Webull is a retail investment platform that in November 2020 announced that it would be expanding into cryptocurrency.
When Webull launched Webull Crypto, it was during a time when cryptocurrency was undergoing huge growth.
This changed the crypto investing game because it let those who had experience investing in more traditional assets also invest in cryptocurrency as well as ETFs, mutual funds, and stocks.
Webull has a wide range of cryptocurrency on offer that you can buy and sell, such as Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, Stella Lumens, and Zcash.
If you’re a Webull user you can have access in real time to the crypto statistics and other data. You can trade 24/7 and with a minimum deposit of only $1.
But how do you get started on Webull and gain some crypto power? Let’s find out!
How You Can Buy And Sell Cryptocurrencies On Webull?
Step 1: Download The Latest Version Of The Webull Mobile App
Webull is one of the most popular apps for cryptocurrency trading.
Webull tends to be on the right side of things when it comes to the potential swing gap when buying crypto, but there still is a lot to be desired from Webull when it comes to selling crypto.
You might be wondering why it takes so long for your funds to become available in order to purchase crypto.
On the Webull mobile app you’ll see the buying power at the bottom of the order form.
You will need to complete this, as just as with regular investing, you will have to provide basic information to open your account.
You will have to utilize settled funds. Once the deposit is settled, Webull will give you instant buying power in order for you to trade straight away.
You can get immediate purchasing power while your deposit is being processed too, however. This normally takes five business days but you can trade before the deposit is settled.
Step 2: Go To ‘Home’ Or The ‘Home’ Tab
From Vega, we know that when volatility that is implied is increased by 1, the Vega model can predict the decrease or increase of the price that is paid to options to purchase or sell.
Immediate buying power gives you access to the markers so you can trade straight away.
But when it comes to cryptocurrencies, Webull has a totally different policy when it comes to the use of margin.
Immediate purchasing power (provisional cash), is an extension of credit provided by Webull.
Just tap the ‘orders’ button that you can find under ‘p & I.’ If the Vega value is 0.01 then you can just add that to the option contract. If you would like to remove the order, then you just click ‘cancel.’
Step 3: Tap On The Double Horns Icon
If you’re an investor, you can use Webull’s purchasing power to buy a security, which must be equal to the amount the broker has, subtracting the available margin.
The available margin being how much you need to spend in order to buy the security. We recommend buying a hardware wallet, as it can help you avoid losing Webull purchasing power.
If your deposit is settled you’ll be able to view it in the app. However, if you don’t have any purchasing power to buy cryptocurrency it may be that the funds haven’t been cleared or deposited yet.
Webull Crypto Trading Limit Orders
If you don’t have enough purchasing power with Webull, you cannot gain access to private keys for the funds.
But if you store your coins in an electronic wallet, you and you alone will have access to the crypto coins.
Webull is not set up this way to prevent investors from buying at the top of the market and annoying them, and it’s not trying to safeguard hedge funds.
This is just to make sure your assets are safe, and so you can refund your purchasing power.
If you do not receive a notification for an earlier release, this could mean that the funds are yet to be confirmed.
At the moment there are only four options for trading cryptocurrency. Like other platforms that will approve your ability to trade and broaden your options, Webull is no exception.
You are able to totally close a previous position and then buy the shares again the same day, without it being considered a day trade.
We hope this article has told you all you need to know about gaining crypto power on Webull!
With the majority of brokerage accounts, investors are only able to purchase stock options that are the same as the funds they have in their accounts.
But with Webull investors can trade on their ‘buying power.’ Webull defines buying power as the funds an investor has to purchase securities and is the same as the total amount of cash that is in the brokerage account as well as the available margin.
Buying power for margin accounts can be split up into two categories. These are the day-trade buying power and the overnight buying power.
Day-trade buying power signifies the funds you can use to make trades. It is so named because this power is decided at the beginning of the day and doesn’t change based on marginable stocks held overnight, or same day deposits.
Meanwhile, overnight buying power relates to the amount of the money available to buy securities and hold them overnight.
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.