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.
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:
Let's take a closer look at each of these steps below.
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:
If you meet these requirements, then setting up an account is quick and easy. Follow these steps to open a new Webull account:
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!
Selling crypto on Kraken just takes a few steps:
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.
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:
These funds may take 1-4 business days to appear in your account.
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:
Now that you have linked your bank account, you are all set. Transferring from your bank to your Webull account is quick and easy.
To transfer funds from your bank to Webull, follow the steps below:
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.
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:
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!
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.