Webull And Dogecoin: A Guide To Investing

Dogecoin, a cryptocurrency inspired by the Doge meme, has experienced a meteoric rise in value since its launch in 2013. With a market cap of around $25 billion, it has become a popular investment option, and many are wondering if it is possible to buy Dogecoin on the trading platform Webull.

Webull, a popular and trusted name in online brokering, has offered Dogecoin on its platform since April 20, 2023. This addition makes it easier for investors to manage their assets, as Webull allows for the trading of stocks and cryptocurrencies on a single platform.

While Webull does support Dogecoin trading, it is important to note that it does not offer direct transfers of Dogecoin to or from other platforms, such as Coinbase. Additionally, Webull Crypto LLC, the entity established by Webull for its cryptocurrency operations, is not registered with the SEC like the rest of the platform. This means that crypto trading on Webull is not protected by the SIPC.

How to buy Dogecoin on Webull

Step 1: Download the App and Register Your Account

The Webull trading platform is available as a web platform, desktop app, or mobile app. You can download Webull on the Google Play store or the Apple App store. Once you have the app downloaded, you need to register for your own account. Keep your bank account information handy, as you will need this to link your account and start trading Dogecoin.

To open an account, you must be 18 years of age or older, possess a valid Social Security Number (SSN), occupy a legal residential address within the US or US territories, and be a US citizen, permanent resident, or hold a valid US visa.

Step 2: Fund Your Webull Account

To fund your account, first make sure that your bank can perform ACH transfers. Then, transfer directly to your Webull account. There is no minimum deposit, but you must trade in USD.

Step 3: Determine Your Entry Point

Webull has a wide range of technical analysis tools to help you determine when to buy Dogecoin. You should never invest money that you can’t afford to lose.

Step 4: Buy Dogecoin

For buying cryptocurrency, Webull offers both market and limit orders. Market orders allow you to execute a buy or sell order at the current available price. Limit orders allow you to buy or sell at a specified price. The order will only be executed once the price reaches your set limit.

Webull is a popular, trusted name in the online broker space. It offers traders extensive market assets alongside a professional suite of tools and technical analysis options.

Dogecoin's value and volatility

Dogecoin's price history exemplifies its volatility. Dogecoin's highest price ever was $0.48750 USD on 3 June 2021. In contrast, its lowest price ever was $0.04908 USD on 18 June 2022. As of 18 August 2024, Dogecoin's price was $0.10733 USD. Over the last year, Dogecoin's price has increased by 36.36%. Dogecoin's market capitalisation is currently around $25 billion, and it has a circulating supply of $145.50 billion USD.

Dogecoin's Sharpe Ratio, or Efficiency, is 0.18, indicating a 0.18% return per unit of risk over three months. Dogecoin's beta coefficient, which measures its volatility compared to the systematic risk of the overall market, is 1.71. This indicates that Dogecoin is displaying above-average volatility.

Dogecoin's historical volatility measures its fluctuations based on previous trends, while its implied volatility provides a positive outlook on future price changes based on its current market price. Dogecoin's annualised 30-day realised volatility is 30%, lower than Bitcoin's at 35%. This shift indicates a change in the relative price stability of these two cryptocurrencies.

Webull's crypto trading safety

Webull is a well-reviewed, mobile-first trading app that has continually improved its offering year after year. It is one of the few brokers that offer five-star ratings, along with Fidelity and Interactive Brokers. Here is some information about Webull's crypto trading safety:

Regulatory Compliance

Webull is a popular, trusted name in the online broker space. It is registered with the SEC and is a member of FINRA, SIPC, NYSE, and NASDAQ. The platform offers traders extensive market assets alongside a professional suite of tools and technical analysis options.

It is important to note that Webull has established a separate entity for its cryptocurrency operations: Webull Crypto LLC. The rest of the platform is registered with the SEC under the name: Webull Financial LLC.

No Regulatory Protection for Crypto Assets

The SIPC protects stocks and securities traded on Webull's platform, but this does not extend to cryptocurrency. Since crypto is decentralized, no regulatory authority can protect investors who decide to buy or sell crypto.

Crypto Trading via Apex Crypto

Webull offers access to crypto trading through Apex Crypto, which is not a registered broker-dealer. It is also not insured by the FDIC or SIPC.

Built-in Markup

Webull charges zero fees for trading crypto. There is no minimum amount of equity needed to trade. Instead, Webull has a built-in 100bps markup included in the price of the crypto that you buy or sell.

No Direct Transfer of Crypto In/Out of Webull

At the time of writing, Webull only supports buying and selling Dogecoin directly on its platform. Transferring cryptocurrency into or out of your Webull account is unsupported.

Paper Trading Platform

Webull offers a paper trading platform with $1 million in play money. This can be a great way for beginners to practice trading options in a safe environment before risking their own capital.

Customer Support

Webull offers customer support via phone during market hours, by email 24/7, and an easily navigable website. However, its educational support offerings are limited.

Final Thoughts

Webull's crypto trading fees

Webull does not charge any fees for trading crypto. However, it does have a built-in 100-basis point spread on either side of a crypto trade, which is included in the price of the crypto being bought or sold. This is equivalent to a charge of 1%.

There is no minimum equity requirement to trade crypto on Webull. The minimum USD amount for an opening trade is $1, while for a closing trade, it is $0.01. The minimum fractional amount of cryptocurrency for a single trade is 0.00000001.

Webull's crypto trading hours

Webull offers 24/7 crypto trading, meaning that you can trade Dogecoin and other cryptocurrencies around the clock. However, the platform is unavailable for routine maintenance and account reconciliation daily from 5:30 pm to 6:30 pm ET. Any pending orders will be cancelled at 5:30 pm ET.

Frequently asked questions