Webull, one of the most popular stock trading apps, just launched the ability to trade cryptocurrencies! Learn more about this exciting new feature and how to take advantage of it on your existing Webull account.
Thank you to Webull for sponsoring this post. Although The Money Ninja was paid for our time, all opinions are our own.
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Webull is a brokerage app that allows you to trade stocks, ETFs, and options for free with no minimum balance requirements or fees to open or maintain an account. I’ve covered Webull extensively on this site and it’s personally one of my go-to stock trading apps.
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Webull Launches Crypto Trading On App
As of November 2020, crypto trading is now available as a new feature on Webull! This now give users the ability to trade their favorite cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Dogecoin (DOGE) alongside stocks, ETFs, and options – all in one place!
I was given the opportunity to try out crypto trading on the Webull app ahead of its public release and was impressed with how easy it was to not only find the information I need on my favorite crypto, but to be able to buy and sell with just a few phone taps.
How To Trade Cryptocurrencies On The Webull App
1) Apply For Crypto Trading Privilege
You need to request the ability to trade cryptocurrencies in order for it to show up in your Webull app.
To do so, make sure you update the app to version 6.31 or above. Once you have an updated version:
- Click on the Webull icon (bottom row, middle icon)
- Tap the ‘More‘ button
- Tap on the ‘Crypto Trading‘ to apply
Webull will approve you in short order and you’ll get a message on the home screen that your account has been approved for crypto trading:
2) Explore ‘Cryptos’ Tab View Under ‘Markets’
Now that you’re approved, head on over to the Markets icon (bottom row, second icon). You’ll see a new ‘Cryptos‘ tab at the top. Tap this and it will show you all the available cryptocurrencies and their current prices.
Click on the cryptocurrency you’re interested in to bring up the trading screen for that crypto:
3) Select Cryptocurrency To Trade
I selected Bitcoin below for this example. The trading screen gives you a more detailed view including 1-day, 5-day, 1-month, 3-month, 1-year, and 5-year price history. There are 8 other charts and 50+ indicators you can overlay on top of this if you’re into the technical aspects of trading.
To make a trade, simply press the ‘Trade’ button the bottom-left of the screen and enter the price and quantity you want to buy or sell.
And that’s really it – very easy.
Why Trade Cryptos on Webull?
$0 Commissions To Trade
Stocks, ETFs, Options, and Cryptos – all in one account.
Trade Cryptos 24/7
With a $1 minimum deposit.
Free Real-time Data
8 charts and 50+ indicators to help analyze the market
Highly Customizable Layout
Accessible on Mobile, Desktop, and Web Platforms
Hot Topics Amongst Webull Users
Interact with others in the Community tab
Timely Customer Service
The Help Center is open 24/7
Safe and Secure
Frequently Asked Questions (FAQs) Of Crypto Trading On Webull
How much does it cost to buy and sell cryptos?
Crypto trading on Webull means $0 commission with free real-time data.
Is Dogecoin available to buy on Webull?
Yes! As of April 20, 2021, Dogecoin is officially available on Webull! You can now buy and sell Dogecoin.
Other popular cryptocurrencies will also be added in the future.
What cryptocurrencies are available to buy on Webull?
You will be able to access up to five cryptocurrencies for now: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Dogecoin (DOGE).
What type of account do you need in order to trade cryptos?
You can apply to trade cryptocurrencies with your Webull cash or margin account. IRAs are not eligible for crypto trading.
When can you trade cryptos? What are the rules for trading cryptocurrencies?
- Trading Hours: You can trade cryptocurrencies 7 days a week except for a one-hour routine maintenance a day, which takes place between 5:30PM – 6:30PM ET.
- Order Limitations: You are allowed to place orders by dollars ($1 minimum), or by quantities (including fractional quantities) while purchasing cryptocurrencies. However, you can only sell cryptos via quantities.
- Order Type: You can trade cryptocurrencies with two order types: limit orders and market orders. GTC orders are not available.
- Time-in-force: Webull supports Day orders and IOC (Immediate-or-Cancel) orders for crypto trading. GTC (Good ‘Til Canceled) orders are not available.
Is crypto trading available in New York?
Crypto trading is not yet available in New York. Hat tip to ninja reader “kip” for pointing this out.
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The Bottom Line
I used to use Coinbase to trade crypto, but they charge a spread of 0.50% to buying and selling. For a $10,000 purchase, that’s $50 in fees. Now that Webull has the option for you to trade cryptocurrencies for $0 commission, it doesn’t make sense to use Coinbase anymore.
I’ve said this many times before, that at The Money Ninja, I won’t recommend something that I don’t personally use or believe in. As a happy customer of Webull, I’m excited they’re responding to customer demand and offering us the ability to trade cryptocurrencies at no cost.
Anyone else planning to use Webull for crypto trading? Why or why not?