Webull is one of the most popular brokerages to trade cryptocurrencies on. Yet one of its major drawbacks is the fact that it does not offer a crypto wallet. This is annoying because it means that you cannot take custody of your crypto like you can with other brokerages such as Robinhood and eToro. However, Webull has announced that it does plan to offer a crypto wallet in the near future. In this article, I will share with you everything there is to know about Webull launching its own wallet.
Let’s dive into it.
About the Webull crypto wallet
Webull first announced it had plans for a wallet in June 2022. That is almost a year ago.
However, since then Webull has made some progress.
One of the main reasons retail customers want a Webull wallet is so that they can send their cryptocurrencies to other addresses.
For example, you might want to send your crypto to a crypto exchange to trade one crypto token for another. Or you might want to become a true DeFi degenerate and post your crypto as collateral to take out a loan on one of the myriads of DeFi platforms such as Compound of Maker DAO.
Well, the good news is that this functionality is now embedded within the Webull trading app and you can send your crypto to other addresses. At the time of writing is it only available for BTC, LTC, and BCH but more options will soon become available.
You can find out more in my guide for Webull Crypto Withdrawals.
What if I want to receive crypto into Webull?
Webull also has the option to receive crypto. To do this navigate to the main portfolio page, click on transfers, and then click where it says “Receive crypto into Webull”.
At the time of writing you are still restricted to the three cryptos though (BTC, BCH, and LTC).
On the next page, you will see the alphanumeric code for the webull crypto wallet address. You will also see the option to scan the QR code.
Next, if you go to your exchange and select send or withdraw you will see a field to input the address you want to send your crypto to. Paste the address you copied on Webull. Alternatively, scan the QR code.
Your crypto should appear on Webull within the hour. That’s a nerve-racking hour, I can tell you.
About the Webull crypto wallet beta
Currently, Webull does not have a waitlisting process. When you visit their landing page for the wallet they have a join now button but that just takes you to the regular sign-up page.
For now, you will need to keep watching this space. If you are already a Webull customer make sure you have opted into receiving communication from them so that you can be notified when their wallet is launched.
Is there an official release date?
No, frustrating Webull has not announced a release date for their wallet.
Can you transfer crypto from webull to a wallet?
Yes, but you can only transfer BTC, LTC, and BCH to another wallet.
Do I own crypto I buy on Webull?
Technically yes but practically no. When you buy crypto on Webull that crypto is held in a non-custodial wallet. This means that the wallet belongs to Webull not you. It also means that you can’t access the private keys to that account.
The main reason you should be concerned about this is if you fear that Webull is about to go bankrupt. If this were to happen there would be no way for you to get your crypto of Webull. This is exactly what happened to many users with the FTX debacle. And this is why many people say
Not your keys not your cryptoAnonymous
Alternatives to Webull that offer a wallet
All crypto exchanges offer a wallet. But Webull’s main competitors are brokerages like Fidelity, TD Ameritrade, eToro, and Robinhood. Out of these the biggest competitors are eToro and Robinhood both of which now offer their customers custodial wallets.
What Is Webull Crypto Trading: a Comprehensive Review
In 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.
Can you connect Coinbase to Webull?
There is no way for Coinbase to speak to Webull as they are different platforms. However you can transfer your crypto directly from Webull to Coinbase and vice versa. However for the moment only BTC, BCH and LTC are supported.
When will Robinhood crypto wallet be available?
Robinhood's wallet launched in September 2022 is already available for iOS users. For those with an Android device there is a waiting list that you can join.
What are the fees for cryptocurrency trading on Webull?
Webull charges a 1% markup on all crypto trades. Transfers in and out of Webull incur no fees from Webull though you do need to account for network fees.
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