Does Webull Allow Crypto Trading: What You Need to Know

In the rapidly changing world of trading and crypto, the ecosystem keeps changing. It is hard to keep up with how innovative platforms such as Webull are updating their product offering. In this article, I break down what Webull offers in terms of crypto trading and whether it is worth it.

First things first

Does Webull Allow crypto trading?

Yes, Webull allows you to trade 36 cryptocurrencies against the US dollar. You can do this from their app or desktop device.

Here is what you need to know.

Webull started to offer crypto trading in November 2020 which means they have had enough time to streamline their process.

Their app interface is easy to use and you can buy and sell crypto just like you would any other asset on Webull.

Webull Crypto trading fees

Webull does not charge any supplementary fees for trading crypto on its platform. They do however charge a markup of 1% on trades. If you plan to trade frequently this is a sizeable amount.

Compared to other platforms the fee is the same as what Coinbase charges.

However, other platforms such as Binance or Kraken charge considerably less when you use the pro version of their apps. For, example on Binance.us fees ranges from 0% to 0.6%.

What cryptocurrencies can you trade on Webull?

Webull offer 36 cryptocurrencies that you can trade.

This is a wider range than traditional brokers like Fidelity and TD Ameritrade and much more than their direct competitor, Robinhood, which only offers 19 cryptocurrencies.

Etoro however offers 70 cryptos so Webull still has some catching up to do if it wants to be the top broker.

webull crypto list

Is Webull any good?

Webull gets very mixed reviews on Reddit and a lousy rating on Trustpilot. Their Trustpilot rating is one of the worse I have seen scoring 1.3 out of 5 with 162 reviews. Most complaints are either about the signup bonuses not working, about having issues with withdrawing, or about being able to trade frequently.

On Reddit, there are many who accuse Webull of being a Chinese company with poor customer support. However, there are supporters on Reddit who are very happy with their experience. They feel the user experience is superior to that of Robinhood and did not experience any issues with signing up.

What is the link between Webull and Apex?

So Webull is a subsidiary of Apex a large parent company that operates a bunch of trading apps and robo-advisors in this space. Both Webull and Apex are registered with the SEC, members of FINRA, and covered by SIPC. 

So is my crypto safe on Webull?

Your crypto is neither covered by FINRA nor SIPC. This means that if Webull were to go bankrupt that is probably the last you will see of your crypto. However, this is about to soon change. Webull has announced that they will launch a wallet. The problem is that they made this announcement about a year ago and still there are no signs of a wallet.

How will a Webull crypto wallet benefit me?

Well, the whole point of crypto is that you own it and that you can send it to other platforms. For example, say there is a decentralized platform that gives you interest for borrowing your crypto. You can then earn a return by sending your crypto to that platform. To understand this better I recommend you read my article on what a crypto address is and study ElementalCrypto.com to find out more about how to do cool stuff with your cryptocurrencies.

Webull has not launched a wallet yet but it has launched the option to transfer BTC, LTC, and BCH to another address.

Can I withdraw crypto from Webull?

Yes and to do that check out my guide below

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How do I buy and sell crypto on Webull

Check out my comprehensive guide on trading crypto on Webull.

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n this review, I will dive into the details of my experience with Webull Crypto Trading, examining its strengths and weaknesses, and provide my overall thoughts on the platform. Read more.

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