Among many stock brokerage applications, Webull is one of the first stock brokerage firms that offer crypto buying power on their application. Any individual who is looking to buy cryptocurrency on Webull Application needs to have crypto buying power. Although this works similarly to various other exchanges, there are some differences in the approach for buying cryptocurrencies on Webull, which we will discuss in this article.
Before we get into the steps to get the crypto buying power on Webull, let’s discuss a brief about how to get crypto buying power on Webull.
What Is Webull?
Unlike, various other cryptocurrency exchanges and stock brokerage applications, Webull is a community-based brokerage firm that comes with a mobile application. Recently in 2022, it was given a best Investor Community Award.
Webull offers a variety of features when compared with other stock brokers and cryptocurrency exchanges like Robinhood. On Webull, any level of investor, be it beginner or advanced level gets an opportunity to do $0 trades on ETFs and various stocks. Also, there are some options available for the crypto trades and options trades.
Different Assets To Invest Using Webull
Webull currently offers, cryptos, stocks, options, and ETFs for fractional shares or full shares trading. Also, there is special access to the Webull traders to different IPOs. But if anyone looking for an investment in bonds, Mutual funds, or futures then they won’t find it because it does not support it.
Coming to cryptocurrency trading, it has listed over dozes of Altcoins and Cryptocurrencies like BTC, Ethereum, or Litecoin. Some of the tokens that you can trade on Webull are :
- Bitcoin Cash
- Stella Luman
- Shiba Inu
How To Trade On Webull For Cryptocurrency Trading?
The very first step to start trading on the Webull Application is to create an account and apply for cryptocurrency trading through the mobile application version 7.0. You must adhere to the instructions listed below in order to apply via a mobile application.
Step 1: Click on the Main Logo of Webull Application at the bottom of the Webull Home screen.
Step 2: Click the Assets tab and go to the details section.
Step 3: The Asset tabs will offer various options, select “Trading Access”
Step 4: After clicking on the Trading access, choose Crypto Trading Option.
If you want to do the same thing on Desktop App v5.0 then you need to go to Account -> Account Management at the bottom left corner and enable Crypto trading.
Once you activate cryptocurrency trading, you can begin to buy crypto using Crypto Buying Power on the Webull Application. In the next section, the reader will learn more about crypto buying Power and the steps to use it for getting any crypto tokens.
What Is Crypto Buying Power On Webull And How To Use It?
Crypto buying power on Webull is the total amount available at your account for withdrawal. Also if you deposit some money, you will get some provisional credit, that can further be used for crypto buying Power.
There are a few points that a crypto Investor/Trader should know while buying crypto using crypto buying power. For example, the crypto buying power would be reduced by a certain amount that might not be equal to the traded value. This is because there will be some money put as the provisional credit when some order is created.
To check your crypto buying Power, you can create any order ticket and get the estimated Crypto Buying Power.
How To Buy Crypto Buying Power on Webull?
The easiest way to buy cryptocurrency buying power on Webull is to fund your Webull account with some cash. Once the cash deposit is made, the crypto buying power would be credited to your account.
If you don’t want to spend extra money on Webull, sell non-crypto assets or equities. But once you sell your assets you need to wait for some time, because it would take some time for the withdrawal transactions to settle.
Once all your funds and transactions are settled, you will get crypto buying power. If somehow you don’t receive the crypto buying power then there could be some reasons around it as given below.
- The Webull Application does not have your crypto trading option enabled. If you don’t find a way to enable it, try to get in touch with customer services.
- If you have enabled it, there might be a possibility that some of the cryptocurrencies you are trying to buy are not accessible.
Generally, it takes around 48-54 hours to get the transactions settled and get the crypto buying power credited.
How To Buy Cryptocurrency Using Crypto Buying Power?
Once you receive the crypto buying power to your Webull account, you can choose any of the cryptocurrencies available to buy from the list.
Step 1: Choose any one of the cryptocurrencies on the list available.
Step 2: Click on the cryptocurrency and Put all the details like the number of tokens you want to buy and at what price.
Step 3: Fill in all the other details and ensure that the amount you buy does not exceed your crypto buying power.
Step 4: Confirm the order and wait for some time to get the transaction Settled.
Features And Benefits Of Cryptocurrency Trading Using Crypto Trading Power
- Webull allows you to trade any asset like stocks, ETF, IRAS, and much more without any Fee.
- Any investor or trader can trade any time in a day from anywhere by depositing USD1 to their account. Also, crypto trading is available round the clock and every day. Hence you do not need to wait for any specific window.
- In case of any customer help and support, you can chat with either the Webull team or the different traders and investors using the platform.
- Webull Application is available on all the different devices.
Security For Crypto Traders On Webull Application
Webull has partnered with a firm called Apex Crypto that helps you with issues related to cryptocurrency trading and its custody. Apex Crypto handles cryptocurrency transactions on Webull’s behalf and holds the crypto money. It stores cryptocurrencies in cold storage devices.
Some of the important things that you should be aware of are :
It does not cover a protection plan for the cryptocurrency holdings that you buy using Webull. Hence you might need to consult with other partners to get coverage for your holdings.
Also, they include a risk statement noting they don’t have enough financial coverage to reimburse users for theft, loss, or technological problems.
Final Word On How To Get Crypto Buying Power On Webull
Webull Works in a similar way to various other cryptocurrency exchanges and the stock brokerage firm. But instead of directly buying any asset, they ask you to buy the crypto buying power or stock buying power before you make any transaction for buying tokens or stocks. Getting crypto buying power requires some simple steps like funding your account or selling your existing assets. There is one thing to note after you buy cryptocurrency using the crypto buying power on the Webull application, you won’t be able to transfer it to a different cryptocurrency wallet. You can only sell or buy through the Webull Application.