Looking to buy crypto under 18 on Webull? First, let me give you a brief note on Webull.
Webull is a brokerage firm that, among other features, offers cryptocurrency trading. The majority of users love its commission-free trading feature. It allows users to save money while doing so.
If you want to diversify your portfolio by trading cryptocurrencies or if you want to start collecting cryptocurrencies, Webull can be the right platform for you.
Despite the fact that this article goes into great detail about how to purchase cryptocurrency on Webull, the short version is that you open an account, request crypto trading permission, deposit money, and make your purchase.
Moreover, you can check out its alternative, KuCoin, and how to buy crypto on it.
Webull Brief History
It was established in 2017 as part of China-based Fumi Technology and is a fintech company providing real-time market analysis, analytical tools, and other trading technologies.
Webull is structured, and the technology team is located in Hunan, China; the brokerage and customer-facing operations are put out in New York City.
Similar to its alternative Robinhood, Webull honors itself as an online commission-free mobile brokerage for stock, options, and exchange-traded fund (ETF) trading.
It started providing support for crypto in 2020. Now investors can trade stocks, ETFs, and crypto-assets such as bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Webull has received notable praise from investment sites. Hence, Webull was one of the best mobile investment apps for beginners in 2019 and for 2020 and 2021.
How to Buy Crypto on Webull
If you want to learn how to buy cryptocurrency on Webull, follow these steps:
- Open An Account on Webull
First, you need to create an account on Webull. Like most brokers, you will have to provide your details and add your KYC (know your customer/client) information in line with SEC regulations.
- Request For Permission
Once you open an account, you will have to request permission to purchase or trade crypto through the Webull app. Remember that your Webull app is updated to the latest version to apply for approval.
Then follow the steps mentioned below:
Webull via mobile app
- Tap on Webull Icon at the bottom row.
- Select the ‘More button.’
- Now tap on ‘Crypto Trading’ to request permission.
Desktop App 5.0
- Tap the Account tab on the left side of the screen.
- Under Account Management, at the screen’s bottom left corner, select Crypto Trading.
When your buy-and-sell crypto request is accepted, you can trade at any time on the app. This is because, unlike the stock market, cryptocurrency regulation has no commission.
- Fund Your Account:
Plenty of options are available to fund your account. Webull supports electronic transfers and wire transfers from your bank.
Moreover, Webull offers free electronic transfers, but they can take up to 5 days to settle
and become available for use.
But you have to link your checking or savings account to your Webull account. You will do this by entering your bank account and your routing number for an electronic transfer.
On the other hand, wire transfers are much faster, with funds typically settling within one business day.
- Select the Crypto You Want to Buy On Webull
When you have finished funding your account, click on crypto under the “Market” tab. You can even carry out purchases with either a market order or a limit order.
A market order: is an order to buy cryptocurrency at the current market price at the time of the transaction.
For instance, if Bitcoin’s price is $80,000 and you place your order for 1 Bitcoin, you can get it at $80,000 as long as there is no change in price until the order is executed.
A limit order: Using a limit order to buy cryptocurrency allows you to specify the price you intend to pay for your purchase. When that price is reached, your order is executed.
However, a hardware wallet like Trezor is the easiest and safest way to store your coins because it is offline. But you cannot transfer your coin on Webull to a hardware wallet.
It is generally not advisable to keep a significant portion of your holdings on an exchange like Webull because the exchange could be hacked. Choose a dedicated crypto exchange like Coinbase, which offers more flexibility and control of your coins.
- Monitor Your Cryptocurrencies
It makes it easy to add a currency to a watchlist or set an alert for price changes. You can try this by tapping the star icon on the currency’s profile.
You can set up an alert to notify you of the price change. Click on “Alert” to begin the process. To process key statistics, you can use a currency profile.
Furthermore, you can use the Webull app’s drawing tools to analyze cryptocurrency price action. The mobile app also shows two currencies simultaneously for analysis.
Commissions and fees
It’s incredible that Webull charges no commission for cryptocurrency trading. Even you can buy Enjin coins (ENJ) and some of the best crypto with zero commission charges at Webull.
A crypto trade, however, has a 100-point basis spread on either side.
Is Webull a Good Crypto Exchange?
It is an amazing choice for beginners because of the platform’s great interface, which increases ease of usage compared to other online exchanges or brokers.
Its zero commission fee is also commendable and is part of what makes it an excellent choice for most traders.
However, expert crypto traders might prefer something other than those trades, which are limited to only four crypto options.
Most importantly, Webull does not allow you to transfer cryptocurrency from the platform. This is due to security being of high priority to an average trader, and it is not guaranteed with an online platform.
Hence, most of these traders choose exchanges that allow them to transfer their digital currencies to an offline hardware wallet like Trezor, ensuring greater security.
Nonetheless, Webull can boost many loyal customers.
Q1: What cryptocurrencies can I trade on Webull?
Ans: You can trade 44 cryptocurrencies on Webull, for instance, Bitcoin (BTCUSD), Bitcoin Cash (BCHUSD), Ethereum (ETHUSD), Litecoin (LTCUSD), Dogecoin (DOGEUSD), Zcash (ZECUSD), Stella Lumens (XLMUSD), Ethereum Classic (ETCUSD), Decentraland (MANAUSD), Fantom (FTMUSD), The Graph (GRTUSD), Solana (SOLUSD), Curve DAO Token (CRVUSD), Loopring (LRCUSD), Tezos (XTZUSD), USD Coin(USDCUSD), Aave (AAVEUSD), Harmony (ONEUSD), Crypto.com Coin (CROUSD), Yearn Finance (YFIUSD), ApeCoin (APEUSD), Bancor (BNTUSD), Compound (COMPUSD), Enjin Coin (ENJUSD), Maker (MKRUSD), Amp(AMPUSD), Filecoin(FILUSD) and Internet Computer(ICPUSD). Furthermore, processes for creating more cryptocurrencies are being developed.
Q2: What are the trading hours for cryptocurrencies?
Ans: It is available around the clock, 7 days a week. Crypto trading will not be available from 5:30 pm to 6:30 pm ET for routine maintenance and account reconciliation.
With the help of the steps mentioned above, it is very easy to buy crypto on Webull. You can purchase the cryptocurrency you want when you deposit money into your account.
Once you have the amount, you will start trading crypto.
If you are new to Webull, follow the instructions here so that your crypto purchase on Webull goes smoothly and you get the cryptocurrency you so desperately want.