Webull is one of the most powerful personal finance apps - offering advanced stock trading features, market analysis tools, all without any commission fees.
Recently, Webull has even added cryptocurrency investing into their app - a big move, seeing how the crypto world continues to boom each year.
However, Webull's crypto functions are limited. While you can buy and sell cryptos within the app, currently you can't transfer them outside of Webull, or trade between different kinds of cryptos directly.
Many Webull users who want to dive deeper into crypto are looking for robust alternatives, and have found Crypto.com as a winning pick.
Crypto.com offers over 250 tradable tokens, crypto interest accounts, a crypto debit card, and is one of the largest crypto trading platforms online.
While it may seem like transferring your crypto positions outside of Webull is impossible, there is a way, and today we're going to show you exactly how to transfer your crypto from Webull to Crypto.com.
Currently, the Webull app doesn't have the capability to send or receive crypto from outside their platform.
Because of this, the only way you can transfer from Webull to Crypto.com is by selling off your crypto positions, and re-buy your cryptos on Crypto.com.
The bad news is, this swapping back-and-forth from crypto to USD can result in a tax event if you've earned a profit.
These are the steps it'll take to rebuild your cryptos in Crypto.com:
Below, we'll show you how to do each step!
First, go into your Webull account. If you have multiple cryptos in Webull, you'll need to repeat these steps for each crypto you want to transfer:
Be sure to write down each of your crypto positions somewhere if you want to retain your exact positions in each before selling everything. Maybe take a screenshot.
After all your cryptos have been sold off, you can transfer the sum of the cash into your bank account.
Next, you'll need to move your cash balance from Webull to your bank, so you can rebuy your crypto in Crypto.com
After selling your cryptos, it can take a few days for the funds to settle in your Webull account.
You won't be able to transfer your money out until the funds settle.
As well as this, it usually takes 1 trading day for ACH withdrawals to process.Â
Take these steps to complete your withdrawal:
When the money appears in your bank account, we can finish this crypto "transfer" inside Crypto.com.
If you haven't downloaded the Crypto.com app yet and started your account, do that.
The process is pretty simple, and only takes around 10 minutes:
If all your information is accurate and your pictures are clear, the verification process can be as quick as 5 minutes.
Then, before being able to purchase your cryptos, you'll have to download the Crypto.com DeFi Wallet companion app.
If you've ever used Coinbase before, it's just like the Coinbase wallet app - you download it and link it up to your Crypto.com account:
Finally, once everything is in place, you can start re-buying your crypto in Crypto.com:
Please be aware that Crypto.com does have purchase limits, as well as varying fees with different coins.
For reduced fees, you can also purchase your crypto using an ACH or wire transfer from your bank instead, though this takes more time.
Before finalizing your purchases, you may want to take a second to re-evaluate your crypto positions.
Depending on how much time has passed since leaving Webull, there may be new opportunities with different coins that might be more desirable to you.
Though transferring crypto like this can be really annoying, the biggest inconvenience can actually get pretty serious: capital gains tax.
Be sure to understand the potential taxes associated with liquidating your assets, especially if you're moving large quantities over to Crypto.com.
Hopefully in the future, platforms like Webull will offer crypto wallets native to their platforms so their users don't need to experience this anymore.
If you have some extra expendable cash before liquidating your cryptos in Webull, you may want to consider opening your Crypto.com account and rebuying your portfolio before selling them off in Webull.
By doing this, you eliminate the main hassle that transferring out of Webull incurs (other than the taxes):
Losing potential crypto gains due to money transfer lag.
Depending on your situation, and how much crypto you're holding in Webull, this may not be doable for everyone, but it might be worth it for just the cryptos you care about most.
