Webull Crypto Review 2022 (vs Coinbase)

Not so long ago, cryptocurrency was an asset only traded by those in the know. Nowadays, with increased use cases and media attention, many experienced and new traders alike want to jump on the crypto bandwagon. 

With crypto coins like Shiba Inu increasing  14,000,000% over 15 months, you might be ready to see if you can get half (or a hundredth) as lucky.


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Luckily, trading cryptocurrency is simple with trading platforms like Webull. If you're already a Webull stock trader, using Webull crypto will be especially intuitive for you.

But if you're brand new, don't worry. You'll undergo a bit of a learning curve, but we'll give you the essential information you need to decide if Webull is the right fit for your crypto endeavor.

Webull in a Nutshell

With a user-friendly interface that has a familiar setup for buying Webull crypto as purchasing stocks, it's no wonder that Webull is a popular choice for many crypto traders. 

Below are some of the most noteworthy features (and lack thereof) of using Webull crypto.

  • Trading cryptocurrency on Webull is almost the same as trading stocks. So, it's an easy transition for current Webull customers.
  • You don't need to download a separate app to trade Webull crypto and stocks.
  • There isn't the option to move your cryptocurrency to another crypto address or wallet.
  • You'll have a small but diverse spread of 20+ cryptocurrencies to buy and sell.
  • Webull crypto doesn't come with SIPC insurance, so we recommend only trading with as much money as you're willing to lose.

Webull Crypto Pros

Below are some noteworthy points to consider when considering whether to use Webull to trade crypto.

  • Your crypto profits will arrive in your account immediately when you sell a coin.
  • They don't charge a commission.
  • Around-the-clock customer service to support you regardless of your time zone. 
  • You can purchase a partial coin (that's useful for currencies like Bitcoin, where you'd need to sink in over $60,000 at its highest price to buy a single coin).
  • Several tools and resources for monitoring and crypto coins to trade.

Webull Crypto Cons

No service is perfect. So, below are some less-than-ideal things you should know about Webull before deciding to purchase crypto with them.

  • Relatively few crypto coins to choose from
  • You must sell your cryptocurrency to transfer the profits (or what's left of a loss) out of your account
  • Not SIPC insured
Webull Crypto Review 2022 (vs Coinbase)

Understanding Cryptocurrency

Cryptocurrencies are a digital form of money that a centralized government doesn't control. 

While it's easy for non-believers to wave cryptocurrency off as “magical Internet money,” cryptocurrency has a wide range of use cases, including:

  • Instant, low-cost money transfers
  • No foreign transaction fees
  • Securely shares sensitive data to permitted parties, such as medical information
  • Increases personal identity security
  • Supports faster and more accurate supply chain monitoring
  • Anti-money laundering tracking

Yes, that's right—although some people write crypto off as a black market currency, because of the blockchain technology that cryptocurrency uses, it's a fantastic way for crypto do-gooders to identify money laundering schemes. 

Understanding how cryptocurrencies and the blockchain work isn't something you'll be able to fully grasp in an afternoon. But here's the good news: You don't have to understand cryptocurrency inside out to trade it.

And here's the even better news: Webull has strong vetting policies for the cryptocurrency coins available for trading on their platform. 

Therefore, you won't have to worry about rug pulls, like the recent Squid Game coin, which plummeted in value from $2,860 per coin to nearly $0 after the creators ran off with the money.

Types of Cryptocurrency You Can Trade on Webull

You now know that Webull offers a small selection of the over 8,000 cryptocurrency coins currently on the market.

So, if you're wondering which cryptos you can buy and sell on Webull, below are some of the options:

  • Bitcoin 
  • Ethereum
  • Dogecoin
  • Shiba Inu
  • Solana
  • Avalanche
  • Polygon

These are just a taste of the choices available, though. For a comprehensive list, along with seeing up-to-date prices and percent changes, check out Webull's crypto list.

Webull Crypto Fees

One of the most attractive features of Webull is that it's commission-free and doesn't have a minimum deposit. 

But it might get you wondering—how do they make money?

Although Webull doesn't charge a commission, they have a 100-basis point spread on both buying and selling cryptocurrency.

In layman's terms, that means for every $100 you buy or sell, Webull receives $1 for the transaction. Therefore, you'll receive 99% of your profits.

While that may sound like a lot, some cryptocurrency exchanges charge a much smaller buy and sell fee, often on a tiered structure that reduces the cost according to larger monthly trading volumes.

Nevertheless, bank transfers are another expense to consider for exchanges offering cheap fees. For example, in the case of Webull, U.S. bank account customers can arrange ACH transfers free of charge.

The downside?

There's a $50,000 daily limit on how much you can transfer. What a great problem to have!

Unlike trading stocks on Webull, the cryptocurrency market is open 24/7. Therefore, you can buy or sell crypto on weekends, holidays, and after stock market hours. 

That said, banks still operate on their standard schedule. So, if you sell your cryptocurrency during a time that isn't during bank hours, you'll see the money appear in your Webull account immediately, but your bank won't start the ACH transfer until the next business day.

Setting up a Webull Account

If you're not already a Webull customer, setting up a Webull account is quick and easy. You can do so using their mobile or desktop app.

The sign-up process will begin by asking for your phone number. It'll send you a verification code, which will be a security step it'll use in the future.

You'll need to provide Webull with several personal details, including your address and social security number.

Don't worry; asking for a social security number is normal and safe with Webull.

In fact, the Securities and Exchange Commission (SEC) requires Webull by law to collect social security details from its customers.

Oh, the joy of the government tracking a trader's activities for tax purposes!

Once you get your account set up, you'll simply need to click “Crypto Trading” to make your first crypto purchase. But before you do that, keep reading for more details on what to expect from Webull.

Webull Crypto Features

With an approved account under your belt, it's time to get to the fun part—exploring Webull's crypto trading platform and learning more about all the features you'll receive as their customer.

User-friendly Cryptocurrency Portfolio

Webull crypto has a nearly identical setup to Webull Financial, which is the stock market version of Webull. Although these are two different sectors of Webull's platform, they make it easy to switch between asset overviews within your account.

Therefore, you can quickly check if your Bitcoin is about to break a new all-time high while keeping an eye on your Tesla stock after Elon Musk makes a make-or-break tweet.

We won't beat around the bush here—Webull's portfolio resources can feel overwhelming for traders new to crypto. 

However, intermediate and advanced traders will appreciate Webull's customizable crypto charts, real-time data, and personal indicators. 

And if you're a new trader, don't despair. Webull offers an extensive Q&A on their website to help orient you. Furthermore, you can check out their blog post for an overview of trading terms applicable in both the cryptocurrency and stock market worlds.

Ability to Purchase a Partial Coin

It can get unbearably expensive for the average trader to purchase a whole cryptocurrency coin. Bitcoin is the ideal example, where it's currently sitting at around $50,000 for an entire Bitcoin.

Luckily, Webull gives you the option to purchase part of a Bitcoin. Best of all, you don't have to run complicated calculations to figure out these fractional coin buys.

Instead, simply type in the amount of money you want to purchase in Bitcoin. Do you want to buy $10 of Bitcoin (or another coin over $10)? No problem. Just let Webull know, and they'll send you a decimal point number of how much of that coin you now own.

One of the biggest advantages of fractional coin purchases is that it allows you to diversify your cryptocurrency portfolio better.

Due to the volatile nature of crypto, it's a riskier investment than putting your money into a retirement ETF. 

So, spreading the money you spend on cryptocurrency over multiple coins is crucial. If one cryptocurrency ends up tanking, you'll still have a handful of other potentially successful crypto investments that can balance it out.

Access Money From Sold Crypto Immediately

If you have experience trading stocks, you know the dreaded words “settlement wait time” when you sell an asset. At best, you might see the money arrive in your account the following day. 

At worst, especially if you sell on a Friday afternoon or during non-stock market hours, the settlement period can last many days.

The benefit of using Webull crypto is that they offer instant settlements. 

Buying Crypto on Webull
Buying Crypto on Webull

How are they able to do that, you wonder?

Well, since cryptocurrency is a 24/7 market and doesn't have to jump through centralized structures like banks to approve the transaction, Webull can immediately turn the crypto you sell into cash that lands in your Webull account.

From there, the longer, bureaucratic process will begin if you set up a money transfer to your bank account with your profits.

Understanding Webull Crypto Security

Webull shares a common item with many cryptocurrency exchanges in that it doesn't have Securities Investor Protection Corporation (SIPC) protection. 

In simple terms, that means Webull doesn't have the insurance to cover you in the event of a broker-dealer misuse or abuse.

In contrast, most stock market exchanges offer free SIPC protection.

However, Webull and U.S. stock market exchanges share this similar trait: They both have registration with the SEC. 

So, although Webull doesn't have SIPC protection, they have the U.S. government keeping a close eye on their activities. If something doesn't add up to the SEC, you can bet they'll swiftly address it with Webull.

But most likely, that won't be an issue. A cryptocurrency exchange has to jump through many hoops to prove that they're a legitimate operator. 

How to Transfer Crypto Between Webull and Other Wallets

Although there are many benefits of using Webull crypto, one of the biggest disadvantages is that you can't transfer cryptocurrency out of its exchange.

That's problematic for a couple of reasons:

  1. You can't send your crypto to a business' crypto address to pay for an item.
  2. It isn't possible to store your cryptocurrency on a hardware wallet, increasing the risk of hackers accessing your crypto if they get into Webull's exchange.

Webull has its reasons for its no crypto transfer policy.

For starters, it must report its customers' crypto transactions to the IRS. Can you imagine how difficult that would be if users transfer crypto from other exchanges onto Webull and vice versa?

They also say they're protecting their customers since it's easy to mistype a crypto wallet address and lose your coins forever. That argument doesn't sit well with everyone, but there's truth to this all-too-common scenario. 

The Quality of Webull's Customer Support Team

Commission-free fees don't hold as much weight unless there's a strong customer service team to help you in the rare but possible heart-stopping moment regarding your money or crypto coins. 

Luckily, Webull checks all the boxes for excellent customer service.

For starters, they offer 24/7 support. That's advantageous for people across time zones and because you can trade cryptocurrency 24/7.

Webull Crypto
Webull Crypto

Furthermore, you can chat with them online or give them a call to speak with someone over the phone.

Although it'll likely be a rare situation that you get in a bind with your Webull crypto account, their 24/7 service offers their customers peace of mind.

Is Webull Crypto Right for You?

Webull crypto is an excellent platform for people wanting a user-friendly crypto experience without commission fees.

They have SEC approval, so you don't have to worry about them packing up and running off with your money tomorrow. Furthermore, they select crypto coins higher in market cap and with solid projects, making it hard for you to choose dud coins.

One of the biggest downfalls of Webull is that you can't transfer crypto between wallets. However, if you're planning on investing a little money and plan to convert your earnings to fiat someday anyway, Webull is a strong contender as a crypto exchange.

FAQs About Webull

Do you still have questions about Webull? We've got answers.

Can I trade crypto from Webull's app?

Yes, you can trade cryptocurrency from Webull's app. However, trading on their desktop app offers more options for using chart widgets and monitoring trends.

Does Webull have a crypto wallet?

No, Webull doesn't have a crypto wallet. Instead, they'll store your crypto assets on their exchange. That's not ideal for large sums of money, but it's typically a fine for people wanting an easy way to dip their toes into the crypto space.

Why can't I buy crypto on Webull?

If you can't buy crypto on Webull, it's likely because you have less money in your cash balance (buying power) than the equivalent in crypto you're trying to purchase. To fix this problem, deposit more money into your Webull account.