If you’ve bought crypto on Webull then the next thing you are going to need is to find out how to withdraw it. Frustratingly there are is all sorts of misinformation out there on how to go about this. In this guide for crypto withdrawals on Webull, I will clarify your options.
First things first, here are your options for withdrawing crypto
The 2 ways to withdraw crypto from Webull
Option 1: Transfer to a Wallet
If you bought Bitcoin, Litecoin, or Bitcoin Cash on Webull then you can directly transfer to another wallet. Webull is currently beta-testing a wallet of their own so more cryptocurrencies will become available in the near future.
If you don’t have one of these three cryptos then I am afraid you’re stuck with option 2.
Here are the steps you need to follow to withdraw BTC, LTC, or BCH from Webull
Step 1: Log into your Webull app.
This only works on the app by the way.
From your main assets page click on where it says transfers. See the red arrow below
Step 2: Scroll down to “Send Crypto from Webull”
Step 3: Choose which crypto you want to send
Choose which of the three cryptos you want to send. At some point, it will also prompt you to input your two-factor authentication code. If you don’t have this set up it will prompt you to do so.
To set up two-factor authentication I recommend you download Google’s authenticator app. This generates a new code every minute which makes it much harder for hackers to steal your crypto.
Step 4: Select the quantity to send
Select the amount of BTC, LTC, or BCH you want to send. In the screenshot below I have selected BTC. Click on Max to send the whole amount.
Step 5. Paste your crypto address
In the next step, it will ask you to paste the address you want to send your crypto. If you have no idea what a crypto address is then please read my guide: What is a crypto address?
In brief, you need to go to your wallet or your crypto exchange and search for the address you want to send your crypto. On crypto exchanges search for the coin and then select “Receive”. Make sure you have selected the corresponding network for the asset you are sending. For example, for Bitcoin, you need to select the bitcoin network. Then paste that receiving address in the field wallet address field as shown below.
Step 6. Confirm transaction
Finally, click on “Confirm” to execute the transaction. While this may take a few minutes in most cases bitcoin transactions are confirmed within the hour.
Now what happens if you don’t have BTC, LTC, or BCH?
Say you have Ethereum.
How do you get your Ethereum off of Webull and onto another platform? Well, currently the only option available to you is to withdraw your crypto as cash.
Here is how you can go about that.
Option 2: Withdraw crypto as cash
For those cryptos that are not withdrawable to a wallet, you need to cash them out and wire the money to your bank account. From there on, if you like, you can send the cash to another platform that supports wallets such as a cryptocurrency exchange, and buy your favorite crypto on that platform.
Here are the steps to cash out your crypto on Webull. First, you need to sell your crypto and then withdraw your cash.
How to sell crypto on webull
Step 1: Find your crypto
Navigate to your portfolio page and select the crypto you want to sell. For example, in the screenshot below if you wanted to sell Cardano you’d select the ADAUSD trading pair.
Step 2: Sell your crypto
Click on the sell to close button.
Then on the next screen, it will ask you to enter the amount you want to sell and the type of order you want to set. I usually set a market order. If you want to sell only above a certain price then set a limit order and it will execute if your crypto reaches the limit price.
I’ve selected a market order below
Once you hit “Sell” and confirm your order the sale will go through.
How to withdraw your cash on webull
Step 3: Navigate to your cash holdings
Go to your main portfolio page by clicking on the middle webull logo icon in the center of the bottom menu. Next, click on where it says more.
Step 4: Click on the withdraw option
Select the withdraw option from the banking tab
Step 5: Select amount to withdraw
You will see the cash that is available to withdraw. Click on the withdraw button. On the next screen (not shown) it will ask you how much you want to withdraw and will show you the bank that you have on file. If you don’t have a bank on file it will ask you to add one.
Once you enter the amount, click “transfer to my bank account”. Webull will show you a notification that it may take up to 2 business days for the funds to appear in your bank account. Once you hit confirm it will ask you to verify your identity.
Now you can use the cash in any way you want to. If you want to buy the same crypto on another platform you can just transfer your funds to an exchange or another broker.
The benefit of doing this is that you can then send your crypto to a wallet where you can better safeguard your crypto instead of exposing yourself to the risk of an exchange going bankrupt as we have seen happen in the world of crypto from time to time.
Webull Crypto Withdrawal Fees
Webull does not charge a commission for transferring crypto. The only fees you need to consider are the trading fees you incur when you buy and sell crypto.
Webull charges a 100bps (basis points) markup on your crypto trades. 100 bps is 1% which is very high.
Cash withdrawal fees are also hefty: Webull charges $25 for domestic wire transfers.
Webull Crypto Withdrawal Limits
At the time of writing, there are some restrictions on transferring crypto out of Webull
- You can only transfer up to $3,000
- Your daily transfer amount cannot exceed $5,000
- And you can only make up to 10 transfers per day.
I expect these restrictions will be lifted over time.
Webull Crypto Wallet
When Webull started off it did not offer its own cryptocurrency wallet. Instead, it stored your cryptocurrency in cold storage. This means your crypto is less vulnerable to hacking.
However, this Webull is currently building out a wallet in partnership with Apex Crypto. If you like you can join their waiting list. The wallet will initially only support Bitcoin, Litecon, and Bitcoin Cash but more cryptos will be added over time.
Is it Safe to Buy Crypto on Webull?
Webull is a regulated brokerage platform, and it stores your crypto in cold storage.
This reduces the risk of your funds being stolen in a hack. However, you should be aware that Webull and all entities that manage crypto on your behalf are not FDIC insured. This means that, unlike a bank, should anything go wrong with Webull the Fed does not have you back. If you have a sizeable amount of crypto it would be prudent to send it to a wallet that only you have the private keys to.
Some people prefer not to have the responsibility of managing their own funds. In that case, it could make sense to leave them on Webull. However please be aware that you are exposed to some degree of risk if you do that.
Other platforms that are easier to transfer crypto out of
The easiest platforms to withdraw crypto from are cryptocurrency exchanges like Coinbase, Kraken, Binance, and so on. Another reason to use crypto exchanges is that they have the widest selection of cryptos as well.
If you prefer brokers then Robinhood is the best option for buying crypto because they already have a wallet for iOS users and will be soon launching a wallet on Android.
Webull crypto withdrawal time
Webull is a little idiosyncratic when it comes to trading crypto on their platform. Their platform pauses for maintenance between 5:30 pm to 6:30 pm so you cannot sell or withdraw crypto during that time window. For me, this is a big reason to switch to another platform. Most other platforms allow you to withdraw 24/7.
Withdrawing cash via ACH or wire transfer takes up to 2 business days. Also if you sell your crypto after 8:15 you need to wait two business days before you can withdraw the cash. If you sell before 8:15 pm then you can withdraw the next day.
Do I own crypto I buy on Webull?
No, currently when you buy crypto on Webull the crypto is held by Webull on your behalf. Webull if beta testing a wallet for its users. When this launches you will be able to have self custody of your crypto.
Can you transfer crypto from Webull to Coinbase wallet?
You can transfer bitcoin, litecoin and bitcoin cash to a Coinbase wallet. To do this click on send crypto from webull and copy the wallet address from Coinbase.
Does Webull charge fees for selling crypto?
Yes there is a 1% mark up wether you buy or sell crypto on Webull.
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. Read more.
How to Transfer Crypto from Webull to Coinbase Wallet (2023)
One of the major weaknesses of Webull is that they don’t yet have a wallet. This is frustrating if you want to send crypto from Webull to another address. However, Webull is slowly getting its act together and now allows you to transfer Bitcoin, Litecoin, and Bitcoin Cash. Today I am going to walk you through how to transfer your crypto from Webull to a Coinbase Wallet. Read more.
Leave a Reply