How to get Crypto Buying Power on Webull in 2022!
The Webull app is a relatively new investing platform. It allows users to buy and sell stocks available on the New York Stock Exchange and offers cryptocurrency trading. They recently added desktop support and users can choose how they choose to trade. In this post, we explain how to get crypto buying power on Webull, along with why you need a hardware wallet for crypto.
Related: How to get started in Crypto 2022!
Why is my crypto buying power $0 on Webull?
First, you need to check the app, go to the top left and click on the asset's tab. From the assets tab you will see your Total account value, Market value, Cash balance, Risk level, Day trading buying power, Overnight buying power, Options buying power, and finally Crypto buying power.
Here's a screenshot of what it will look like:
If you see that your Crypto buying power is 0 this page, then you either have to wait 3-5 business days for your funds to settle or wait for your ACH transfer to process. This will then allow you to access your Crypto buying power on Webull. Unfortunately, the process isn't instant.
What happens if you try to buy?
Here's a picture of a example of trying to buy cryptocurrencies with zero buying power on Webull.
As you can see in the picture above, it shows how much crypto you will receive, but the crypto buying power is $0.00 regardless of what order you place, you won't be able to trade crypto.
So as you can see here you cannot, purchase crypto without buying power. As I mentioned earlier, you need to wait until your funds settle from stock trades or crypto trades.
If you are transferring funds they will take the normal 3-5 days to fully transfer similar to an ACH transfer or even quicker with wire transfers, although they are more difficult compared to normal cash transfers.
I know the market is providing opportunities, but unfortunately you have to wait for your funds to arrive. Crypto trading is still quite new to Webull, but similar crypto exchanges require funds to wait for the transfer complete.
Why should you use Webull?
Webull is another investment option for individuals. They're similar to Robinhood by allowing zero commission trades on stocks and when you buy cryptocurrencies.
Webull also offers market order, limit order, and if you want day trading buying power. All of which can be used instantly to trade.
They also recently added desktop support to provide charts and other investment details on their site. Traditional investors may not be used to all the different investment options that are available, however, Webull makes investing easy as a user.
Currently in the United States, users are able to trade 61 different types of cryptos. The majority of them are the most popular cryptocurrencies such as Bitcoin, Ethereum, Bitcoin cash, Chainlink, Avalanche and many more!
Can you transfer Crypto out of Webull?
Currently, you cannot transfer Webull crypto out to your personal digital wallet. This is normal for platforms that offer both stock trading and crypto trading. Webull crypto users should know this, because it's extremely important to become a custodian of your funds if you are long term thinking.
Hopefully in the future they will offer withdrawals to digital wallets same day similar to other brokerage accounts. As the platform become larger they will have to offer this feature to compete with other platforms.
If you are looking to transfer out crypto from Webull be sure to talk to your accountant, because if you sell cryptocurrency and then move the funds to a new platform you may be liable for taxes. It's important to know whether or not you will owe taxes.
What platforms do I use for Crypto?
Currently, I use many platforms to buy cryptocurrency, but I mainly use FTX and Voyager. These two platforms make it extremely easy to purchase crypto and move it to cold storage.
As you become more knowledgeable and focused on crypto, you will learn of protocols that have unprecedented growth. Similar to how Ethereum went from pennies to thousands!
Looking for cold storage wallet?
My favorite cold storage wallet for Bitcoin and Ethereum is the Ledger Nano S, this wallet is very important for holders because without physically using the wallet to confirm a transaction the crypto cannot be transferred. It's also a great wallet for you NFT's if your interested.
In my previous article, I covered the recent launch of NFT's on Reddit! This is incredible to see how users can coordinate and use social platforms to build even stronger communities with NFTs.
Could Webull offer NFTs? Time will tell...
Final thoughts
As Webull users continue to become more invested in cryptocurrencies, we will most likely see the platform focus on what is most profitable for them.
Users should think of possible additions Webull can offer and post them on twitter or on Reddit. If you trade crypto or stocks, be open to trying new platforms, especially if they offer bonuses to take advantage of free money as a customer!
Hope this helped you out!
-M
Disclaimer: Mason Capital is an independent publisher, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. Mason Capital does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Featured estimates are based on past market performance, and past performance is not a guarantee of future performance.