trusted financial companies in the world with an A- Better Business Bureau (BBB) rating and is a member of several top industry associations, including the National Futures Association (NFA).

Webull’s trading platform is easy to use, even for beginners who have little to no experience when it comes to trading. The platform also offers a wide range of trading tools such as market orders, stop-limit orders, and several other advanced order types, which allow for flexible trading strategies.

How to Create an Account on Webull

Before creating an account on Webull, you will need to have your identity verified. You can verify your identity by providing complete information of a valid US driver’s license, which must include the following;

1. license number
2. state of issuance
3. date of issue
4. expiration date
5. address on the license
6. date of birth

Webull verifies this information by checking it against publicly available sources, including the US DMV. Once they have determined that you are a legitimate customer, you’ll be able to create an account on Webull in just a few minutes. You can also request for temporary activation of your account if you plan on trading over the weekend. Here are the steps to sign up

1. Click “Sign up”
2. Enter your name, email address, and password
3. Click “Continue”
4. Update your personal information
5. Upload your driver’s license (if required)
6. Enter your bank account information (if required)
7. Click “Verify now”

Activate your account. Once the account is activated, you will be able to start trading immediately. Having a US bank account makes it easier for Webull to facilitate withdrawals so you can withdraw your profits using bank wire transfers.