Can I Trade Crypto with Webull?

You can’t buy, sell or trade cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), or Solana (SOL) directly on Webull’s main platform. However, you can trade Bitcoin ETFs like IBIT and FBTC, or crypto-related equities like Coinbase to gain exposure.

For direct crypto trading, Webull offers Webull Pay, a separate platform dedicated to cryptocurrency. It supports popular assets like BTC, ETH, SOL, DOGE, PEPE and 20 more. 

Keep in mind, Webull Pay applies a 1-2% spread fee per transaction, which can be up to 10 times higher than typical exchange fees.

How to Buy Crypto with a Webull Alternative

For investors looking beyond Webull, a strong alternative is Kraken, a platform offering access to over 280 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The platform also provides staking options, allowing users to earn rewards on assets like ETH and SOL.

Here are the steps to start with Kraken:

1. Create an Account: Sign up on Kraken’s website and complete the identity verification process for secure access.
2. Add Funds: Deposit money via bank transfer, IBAN, or credit/debit cards. Supported currencies include USD, GBP, and EUR.
3. Choose Your Cryptocurrency: Select from a wide range of assets available to suit your investment goals.
4. Finalize Your Purchase: Enter the amount, review the transaction details, and confirm your order.

Webull and Webull Pay Crypto Fees

Webull offers a cost-effective way to invest in ETFs like the IBIT Bitcoin ETF or crypto-related stocks such as MicroStrategy and Coinbase. Trades on these assets come with a 0.2% spread fee, making it a competitive choice for equity and ETF investors.

On the other hand, Webull Pay, the platform’s crypto trading service, charges a 1-2% spread fee on every transaction. This is significantly higher than standard fees, making it less appealing for frequent or budget-conscious crypto traders.

For a cost effective alternative, Kraken offers trading fees starting at 0.16%, with access to over 280 cryptocurrencies and features like staking.

Is Webull Pay or Webull a Good Option for Crypto?

Webull Pay, a separate platform from Webull, integrates with Bakkt Crypto Solutions, LLC to provide limited cryptocurrency services. 

It does not allow users to withdraw crypto to personal wallets and charges high spread fees of 1-2%, making it one of the more expensive crypto platforms in the USA based on our testing.

Webull, on the other hand, does not offer any options for investing in real crypto assets. But, the platform is a great way to trade Bitcoin and Ethereum ETFs with a great user experience, deep liquidity and fairly competitive fees.

About Webull

Webull, founded in 2017, serves over 20 million users globally, offering commission-free trading on stocks, ETFs, options, and cryptocurrencies. The platform features advanced charting tools, extended trading hours, retirement accounts, and paper trading for testing strategies. 

Regulated by the SEC and FINRA, Webull provides SIPC protection up to $500,000. With a 30% user growth in 2023, it’s a top choice for diverse and secure investing.

Bottom Line

Webull is a strong platform for trading stocks, ETFs, and crypto-related equities with competitive fees and a user-friendly interface. 

However, its crypto offering through Webull Pay falls short due to high spread fees and the inability to withdraw assets to personal wallets.

For direct crypto ownership at lower costs, platforms like Kraken, with access to 280+ cryptocurrencies and fees starting at 0.16%, are a better choice.