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Written by Sam Pennington on June 26, 2022
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How To Transfer From Kraken To Webull 2022

Moving assets from one platform to another can be a lengthy process. It is also especially worrisome as it is your money!

In this article, we cover the steps necessary to transfer from Kraken to Webull.

Kraken was actually one of the first cryptocurrency platforms on the scene. It was founded in 2011, even before Coinbase in 2012.

While Kraken does have plenty of features, it is a cryptocurrency platform only. Webull, on the other hand, lets members trade cryptocurrency, stocks, ETFs, options, and more. They even offer paper trading!

Let's dive in and understand the process to execute this transfer.

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How To Transfer From Kraken To Webull

Webull actually recently introduced their new crypto wallet, though it is in beta testing. Soon, transferring crypto in and out of Webull will be a simple process.

Today, however, the process involves a few extra steps. If you want to transfer from Kraken to Webull, you will need to first sell your crypto and transfer your funds to the bank.

These are the five key steps it'll take to rebuild your portfolio in Webull:

  1. Open a Webull Account
  2. Sell your crypto assets on Kraken
  3. Transfer your Kraken funds to a bank account
  4. Link your bank account to Webull
  5. Purchase crypto assets on your Webull account

Let's take a closer look at each of these steps below.

1. Open A Webull Account

Creating a Webull account is fairly straightforward, though it does take a few days to become approved. In order to sign up for a Webull account, you will need to meet the following requirements:

  • Be 18 years or older
  • Have a valid Social Security Number (not a Taxpayer Identification Number)
  • Have a legal U.S. residential address within the 50 states or Puerto Rico (there may be exceptions for active U.S. military personnel stationed abroad)
  • Be a U.S. citizen, U.S. permanent resident, or have a valid U.S. visa

If you meet these requirements, then setting up an account is quick and easy. Follow these steps to open a new Webull account:

  1. Go to Webull official website
  2. Click "LOG IN"
  3. Click "Sign up Now"
  4. Follow the steps as prompted to create your new account (you will need to input information such as your name, email, phone number, address, SSN, and level of investing experience.)

It will take a few days for your account to be reviewed and approved.

Use the button above to get free stocks when you sign up!

2. Sell Your Crypto Assets On Kraken

kraken logo

Selling crypto on Kraken just takes a few steps:

  1. Tap or swipe left on an asset on the home page in the app
  2. Tap "Sell" on the new screen and enter the amount you'd like to sell
  3. Simply review your order details and swipe to confirm your order

When selling cryptocurrency on Kraken, there are two things to be aware of: fees and taxes.

First, the fees. Whenever you sell crypto on Kraken, you will have to pay a small fee. This fee will be subtracted from the funds. Second, the taxes. Whenever you sell cryptocurrency, regardless of platform, you may have to pay capital gains taxes should you sell for a profit.

3. Transfer Your Kraken Funds To A Bank Account

Once you have sold the desired cryptocurrency, you are ready to transfer those funds to a bank account. This is done simply in the Kraken app:

  1. Tap the action icon in the bottom of the navigation bar to open the action menuRetailApp_ActionMenuButton_04142021.png
  2. Select "Withdraw"
  3. Choose the currency you'd like to withdraw
  4. Complete the steps shown on screen in order to select a bank account or add a new one

These funds may take 1-4 business days to appear in your account.

4. Link Your Bank Account To Webull

Before you can move your funds to Webull and purchase crypto, you will need to link a bank account. You can follow the steps below to link your bank account:

  1. Login to your account in the Webull App
  2. Tap the Webull Icon in the middle of the bottom navigation menu
  3. Across the top, you will see a menu of options starting with "Assets." To link a bank account, tap "Transfers" in this horizontal menu
  4. Tap "Bank Account" near the bottom.
  5. Click on the "Add Account for ACH Transfer"
  6. There are two options. You can either instantly add your bank account using Plaid, or you link your bank using 2 micro transfers.
    • If you select the "Real-Time Verification" method, you will login in to your bank account using Plaid, a third party security company. After logging in to your bank account, you will simply select the account you wish to connect
    • If you select the "Micro-Deposit Verification" method, then you will need to enter in your enter in your routing number, account nickname, and bank account number
      • Webull does not currently accept credit cards to transfer money into your account
      • Webull will then send you two micro deposits less than a dollar. Once you receive these two deposits, you will log back into Webull and verify the account by entering in the amounts that were transferred in. These two micro deposits will be transferred back out of your account. They are only for verification purposes.

Now that you have linked your bank account, you are all set. Transferring from your bank to your Webull account is quick and easy.

Transfer from your Bank to Webull

To transfer funds from your bank to Webull, follow the steps below:

  1. Login to your account in the Webull App
  2. Tap the Webull Icon in the middle of the bottom navigation menu
  3. Across the top, you will see a menu of options starting with "Assets." Tap on "Transfers" to start a deposit
  4. Tap on the "Deposit" option
  5. The account that you added in the previous step will automatically show, unless you previously added in a different account. Be sure to select the bank account you want to transfer from
  6. Enter in the amount that you would like to transfer
  7. Tap on "Transfer to Webull"

Please be advised that if you transfer funds from your bank to Webull and there are insufficient funds, you will be charged a $5 reversal fee.

This transfer can take a few business days to complete.

5. Purchase Crypto Assets in Your Webull Account

In order to trade crypto on Webull, you do need to fill out an application. You can do so by following the instructions below in the Webull app:

  1. Click the Webull logo in the middle bottom of the screen
  2. Tap the icon in the top right corner
  3. Tap "Crypto Trading" among the options listed

After you have submitted your application, you will be able to start trading cryptocurrency on Webull.

Purchasing crypto is done in the same manner as is stocks in the Webull app. You can simply use the search bar to look for a particular crypto and tap the button to trade the coin. You can watch the short video below for more!

Transfer From Kraken To Webull: Final Thoughts

Moving cryptocurrency does not need to be a difficult process. While you certainly want to ensure you are following the proper steps to avoid loss of your assets, you ought not worry about moving from Kraken to Webull.

In order to transfer your crypto, you will need to liquidate your positions and move your funds to the bank. Once your funds have settled in your bank account, then you can move them to Webull and purchase cryptocurrency.

With this process, you should be aware that you may incur capital gains taxes should you sell your crypto in Kraken for a gain. Additionally, when selling crypto in Kraken, you will pay a small fee.

If you want to learn more about Webull, be sure to check out our full review.

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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