Webull has sponsored me to create a video tutorial about Webull’s new Crypto Trading Program and even given me exclusive early access to Webull’s new Crypto trading features that were recently rolled out to all Webull users on November 19th. If you’re interested in watching my new Webull Crypto Video that goes over all of Webull’s new features you can do so here.
Also, if you are new to Webull you will be eligible for free stocks after downloading the Webull App and funding your new trading account.
Cryptocurrency has become a huge discussion in 2022 but most people don’t know much about what cryptocurrencies are, how they work, or where they can be purchased. When you better understand how crypto works you can start to see various ways it can be used in the future to improve upon how businesses and consumers conduct safe transactions.
Cryptocurrencies are in a nutshell, peer-to-peer electronic cash systems. What I mean by this is instead of having a bank or centralized entity that verifies transactions, cryptocurrencies instead rely on their users or peers computers to verify transactions, this process of verifying transactions is referred to as “Mining” and incentivizes users to help verify transactions with their computers by gifting them cryptocurrency. This allows cryptocurrencies to remain decentralized digital cash systems that require no government interference.
Historically citizens have trusted “fiat” or traditional paper currencies of their own countries because their dollars are backed by their government and supported by the banks. However, as history has shown, even governments and banks sometimes fail… For this reason, many people have invested in cryptocurrencies and I suspect as people become more and more distrustful of their governments and banks they will also see the investment opportunity in decentralized digital currencies that can be traded by everyone around the world without being tied to a government entity that controls transactions.
Webull was most recently voted one of the best mobile investment apps of 2020 for beginners according to Benzinga. Webull allows users to trade stocks, options, and ETFs completely commission-free so it was only a question of “When will Webull release crypto trading to the public” and “what will it be like to trade cryptocurrency on Webull” as many users are curious as to how they will trade crypto with their Webull Brokerage account.
There are already numerous different cryptocurrency exchanges on the internet. However, the many benefits of being able to trade cryptocurrency on Webull will appeal to many investors.
In addition to the convenience of being able to trade Stocks, ETFs, Options, And Cryptos all from one account there are plenty of other advantages to trading crypto on Webull:
Once Webull rolls Cryptocurrency trading out to the public, Webull users will be able to easily access crypto trading from their brokerage accounts for free.
According to Webull’s official trading rules for crypto trading: “There is no charge to open and maintain an Apex account…. The crypto account will be accessed via your existing Webull account, so no new login information is required.”
I can verify that the process of enrolling my account in Webull’s new crypto trading program was quick and easy enough.
The enrollment process was as simple as making sure my Webull app was updated to the latest version. Then I opened up my Webull app and hit the Webull Icon, the Webull icon in the middle circle on the bottom row. Then just click the “More” box that’s towards the bottom right of the screen. Now you should see an icon with the title “Crypto Trading” underneath the Account section. Simply click the crypto trading button, read the agreement and that’s all it takes to enroll your account in Webull’s new crypto trading program.
All cryptocurrency data is real-time and provided to users free of charge. No minimum account equity or balance is required to trade crypto and there are no fees.
There is also an automatic 100bps markup that is built into the price of crypto you are buying/selling.
A BPS or Basis Point is just a small unit of measurement for financial percentages.
1% change = 100 BPS, and 0.01% = 1 BPS
Right now Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) can be bought and sold. Don’t worry though, Webull has informed me that “Access to more cryptocurrencies is in the works”. Interestingly enough Webull’s app currently lets users track the values of many more cryptocurrencies, so it seems to be only a matter of time before users will be able to trade even more cryptocurrencies on their Webull app.
Webull users will be able to trade cryptocurrencies seven days a week with the exception of routine maintenance from 5:30 pm to 6:30 pm Eastern Standard Time.
Webull currently supports Market Orders and Limit Orders.
A Market Order allows investors to buy or sell a cryptocurrency at its best available price, if the cost varies and the order is not filled within 5 seconds it will be canceled to help protect investors from market volatility.
A Limit Order allows investors to set a limit for the maximum price they’re willing to buy for or the minimum price they’re willing to sell for. Limit orders help investors lock down costs and profits but they aren’t guaranteed to be filled.
For anyone wondering, no you do not have to buy full coins. Investors can place orders to buy or sell cryptocurrencies at fractional amounts.
Webull makes purchasing crypto very simple, Webull investors can buy crypto by choosing either a specific amount of USD or a specific amount of their desired Crypto.
Webull’s Crypto Program supports Day Orders and IOC Orders.
Day Orders are orders to buy or sell a security that expire automatically if they are still pending at 5:30 pm Eastern Standard Time.
IOC orders are Immediate or Cancel orders that investors can use to specify how long their order remains active in the market if the order is not immediately filled.
If you sold cryptocurrencies with Webull you can access your crypto trading-related tax documents in the Webull mobile app.
(Navigate to the Webull Icon, Then More, Then Tax Document; alternatively you may access these documents through the Webull website at webull.com/edocs)
Cryptocurrencies are considered non-marginable securities so The Pattern Day Trader rule (PDT) does not apply. This means Webull investors can trade crypto as often as they like.
Since I’ve had access to crypto trading on Webull I haven’t yet experienced a single problem (please leave a comment if you have, if not let us know what free stocks you got). If you would like to trade stocks, options, ETFs, and now also cryptos completely commission-free check out Webull! For a limited time, my link will give all new users 2 free stocks for opening an account and making an initial deposit!
Thanks for reading, if this article helped or you’re interested in more articles about making, managing, or investing money please leave a comment and enable push-notifications so you don’t miss out on future articles!