How to Get Crypto Buying Power on Webull?

How to get crypto buying power on Webull

Webulll has been a big platform in the world of equity investments, mutual funds, IPOs, and other stock market-related investments. Recently it decided to enter the world of cryptocurrencies with its announcement in November 2020, which was a game-changer decision because millions of existing investors will now get an opportunity to trade in digital currency.

There is a variety of cryptocurrencies on Webull that you can trade-in. They are Bitcoin, Bitcoin Cash, Ethereum, etc.

The users of Webull get access to real-time Crypto data with live price details and trading volume, etc. You can trade anytime and anywhere with just a deposit of $1.

How to Buy and Sell Cryptocurrencies on Webull?

Webull is specially designed for beginners in cryptocurrency trading. The best thing about the cryptocurrency market is that however expensive a particular coin is, you can still buy it with an even lesser amount because you can purchase a fraction of it. Let’s try to understand with an example where you have just $100, and the coin is worth $1,000, then you can get even 0.10 quantity of that coin which is one-tenth of the coin.

Investing with a lesser amount doesn’t impact the overall growth of the coin price because if you have just invested just $100 and the overall price of the coin has increased by 10%, then your $100 becomes $110 after the appreciation.

Going by the high volatility of the cryptocurrency market, there are more chances that you may invest today and get a huge return in just one month.

How to Begin?

You need to first register for a Webull account like any other trading account. Next, you need to provide the basic information about your identity, address, and payment information you want to set up.

Once an account is opened, you need to permit Webull to buy or sell Crypto on your behalf. Then, once they accept all your documents, you can start trading at your convenience.

Once the Webull account is opened, you need to supply funds to your account to trade. Webull accepts various payment options, including electronic payment transfer from your bank account; Paypal, Skrill, Neteller are major options for payment. When you have funds in your account, you can trade in cryptocurrencies in any order, like market order or limit order.

If you want to know what a market order is and what about a limit order, then let me tell you that a market order is something where you set your order for the current market price. So, if you want to buy a coin that is trading at $34, then if you have placed a market order, your order will be traded at the current price that the seller has to offer.

A limit order is a kind of order where you can set your buying price where if the current trading price of a stock is $34, but you want to buy it at only $30, then it will not be traded until the price comes at $30 and you will be able to get the coin at your price.

Webull gives you extra leverage of your fund to increase your investing power.

Currently, in most trading accounts, you can buy stocks and Cryptocurrencies only for the value you have in your account at the time of trading. However, Webull is different. In this case, here you get leverage on your funds available in your account so that you can buy stocks of more value than what you have in your account.

When you talk about buying power, there are two types of purchasing power that each trader gets: Overnight buying power and day trade buying power. Generally speaking, overnight trading gives you double your funds in the trading account, wherein day-trading funds do not work like that. How much leverage you will get on your funds is decided each morning, so you can’t say that you will get double or triple the influence of your available friends because it’s not fixed.

Final Words

This article concludes that Webull is a great player in the trading platform since they have good equity market experience, which we can leverage in the cryptocurrency market.

It has good features that support trading sessions of new traders. In addition, traders can benefit from leveraging the funds for daily trading. So, we can say that it is worthwhile. Finally, we wish you happy trading in the future.

Leave a comment