Congratulations, you just created your Webull trading account.
But Before you can place your first trading order for that stock or crypto (Shiba inu I guess ?),
you will need first to add money to your Webull account.
This easy simple tutorial will guide you step by step with the process of How to Add Money to your new Webull account.
How To Add Funds to Webull
In order to start trading on Webull for the first time, you will need to deposit funds into your account.
That process is described below and can be done from your Mobile app.
Step 1. Click on the Center icon from your main screen as shown below.
Step 2. Select the “Transfers” Menu on the Top on the Right of Orders
On the Transfer page, you will be given the choice to enter your brand new bank account you want to link to your Webull account.
You cannot use credit cards to Fund your Webull account.
Neither can you use pre-paid cards, PayPal or other types of bank accounts at this time.
You will need a checking account to your name.
This is very important because for your first time establishing this bank account on Webull, you will need to verify your ownership of the bank account.
This can be done in real-time verification or with micro-deposit of $1 .
The second method takes 1 or 2 business days so the real-time verification process is much better.
Webull recently introduced the option to deposit money to your Webull account by wire transfer.
However, given the paperwork associated with it, you will be very likely to make a mistake so I do not recommend it at all unless you absolutely do not have any other choice.
How Much Can you Deposit on Webull Daily?
Your daily maximum deposit from your bank account to your Webull account is fixed to $50,0000.
The verification process described above is in effect for the first time only.
Therefore, for all your subsequent deposit to Webull account, the process is much easier.
How Long Do Webull Deposits Take ?
After you have followed the steps to deposit funds into your Webull account, the Webull team will send you an acknowledgment email that looks like this one below.
This Email will confirm how much money you requested to transfer to your Webull account .
More importantly, you will be advised of the time it takes for your transaction to process.
It takes up to 5 business days. Yikes !
But does that mean that you have to wait until the transaction ahs cleared to start trading on your webull account ?
Can you Trade on Webull Account Before Your Transfer is Completed ?
You guessed it, you do not have to wait until the full transaction between Webull clearing house and your bank settle the funds
The very next business day or on the same day (if you initiated the funding request before 4pm EST) ,Webull is kind enough to grant you Instant buying Power.
The amount is usually a fraction of the money you are transferring from your bank to Webull trading account.
In the example above, $100 was credited s instant buying power before the funds were settled.
How To Cancel Your Deposit in Webull
While your deposit is still in transit, you have the possibility should you change your mind to cancel your deposit to Webull.
I have not tried this before to tell you how effective this process is but I know that the option is there for you just in case.
Below is the screen capture showcasing how to cancel a Webull deposit while still in transit within five business after initiation.
Risks To Deposit Money to Webull
Because Webull provide you with trading capital before your funds are fully transferred to your trading account, there are some risks you need to be aware of.
In the event that your bank account does not have enough money to satisfy the amount of funds you requested, you will be charged a $5 reversal fee by Webull clearing firm.
You may run into this issue if your banks has a limitations on the number of ACH transactions per month.
Please check with your bank to ensure that you are authorized a sufficient number of ACH transfers each month.
An even worse scenario could be the one where you start trading with Webull Instant buying Power.
Then you lose some of or all of that money and your transfer never settle because of an issue as mentioned above with your financial institution.
Webull will come after you for that money and can even close your account.
You maybe thinking that $5 is not a big deal and you are probably right.
However, may I remind you that you can buy 10,000 Shiba inu coin with $5 !
How To Withdraw Money From Webull Account
Just below the Deposit icon inside the Transfer page of the Webull App, you will find the Withdraw options.
Webull will always tell you right there how much you can withdraw.
all you have to do is to click on Withdraw and enter how much of your available withdrawable balance you want to transfer to your bank.
Notice that it has to be the same bank you linked to your Webull account when you initially setup at the start of this process.
Alternatives To Deposit on Webull
It is always good to have a backup trading account.
Chances are your main trading platform can encounter an outage one of these days.
That has happen to me many times helas 🙁
A Good alternative to deposit money on Webull is to setup a secondary trading account with E*TRADE.
E*TRADE offers the ability to do same day wire transfers.
You will not be relying on luck with your Initial Buying Power as with Webull.
I showed you how to easily add money on Webull trading account so that you can start trading.
While you are waiting for your fund to arrive, below are some of the Webull features beginner traders on Webull have found very useful.
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