Welcome to Kafycrypto, your number one crypto news and marketing channel. In this article, you will learn how I can transfer Crypto From Webull To Coinbase.
Webull is a popular stock trading app with no commissions that also allows for some cryptocurrency trading.
Coinbase is a full-fledged cryptocurrency exchange that allows you to trade dozens of different cryptocurrencies.
In most cases, people are looking to switch to Coinbase to gain more flexibility. Coinbase allows you to buy a much broader range of cryptocurrencies. You can also send and receive cryptocurrency to and from your Coinbase wallet.
Unfortunately, Webull does not yet provide wallets. As a result, you must sell your crypto assets to transfer your funds to Coinbase.
Nonetheless, we will outline the process of liquidating crypto assets on Webull and transferring the funds to Coinbase.
What Is Coinbase?
Users can easily buy, sell, transfer, and store cryptocurrency with Coinbase.
Coinbase allows users to store coins for free on their platform, but they charge fees for cryptocurrency transactions. This fee varies according to the size of the transaction.
Coinbase allows you to trade over 100 different cryptocurrencies, with new ones added every few weeks. This is one of the many reasons why people make the switch. Apps such as Webull have a somewhat limited selection of cryptocurrency.
If you sign up for Coinbase using our button above, you will get $5 worth of free Bitcoin!
What Is Webull?
Webull is designed for investors who want to enter the financial markets with no minimum account size and no commissions. Webull is not a full-service broker, so its customers must do some of their portfolio management. Customers at Webull are younger than those at other brokerage firms.
Active traders will also be drawn to the broker’s no-cost model. Webull’s free options trading will particularly appeal to active options traders, as other brokers, even those that have moved to free stock and ETF trades, such as Schwab, continue to charge commission on each leg of options trades.
How to Transfer From Webull To Coinbase
Unfortunately, Webull does not currently support direct cryptocurrency transfers from the Webull platform.
This is due to the fact that they do not provide crypto wallets, which allow you to send and receive cryptocurrency. As a result, your only option for moving your crypto right now is to sell it and repurchase it on Coinbase.
Remember that if you sell for a profit, you may be subject to taxes. Not to mention that crypto prices will fluctuate while you move money in cash. Before making the switch, these factors should be carefully considered.
Sell Crypto Assets On Webull
The first step will be to sell the cryptocurrencies you have in Webull. If you want to move your money, you should sell all of your cryptos.
Again, keep the tax implications in mind.
Here’s how to sell:
- Open the Webull app
- Once you locate your crypto asset, select “Trade.”
- Select the “Sell” option
- Enter the percentage of the asset you would like to sell (100% to sell all)
- Click “Sell” and finally, “Confirm.”
Withdraw Funds From Webull
After you sell your cryptocurrency, you must withdraw your funds from Webull. It may take a few days for the sale transaction to be completed, and you can withdraw your funds.
Follow these steps below to withdraw your cash:
- Open the Webull app
- Tap “Transfer” on the home page
- Tap the “Withdraw” button
- Enter an amount equal to or below the amount you have in your account as cash
- Select what bank account to have the money deposited to
- Complete the transfer
The money may take a few business days to hit your bank account.
Deposit Funds To Coinbase
You can now deposit funds into Coinbase once the funds from Webull have arrived in your bank account.
You will only need to log in to the app if you already have an account. If you haven’t already, the first step is to open a Coinbase account.
To open a Coinbase account, follow these steps:
- You will set up an account using your email address and password.
- Then you’ll have to give them your address and Social Security number for verification and tax purposes.
- You will be prompted to enable 2FA by entering your phone number.
- Then, you’ll connect to your bank account via Plaid, a secure service.
- Finally, it will ask you to verify your ID by taking photos the front and back.
Here’s how to transfer money:
- Open the app on your phone
- On the left-hand column under “Wallet Balance,” select “Deposit.”
- In the “Currency Type” field, select “USD.”
- Select the “Bank Account” tab
- From the drop-down menu, select the verified bank account you would like to deposit from
- Specify the amount for the transfer, then select the “Deposit USD” option to confirm
Purchase Crypto Assets
You are now ready to purchase cryptocurrency assets on Coinbase. Coinbase has a much wider selection of cryptos, so now may be a good time to diversify or explore new options.
Here’s how to buy crypto on Coinbase:
- Sign into your Coinbase account
- Select “Buy” in the upper right-hand corner
- Click the “Buy” field to select the asset you’d like to purchase
- Enter the amount you’d like to buy
- Select payment method
- Click “Preview Buy” to view the total and consider the fee
- Confirm the order to complete the purchase
Is it better to buy crypto on Webull or Coinbase?
Coinbase specializes solely in cryptocurrency trading and investment. It provides access to more than 100 digital coins or tokens, including its own USD Coin. Webull has a small number of digital coins and no stablecoin. It also does not have a digital wallet, which Coinbase does.
Do you own Webull stock?
When you purchase stock, you become the owner of actual shares. You borrow shares when you short a stock. Assume you are short 100 shares of XYZ at $130 per share. To enter this short position, you must have sold 100 shares (which you borrowed) to another investor.
These are the simple steps for transferring your crypto assets from Webull to Coinbase. Unfortunately, you cannot send or receive cryptocurrency to or from Webull. Currently, the only way to make the transfer is to liquidate your crypto with Webull and transfer the money via bank transfer. Before selling your cryptocurrencies, keep taxes in mind.
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