How To Transfer From Webull To Gemini 2022

Webull successfully added crypto trading to its platform in 2020. It currently has 11 cryptocurrencies available for trading and has been expanding this customer offering. 

Unlike many crypto trading platforms, Webull does not charge commission trading fees.

However, much like Robinhood, there is a high spread on both sides of the crypto trade. Webull notes that the spread is 100 basis points (or 1%). 

While Webull has been growing its crypto offering, it still only supports a small percentage of total cryptocurrencies. Additionally, Webull has not announced plans to make crypto wallets available to investors. 

Because of this, you might be wanting to transfer your crypto assets to another platform.

Gemini is a great crypto trading platform for many because of its large collection of cryptos fully available to US citizens. Additionally, Gemini has some of the best security features in the industry.

One of the greatest callouts for Gemini’s security features is that a majority of your crypto is kept offline in a cold storage system. This is one of the safest ways to hold crypto as it limits risk to cryptocurrency hackers. 

Unfortunately, it is not yet possible to transfer crypto assets out of Webull. However, we will show you how to liquidate your crypto assets on Webull to switch over to Gemini. 

Do keep in mind, this could result in capital gains which you may owe taxes on.

How To Transfer From Webull To Gemini

Cryptocurrency asset transfers are dependent on having two fully-functional crypto wallets. One wallet is required to send the assets and one wallet is required to receive the assets. 

Without a functional crypto wallet, Webull does not support transferring crypto into and out of your Webull account. In fact, the first step to get your crypto from Webull to Gemini is to sell your crypto assets in Webull.

Unlike transferring assets between brokerages, selling assets for a profit will result in a capital gains tax liability. You will also be exposed to additional risk of crypto price fluctuations while moving your cash from Webull to Gemini. 

Moving your crypto funds from Webull to Gemini can be completed through five steps:

1. Sell your Webull crypto assets
2. Transfer your Webull funds to a bank account
3. Open and verify your Gemini account
4. Deposit funds from your bank account into your Gemini account
5. Purchase crypto assets on your Gemini account

These five steps will be described in detail in the paragraphs below!

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1. Sell Webull Crypto Assets

The first step of moving your crypto portfolio to Gemini is to sell the crypto assets you wish to move out of Webull. Remember that the sale of crypto assets may result in a capital gains tax liability. 

When you sell your crypto assets in Webull you can determine whether you want to sell partial or complete amounts of your crypto. 

How To Sell Crypto On Webull

1. Sign in to your Webull mobile application
2. Click on the crypto asset that you want to sell
3. Press “Trade” in the bottom left portion of the screen
4. In the “Side” box confirm “Sell” is selected
5. In the “Order Type” box you can select a market or limit order for the sale
6. Enter the crypto amount that you are selling
7. Click on the “Sell” button in the bottom left portion of the screen
8. Press “Confirm” to finalize your transaction

Keep in mind that there is a settling period for the cash from the sale to become available in your Webull account. Typically the waiting period is the initial trade day plus two more trading days.

Your funds are inaccessible until the settling period is complete. After that original waiting period though, your next step is to send that money to your bank account.

2. Transfer Funds To Your Bank Account

Typically fund withdrawals are easier than deposits because you already have a bank account linked to your Webull account. Below are the steps to transfer your freshly liquidated funds into your bank account.

How To Transfer Webull Funds To The Bank

1. Sign in to your Webull mobile application
2. Click the bottom center middle icon (looks like the Webull logo)
3. At the top of the page, select “Transfers”
4. Press “Withdraw”
5. At the bottom of the screen, select “Withdraw”
6. Confirm your current bank selection (show at the top of the screen)
7. Enter in the total dollar amount of funds you want to transfer
8. Click “Transfer to My Bank”
9. Review the request and select “Confirm”
10. Verify your identity by entering in your date of birth
11. Finalize the withdraw by clicking “Verify”
12. Patiently wait as the withdraw may take two to four business days to complete

3. Open A Gemini Account

Gemini enables investors to buy, store and trade cryptocurrencies.

This exchange is one of the few cryptocurrency platforms that has never been hacked. This means that Gemini’s security precautions are working. 

Gemini has also built a reputation as an investing platform with a simple user interface. 

As with any crypto trading platform, Gemini does charge platform fees.

Since crypto fees are often complex and vary from crypto to crypto, the list of fees can be found on the official Gemini website.

The process to open a new Gemini account is straightforward and can be completed by following the below steps:

1. Sign up for a Gemini account by clicking here!
2. Create your account sign in. This is completed by providing your name and email address and then by creating an account password. 
3. Verify your email address by following on-screen prompts.
4. Set up 2FA (2 factor authentication) by providing your home address and phone number. You will also be asked to verify your phone number during this step.  
5. Add a bank account or skip this step by clicking the “I’ll do this later” button in the top right of the platform. 
6. Verify your identity by providing your legal name, address, date of birth, and social security number. This step is for user verification as well as for tax purposes. 
7. Upload required documents to finalize the account setup. You can either upload a picture of your passport or a picture of your driver's license. 

After completing the above steps and uploading the required documentation, you will then submit your verification information for review. 

According to the Gemini website, verification typically takes 2-3 business days to complete. If the process is taking any longer you can contact customer support for help. 

4. Deposit Funds To Gemini

Once you have created your account with Gemini, your first step is to link your bank account.

How To Link Bank Account With Gemini

1. In the mobile app click the “Account” button in the top right of the screen
2. Under the payment methods, select “Manage Payment Methods”
3. Click “Add a Funding Source”
4. Select “Automatically Link Bank”
5. Read the provided information and select “Continue”
6. Search for your bank and provide the required credentials
7. You may have a couple verification steps that you must complete to proceed
8. Once completed you should successfully have added your bank account funding source

How To Deposit Funds With Gemini

Once you have successfully linked your bank account, follow the below steps to deposit funds into Gemini:

1. Navigate to the top right corner of the Gemini page and select “Transfer”
2. From the dropdown click “Transfer Into Gemini”
3. Select “USD” in the currency section
4. Select your deposit method (typically ACH is recommended)
5. In the “Transfer From” section select your linked bank account and hit “Continue”
6. Enter in your USD deposit amount in the “Deposit Amount” section and click “Continue”
7. After verifying all information is correct, tap “Confirm” to finalize the transfer

5. Purchase Crypto On Gemini

At this point in the process, you have sold your crypto in Webull and successfully transferred the funds into Gemini. The final step of the process is to purchase the previously owned crypto in Gemini. Or, you may decide to invest in other tokens at this time.

During this exchange process you will find that Gemini has a substantially larger cryptocurrency offering. It may be worth your time researching the additional offerings to see if they match your investing desires. 

How To Buy Crypto On Gemini

1. Open the Gemini application or log in on the Gemini website
2. On the homepage search and select your desired cryptocurrency
3. On the crypto page select “Trade”
4. Click “Buy” to pay with cash
5. You can choose a “Once” or “Recurring” investment
6. Enter in the dollar amount that you would like to purchase
7. You can select “Buy Only” or “Buy & Earn Interest”
8. You will be directed to a transaction summary page showing payment method and fees
9. Confirm the purchase by swiping the “Swipe to Confirm” on the bottom

Unfortunately, getting your crypto assets out of Webull is a bit of a hassle. Right now the transfer process requires asset sales on Webull, bank transfers, and cash purchases on Gemini.

Be sure to verify all information over on the official Webull and Gemini websites before making the transfer.