Should you avoid the Webull app for trading cryptocurrencies in 2021 due to their hidden fees? I share my honest review about using Webull to trade crypto by sharing the pros and cons I experienced first-hand.
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Where to buy crypto
Webull: https://act.webull.com/ne/YrcrzPODQYnE/p3k/inviteUs/
Coinbase: https://www.coinbase.com/join/nelson_vut
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Doge: DLWpB9o9k5EFgiM4BvkCd9ZJgiZnBpTP9N
Bitcoin: bc1qztcuvkyac37tqh5ezn3qnfecypte4f0jxq0hse
SUMMARY:
To a much greater extent than standard stocks every second counts when day trading cryptocurrencies like #bitcion, #dogecoin, and ethereum. Can Webull hold its own when it comes to trading cryptocurrencies? How does #Webull compare to services such as #cryptocurrency exchanges and Coinbase?
In this video I present to you my list of pros and cons of using the Webull app to trade cryptocurrencies in 2021. I also explain how Webull’s hidden fees work when trading cryptocurrency.
There are many reasons to use Webull to trade cryptocurrencies in 2021. Ignoring the free stocks you get when you create and fund a Webull brokerage account, there’s the added benefit of no commission fees on your trades. While this is nice, this does not mean there are no hidden fees, because Webull definitely charges you hidden fees when trading cryptocurrencies. Furthermore, I really like that you can deposit and withdraw funds for free using ACH transfers. Another benefit of using Webull to trade cryptocurrencies is that they support some of the most popular options: bitcoin, litecoin, ethereum, dogecoin, bitcoin cash, and maybe some others I may be forgetting. You can also set up a customizable watchlist of your favorite cryptocurrencies or stocks, right in the Webull app. The Webull app is also friendly for new traders. They use tool tips (or basically training messages within the app) to teach new traders what the various numbers mean. As a software engineer, I also really appreciate that they require a secondary password before you can buy and sell cryptocurrencies. It’s nice to see that Webull takes security seriously. I’ve also never heard of a time when Webull had to restrict or suspend cryptocurrency trading due to high volume events. That’s not to say they’ve never done this, I’m just not aware of any time this has happened. Webull’s competitor Robinhood can’t say the same. When Elon Musk was hosting Saturday Night Live a couple weeks ago the price of dogecoin plummeted. Because so many people were trying to sell at once Robinhood had to prevent its users from making crypto trades, which potentially caused them to lose out on a bunch of money. Finally, I really like using the Webull app to trade cryptocurrency because of how easy it is to trade some of the meme stocks and cryptos like doge.
The biggest down side of using Webull is that they use hidden fees to charge you for every transaction (100 basis points). They also have 1 hour per day where all crypto trading is blocked. Orders aren’t processed as quickly as they are on exchanges, either, which has caused me to lose money. You also never actually own any of the crypto you purchase through the Webull app. They also don’t support stop-loss orders, which is very inconvenient. There are a few other negative aspects of using Webull to trade cryptocurrency as well, such as their lack of depth charts and other features common amongst most other crypto exchanges.
I recommend Webull so long as you don’t care about owning the actual coins. There are ways to get around the pitfalls, so long as you know what they are. They’re not perfect, but I think Webull and Robinhood both serve a good purpose by allowing more people easy access to crypto like bitcoin and dogecoin.
CHAPTERS:
0:00 Introduction
1:10 Pros of using Webull to trade cryptocurrency
4:40 Cons of trading cryptocurrency on Webull
10:47 Conclusion – should you trade cryptocurrencies on Webull?
DISCLAIMERS:
The views, thoughts, and opinions expressed in this video belong solely to the creator, and not necessarily to the creator’s employer, organization, committee or other group or individual. This content is for entertainment and informational purposes only, and should not be considered as professional investment, financial, or other advice. Do your own research, and invest at your own risk.
*Some of the links and other products that appear on this video are from companies from which Adam Nelson will earn an affiliate commission or referral bonus. The content in this video is accurate as of the posting date.
