Webull is a popular electronic trading platform where you can trade stocks, cryptocurrencies, and margins without making a commission. But before you start trading on this platform, you should know whether it supports withdrawals, as well as learn how to withdraw from Webull.
How to withdraw from Webull? In order to withdraw funds from the securities account, you should own a bank account with the same name. Currently, they support withdrawing USD (United States Dollar,) HKD (Hong Kong Dollar,) and CNY (Chinese Yuan). The amount you can withdraw can not be less than $10, and you can transfer the funds in a few simple steps.
How to Withdraw From Webull and Transfer Funds to Your Account
Webull is a popular trading platform for anyone who wants to participate in the stock and cryptocurrency exchange market. Its users don’t pay any platform fees, commission, or membership fees, not even for the long option. Although Webull is not FDIC insured, StockBrokers have rated the Webull community as the best one for inventors in 2022, and Investopedia rates them as the best broker for low-cost trading in 2022.
It only takes a user a couple of minutes to open an account and start trading. It gives an opportunity to invest in high-quality stocks or ETFs (Exchange-traded funds,) which track the performance of a specific sector. It also provides long options for trading, which allows you to enrich your investment strategy.
But, if you want to withdraw the gathered funds from the securities account into your bank account, you should follow several simple steps.
The Steps in Webull Account Withdrawal Process
If you are a user of Webull Securities and have gathered some funds on the account, you can withdraw them through the app. It can be done by following these steps:
- In the app, open the home page,
- Click on transfers,
- Then, click on withdraw,
- Select the currency (USD, HKD, and CNY are the supported ones),
- Fill in the field with the amount you want to withdraw,
- Click on submit and wait for the requested funds to arrive.
But does Webull charge fees? Keep in mind that Webull Securities will not charge any handling fees during this process. The only exception is when you are withdrawing funds to any account overseas.
Things You Should Know Before You Start the Withdrawal Process
Withdrawal from the securities account is a pretty straightforward process, but there are a few things to keep in mind beforehand. Not all currencies are supported, so the funds can be withdrawn as USD, HKD, and CNY. The other important thing to note is that you should own an account under the same name as your securities account on Webull.
If your securities account was open jointly with other users, you could not withdraw any funds from it. Webull allows day trading, but there is a cut-off processing time on each HK stock trading day, and it’s 11 am. After that time, the new instructions will wait for the next stock trading day. The exception is the Hong Kong holidays, during which no instructions will be processed, so make sure you schedule the approval earlier.
Any transfer you make from the securities account to the bank shouldn’t be lower than 150 HKD. If you are withdrawing in US currency, the limit is at least $10 per transaction.
Are There Any Fees for Withdrawing Money or Wire Transfer?
The table below shows the difference in services and fees, depending on whether you are transferring money to a local account or to one overseas.
|Local bank account||Withdrawal sum||If the withdrawal instruction is submitted before 11:00 am, it will be processed the same working day.||Webull has no fees, and any bank fees will be subtracted from the amount you withdraw.|
|Overseas bank account||Wiring money to a foreign bank account||If the withdrawal instruction is submitted before 11:00 am, it will be processed the same working day.||Webull will charge 50 HKD in addition to any and all bank fees when you withdraw money.|
Why Can’t I Withdraw My Money Right Away?
If it happens that you can not withdraw funds right away, there may be several causes for this. There might be a withdrawal holding period, and it happens when you deposit money via ACH. So, how long does this deposit take? It is required to stay in the account for a minimum of 7 trading days. However, there is no withdrawal holding time if the funds were transferred by wire transfer.
There is also a settlement period in some cases, so how long does it take for cash to settle? – traded stocks settle on a T+2 basis (transaction date plus two days). That means you won’t be able to transfer these funds before they have fully settled into the account. Trading in options settles after one business day. Funds made through sales of cryptocurrency made before 8:15 pm ET will be made available for withdrawal the following work day. Sales of cryptocurrency finished after 8:15 pm ET will settle two work days after the trading day.
There are also rules applied at all times. One of them is that investors are required by NYSE/FINRA guidelines to maintain a certain level of equity in their margin account. Also, The money used to place open orders, buy initial public offerings (IPOs,) and purchase secondary offerings will be kept in your trading account and cannot be withdrawn.
Additional Notes Regarding Withdrawal
These simple steps show that money withdrawal from a Webull securities account is a pretty straightforward process. However, there are some additional things you should keep in mind. Your local bank account transfers might be processed by CHATS/RTGS. This is especially the case for withdrawals in USD, and in these cases, local banks charge from 50 HKD to 150 HKD per transaction. Receiving banks may impose additional bank fees.
When it comes to overseas transfers through Tele Transfer (TT,) local banks will charge between 100 HKD and 200 HKD in bank fees for each transaction. Additionally, both the receiving and intermediary banks may impose bank fees.
Also, note that Webull chooses the most effective withdrawal option by taking efficiency and cost into account.