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.
Steps to Send Crypto from Webull to Coinbase
- Step 1: Open Your Coinbase App
- Step 2: Copy the address
- Step 3: Get set up on your Webull app
- Step 4: Enter the amount you want to send
- Step 5: Paste the coinbase wallet address
Now remember this will only work with BTC, LTC, and BCH. More crypto will be added in the future. If you are searching to transfer a different cryptocurrency then check out my webull crypto withdrawal guide.
Step 1: Open Your Coinbase App
First, you need to copy the address in your coinbase wallet. Open the coinbase wallet app and click on the Receive button top right.
Step 2: Copy the address
The coinbase wallet app supports multiple networks. You need to select the network that matches the cryptocurrency you want to send to Coinbase. If you are sending BTC or BCH select the bitcoin network. If you are sending Litecoin then select the Litecoin network.
Choose the asset you want to send to see the address. For example, I chose Litecoin below.
You want to click copy next to where it says “Your Litecoin Address”.
Webull has not announced whether they support Segwit addresses or Legacy addresses. We don’t need to go into the technical details of the differences between the two. Just know that Segwit addresses are the newer upgraded form of addresses and are cheaper to use. I would imagine that since Webull has launched their transfer functionality recently they support Segwit but I haven’t tested this out myself yet. Coinbase recommends testing Segwit first and if that does not work then use the legacy address.
Step 3: Get set up on your Webull app
On your Webull app go to your portfolio pages and select transfers in the top menu. From there select “Send crypto from Webull”
Webull will then prompt you to select which of the three cryptocurrencies you want to send.
Step 4: Enter the amount you want to send
Webull will ask you how much you want to send. Keep in mind that Webull will deduct the network fee from the amount you transfer. Say for example you opt to send the maximum amount of Litecoin you have. In your Coinbase wallet, you will receive the max amount minus the network fee. The network fee is what is used to reward the miners who secure the network and make the whole blockchain part work in the background.
Webull does not charge you any crypto withdrawal fee itself.
At this stage, Webull will also ask you to enable two-factor authentication if you haven’t. If you have already enabled this then it will ask you to input your 2FA code. This updates every minute so you need to be swift.
Step 5: Paste the coinbase wallet address
After you authenticate and enter the amount you want to transfer the next screen will ask you to paste your address. You can click where it says paste. Alternatively, if you are using two devices, you can click on the little icon next to where it says paste and scan the QR code on your Coinbase wallet. Either way will work. What you definitely should not do is copy the code manually. This is prone to error and if you enter the wrong address you risk losing your crypto.
And that’s it, folks. Your crypto should appear in your Coinbase wallet within the hour. It will probably be the most nerve-racking hour of your life as you wait to see if you did everything correctly.
What if I want to send my crypto from Webull to the Coinbase exchange
To send you BTC, LTC, or BCH from Webull to Coinbase you follow very similar steps. The only difference is that you need to copy the receiving address from the Coinbase exchange app.
Here are the steps to do that
- Open the Coinbase exchange app
- Navigate to the crypto you want to receive. To do this you can simply search for the coin by clicking on the search icon.
- Once you click on the coin you will see an option that says receive. Click on that
- Copy the address like before and continue to step 3 above.
What if I want to move different cryptocurrencies other than BTC, BCH, and LTC to Coinbase?
To do this you will need to sell your crypto on Webull and make a wire transfer to your bank account. This can take up to 4 business days.
From there you will need to make another electronic transfer of your funds to Coinbase. This should be processed within one business day.
Once you have funded your Coinbase account you can buy the cryptocurrency that you want. The benefit of doing this is that you can now move your crypto anywhere you like. Say you want to move it to a hardware wallet or another cryptocurrency exchange. This is now much easier to do.
How do I sell my crypto on Webull?
To do this just head to the cryptocurrency trading winder and click on the sell button.
If you want to sell at the current prevailing price in the market just select market order from the drop-down.
Alternatively, if you only want to sell if the price drops to a certain threshold then select limit order and specify the price at which you are willing to buy. This order won’t execute immediately so make sure to select the good until cancelled option.
For new investors, the easier option is to choose a market order.
Which is better? Coinbase or Webull?
The choice here is very simple. If you want to manage your investments from a single platform then Webull gives you almost everything you need to maintain a diversified portfolio of assets.
For those with a 20-year horizon, you want to have exposure to everything from ETFs and Indexes to Crypto.
Using one broker such as Webull will make life simpler. However, as you explore this strategy in more detail you might find that Webull does allow you to completely diversify your portfolio. For example, you don’t have access to bonds and other fixed-income securities. Inevitably what is going to end up happening is that you are going to have funds in multiple brokers and exchanges. I think this is healthy as it will allow you to spread the risk of those entities going bust.
Now pay attention. Once you decide to move away from the simplicity of only having one app then it makes way more sense to manage your crypto on a crypto exchange such as Coinbase.
Coinbase allows you to trade more than 500 cryptocurrencies. More importantly, if you accumulate a sizeable amount of crypto it is then much easier to send your crypto funds to cold storage for safekeeping rather than risking keeping it on the exchange.
Coinabse supports the direct transfer of cryptocurrencies so you won’t face the same issues that you face with Webull.
Coinbase Fees vs Webull trading fees
They are both the same. Coinbase charges a 1% fee on crypto transactions while Webull marks up the price by 100 basis points (which is 1%). This is expensive. Most of the large crypto exchanges have way lower fees. You might want to check out some other crypto-specific exchanges such as Binance or Kraken instead.
The other alternative is to use Coinbase Pro. The interface can be a little intimidating for new users but the fees here are much lower. If you are going to be investing in crypto regularly it will be way cheaper for you if you learn how to use the Pro version.
Webull offers commission-free trading on stocks, exchange-traded funds (ETFs), options, cryptocurrencies, and other financial products. You can also trade fractional coins and stocks. There is no minimum deposit required to start trading. Their user-friendly mobile app is especially popular with younger investors.
Webull Financial LLC is a registered broker-dealer with the Securities Exchange Commission and is a member of the financial industry regulatory authority (FINRA). However, the legal entity (Apex Crypto LLC) that you trade crypto with on Webull is not a member of the securities investor protection corporation.
This means that your crypto assets are not insured in the worst-case scenario that Webull goes bankrupt.
If you want to learn more about Webull check out my comprehensive guide below.
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