Cryptocurrency is gaining popularity with each passing day. With uncertainty and rising inflation, many investors are looking for alternative investments.
For some, that alternate investment is cryptocurrency.
In order to trade crypto, you will need to choose a brokerage. Many investors have chosen to store their crypto in Trust Wallet, which is a top option in the market today.
However, with Trust Wallet your options are limited as it is not a full brokerage.
Webull, on the other hand, offers its members the ability to trade cryptos, stocks, options, and more.
If you want to transfer from Trust Wallet to Webull, then you've come to the right place. Let's dive in and review the steps to execute this transfer.
Webull actually recently introduced their new crypto wallet, though it is in beta testing. As soon as the new wallet is fully launched, moving your crypto from a particular platform to Webull will be simple.
Today, however, the process involves a few extra steps. If you want to transfer from Trust Wallet to Webull, you will need to first sell your crypto and transfer your funds to the bank.
Follow the steps below to execute a transfer from Trust Wallet To 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!
Unfortunately, you cannot withdraw funds from Trust Wallet directly to a bank. Instead, you will need to transfer the assets to another exchange and then initiate a withdrawal to your bank.
This certainly makes the process more complicated, though not impossible. If you have a more obscure token that you want to transfer, you can do a swap in the Trust Wallet app for a more popular coin like Ethereum or Bitcoin. This step is not required, but in the case that Webull does not support that token, you can either swap for another token or choose a new one entirely.
Getting your funds to your bank will require transferring to another exchange like Coinbase or Binance, which is actually pretty simple. You can achieve this by finding the wallet address in the new platform.
Within Trust Wallet, you would then tap on the "Send" button and paste in the new address you just copied.
Once you have moved your tokens to a new platform like Coinbase or Binance, then you are ready to initiate a withdrawal to your bank.
First, you will need to sell the crypto. Second, you will withdraw the funds to your linked bank account.
When you sell the cryptocurrency, it can trigger a taxable event. In the case of capital gains, you would be responsible for taxes. For instance, suppose you purchased $100 worth of Dogecoin when it was selling for $0.10. If you sold it at $0.12, then you would be selling for a gain. Thus, you would be responsible for taxes on the profit.
Once your funds have settled in your bank account, then you are ready to head over to Webull. You will need to link a bank account to Webull in order to get started. 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!
Transferring your assets from Trust Wallet to Webull is a bit of a complicated process. You will need to move your assets out of Trust Wallet and then liquidate them. Once they are sold off, you will need to transfer them to your bank and then to Webull.
Soon, this process will no longer be necessary as Webull is currently launching their new crypto wallet.
If you want to learn more about Webull, be sure to check out our full review.