Summary: Webull presently provides more than 44 digital currencies for trading, requiring a minimum investment of $1. Despite this, the Webull Crypto application ranks as one of the costliest options for trading or investing in this asset category, as fees surpass 1% for each transaction.
For investors in the USA seeking a better option, we suggest Uphold, which features over 250 digital currencies without any fees. In contrast to Webull, Uphold additionally provides cryptocurrency staking, enabling users to securely gain interest on their holdings.
Can you Buy Crypto with Webull?
Yes, it is possible to buy cryptocurrencies on Webull. The platform supports trading for various well-known digital currencies such as Bitcoin, Ethereum, Dogecoin, Shiba Inu, and 40 more. Users can acquire these assets by using money from their connected bank accounts or trading other securities within their Webull account.
Is Webull Good for Crypto Trading?
Webull is not an ideal platform for crypto trading, as it only supports 44 digital currencies and charges high fees and wide spreads over 100 basis points (1%). They also do not support advanced features like crypto staking, which allows you to earn interest on your assets.
For US investors seeking a better option, Uphold stands out with its extensive selection of 250 cryptocurrencies and zero trading fees. Being regulated by FinCEN, Uphold ensures a secure and reliable trading environment. Additionally, the platform supports cryptocurrency staking, allowing investors to further maximize their returns on assets.
Does Webull Charge any Hidden Fees?
Webull currently charges zero commissions and a stealth fee in the 'spread' of their crypto assets which is a minimum of 100 basis points (1%). This fee will be charged any time you buy or sell a cryptocurrencies on the platform.
Is Holding Crypto on Webull Safe?
As a regulated brokerage, Webull employs protective measures like SSL encryption and multi-factor authentication. However, due to the inherent risks associated with the relatively new and mostly unregulated nature of cryptocurrencies, any platform holding crypto for users carries some risk. To enhance security, utilize strong, unique passwords, enable two-factor authentication, keep devices and software current, and only store the amount of crypto on the platform that you can afford to lose.
In conclusion, Webull allows users to trade over 44 digital currencies but falls short as an ideal crypto trading platform due to high fees and a limited selection of cryptocurrencies. In contrast, Uphold offers a more comprehensive selection of 250 digital currencies without trading fees and includes crypto staking for additional earnings.
Although Webull is a regulated brokerage with security measures in place, it is crucial to follow best practices for securing your assets, considering the inherent risks in the largely unregulated crypto market.