Webull is a brokerage firm that offers crypto trading, among other features. So, wanting to know does Webull have a wallet is a pretty common question among people who are just beginning to trade on this platform. The platform has gained huge popularity among young people due to its commission-free trading, which allows many beginners to access the world of crypto without investing too much of their own money.
So does Webull have a wallet? The answer is no. Webull is a brokerage company and platform that works like a stock market. Here you can trade with crypto, but you don’t actually own them. Therefore, you can not store them in any wallet.
However, this doesn’t mean you can’t earn money by trading crypto on Webull. Here is how to do so.
Table of Contents
Does Webull Have a Wallet?
So as we already mentioned, Webull does not have a wallet. Webull is a brokerage platform where you can trade securities, stocks, options, and cryptocurrencies. When you purchase a cryptocurrency on Webull, you can trade with it, but you don’t actually own the crypto but the share of it. The platform is commission-free and what is great is that you can purchase a small portion of cryptocurrency and trade with it. It has a user-friendly mobile app that is easy to navigate. Here are some other features Webull offers.
|Securities you can trade
|Stocks, ETF, Options, ADRs
|Stock trading costs
|Desktop and browser
How to Transfer Money From Webul on Coinbase?
Even though you don’t own the cryptocurrency on Webull, this doesn’t mean you can not earn money from it. Once you set up a Webull account and get permission for crypto trading, you will be able to trade with crypto on Webull at any time. To buy your first crypto, you will have to deposit money on your Webull account. The next step is to search for the crypto you wish to trade with on the market and click “buy.” In order to make money on Webull by selling crypto, you will have to come up with the best strategy for trading. But the process is similar to trading stocks, meaning you want to find crypto at its lowest and sell it when it starts going up.
Furthermore, you can transfer this money to a crypto exchange like Coinbase and purchase your crypto there.
Withdraw Funds From Webull
Once you get a grasp on how to make money on Webull, you will be able to withdraw those funds at any given time from your Webull account. Go on the Webull app and tap on the button “transfer,” then click on the “withdraw” button and enter the amount you wish to appear on your bank account. After you complete the transfer, money should appear in your bank account.
Deposit Funds To Exchange
Next step is to purchase cryptocurrency. You can use any exchange you wish, or your wallet that has access to an exchange platform. The process is pretty similar on all exchanges. You need to open an account, deposit money, then go on the market and find the crypto you wish to own. Later, you can transfer this crypto to a wallet like a Metamask, and you will own your crypto.
Webull vs. Coinbase – What Is the Difference?
The main difference between Webull and Coinbase is that Webull offers trading with securities and cryptocurrencies, while Coinbase is only an exchange where you can purchase crypto. Here are the main differences between these two platforms.
|What you can trade
|Stocks, ETF, Options, ADRs, and cryptocurrencies
|There are no fees for trading with crypto
|1.49% to $2.99
|Bank Account Purchase Fee
|Crypto Conversion Fee
|Up to 2%
What Is Better Coinbase or Webull? What Should You Use?
Even though it doesn’t have a wallet, we can fairly say that Webull has many advantages when it comes to crypto and other security trading. While Coinbase has a complicated fee structure, it is great if you are new to trading and unfamiliar with the stock market. If you wish simply to trade with crypto or just own it, then Coinbase or any other exchange is a much better choice. However, if you are experienced with the stock market and its ins and outs, Webull can be an excellent tool to combine these two worlds.
For no fee and basically no risk at all, you can learn how does crypto market work and earn some money by applying stock market strategies. It is also a great app for those unfamiliar with both worlds but who wish to start investing a small amount of money in crypto and stocks.
On Webull, you can start with a small amount like $15 and build your way up to profit. On the other hand, if you are only interested in trading with crypto, then Coinbase will be an excellent start, although the fees are considered high. Still, there are excellent learning tools and ways for you to earn money while learning on Coinbase.
In the end, what you choose depends on your budget, previous experience, and interest.