Webull Pay Review
In this article, we’ll learn:
• Webull Pay offers trading in several cryptocurrencies.
• There are no commissions at Webull Pay, although coin prices do have bid-ask spreads.
• Some coins can be transferred in and out of Webull Pay.
Overview of Webull Pay
If you want to buy, sell, and store cryptocurrencies, Webull Pay could be a good option. We have all the details about this crypto platform, so keep reading.
Webull vs. Webull Pay
Webull Corporation provides trading in securities and futures through its subsidiary, Webull. However, Webull does not offer cryptocurrency trading. Webull Pay, a second subsidiary of Webull Corporation, focuses solely on cryptocurrency trading.
Cryptocurrency holdings at Webull Pay are not FDIC or SIPC insured. The crypto services are provided through a partnership with Bakkt Crypto Solutions, LLC. Both Webull Pay and Bakkt are registered with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Bakkt is also licensed by the New York State Department of Financial Services to engage in virtual-currency business.
Webull Pay Highlights
Through the Webull Pay website and mobile app, users can buy and sell digital currencies. The platform only supports cryptocurrencies—there are no other assets available. Additionally, some coins can be transferred in and out of Webull Pay.
Despite its name, Webull Pay does not allow users to buy goods and services directly with cryptocurrencies stored on the platform. To make purchases, you must first sell your coins and convert them into U.S. dollars. The funds can then be transferred to a linked bank account for spending.
Webull Pay Available Coins
Currently, Webull Pay offers 23 coins for trading. They include:
- Aave (AAVE)
- Algorand (ALGO)
- Apecoin (APE)
- Avalanche (AVA)
- BAT (BAT)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- BNTUSD (BNT)
- Cardano (ADA)
- Chainlink (LINK)
- Chiliz (CHZ)
- COMPUSD (COMP)
- Cosmos (ATOM)
- Crypto.com Coin (CRO)
- Curve DAO (CRV)
- Dash (DASH)
- Decentraland (MANA)
- ENJUSD (ENJ)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Dogecoin (DOGE)
- Fantom (FTM)
- FILUSD (FIL)
- Gala (GALA)
- ICPUSD (ICP)
- LINK (LINK)
- Litecoin (LTC)
- Loopring (LRC)
- Maker (MKR)
- Pepe Coin (PEPE)
- Polkadot (DOT)
- Polygon (MATIC)
- REN (REN)
- Ripple (XRP)
- SHIB (SHIB)
- Solana (SOL)
- Stella Lumens (XLM)
- Sushi (SUSH)
- Stella Lumens (XLM)
- Terra (LUNA)
- Tezos(XTZ)
- The Graph (GRT)
- UNI (UNI)
- USD Coin (USDC)
- XLM (XLM)
- yearn.finance (YFI)
- Zcash (ZEC)
Residents of New York can trade all of these coins except for USDC.
In addition to the tradable coins, Webull Pay provides information about many other coins that are not available for trading. These include Tether, Stellar, Aptos, and others.
Opening a Webull Pay Account
Webull Pay makes it easy to open a crypto account, either through the website or mobile app. You’ll need to provide a mobile phone number to receive a text message. After that, follow the prompts and provide the required information. You will also need to upload a digital copy of a government-issued ID. Without this ID, you can still log into the app and website, but you won’t be able to trade until the account is fully set up.
Once the account is open, you can fund it with an ACH deposit. Webull Pay does not accept wire transfers or debit card funding.
Webull Promotion
Visit Webull Website
Researching Coins
With or without an account, it’s easy to visit Webull Pay’s website and research coins (a login is needed on the app to do this). During our check on the website and mobile app, we found charts, current prices, and news articles with thumbnails. Once logged in with an actual account on either platform, users can take part in active discussions about the various coins displayed.
Webull’s website and mobile app both feature the same pre-made watchlist of coins. It’s not possible to create a custom list. However, you can create price alerts for coins. These alerts can be set based on price rising or falling or moving up or down by a percentage.
Submitting Orders
An easy-to-use order ticket appears on both the website and mobile app. To buy a coin, just click or tap on the Buy button. Webull Pay offers market, limit, recurring, and stop-limit orders. Trades are made in whole dollars starting at just $1. It is not possible to short coins at Webull Pay.
Transferring Coins
With the exception of New York residents, Webull Pay users can transfer coins in and out of their accounts. However, only four coins currently support transfers. They are:
Bitcoin
Ethereum
Bitcoin Cash
Litecoin
Each transfer must be worth at least $10 and cannot exceed $3,000. There is a daily transfer limit of $5,000.
To make a transfer, go to a coin’s profile and click the Show More link. This will bring up a new page with send and receive buttons. Tap on the direction you want and follow the on-screen prompts.
Webull Pay Pricing Schedule
Webull Pay charges no commissions on crypto trades, but there is a markup of 1% on buy orders and a markdown of 1% on sell orders. There are no account minimums or fees.
Webull Pay also has no fees for transfers, though a network fee might apply to some transfers.
Webull Pay Review Verdict
Webull Pay offers a good crypto service with decent resources for both computer and mobile traders to buy, sell, and transfer coins. While the service is reliable, there are limitations, and with a 1% markup on either side, traders should compare rates before signing up.
Webull Promotion
Visit Webull Website
Updated on 12/22/2024.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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