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Written by Sam Pennington on June 25, 2022
Category: 
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How To Transfer From Trust Wallet To Webull 2022

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.

How To Transfer From Trust Wallet To Webull

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:

  1. Open a Webull Account
  2. Transfer your assets in Trust Wallet to another popular crypto exchange like Binance or Coinbase
  3. Sell your assets and transfer your 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. Transfer Your Assets To Another Popular Exchange

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.

3. Liquidate Funds and Transfer To Your Bank

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.

If you choose to use Coinbase or Binance, you can learn more about those platforms and transferring from Trust Wallet by clicking on the respective links.

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.

4. Link Your Bank Account To Webull

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:

  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 Trust Wallet To Webull: Final Thoughts

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.

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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