Yes, you can send crypto from Webull.
The following are the four main methods by which you can send crypto from Webull:
- Send BTC, LTC, and BCH via the Webull trading app
- Send to your personal crypto wallet using the beta wallet
- Send to your other crypto exchange account
- Cash out to your bank account
Let’s explore each of these three methods here below.
The 4 ways to send crypto from Webull
Here are the top 3 ways to send crypto from Webull:
1. Send BTC, LTC, and BCH via the Webull trading app
Webull has an embedded way to send these three cryptos to any address. Check out my guide on How to Transfer Crypto from Webull to Coinbase Wallet where I describe the steps.
2. Send to your personal crypto wallet using the beta wallet
A personal crypto wallet is a wallet that is not linked to any cryptocurrency exchange platform. You have full custody of your crypto assets since you hold their private keys. You also have full control of the wallet since you can download and install it offline.
While there is an option to send crypto to your personal wallet, it is complicated. It involves the following:
(a) Request Webull to enable Webull Beta Wallet via its email address
As of the time of writing, Webull only provides a Beta wallet, which means that it is still under development. Thus, you have to request this wallet via their official email address using your email address registered on your Webull account. You have to provide your Webull account number plus other personal information as required. A full version is expected to be released in the near future.
Once the Beta Wallet is enabled and activated, the next thing is to implement the following next steps.
(b) Open Webull App
(c) Select the crypto asset that you want to send
(d) Click/Tap the beta crypto wallet icon (encircled in red)
(e) Click/Tap on ‘Send’ to transfer the crypto to your wallet
(f) Click/Tap on the ‘Face ID’ button, to identify yourself
Once your face is scanned and identified, a verification code is sent to your Webull Account.
(g) Enter the verification code into the dialog box on the next screen
(h) Authenticate your device using Google Authenticator
(i) On the send dialog box, enter the amount details (send quantity) and then press the ‘Continue’ button at the bottom
(j) On the next screen enter the Receiving Address (deposit address) in the space provided, then press the ‘Continue’ button at the bottom
(k) On the next screen confirm send details. Press the ‘Confirm’ button at the bottom.
(l) Enter the 6-digit verification code sent by Google Authenticator to confirm the transfer
(If you have a QR Code scanner installed you may use it to copy the code from Google Authenticator.)
(m) A submission confirmation report is presented upon success. Press ‘Done’ to acknowledge the report.
(n) Once the transfer process is successful, you will be notified via the app. This feedback will also be transmitted to your email address.
3. Send to your other crypto exchange account
If you trade cryptos and thus hold a crypto trading account on other platforms such as Coinbase, instead of sending your crypto assets to your personal wallet, you may send them straight to your crypto exchange account. This will make it faster to carry out crypto transactions as there will be no delays compared to sending to your personal wallet.
The following is an example of how to send to Coinbase Account.
Send to Coinbase
This is a continuation of the steps in the first method, albeit midway. Here are the steps to send to Coinbase account:
(a) After step 1(i), above, open your Coinbase Wallet app
(b) Tap/Click on the ‘Receive’ button to receive crypto from Webull
(c) Copy your Coinbase crypto address to be entered into Webull’s send address
Note: The type of crypto asset wallet must be the same for both sending and receiving. For example, if you are sending Bitcoin, then the receiving wallet must also be of Bitcoin.
(d) Go back to the Webull crypto wallet and paste it in the ‘Receiving Address’ space as in step 1 (j), above
For convenience, the screen in step 1(j) is re-enacted below:
(e) Proceed with steps 1 (k) to 1(n) to complete the transfer.
At the end of step 1(n), you will receive submission confirmation feedback as re-enacted in the screen below:
4. Cash out to your bank account
If you want to send your crypto assets from Webull that are not listed for direct withdrawal, you can cash them out. See Webull Crypto Withdrawal Guide for detailed instructions.
The first thing to do is to convert your crypto assets to cash by selling them. After selling them and having cash in your Webull account, you can then withdraw the cash to your bank account.
Webull allows only two bank withdrawal methods:
- ACH transfer – the ACH transfer takes up to 2 business days to complete. The advantage is that there are no transaction charges.
- Wire transfer – the wire transfer takes not less than 2 business days to complete, though slower than an ACH transfer which can easily happen within a day. The disadvantage of wire transfer is the high transaction fee. Webull charges up to $25 per wire transfer.
You can make a withdrawal request via the Webull Pay app.
What makes Webull a platform worth considering?
Several factors make Webull stand out from the rest. The following are the main ones but you can also check What is Webull crypto trading for a more comprehensive review.
1. Great features
The following are some of the great features that await you on the Webull platform:
It is rare for online brokerages to offer a vast range of products in both traditional finance and crypto finance. Webull is one of those few that allows crypto trading in addition to conventional financial products.
Multiple account types
Webull platform boasts three major account types:
- Margin Account – this is an account that facilitates margin trading transactions.
- Cash Account – this is a basic trading account for ordinary trading. It has no lending facility. Webull calls your crypto cash balance buying power.
- Individual Retirement Account (IRA) – This account can be opened by those who possess social security numbers.
Webull account can be accessed via the Webull App. There is a mobile app version and a desktop app version.
Order flows is an advanced charting tool that enables traders to identify the big orders, medium orders, and small orders.
Big orders are those orders that take up the largest 25% of market orders while small orders are those orders that that take up the smallest 25% of market orders. The rest are deemed to be medium orders.
Various types of custom orders
Webull exchange platform provides a mechanism to define custom orders. These include:
- Market order
- Limit order
- Stop limit order
This feature allows you to buy a part of a stock of a company or exchange-traded funds. The fractional shares mechanism enables small-scale investors with low buying power to diversify their portfolio holdings. The minimum value of a fractional share is only $5.
The above diagram illustrates a fractional shares portfolio worth $100.
The fractional coins mechanism works the same way as the fractional shares mechanism except on cryptocurrencies.
2. Highly enriching opportunities
Webull platform provides a wide range of opportunities to both traders and investors. These include trading opportunities, investment opportunities, and earning opportunities from a wide range of financial products.
The following are the major trading opportunities provided by the Webull exchange platform:
(i) Commission-free trading
The exchange commission on trades is commission-free. Thus, in this commission-free trading mechanism, you take all your profits.
(ii) Margin trading
To start margin trading, you need to open up a margin account. Opening up this account requires a minimum deposit of $2,000.
(iii) Options trading
The users of Webull securities have various types of options trading availed to them. These include:
- Call options
- Put options
These options apply to stocks, mutual funds, ETFs, crypto assets, and many other types of digital assets traded on the Webull exchange platform.
(iv) ETF trading
With Webull’s brokerage account, you can engage in ETF trading at a zero-commission fee. That is, you are not charged trading fees.
(v) Futures contracts
Most financial institutions often use futures contracts to hedge their deals against uncertain future price fluctuations. Nonetheless, if you are a wise investor, you must use the same mechanism as an investment strategy to protect your crypto trades and investments against uncertainties. Webull platform provides tools and resources to enable you to effectively carry out futures contracts.
Plenty of investment opportunities are available to both new investors and experienced investors.
The following are some of the leading opportunities:
Like most online brokerages that deal in conventional financial instruments, Webull provides a wide range of stocks for trading and investment. Apart from offering free stock, Webull allows a fractional shares mechanism whereby you can own a specific percentage or specific number of shares in a given stock.
(ii) Mutual funds
One of the best categories of financial products that provides a secure way of investing without incurring significant risks of market volatility is mutual funds. Webull provides an opportunity to invest in various types of mutual funds from a single platform.
(iii) ADRs & ADS
For residents of the United States, Webull presents a unique investment option via American Depository Receipts (ADRs) and American Depository Shares (ADS). Both the ADRs and ADS are Over-the-Counter products provided by Webull. Both represent shares of non-US companies. These two vehicles allow US citizens to own wealth abroad.
(iv) Index ETFs
One of the most popular choices for risk-averse investors is the Index ETF. Webull’s Index ETFs allow investors to own a fraction of stocks listed in a given index such as S&P 500, NASDAQ, etc. Not only do they gain from the potential appreciation of these investments, but they also earn dividends. This is one of the cheapest forms of portfolio diversification.
(v) Recurring investments
If you are one of those who consider making regular period investments as your best investment strategy, then, Webull got you covered. Webull has a Standing Order mechanism integrated with a recurring investment schedule. This automated investment mechanism ensures that orders are automated based on set parameters indicated on the schedule. You can invest in crypto assets, Exchange-Traded Funds, stocks, fractional shares, fractional coins, mutual funds, and other financial products on the Webull Exchange Platform.
(vi) IRA investing
Planning for your retirement doesn’t have to wait. Just open an Individual Retirement Account with Webull and start saving and investing for your retirement. Webull has three types of IRA. Choose a type of account that suits your needs. You can use your IRA to invest in mutual funds, ETFs, options, and stocks, among other financial products and investment instruments.
Apart from earning interest on investments and profit on trading, there are extra fringe benefits that you can gain on Webull’s platform. These include:
(i) Free stock
New account holders are automatically awarded a specific number of shares depending on the promotional offer available at the time of opening the account. It is not uncommon for a new account holder to be rewarded with a free stock worth 75 shares or above.
(ii) Referral bonus
When you refer new users to the Webull platform, you are rewarded with a referral bonus. The amount of bonus depends on the prevailing promotion at the time the new user enrolls.
3. Unparalleled advantages
The following are the big advantages of using Webull’s platform for trades and investments:
- Low minimum deposit: Typically, Webull requires you to make a $1 minimum deposit to operationalize your cash account.
- No exchange commission. Webull provides commission-free trading.
- Free trading accounts. Webull charges no minimum account fee to maintain a trading account.
- Advanced analytics. Both traders and investors are provided with advanced real-time analytics tools. These include 50-plus technical indicators and 8 custom charts drawn from real-time market data.
- Account security. Webull employs two-factor authentication to protect your account from unauthorized access.
4. Long-standing reputation
Furthermore, Webull Financial LLC is also a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).
All these memberships guarantee Webull’s reputation as an online brokerage firm of high standing.
Major weaknesses of Webull
When cast in the light, every object has its shadow. Webull is no exception. The following are the major weaknesses of Webull:
1. Limitations on cryptos
Webull is not a typical cryptocurrency exchange platform. Thus, unlike crypto-specific exchanges, it suffers from the following major drawbacks:
- There are a limited number of crypto assets – for those trading crypto assets, the crypto trades are limited to just a few coins such as Bitcoin, Bitcoin Cash, and Litecoin but it does not have more eclectic options such as Safemoon and others. This is unlike major crypto exchanges such as Binance, Coinbase, and others that have hundreds of crypto trading pairs.
- Restrictions on crypto withdrawals – to those who are used to cryptocurrency trading on major crypto exchanges, withdrawing cryptos from Webull is a tough endeavor. Not only are the withdrawal methods not outrightly specified, but also the types of coins that you can withdraw are extremely few – Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash, and Dogecoin (DOGE).
- Unclear Webull Crypto Wallet status – Webull introduced Webull Crypto Wallet in beta mode. So far, no clear details are forthcoming as to whether the wallet is fully operational or not. The transfer process from the beta wallet is long and subject to unpredictable delays.
- Difficulty making direct transfers to your own crypto wallet – it is far easier to send your crypto to another crypto exchange platform such as Coinbase than to your own personal wallet.
2. Poorly responsive customer care
The sheer number of complaints by unsatisfied Webull customers due to slow or no response from the Webull customer care team is a negative indicator.
While Webull strives to provide plenty of educational resources and learning materials, this cannot be a substitute for the lack of adequate customer care.
There seems to be some conflicting information online as to whether you can paper trade crypto on Webull or not. Some sites say you can. Some say you can’t. Webull themselves are not very transparent. While they clearly state that they offer paper trading they do not describe which financial products paper trading is available for. To clarify things I reached out to Webull. Here is what they say.