Buying cryptocurrencies directly through Webull is convenient but comes with limitations. The 1.5% trading fee can add up, especially for active crypto traders. Additionally, Webull does not allow staking cryptocurrencies to earn yields. Nor does it enable withdrawals to external crypto wallets. For lower fees and more flexibility, alternatives like Kraken are worth considering. This guide focuses on managing crypto investments alongside Webull’s stock and ETF trading services.
Kraken offers an average 0.2% trading fee and staking options for over 200 cryptocurrencies. It’s a regulated U.S. platform with robust security features.
About Webull
Webull is a finance app that offers free stock, ETF, and options trading. It has expanded into crypto trading as well in recent years. Users can invest in Bitcoin, Ethereum and other digital currencies directly within Webull’s easy-to-use mobile platform.
However, there are some limitations to be aware of. Webull charges a 1.5% fee built into the spread for every crypto trade. It does not allow staking of coins to earn yields. Nor does Webull enable withdrawals of crypto assets to external wallets.
Key Metrics
- Over 10 million installs worldwide across Android devices (Similarweb)
- Ranks #381 in the Finance category globally on Google Play
- #30 Finance app by usage in United States
- 1.5% crypto trading fee embedded in spread
- $0 commission for stock, ETF and options trades
- Available on both iOS and Android platforms
- Raised $150 million in Series A funding in 2019
Webull’s Expanding Product Offerings
While starting as a stock and ETF trading app, Webull now also allows users to invest in cryptocurrencies. Bitcoin, Ethereum and other altcoins can be traded directly within Webull’s mobile apps. However, there are restrictions regarding crypto withdrawals and transfers.
Step-by-Step Guide to Buy Crypto with Webull Alternative – Kraken
Here’s a walkthrough to purchase digital currencies:
Step 1: Create an Account
- Go to kraken.com and click “Sign Up” to create your Kraken account.
- Enter your email, password, and confirm password to register.
- Verify your email address through the activation link sent.
- Complete the onboarding process by adding your name, date of birth, phone number, and country.
Step 2: Verify Your Identity
- Kraken requires identity verification to comply with KYC/AML regulations before trading.
- Click your profile icon -> Get Verified to start the verification process.
- Provide details like your address, Social Security Number, and scan a valid government ID.
- The verification review may take 1-5 minutes, after which you can fund your account.
Step 3: Fund Your Kraken Account
- From the homepage, click “Deposit” on the top menu and select your preferred deposit method.
- Popular options are bank wire transfer (1-5 days) or linking a credit/debit card for instant deposits (fees apply).
- Enter the deposit amount in USD or EUR and proceed with the on-screen funding instructions.
Step 4: Access the Kraken Trading Interface
- Once your Kraken account reflects the deposited funds, click “Trade” to access the trading dashboard.
- Here you can view charts, trends, order books, and buy/sell various cryptocurrencies.
Step 5: Buy Cryptocurrencies
- Use the search bar to find your desired crypto coins, like Bitcoin or Ethereum.
- Enter the amount you wish to buy denominated in USD or EUR.
- Review carefully before confirming your purchase order.
What is Webull’s Status on Crypto?
While Webull facilitates crypto trading on its platform, it does not allow external transfers or withdrawals yet. You cannot move coins to a private wallet or stake them to earn yields. Webull also doesn’t provide access to more niche cryptocurrencies. So, its offerings are still limited for dedicated crypto investors.
Does Webull Work with Crypto Wallets?
At this time, Webull does not allow linking external crypto wallets to its platform. You cannot withdraw or deposit coins from private wallets into your Webull account. If you prefer having full control of your crypto assets via private wallet storage, Kraken is worth considering instead.
What if I Want More Flexibility than Webull?
For those seeking additional features like staking, lower fees, and private wallet integration, Kraken emerges as a versatile alternative crypto investing platform. With average trading fees of just 0.2%, you can buy and sell over 200 cryptocurrencies on Kraken. The ability to stake coins and earn yields provides further incentives for crypto enthusiasts.
Conclusion
In summary, Webull grants easy access to crypto trading with 0% commission fees outside of the 1.5% spread cost. However, restrictions apply for moving cryptocurrencies externally. For more advanced crypto investors, Kraken allows staking, integrates hardware wallets, and charges lower average fees of 0.2%
Related FAQs
Does Webull have trading fees?
Outside of the 1.5% spread fee for crypto, Webull does not charge trading commissions. Stocks, ETFs, and options can be traded fee-free.
Can I withdraw crypto from Webull?
At this time, Webull does not support withdrawing cryptocurrencies to external wallets. Your crypto assets remain within your Webull account.
Is Webull safe for beginners?
Yes, Webull is regulated in the U.S. and has robust security features like 2FA and AES-256 encryption. Its user-friendly interface makes it ideal for beginners.
