Webull's Guide To Bitcoin Investment

Webull is a trading platform for securities and cryptocurrencies that offers a simple, convenient, and accessible way to invest in Bitcoin. With no minimum equity required to trade crypto and no fees, Webull is a great option for those looking to diversify their portfolio or get started with crypto. In the following paragraphs, we will guide you through the process of investing in Bitcoin using Webull, highlighting the key advantages and considerations along the way.

Opening an account

To open an account on Webull, you must first navigate to the Webull website and select "Get Started". You will then be transferred to a signup page, where you will need to provide your email address, a password, and a verification code that will be sent to your email address.

After submitting this information, you will be transferred to the main account center page. Here, you will need to select your current country of residence and provide two photos of your photo ID, such as a driver's license, state ID, or passport. You will also need to select your account type, choosing between a margin or cash account as only these two are permitted to trade crypto on Webull.

Once you have submitted all the required information, your account should be approved within a day. If there are any issues with your identity verification, Webull will contact you. This process is necessary to protect your account from fraud.

It is important to note that Webull does not currently offer a crypto wallet, so you will not be able to transfer any cryptocurrency out of your account.

Requesting permission to trade

Firstly, you must have an account on the Webull app. If you are a new user, you will need to create an account. To do this, you will need to provide your details and, in most cases, add your KYC (Know Your Customer/Client) information in line with SEC regulations.

Once your account is set up, you must then request permission to buy or trade crypto via the Webull app. To do this, make sure your Webull app is updated to the latest version. Then, click on the Webull icon (the middle icon on the bottom row), followed by the More button, and then 'Crypto Trading' to request permission.

Once your request to buy and sell crypto is accepted, you can trade at any time on the app. This is because, unlike the stock market, there is no commission for crypto regulation.

Webull is a great platform for those looking to buy and trade cryptocurrencies. It is a commission-free trading platform that offers a range of investment opportunities, including cryptocurrencies. It is ideal for beginners and those looking to diversify their portfolio and limit risk in the volatile crypto market.

Adding funds to your account

To add funds to your Webull account, you can use either electronic Direct Debit Authorisation (eDDA), Fast and Secure Transfers (FAST), or Telegraphic Transfer (TT). The remitter's name and Webull account must match for all deposits, and deposits must not be from a third party. Any transfer fees incurred, including handling commissions, cable charges, and agent bank charges, are the responsibility of the client.

• Open the Webull app and tap the Webull logo at the bottom of the screen.
• Tap "Transfers" at the top of the screen.
• Choose your deposit method: eDDA, FAST, or Telegraphic Transfer (TT).
• Select your preferred deposit currency. Please note that Webull only supports one currency, USD. If you deposit in a different currency, Webull will convert it and charge a conversion fee.

For US bank account holders, you can transfer funds using ACH or a wire transfer. While ACH transfers are free, they are limited to $50,000 per day. Wire transfers are faster, as they only take one business day for funds to settle, but they incur charges from both Webull and your bank.

Choosing the cryptocurrency

Market Capitalisation

One way to select cryptocurrencies for investment is to rank them based on market capitalisation. Bitcoin and Ethereum are the top two cryptocurrencies by market capitalisation and are considered the "blue chips" of the crypto world. Together, they contribute to a significant portion of the total market capitalisation of all cryptocurrencies. Therefore, investing in these two could be a relatively safer option.

Total Coins and Current Supply

It is important to consider whether there will be a limited supply of a particular cryptocurrency. For example, Bitcoin has a limited overall supply, and as the demand for it increases, the limited supply can lead to an increase in its price. Therefore, understanding the overall supply and the number of coins already in circulation is crucial when deciding which crypto to invest in.

White Paper

Every cryptocurrency investment has a white paper that outlines the details of the coin, such as its purpose, the technology it uses, and the problems it aims to solve. The white paper also mentions the vision of the coin's creators. It is essential to review the white paper to determine if the goals and vision seem realistic and align with your investment goals.

Use Cases

The white paper should also outline the use cases for the coin, which is a critical factor in driving user acceptance and investment. The more use cases a cryptocurrency has, the wider its acceptance and the greater the potential for an increase in its value. For example, Ethereum has one of the best use cases due to its customisation for smart contracts, decentralised finance tools, and Web3 applications.

Platform Options

It is also worth noting that Webull currently only offers four cryptocurrency options: Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Therefore, your choice of cryptocurrency will be limited to these options if you choose to invest through Webull. However, other platforms like Coinbase offer a much wider range of cryptocurrencies, including smaller and mid-size coins.

Monitoring your crypto

Setting up Alerts and Watchlists:

Webull allows you to set price change alerts for your chosen cryptocurrencies. To do this, go to the currency's profile, tap on the star icon, and then select "alert". This feature helps you stay informed about price movements and potential trading opportunities. You can also add cryptocurrencies to a watchlist, enabling you to closely monitor their performance.

Accessing Key Stats and Real-time Data:

Webull provides users with access to real-time data and stats for various cryptocurrencies. By checking the currency profile, you can view key stats and make informed decisions about your investments. This feature ensures that you always have the latest information at your fingertips.

Using Advanced Trading Tools:

Webull offers a range of advanced trading tools, such as in-depth analysis, advanced charting, and real-time order books. These tools can help you make more strategic decisions and monitor market trends. Utilize these tools to enhance your crypto monitoring strategies and identify potential trading opportunities.

Transferring to a Hardware Wallet:

While Webull doesn't allow you to transfer your cryptocurrency assets to another platform, you can transfer them to a hardware wallet for safe storage. It is recommended not to keep all your crypto assets on any single platform, including Webull, due to the potential risk of hacking. By transferring your coins to a hardware wallet, you add an extra layer of security to your investments.

Staying Informed about Crypto Market Trends:

In addition to monitoring your specific cryptocurrencies, stay updated with the latest news and trends in the crypto market. Follow reliable sources and crypto-focused publications to gain insights into market movements, new developments, and potential risks or opportunities. This broader perspective will help you make more informed decisions about your crypto investments.

Remember, investing in cryptocurrencies carries inherent risks, and it's important to do your own research and carefully monitor your investments to make strategic decisions. By utilizing the tools and features offered by Webull and staying informed about market trends, you can effectively monitor your crypto investments and make more confident trading choices.

Frequently asked questions