Master the Art of Purchasing Cryptocurrency on Webull: A Simple Guide
Here’s a friendly guide on how to buy cryptocurrency via the Webull app. Webull, a user-friendly trading platform known for its commission-free trades, not only offers trading in stocks and ETFs, but also several types of cryptocurrency. This makes it stand out from many other platforms which still don’t offer crypto trading.
Starting in 2020, Webull began supporting crypto trading, allowing users to buy and sell popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and many others, now offering more than 30 different cryptocurrencies to choose from. This gives you a great opportunity to spice up your portfolio!
To start trading crypto on Webull, there are a few simple steps you need to follow:
1. **Open Your Webull Account**: If you’re new to Webull, you’ll need to set up an account first. You’ll need to share your personal and financial details to meet SEC regulations.
2. **Request Permission**: Once your account is all set up, you will need to get approved to trade crypto. This can be done by updating your Webull app to the latest version, clicking on the Webull icon, and then clicking the “more” button. You should see “Crypto Trading”; click on it to request approval. Once you receive the green light, you’re good to go at any time of day!
3. **Fund Your Webull Account**: Before buying any crypto, you’ll need to put some funds into your account. You can do this using a wire transfer or an electronic transfer from your bank. Electronic transfers are free but can take up to five days, while wire transfers are quicker but may incur a fee.
4. **Select the Cryptos You Want to Buy**: With your funded account, tap on “Crypto” under the “Market” tab. From here, you can use either a market order (buying at current market price) or a limit order (buying at a specified price).
5. **Monitor Your Crypto**: Webull makes it easy to watch over your investments. Add currencies to a watchlist, set price change alerts, and even compare two currencies at once!
Remember! While trading crypto on Webull is pretty simple, you should be aware that since cryptocurrencies can be highly volatile, you’re at risk of big losses. Ensure you only invest what you can afford to lose, and seek advice if you’re new to it all.
Webull doesn’t charge commissions when trading stocks, ETFs, and options, but purchasing and selling crypto attracts a fee equal to 1% of your trade. Although you can’t transfer your crypto off the platform to a private wallet, you can easily sell your cryptocurrency any time you want.
Lastly, remember you can’t transfer your crypto holdings to other platforms on Webull; however, the benefit of this is that you don’t need to worry about personal digital wallet security – Webull takes care of everything!
If you’re thinking about dipping your toes in the world of crypto trading, Webull is a great place to get started. Even if you’re new to it all, this platform makes trading easy and efficient. So, why not explore it and see how it could work for you!
