Since 2020, Webull has continuously expanded its cryptocurrency offerings, and in this article, I’ll provide you with an all-encompassing list of the cryptocurrencies available for trading on Webull in 2023.
What is Webull?
Webull Financial LLC operates as a fully registered brokerage firm, compliant with the Securities Exchange Commission, and is an active member of both the Securities Investor Protection Corporation and the Financial Industry Regulatory Authority.
Webull provides users with a cost-effective trading experience, eliminating commissions through its mobile and desktop applications. The platform’s offerings include the purchase of full and fractional shares of stocks, various ETFs, and an array of crypto assets, with no obligatory initial deposit.
Incentives are part of the Webull experience; a new account that starts with a $100 deposit is typically welcomed with complimentary stock. Incremental deposits may qualify for additional bonus stocks, enhancing the value for users on the Webull platform. As we explore the intricacies of mining Bitconnect, this seamlessly transitions into an examination of the diverse cryptocurrency offerings on Webull, providing you with a comprehensive and updated guide.
Step-by-Step Guide to Purchasing Cryptocurrency on Webull
Engaging with the world of crypto trading on Webull is a straightforward process. Here’s what you need to do to begin:
- Create a Webull account using your email address and link it to your bank account for financial transactions;
- Fund your account with a wire transfer if you’re outside the US, or an ACH transfer if you’re within the US. While electronic transfers generally complete within a business day, they can sometimes take up to four days;
- Choose between two primary account types – a cash account for straightforward trading or a margin account for trading with borrowed funds, which comes with greater risk. Options trading accounts are available as well but are not applicable for cryptocurrency trading. Beginners are advised to start with a cash account;
- On the main portfolio page, use the search feature to locate the cryptocurrency you want to buy;
- Hit the ‘buy’ button and decide between a market order, which executes at the current market price, or a limit order, where you set a maximum purchase price. Market orders are recommended for beginners, whereas limit orders are better suited for experienced traders;
- For security, Webull will request two-factor authentication to verify the transaction. If you haven’t set this up, Webull will guide you through the process;
- Confirm your order, and your trade will be executed accordingly.
Understanding Crypto Trading Limits on Webull
Before diving into cryptocurrency trading on Webull, it’s important to note specific restrictions:
- Crypto transactions are not permitted within IRA retirement accounts on Webull;
- Unlike the typical round-the-clock availability, crypto trading on Webull operates 23 hours a day;
- There’s a scheduled pause in trading each day from 5:30 pm to 6:30 pm ET.
Explore the Cryptocurrencies Available on Webull
Webull’s Crypto List:
- Bitcoin;
- DogeCoin;
- Shiba Inu;
- Cardano;
- Ethereum;
- ApeCoin;
- Solana;
- Cosmos;
- Fantom;
- The Graph;
- Litecoin;
- Bitcoin Cash;
- Ethereum Classic;
- Stellar;
- Basic Attention Token;
- Chainlink;
- Uniswap Protocol Token;
- Polygon;
- Avalanche;
- Sushi;
- REN;
- Curve DAO Token;
- Loopring;
- Tezos;
- USD Coin;
- Aave;
- yearn.finance;
- Chiliz;
- Synthetix;
- Gala;
- Bancor Network Token;
- Compound Governance Token;
- Enjin Coin;
- Maker;
- FileCoin;
- Internet Computer.
Trading these cryptocurrencies is permitted in all states except for New York. In New York, Webull only allows trading of the following nine crypto tokens:
| Cryptocurrency | Symbol |
|---|---|
| Bitcoin | BTCUSD |
| Litecoin | LTCUSD |
| Ethereum | ETHUSD |
| Bitcoin Cash | BCHUSD |
| Aave | AAVEUSD |
| Basic Attention Token | BATUSD |
| Chainlink | LINKUSD |
| Synthetix | SNXUSD |
| Bancor Network Token | BNTUSD |
Conclusion
In the dynamic world of cryptocurrency trading, platforms like Webull have emerged as reliable pillars. Offering an extensive array of cryptocurrencies since 2020, Webull has consistently updated its offerings, making it a top choice among traders. Despite the platform’s regional restrictions, such as those in New York, it remains versatile and flexible, catering to a large user base. Its user-friendly interface makes it an attractive choice for beginners, although it’s important to note that transaction fees are slightly higher compared to other platforms. While Webull has received criticism regarding its customer service, its continual improvements and innovations promise a bright future. As we look towards 2023 and beyond, embracing the potential of Webull and its cryptocurrency offerings will undoubtedly be a game-changer in the trading realm.
FAQ
Yes, Webull is officially registered with the SEC in the United States and is an active member of FINRA and SIPC. Although its cryptocurrency operations, run by Apec Crypto LLC, are not SIPC insured – which is common for crypto platforms – Webull also has a presence in various global markets outside the U.S.
Webull is favored among a younger demographic for its user-friendly mobile and desktop interfaces. However, for those interested in cryptocurrency trading, specialized crypto exchanges may be a better option due to their broader selection, potentially lower costs, and enhanced security when transferring crypto to personal wallets.
Webull promotes zero commission trading but applies a markup of 100 basis points, or 1%, on crypto purchases. This fee is relatively high compared to other exchanges, which often have lower rates.
Webull has faced scrutiny for its customer support, which some users on Reddit describe as inadequate. The platform’s younger user base may be accustomed to automated support systems, but the lack of direct human assistance for resolving issues, especially regarding fund settlement delays, is a common grievance.
Bitcoin and Ethereum dominate the market, with market caps of $500 billion and over $200 billion, respectively. These two cryptocurrencies are considered the most influential and have the most robust narratives. For those looking to identify a third major player, resources like elementalcrypto provide comprehensive crypto education to inform your choices.
On Webull, Bitcoin, Litecoin, and Bitcoin Cash are highly recommended because they are transferable from Webull to other exchanges, offering more flexibility.
Ape Coin, introduced in March 2022, stands as the latest inclusion in Webull’s cryptocurrency offerings. Although the selection has remained unchanged since then, there is anticipation for the addition of new cryptocurrencies in the months ahead.
While Robinhood’s crypto selection is somewhat narrower than Webull’s, it provides users with personal wallets, granting actual ownership of the purchased crypto. Notably, Robinhood is recognized for holding the largest reserve of Dogecoin compared to other platforms. Though Robinhood markets itself as zero-commission, the pricing structures compared to Webull’s are not entirely transparent.
Coinbase, with a similar 1% transaction fee, stands out for its ability to transfer cryptocurrencies off the platform into more secure hardware or hot wallets. It also boasts a broader selection of cryptocurrencies. The trade-off with using Coinbase over Webull is the lack of traditional financial assets like stocks, bonds, and ETFs on Coinbase. Nonetheless, traders have the option to utilize both platforms for their individual strengths.
