In this article, we will be diving into the process of transferring your crypto assets out of Webull and into crypto newcomer, BlockFi.
Webull is a commission free stock trading app that also supports cryptocurrency trading. They offer a small handful of cryptos available for trading.
On the BlockFi platform, users are also able to purchase and sell cryptocurrencies, earn interest on crypto as well as take a loan out against their coins.
The amount of interest you can earn depends on what type of cryptocurrency you have deposited with them.
When you deposit money into your account, that money is automatically converted into stable coins (USDC, GUSD, or PAX) and you will begin to receive interest in the form of cryptocurrency.
As rates change often, we encourage you to visit their site to get the most up to date rates.
Check out our complete BlockFi Review to learn more.
At this time, Webull does not have a wallet function that allows you to send and receive crypto. As a result, your only option for getting your crypto over to BlockFi is to sell what you have in Webull and transfer via the bank.
Keep in mind, this could result in a potential tax liability if you sell your crypto for a profit. This should be considered before making the decision to sell.
In order to complete this first step, you must first access your Webull account by opening the Webull app or website.
Once you sell your crypto, you will need to withdraw your funds from Webull. Keep in mind, it might take a few days for the transaction to settle before you are able to move the cash from Webull to your bank.
Follow these steps below to withdraw your cash:
It usually takes one trading day to complete an ACH withdrawal.
If you don't already have an account, the first step is to sign up for one.
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There are currently two ways to get your cash into BlockFi. The first is a wire transfer and the second is an ACH transfer.
In this article, we will cover the ACH deposit as wire transfers typically come with hefty fees.
Note that an ACH transfer typically takes 2-3 business days for the funds to be moved from your bank account to the platform. Your cash will immediately be converted to a stablecoin as noted above.
Once the deposit hits your account after a few days, you are ready to begin purchasing crypto on BlockFi.
Here's how to buy crypto:
As soon as you click “Submit Trade” your crypto will immediately be available in your BlockFi Interest Account. You will automatically begin earning interest on your crypto and there is nothing else you need to do at this time.
While there is no direct method to transfer from Webull to BlockFi, selling the assets and then reinvesting them on a separate platform is a viable option. Keep in mind, however, that anytime you sell an asset, you could be subject to capital gains tax.
In addition, crypto prices will most certainly fluctuate in the time period that you are in cash transferring your funds from Webull to BlockFi. These factors should be considered beforehand.
Hopefully this article has provided more insight into how you can move your assets from Webull to BlockFi without the traditional transfer. Before you make any drastic changes in your portfolio, be sure that your moves in the stock market or with cryptocurrencies align to your long-term objectives and will help you stay on the course to financial freedom.