People rely on platforms depending on the services they offer. Webull is a US-based Chinese financial brokerage platform that allows users with limitless account sizes and also has trading support to it without any commission amount chargeable.
The Trading Options that they support traders with are much appreciated because it is completely free while others charge you a minimum amount when considering an ETF and free trades are concerned.
Since webull is a platform known for supporting assets of various types to be traded, let’s talk about the Crypto trading that they also support. This article is a complete guide on How to get Crypto Buying Power on WeBull and the things you should keep in mind while trading crypto.
Before we talk about how or why let’s understand the “what” we are talking about.
What Is Buying Power?
Buying Power is a provisional fund, an amount available in a user’s account that he/she can use for trading cryptocurrency, stocks, or any other financial trading methods.
In simple terms, it is an instant amount, an advance that the user gets from the platform, and can access to buy financial assets, when the deposited amount takes 2-3 days to be reflected in the account. This is not an option available on the top crypto exchanges including Binance, Kukoin, coinbase, or Kraken.
Webull might not be a service provider like top exchanges, but what they provide its users is what makes it stand out from the rest in this competitive market. One thing in common is the top-quality features they provide that are safe.
Through Webull, the most notable feature that a user can get would be the ability to trade Crypto, ETF, and stocks without any commission being charged. Hence your profit margin would stay atop without having any deductions or commissions.
But you should know that there will be a marked-up amount deducted for the tradings you are part of, depending on the price of your crypto assets that you try to buy.
But don’t worry, This amount is way too small than the deductions other platforms charge from its users. After all, Webull is a simple platform for you to start trading with cryptocurrency today.
How Does It Work?
It all begins with the usual process of account creation, verification processes, and confirmation to get started with trading. Then add the funds to buy your favorite cryptos to your list.
The transaction should be made from a bank account or credit card of the same individual, to be on the safer side. Since the transaction is happening between the exchange/broker and the financial institution, there would be a 4 days time needed for the amount to be transferred to the user’s Webull account.
This procedure is called Automated Clearing House. Hence trading should commence through instant buying power before it takes 4 days to receive the amount in your account.
Now that all the basics are done, let’s check out the 2 steps on crypto buying power through Webull.
- The initial thing that we should get started with, in buying crypto on webull is, to begin with, the registration process. Like any other website, exchange, or app, you will find a Signup Button on the main page. Within 15 minutes, you will be able to conclude with all the basics of Account creation with WeBull. Everything works so easily that it has a user-friendly interface to support every new user. Once this is done, get started with the KYC Verification process and share/upload your valid identification and disclose your name and other important data. Hence this is a common procedure that exists for all the exchanges and the confirmation of these verification processes might change from platform to platform.
- Once all the document submissions are verified, you are good to go with your trading. For trading to begin, it’s important to transfer an amount to your Webull account through a direct transfer. Going through the deposit, you will also be credited with buying power where you can own your favorite cryptocurrency along with other shares available. Talking about buying power, users who are choosing Options trading won’t be entitled to get instant buying power. But if you have chosen an ETF or crypto trading through the traditional way, you will be having instant buying power. An eligible user can receive a limitless amount of buying power. So, transfer $100, $500, or $1,000, and the same amount will be received as instant buying power. This is a privilege that you don’t see in any other Crypto exchanges, making it a standout feature of WeBull. But if you require more, let’s say, $2000 to be deposited to your trading account, you would only receive $1000 instantly and the remaining $1000 will reach your account after your amount is deposited in 4 days. But do check out the terms and conditions of how you can be denied from getting your Instant Crypto Buying power through the WeBull Official website.
Receiving the buying power depends on timing as well, considering the eastern time.
Suppose you deposit an amount between 12:00 AM and 8:00 AM, you get buying power the same day around 7:00 AM. But that’s not the case when you deposit an amount between 8:00 AM- 4:00 PM. At this time, you get buying power instantly.
Similarly, from 4:00 PM to 11:59 PM, you will receive the buying power on the next day by around 7:00 AM. Sometimes, there might be a day’s delay but that would only happen rarely.
>Also Read: What Is Ripple (XRP) And How Does It Function?
Available Currencies And Trading It
Users are able to choose from the 50+ cryptocurrencies that are available on Webull.
The trading pair used is USD while other available tokens include Bitcoin, Ethereum, and many other promising projects.
Once Webull is chosen as your main crypto trading platform, you can begin trading at $1. You could also explore different tokens, and price variations of the listed tokens and get to use the stop limit order as well.
Alternatives You Can Trust?
Apart from WeBull, there are other reliable platforms that you can also try if you are planning for an alternative option. Binance and Kucoin are some that you can rely on.
Binance is a globally accepted platform because of the highest level of security it provides users. It comes with a two-step verification and has over 500 Tokens to choose from. It supports veteran and novice users equally and comes with a Lite and Pro version respectively.
The key advantage of Binance is that they charge a very low rate from its users for each transaction. This is comparatively lower than many other platforms that support crypto trading.
Binance is regarded as one of the top staking platforms where users get to experience security of the highest level and fees deducted will be very low. Other transactions like peer-to-peer trading, market orders, stop limit orders, post-only orders, and limit orders are available through binance.
Kucoin is another secure exchange that users choose, considering there are many more tokens available for users to buy than Binance. This is an added advantage to Kucoin users where they get to buy a token earlier than it is listed on Binance, Kraken, or any other top exchanges.
Another benefit of using Kucoin – an already existing token is listed on other platforms for the first time. If the user is already holding a considerable amount of that token, they could gain profit based on the increase in value of the token.
Final Thoughts On Webull Crypto Buying Power
We have covered everything that you need to know about how to get Crypto Buying Power on Webull. This article would have taken you away from a point where you were blank about taking the right decision. We hope you are confident enough to take a decision now of choosing the right exchange for cryptocurrency trading.
If Crypto Buying Power is what fascinates you as a trader, then Webull will be the only way you could begin your trading today. But with the limited amount of tokens it has, you could also find alternatives like Binance or Kukoin.
They are safe, secure, and have very low charges. You have more than 500 tokens to choose from if you plan to opt for Binance or KuCoin. Users can also access Futures Trading or have a sneak peek about NFT and the latest Crypto and Airdrop News as well.
Stay tuned until we come up with some really interesting Crypto Articles to discuss.