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Things to know about Crypto trading.

Account

There is no charge to open and maintain an Webull Crypto account. The crypto account will be accessed via your existing Webull account, so no new login information is required. Only individual brokerage accounts (no IRAs) are permitted to trade cryptocurrency with Webull Crypto.

The home address of the account must exist within an approved U.S. State. No foreign accounts will be able to trade crypto.


Data

All data related to tradeable cryptocurrencies is real-time and provided to you free of charge.


Supported Currencies

Webull currently offers Bitcoin (BTCUSD), Bitcoin Cash (BCHUSD), Ethereum (ETHUSD), Litecoin (LTCUSD), Dogecoin (DOGEUSD),  Zcash (ZECUSD), Stella Lumens (XLMUSD), Ethereum Classic (ETCUSD), Cardano (ADAUSD), Dash (DASHUSD), Shiba Inu (SHIBUSD), Basic Attention Token (BATUSD), Chainlink (LINKUSD), Uniswap Protocol Token (UNIUSD), Algorand (ALGOUSD), Polygon (MATICUSD), Sushi (SUSHIUSD), Avalanche (AVAXUSD), Terra (LUNAUSD), REN (RENUSD) and Solana (SOLUSD).


Trading Hours

Crypto trading with Webull Crypto is available 23 hours a day and 7 days a week. Crypto trading will be unavailable from 5:30 pm – 6:30 pm ET for routine maintenance and account reconciliation. Orders pending at 5:30 pm ET will be canceled.


Charges

No minimum equity is required to trade crypto. There are no fees. We charge a 100bps markup that is built into the price of the crypto you are buying/selling. 


Order Types

We support market orders and limit orders for crypto trading.

Market Orders: A market order is to buy or sell cryptocurrencies at the current market price. The market price might change when the order waits to be filled, so the total cost may vary due to market volatility. To help against dramatic price moves, the time-in-force of market orders are limited to Immediate Or Cancel (IOC) which means the unfilled portion of market orders will be automatically canceled if not executed within 5 seconds after they were sent to the exchange.

Limit Orders: A limit order is to buy or sell cryptocurrencies at a specified price or better. When you buy cryptocurrencies, the limit price is the maximum price you’re willing to pay per crypto coin. When you sell cryptocurrencies, the limit price is the minimum price you’re willing to sell per crypto coin. Limit orders help to lock down losses and profits but do not guarantee execution. 


Order Quantity

You can place orders in USD or in the fractional quantity of a specific cryptocurrency.

Order Placed in USD: You can place buy orders in USD, which means you’ll never pay more than the USD amount you enter to purchase a specified amount of a cryptocurrency. The total amount of cryptocurrency purchased may vary due to market volatility. You cannot place orders in dollar amounts to close crypto positions.

Order Placed in Cryptocurrency amount: You don’t have to buy full coins. You can place an order to buy or sell fractional amounts of cryptocurrencies. When you place orders in cryptocurrency amount, you’re purchasing or selling a specific amount of a cryptocurrency, while the total cost or the dollar amount you’ll receive may vary due to market volatility.


Time-in-Force

We support day orders and IOC orders for crypto trading. Good 'Til Canceled (GTC) orders are not supported for crypto trading.

Day Order: A day order is an order to buy or sell a security that automatically expires if not executed on the day the order was placed. They do not automatically carry over into after-hours trading or the next regular trading day. For crypto day orders, orders still pending at 5:30 pm ET will be CANCELLED.

IOC Order: An immediate or cancel order (IOC) is an order to buy or sell a security that executes all or part immediately (5 seconds after it was sent to the exchange) and cancels any unfilled portion of the order. 


Order Limitations

1) Single trades are limited to $100,000. 

2) Total pending orders (buy-side) are capped at $200,000.

3) The minimum USD amount for an opening trade is $1, while for a closing trade, it is $0.01. The minimum fractional amount of cryptocurrency for a single trade is 0.00000001.

4) You cannot place orders in dollar amounts to close crypto positions.

5) Short selling is not available for crypto trading.


Buying Power

Both cash and margin accounts can trade cryptocurrency. Cryptocurrency is considered non-marginable. The Pattern Day Trader (PDT) rule & Good Faith Violations (GFV) do not apply to cryptocurrency trades. While crypto trades do not trigger a PDT flag, margin accounts with an active PDT flag and balance over $25,000 are subject to crypto buying power limitations. In a PDT account, your crypto buying power will be approximately the amount of your settled funds in excess of your $25,000 of marginable equity. FINRA and SEC regulation require that PDT accounts maintain a minimum balance of $25,000 of cash or marginable assets. Since crypto is not a marginable asset, it does not count towards PDT requirements. This is why margin accounts with an active PDT flag and balance over $25,000 are subject to crypto buying power limitations.


Settlement

Crypto trades settle T+1. Trades done before 8:15 pm ET (approximately) are considered trade date (T).


Tax Documents

Crypto trades are reported to the IRS by the clearing firm via a ‘1099-like’ form early in the year. Please consult your tax professional regarding cryptocurrency and your personal tax consequences. 

If you sold cryptocurrencies, you would receive separate PDF files of your Form 1099 from Apex Crypto for crypto activity in the following year. You can access your crypto trading related tax documents through the Webull website at https://www.webull.com/edocs

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