Raymond James Bitcoin

Raymond James Cryptocurrency and Bitcoin (2022)


Raymond James crypto investing. Can you buy Ethereum, Bitcoin Cash, and Bitcoin cryptocurrencies on Raymond James?


Cryptocurrency at Raymond James


You cannot invest in Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC) or any other cryptocurrencies on Raymond James at this time. As an alternative, you can use a safe $0 commission broker called Webull that does offer cryptocurrencies trading.


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Webull Crypto: Getting Started


If you want to get started trading crypto on Webull, you’ll need to apply for the opportunity after opening your account with Webull.

The process of signing up for crypto trading on the desktop, web, and mobile platforms is similar. By navigating to ‘Crypto Trading’ from ‘Trading Access’ on mobile, or ‘Account’ on desktop or web you can find the option to apply for crypto permissions.

There is a quick sign-up option and then a short waiting period while traders get approved for trading on the platform. The wait usually takes about one day.


Coin Availability


Once the approval comes through, it means that Webull has created a new trading account with its crypto clearing house, Apex Crypto. With that account, several cryptocurrencies can be accessed directly from Webull’s trading platform.

Available coins are listed under ‘Markets’, then ‘Cryptos’. You will find Algorand, Avalanche, BAT, Bitcoin, Bitcoin Cash, Cardano, Chainlink, Curve DAO, Decentraland, Dogecoin, Ethereum, Ethereum Classic, Fantom, Dash, LINK, Litecoin, Loopring, Polygon, REN, SHIB, Solana, Stella, Sushi, Terra, The Graph, UNI, and Zcash.


Raymond James Crypto Alternative


Trading and Transfers


Whether logging in from the desktop trading platform or the mobile app, trading crypto on Webull comes with a lot of advantages.

By utilizing the same fully functional platform the broker uses for its stock and ETF trading, cryptocurrency investors have many tools at their disposal. A wide range of professional indicators, an active trader layout, an order book, and Level 2 data, all come together to create a top-tier trading experience.


Raymond James Crypto Substitute


One important detail that Webull Bitcoin traders should account for is that it is not possible to transfer cryptocurrencies into and out of a Webull trading account. There is no digital wallet function attached to the account other than the ‘positions’ that a trader establishes when purchasing a digital asset on the platform.

In short, that means that Webull crypto trading is focused on trading over everything else related to crypto. Webull investors should view crypto trading on the platform as they would any other asset class on offer at Webull since the deposits and withdrawals follow the same steps. The tokens that are traded are purchased with a Webull balance and any sales of digital assets are credited back into the trading account.

That said, trading crypto is not like any other asset class no matter how you look at it. The most obvious reason for that is the times available for trading. It is possible to trade cryptocurrencies around the clock, every day of the week. However, in Webull’s case, crypto trading takes a daily break from 5:30-6:30pm for maintenance purposes.


Margin and Short Selling


Cryptocurrencies are non-marginable assets. In short, that means traders do not access features like buying crypto on provisional credit when making deposits, short selling, enhancing buying power when making trades, etc. There are some other crypto-only brokers that allow margin trading for cryptocurrencies, but SEC is making it more difficult for firms to offer margin services to U.S.-based customers.


Day (and Night) Trading


The PDT rule does not apply to cryptocurrency trading. Traders looking to access the digital asset marketplace, can do so as often as they like and at any time of the day or night. For Webull traders, this fact means that the trading never has to stop!


Fees and Commissions


Another thing that makes trading crypto on Webull advantageous for traders is that there are no fees for trades. Unlike many other platforms that charge a commission fee for every trade entered, Webull makes it easy for traders to enter and exit the crypto markets without having to worry about how much the maker/taker fees are going to be.

The free commissions on cryptocurrency trades is a similar strategy to the free trading offered on other assets on the platform as well. Webull endeavors to make trading accessible to all, and low-cost trading is one example of how they accomplish that.


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Deposits and Withdrawals


As mentioned, to trade in cryptocurrencies on Webull, the trading capital of the connected account is used. Therefore, to get involved in the crypto markets at Webull, traders must follow the same deposit and withdrawal methods used for the main trading account.

It is possible to transfer funds to Webull via ACH transfer and wire transfer. ACH transfers are the easiest to initiate but there is a five day waiting period before funds are available for trading. With ACH transfers, traders do receive a provisional credit that they can use to start trading right away, but the credit cannot be used for cryptocurrency trading.

Bank wires are the fastest, taking up to two days to complete, although the process of setting them up requires a bit more time and effort.

For withdrawals, ACH is the simplest method and a waiting period for the transfer to go through is only 1-2 days. For crypto traders though, the settlement period for crypto trades is T+1 (funds will become available for withdrawal the next day). If, for example, you catch a winning trade on a surge in Bitcoin price, you’ll need to be a little patient for transferring those profits into your bank account.


Security and Insurance


Although trading cryptocurrencies on Webull is generally considered safe and trustworthy, the fact that cryptocurrencies in general are not covered by traditional methods of insurance and protective coverage.

For Bitcoin traders on Webull, that means trading funds are only insured when active crypto trades are not in effect. The good news is that since crypto trading on Webull utilizes funds from the broker trading account, funds are insured most of the time, unlike what you would find at most other crypto trading firms that deal only in digital assets.


Raymond James Bitcoin


Pros and Cons


There are some important pros and cons to consider for traders looking to trade Bitcoin on Webull.

Pros

- No fees or commissions for crypto trading on Webull.
- Day trading is virtually limitless, even for accounts on the smaller side.
- Easy access to Bitcoin and other digital assets.
- No need to create a separate brokerage account to trade crypto.

Cons

- No margin trading for crypto at Webull.
- No wallet function for Bitcoin and other digital assets.
- Traders must use traditional broker funding methods to begin trading in Bitcoin.


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Raymond James Crypto Alternative Recap


Overall, Webull is an excellent place to trade and invest in Bitcoin and other cryptocurrencies. As a broker first, traders are protected by the stringent laws and regulations put into place by organizations like SEC and FINRA.

Additionally, the trading platform that Webull uses in one of the best in the industry in terms of usability, appearance, modification, and many other important factors.

Whether Bitcoin traders prefer the active trader platform on their desktop computers, or they prefer the road warrior approach made possible by the sleek mobile app, Webull’s technology makes trading accessible and highly enjoyable.

Updated on 5/1/2022.


Ben Wright
About the Author
Ben Wright is an investor, a trader, an educator, and something of an explorer. He spends his days in the markets when he is not teaching or spending time with his family. Ben writes about stockbrokers, markets, investment vehicles, promotional offers, and tools that help investors make the most of their time in the markets.