Buying crypto on the blockchain can be an incredibly exciting prospect for many, but the actual act of buying crypto is often much more difficult than it may seem on the surface. How do you actually go about buying crypto on the internet?
Some crypto platforms require that you meet certain criteria before you can even begin buying or selling crypto yourself! You’re probably here now because you’ve seen that you need buying power on the Webull platform in order to make a purchase.
But how to get crypto buying power on webull? What even is it?
Want to get started in trading crypto on Webull right away? Then you will definitely want to read on down below because we have everything you need to know about getting crypto buying power on Webull!
What Is Webull Buying Power?
Buying power is an essential element of trading on the Webull platform, which is equal to the available balance that can be withdrawn from an individual’s account.
Essentially, Webull buying power is a form of deposit that you make in order to get started with buying any specific crypto product. It is the money that you have available to you to then spend on investing in crypto.
There are actually three unique types of crypto buying power on Webull, so let’s take a look at those now!
Three Types Of Buying Power On Webull
Overnight Buying Power
This refers to all money that you have available to you that you can use to buy securities that will hold your position in the market overnight. This can give you a sense of security and stability that will allow you to rest peacefully between days of investing.
Day Trading Buying Power
This refers to the amount of money that you have available to you on any given day of trading.
The amount that you have available to you is determined at the beginning of the day and does not fluctuate from there, no matter how the market changes over the course of the day. Changes to the balance will only be reflected once the next day has begun.
Instant Buying Power
This is a form of credit offered by Webull that allows an individual to begin trading on Webull, even while a deposit of money is waiting to be transferred into buying power.
Instant buying power can be used to trade stocks and cryptocurrencies as standard, but cannot be used for absolutely everything, as it is simply a form of credit.
How To Get Crypto Buying Power On Webull?
In order to build up your own buying power on Webull, there are a few things you will want to make sure of.
The amount of buying power that you have at any given time will depend on the amount that you have deposited into your buying power, the market value of your investments, and other factors such as your credit score!
Another factor that can affect the amount of crypto buying power an individual has is the value of the account. Those with a higher account value will be awarded more instant buying power whenever they deposit into their account.
Those with newer accounts, or accounts that have less value, will only be able to access buying power of around $1,000.
In order to increase your account value, simply keep investing, and keep making smart investments, this will naturally increase the perceived value of your account, allowing you to slowly start investing more and more!
Can You Withdraw Money From Webull?
Yes. However, any Webull buying power that you want to cash out will need to be fully settled before you can withdraw it.
As we mentioned earlier, in order to purchase more buying power, you must deposit money into your account first. This money then needs to be settled and verified over a period of around seven working days.
Thus, in order to cash out money from Webull, you will want to make sure that you are not waiting on any funds to be settled.
In order to withdraw your money from your Webull account, you need to start by heading to your Webull account, and then select the ‘Withdraw Funds’ menu option.
This will allow you to then choose the withdrawal method and the account you are withdrawing from or to. This will then open up a window in which you can enter the amount that you wish to withdraw.
Once you submit the withdrawal request, you should then allow a period of around 3 business days for your funds to reach your account. On average, customer reports have shown that most customers receive their funds in as few as 2 working days!
To Wrap Up
There we have it! Getting buying power on the Webull platform is an essential part of finding success on the platform and making strong cryptocurrency investments, as without it you won’t be able to invest in anything!
Luckily, Webull makes it incredibly easy to begin investing, thanks to the fact that you can increase your buying power whenever you wish by depositing more money into the account.
However, the perceived value of a given account on Webull will affect the maximum amount of buying power that a given Webull user has.
Thus, if you want to increase your buying power on the platform, you will want to make sure that your account has the requisite value!
Frequently Asked Questions
Does Webull Have Instant Buying Power For Crypto?
Yes. If you deposit money into your Webull account, Webull will give you access to instant buying power, which is a form of credit that allows you to start buying crypto while you wait for the deposited money to settle in your account!
Why Is My Cash Balance And Buying Power Different On Webull?
The cash balance simply refers to the amount of money that you have deposited into your account, while the buying power is simply the maximum amount of money that you can use to invest!
Can You Withdraw Crypto From Webull?
Unfortunately, Webull does not offer the option to withdraw cryptocurrencies to anywhere outside of the platform.
Paul Martinez is the founder of BendingDestiny.com. He is an expert in the areas of finance, real estate, and eCommerce.
Join him on BendingDestiny.com to learn how to improve your financial life and excel in these areas. Before starting this blog, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.